Results 2,321-2,340 of 27,019 for speaker:Michael Noonan

Written Answers — Financial Services Regulation: Financial Services Regulation (30 Jun 2011)

Michael Noonan: The European Communities (Licensing and Supervision) Regulations 1992 (S.I. 395 of 1992), which give effect to EU legislation relating to the licensing and supervision of credit institutions, were amended in 2006 and 2007 to transpose relevant provisions of the Capital Requirements Directive (2006/48(EC). Regulation 16 sets out requirements for credit institutions in relation to governance...

Written Answers — Tax Clearance Certificates: Tax Clearance Certificates (30 Jun 2011)

Michael Noonan: I am advised by the Revenue Commissioners that Forms P60 are only issued by employers to their employees, as evidence of pay and tax deducted in their employment. Revenue has no function in this regard. However, Revenue has written to this person and has provided him with details of his pay and tax for the years 2007, 2008 and 2009. Revenue is in contact with the employer with a view to...

Written Answers — Tax Clearance Certificates: Tax Clearance Certificates (30 Jun 2011)

Michael Noonan: I am advised by the Revenue Commissioners that the information requested is subject to the Data Protection Acts 1988 and 2003. These Acts preclude Revenue from divulging any personal data to a third party. Revenue will accept any tax forms completed by the former employees without their employer's registration number, provided they include the employer's name and address. Revenue advises...

Written Answers — Tax Code: Tax Code (30 Jun 2011)

Michael Noonan: The review of the Universal Social Charge has commenced. A working group has been established consisting of officials from the Department of Finance and the Revenue Commissioners and they will consult as necessary with other Departments. Submissions from other interested parties will of course be considered in that context. The Terms of Reference of the review are broad and wide-ranging and...

Written Answers — National Asset Management Agency: National Asset Management Agency (30 Jun 2011)

Michael Noonan: I am informed by the Revenue Commissioners that information in relation to cumulative tax losses being carried forward by financial institutions is derived from corporation tax returns filed for the year 2009, the first year for which this information is available. Data for the year 2010 is not yet available. The available information is the amounts of unused losses and capital allowances...

Written Answers — Financial Services Regulation: Financial Services Regulation (30 Jun 2011)

Michael Noonan: Under the EU/IMF Programme of Support for Ireland, stress tests on credit unions have been completed by the Central Bank of Ireland. Credit unions were subjected to a detailed stress testing exercise to make an assessment of the likely impact of given stress scenarios on the capital buffers of credit unions. The purpose of this work is to provide the Central Bank of Ireland with the...

Written Answers — EU-IMF Programme: EU-IMF Programme (30 Jun 2011)

Michael Noonan: As the Deputy will be aware, the Euro Area Heads of State and Government agreed in principle to a reduction in the interest margin charged to programme countries. This has been applied in respect of Greece and Portugal. However, a decision to apply it to Ireland's loans has not yet been taken. This is because another Member State is asking for Ireland to deliver a quid pro quo in return...

Written Answers — National Asset Management Agency: National Asset Management Agency (30 Jun 2011)

Michael Noonan: The NAMA legislation provides for various reporting mechanisms that are designed to enhance the accountability of the Agency to the Oireachtas, such as: Provision for the Chairperson and CEO of NAMA to appear, if requested to do so, before a Committee of the Oireachtas which is examining matters relating to NAMA. NAMA's Chief Executive appeared before the Joint Committee on Finance and the...

Written Answers — Banking Sector Remuneration: Banking Sector Remuneration (30 Jun 2011)

Michael Noonan: My Department has been advised by the bank that no discretionary bonus payments were paid to the Chief Executive or any of his management team, at the bank in respect of the 2010 calendar year. The bank has advised that it does not operate any performance-related bonus scheme. I am concerned that the information just supplied to my Department by Anglo Irish Bank in answer to this question...

Written Answers — Banking Sector Remuneration: Banking Sector Remuneration (30 Jun 2011)

Michael Noonan: I am advised by AIB that no bonus payments (defined as annual discretionary bonus, guaranteed bonus, contractual bonus, cash long term incentives, deferred bonus and retention payments) have been made to the Executive Chairman or any of the management team at the bank in respect of the calendar year 2010. However, in recognition of the fact that additional information regarding remuneration...

Written Answers — Banking Sector Remuneration: Banking Sector Remuneration (30 Jun 2011)

Michael Noonan: I am informed by the Bank of Ireland that no bonus payments (defined as annual discretionary bonus, guaranteed bonus, contractual bonus, cash long term incentives, deferred bonus and retention payments) have been paid to the Chief Executive or any of the Group Executive Committee at the bank in respect of the 2010 calendar year. In the interest of clarity, the Deputy will be aware from the...

Programme for Government (5 Jul 2011)

Michael Noonan: Put down a question.

EU-IMF Programme (5 Jul 2011)

Michael Noonan: Quarterly reviews, such as the one which will start later this week, are a standard feature of financial support programmes. The purpose of these reviews is to assess the progress of the programme to date and, in particular, to determine if the targets for the relevant quarter have been met. It will also consider progress on targets which are due in subsequent quarters to ensure sufficient...

EU-IMF Programme (5 Jul 2011)

Michael Noonan: The Deputy has outlined the successful renegotiation of the deal we achieved when we met the troika a number of weeks ago. We agreed major changes, including the provision of scope for the jobs initiative which the Deputy recently described in extravagant terms in the House, a commitment to an expenditure review and, more important, to a review from 2012 to 2015. While the programme...

EU-IMF Programme (5 Jul 2011)

Michael Noonan: An interest rate reduction is the subject matter of subsequent questions and I do want to take the ground from other Deputies by answering supplementary questions on the matter from Deputy McGrath. My response to it will come in due course. The changes made in the review were substantial. On criticising the programme, I have always said the greatest problem in that regard was the manner in...

Programme for Government (5 Jul 2011)

Michael Noonan: Implementation of the goals set out in the programme for Government to which the Deputy refers will be introduced in a measured way and in accordance with the Government's priorities over the period of the programme. The Deputy will be aware that as part of the restructuring and recapitalising plans announced last March, as part of the PCAR and PLAR exercise, the banks are engaging in cost...

Programme for Government (5 Jul 2011)

Michael Noonan: The code of conduct on mortgage arrears has been substantially revised to implement the recommendations of the mortgage arrears and personal debt expert group which published its final report in November last. It sets out how mortgage lenders must treat borrowers when facing mortgage arrears, with due regard to the fact that each case of mortgage arrears is unique and needs to be considered...

Programme for Government (5 Jul 2011)

Michael Noonan: The banks are being reconstructed. There will be two pillar banks. We will have much smaller banks, as the banks will be deleveraging most of what they have in terms of impaired debts abroad and will be concentrating on the home market. Much smaller banks will require fewer employees. Restructuring of the banks will result in significant savings to the banks which will enable them to...

Programme for Government (5 Jul 2011)

Michael Noonan: The restructuring of the banks has not yet been completed. The process is under way. We hope to have the banks fully recapitalised by the end of July, following which they will be in a position to provide better credit lines for customers. Also, as I stated, there will be redundancy programmes in the banks. When all of this has been done, the cost base of the banks will have been reduced...

Bank Guarantee Scheme (5 Jul 2011)

Michael Noonan: I reiterate the Government's position on the bondholders of Anglo Irish Bank and the Irish Nationwide Building Society, INBS. As indicated in my statement of 31 March, the position on bondholders in Anglo Irish Bank and the INBS - institutions in different circumstances from the remainder of the banking system - will be considered following the completion of the independent review of the...