Results 2,521-2,540 of 27,019 for speaker:Michael Noonan

Written Answers — National Asset Management Agency: National Asset Management Agency (12 Jul 2011)

Michael Noonan: Under section 42(1) of the National Asset Management Agency Act 2009, the NTMA assigns staff to NAMA as necessary for the performance by NAMA of its functions under the Act. All staff assigned to NAMA are NTMA employees. The NTMA also provides NAMA with business and support services and systems. The legislation which established the NTMA in 1990 deliberately positioned it outside of the...

Written Answers — Banking Sector Staff: Banking Sector Staff (12 Jul 2011)

Michael Noonan: I propose to take Questions Nos. 101 and 102 together. These institutions – namely Anglo Irish Bank and Irish Nationwide Building Society (INBS) which have been merged with effect from 1 July 2011 – have been managed to date on an arms-length basis and the new merged entity will continue likewise, notwithstanding the Government's shareholding in both institutions, as is appropriate....

Written Answers — Banks Recapitalisation: Banks Recapitalisation (12 Jul 2011)

Michael Noonan: The Deputy will be aware that the Minister is pursuing a strategy which has been well exposed and fully communicated, involving a significant downsizing of the Government supported banking sector and the creation of two Government supported universal domestic pillar banks. With the exception of the merged Anglo Irish Bank and INBS where the matter remains open, burden sharing with the senior...

Written Answers — Consultancy Contracts: Consultancy Contracts (12 Jul 2011)

Michael Noonan: In response to the Deputy's question, Goldman Sachs has not been retained professionally by my Department. The National Treasury Management Agency (NTMA) appointed Goldman Sachs International, following a competitive tender process involving a number of advisory firms, as advisors as part of its Banking Unit's involvement in overseeing the capital raising exercise of the four financial...

Written Answers — Tax Code: Tax Code (12 Jul 2011)

Michael Noonan: I am advised by the Revenue Commissioners that they will be able to provide a full breakdown of Personal Fund Threshold (PFT) applications received and certificates issued when all of the applications have been processed. Each case has to be examined individually to ascertain the correct PFT amount and Revenue are still working through the applications. In view, amongst other things, of the...

Written Answers — Drug Seizures: Drug Seizures (12 Jul 2011)

Michael Noonan: I propose to take Questions Nos. 106 and 107 together. The Customs Service of the Revenue Commissioners has primary responsibility for the prevention, detection and seizure of controlled drugs at importation. It has particular responsibility for implementing import controls at points of entry to the State, specifically at ports and airports, including licensed airfields, and on the land...

Written Answers — Credit Availability: Credit Availability (12 Jul 2011)

Michael Noonan: The Deputy may be aware that under the terms of the government recapitalisation, both pillar banks produce a quarterly report which incorporates figures for balance sheet volumes, sanctions and drawdowns by SMEs. The data contained in these reports will continue to be reviewed and analysed by my Department and the Credit Review Office to ensure that the banks are compliant with the terms of...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (12 Jul 2011)

Michael Noonan: The financial institutions to which the Deputy refers are independent economic entities with various levels of state ownership. Employees of the institutions are not public servants for the purposes of the Financial Emergency Measures in the Public Interest Act 2009. As I said in my reply to question 19918/11, I will ask the institutions to write to the Deputy to provide the information on...

Written Answers — Tax Collection: Tax Collection (12 Jul 2011)

Michael Noonan: I have been advised by the Revenue Commissioners that the taxpayer in question has been the subject of an ongoing Revenue audit. In September 2010 the taxpayer's agent agreed a basis for settlement with the Revenue auditor – essentially involving the set off of underpaid tax, interest and penalty against relevant contracts tax credits, with a small balance to be refunded. At that meeting,...

Written Answers — Financial Services Regulation: Financial Services Regulation (12 Jul 2011)

Michael Noonan: I have been advised by the Central Bank that it does not comment on its supervisory activities in respect of individual regulated financial institutions. This rule applies in the case of the institution mentioned by the Deputy. However, the Deputy may wish to note that the Central Bank engages regularly with mortgage lenders on supervisory issues and carries out inspections as part of its...

Written Answers — Loan Facility Agreements: Loan Facility Agreements (12 Jul 2011)

Michael Noonan: I propose to take Questions Nos. 112 and 113 together. The bilateral loan agreement between Ireland and the UK was signed on 22 December 2010. At this point, no funds have yet been drawn down under the agreement. The agreement provides that 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...

Written Answers — Loan Facility Agreements: Loan Facility Agreements (12 Jul 2011)

Michael Noonan: The bilateral loan agreements with Denmark and Sweden have not yet been signed. Discussions on the terms and conditions are continuing. The interest rate on each will be based on the 3-month Euribor interest rate, a market reference rate of good standing, plus a margin yet to be agreed.

Written Answers — EU-IMF Programme: EU-IMF Programme (12 Jul 2011)

Michael Noonan: The IMF loans to Ireland under the EU/IMF Programme come from the quota subscriptions of its member countries and a new arrangement whereby certain countries and institutions provide a back-stop facility. This is in sharp contrast to the EFSF/EFSM which access the general capital markets for funds through the sale of marketable bonds when funding opportunities present themselves. Under the...

Written Answers — EU-IMF Programme: EU-IMF Programme (12 Jul 2011)

Michael Noonan: I propose to take Questions Nos. 116 and 117 together. In November, the EU Commission agreed that the methodology used to calculate the cost of funds from the EFSM would be designed so as to generate a cost of funds from the EFSM at a rate similar to the cost of IMF funds. At the time it was calculated that the IMF floating rate translated to a Euro fixed 7.5 year rate of 5.7%. This 5.7%...

Written Answers — Tax Yield: Tax Yield (12 Jul 2011)

Michael Noonan: The Universal Social Charge (USC) is a tax which replaces the income and health levies. It is intended to broaden the tax base in an equitable manner. It has a wider base and a lower rate when compared to the combined impact of the income and health levies. USC receipts are collected by the Revenue Commissioners as a component of income tax. I am informed by the Revenue Commissioners that...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (12 Jul 2011)

Michael Noonan: I propose to take Questions Nos. 119 to 121, inclusive, together. The Deputy will be aware that the radical restructuring of the Irish banking system which I announced on March 31 and the very fundamental recapitalisation of the Irish banks involves many complicated capital markets and legal decisions. We have embarked on perhaps the most complicated systemwide banking restructuring ever and...

Written Answers — Banking Sector Staff: Banking Sector Staff (12 Jul 2011)

Michael Noonan: I will ask the institutions to write to the Deputy to provide the information on the numbers employed in each over the past five years. Regarding the outsourcing of business, outsourcing of services is a normal part of commercial business life. Details on the amount of financial business which has been outsourced by these institutions is not an issue on which this Department has compiled data.

Written Answers — State Savings Products: State Savings Products (12 Jul 2011)

Michael Noonan: There are possibilities already in place for people interested in investing in government bonds. Irish sovereign bonds are available for purchase through sixteen Primary Dealers recognised by the National Treasury Management Agency (NTMA). The NTMA has published information on their website (www.ntma.ie) which gives the names and contact details for institutions which sell bonds to the...

Written Answers — Banking Sector Staff: Banking Sector Staff (12 Jul 2011)

Michael Noonan: I propose to take Questions Nos. 124 to 147, inclusive, together. The Deputy has asked a number of specific questions in relation to particular aspects of the remuneration of staff members in various financial institutions. These institutions continue to be managed at arm's length basis, notwithstanding the large shareholding the Government holds. This is important from the point of view of...

Written Answers — Tax Code: Tax Code (12 Jul 2011)

Michael Noonan: The Universal Social Charge (USC) has replaced the Income Levy and the Health Levy. The USC is designed to apply across income levels in a smoother progression. It was a necessary measure to widen the tax base, remove poverty traps and raise revenue to reduce the budget deficit. It is a more sustainable charge than those it replaced. It should be noted that there are certain exemptions...