Results 2,141-2,160 of 27,019 for speaker:Michael Noonan

Written Answers — EU-IMF Programme: EU-IMF Programme (15 Jun 2011)

Michael Noonan: I propose to take Questions Nos. 150 and 151 together. At this point, no funds have yet been drawn down under the bilateral facilities. The UK facility was signed in December 2010. The interest rate on the amounts drawn down will be based on the Sterling pound mid-market semi-annual swap rate at the time of drawdown plus a margin of 2.29%. At the time that the UK loan facility agreement was...

Written Answers — EU-IMF Programme: EU-IMF Programme (15 Jun 2011)

Michael Noonan: The assessment of the impact of changes in the interest margin on our EU loans is based on a number of assumptions about the level of the reduction, the date on which it applies and the amount of the loan to which it applies. Each of these elements has been changing in the past number of months. Because of this, the figures provided for any interest rate reduction have been qualified by...

Written Answers — EU-IMF Programme: EU-IMF Programme (15 Jun 2011)

Michael Noonan: There is no automatic linkage between ECB interest rate changes and the interest rates charged by the EU and the IMF on their various loans to Ireland. In the case of the IMF, the Special Drawing Rights (SDR) interest rate is somewhat influenced by a European 3-month collateralised lending rate, EUREPO, which is correlated, but not linked, to the ECB interest rate. The other elements of the...

Written Answers — EU-IMF Programme: EU-IMF Programme (15 Jun 2011)

Michael Noonan: Under the Euro Area Loan Facility agreed for Greece in May 2010, stability support in the form of a joint Euro area/IMF financing package of €110 billion is being provided to Greece over a three-year period. Ireland contributed €345.7 million (net of a 50 basis points service charge) in respect of the first two tranches of the loan in 2010. Ireland withdrew from further participation in...

Written Answers — Banking Charges: Banking Charges (15 Jun 2011)

Michael Noonan: Under Section 149 of the Consumer Credit Act 1995 (as amended), credit institutions wishing to impose a new non-interest charge or increase an existing non-interest charge are required to notify these charges to the Central Bank. The Central Bank assesses each notification in accordance with the criteria laid down in legislation as follows: the promotion of fair competition between...

Written Answers — Credit Union Movement: Credit Union Movement (15 Jun 2011)

Michael Noonan: The Government's position with regard to the credit union sector is set out in the Programme for National Government 2011-2016 which recognises the importance of credit unions as a volunteer cooperative movement and distinguishes between them and other financial institutions. The Government has established a Commission on Credit Unions to review the future of the credit union movement and...

Written Answers — Credit Union Movement: Credit Union Movement (15 Jun 2011)

Michael Noonan: Credit unions maintain reserves to protect against the risk of unforeseen losses, ensure continuity and protect members' savings. All credit unions are required to maintain a minimum Total Regulatory Reserve of 10% of total assets. Credit union reserves are generated from the retained earnings of credit unions and do not include dormant accounts. Credit unions are currently not subject to...

Written Answers — Credit Union Movement: Credit Union Movement (15 Jun 2011)

Michael Noonan: The Commission on Credit Unions is being established to review the future of the credit union movement and make recommendations in relation to the most effective regulatory structure for credit unions. I expect to be in a position to announce the terms of reference of the Commission shortly.

Written Answers — Banking Sector Regulation: Banking Sector Regulation (15 Jun 2011)

Michael Noonan: The following table sets out the amount of capital injected by the State into the Irish banking system to date. The total amount is €46.3 billion. Credit Institution Cost of Share Acquisition Cost of Preference Shares Value of Promissory Notes Issued Capital Provided to date €bn €bn €bn €bn Anglo Irish Bank 4.0 - 25.3 29.3 Allied Irish Banks 3.7 3.5 - 7.2 Bank of Ireland...

Written Answers — National Asset Management Agency: National Asset Management Agency (15 Jun 2011)

Michael Noonan: For a variety of reasons, including political and commercial, it is important that exchanges between governments and reporting by diplomatic missions take place in confidence. In conjunction with my colleagues in Cabinet, I do not believe it to be good practice to comment on matters contained in leaked documents which have no official standing. In the most general terms, however, it is a...

Written Answers — Tax Code: Tax Code (15 Jun 2011)

Michael Noonan: I have been advised by the Revenue Commissioners that as the person concerned did not pay Income Tax during 2010 no refund is due for that year. In relation to the tax year 2011, the person concerned may be entitled to a repayment if she is unemployed and has paid tax. To claim this refund she can submit a completed Form P50, which is available on the Revenue website – www.revenue.ie , to...

Written Answers — Proposed Legislation: Proposed Legislation (16 Jun 2011)

Michael Noonan: Some financial service providers, currently authorised by the Central Bank, provide debt advice to consumers, for example, mortgage brokers. Consumers can confirm whether or not a financial service provider is authorised by checking the Register of Financial Service Providers on the Central Bank's website. There are also companies offering debt management and debt counselling services which...

Written Answers — Financial Services Regulation: Financial Services Regulation (16 Jun 2011)

Michael Noonan: At present, moneylenders are covered by a range of provisions under the Consumer Credit Act 1995 (the Act), including the annual licensing process and the register of licensed moneylenders system as administered by the Central Bank. Consumers, who avail of loans from moneylenders licensed under the Act, are entitled to a considerable amount of information in relation to such loans....

Written Answers — Exchequer Savings: Exchequer Savings (16 Jun 2011)

Michael Noonan: I am informed by the Central Bank that the value of gold and gold receivables held by the Bank at the end of 2010 was some €203.792 million (€147.975 million at end-2009). Gold is valued at the closing market price and securities at mid-market closing prices at year-end. The increase in the balance sheet entry for the value of the Bank's gold holdings at end-2010 is due to the change in...

Written Answers — EU Funding: EU Funding (16 Jun 2011)

Michael Noonan: Ireland has been allocated in total €901m in Structural Funding for the 2007-13 programming period with €750m assigned to the Regional Competitiveness and Employment (RCE) Objective. Ireland's National Strategic Reference Framework (NSRF) sets out the policy context through which the RCE allocation may be applied. This is implemented through three Operational Programmes: the Border,...

Written Answers — Tax Code: Tax Code (16 Jun 2011)

Michael Noonan: The purchase of land by a Young Trained Farmer qualifies for an exemption from Stamp Duty. A Young Trained Farmer is someone who is under 35 years of age on the date of execution of the deed of transfer and has attained one of the necessary qualifications and, where required, is the holder of the appropriate certificate(s) awarded by the Further Education and Training Awards Council (FETAC)...

Written Answers — Flood Relief: Flood Relief (16 Jun 2011)

Michael Noonan: The question of providing cover to new policyholders or renewing it for existing ones is a matter for each insurance company to decide on a case by case basis as this allows a company to properly assess the risk it is considering accepting. Consequently I am not in a position to comment on particular cases as neither the Central Bank nor I, as Minister for Finance, have any influence over...

Written Answers — Tax Collection: Tax Collection (16 Jun 2011)

Michael Noonan: I understand that the Deputy is referring to the potential for individuals to transfer their pension funds abroad with a view to avoiding tax on a chargeable excess that might arise at the time the pension benefits would otherwise become payable in Ireland. By way of background, under legislation introduced in Budget and Finance Act 2006, a limit of €5 million was placed on the maximum...

Written Answers — Tax Code: Tax Code (16 Jun 2011)

Michael Noonan: Farmers who are registered for VAT account for VAT in respect of all their taxable activities, whether those activities consist solely of farming or both farming and other activities such as the generation of electricity for provision to the national grid. In turn they are entitled to claim input credit for VAT charged on the installation of renewable energy microgeneration equipment for use...

Written Answers — Tax Collection: Tax Collection (16 Jun 2011)

Michael Noonan: I have been advised by the Revenue Commissioners that an amended tax credit certificate issued to the person concerned on 10 June 2011. Based on that certificate, and the information available to the Revenue Commissioners regarding the person's income, no tax will be deducted and their employer will repay any tax already deducted.