Results 2,821-2,840 of 27,019 for speaker:Michael Noonan

Written Answers — National Pensions Reserve Fund: National Pensions Reserve Fund (14 Sep 2011)

Michael Noonan: The most recent figures for the National Pensions Reserve Fund (NPRF) published by the NPRF Commission are for the second quarter of 2011. These showed that the Fund was valued at €20.8 billion at end-June 2011, made up of €15.5 billion in the Directed Portfolio (the part of the Fund which is managed by the Commission on foot of directions from the Minister for Finance) and €5.3 billion...

Written Answers — National Treasury Management Agency: National Treasury Management Agency (14 Sep 2011)

Michael Noonan: This figure of €9 billion does not include the assets in the discretionary portfolio of the National Pensions Reserve Fund which amounted to €5.2 billion at end-August (of which, €422 million was held in cash at the Central Bank).

Written Answers — Tax Code: Tax Code (14 Sep 2011)

Michael Noonan: I am advised by the Revenue Commissioners that the repairing or maintaining of movable goods, including motor vehicles, is liable to VAT at the reduced rate of 13.5% in accordance with paragraph 20(1), Schedule 3 of the Value-Added Tax Consolidation Act 2010. The service of vehicle testing, that entails an inspection of a vehicle rather than its repair or maintenance, is liable to VAT at the...

Written Answers — Financial Services Regulation: Financial Services Regulation (14 Sep 2011)

Michael Noonan: I propose to take Questions Nos. 115 and 116 together. The Government is committed to having in place an effective regulatory system for debt-management and debt-advice companies. To that end, my officials are in consultation with the Central Bank in examining what legislative proposals would be appropriate in this area.

Written Answers — Financial Services Regulation: Financial Services Regulation (14 Sep 2011)

Michael Noonan: Following the collapse of Home Payments Ltd (HPL) last month, the Central Bank commenced an investigation into the matter. This investigation is on-going and I await the final report from the Bank. However, I can confirm that the Central Bank has informed me that, as HPL was not authorised or licensed by the Bank, clients are not eligible for a compensation scheme/deposit protection scheme...

Written Answers — Pension Provisions: Pension Provisions (14 Sep 2011)

Michael Noonan: I assume the Deputy is proposing that the amount of the pension levy passed on to individuals over the period of the levy should be available to them as a credit against their future tax liabilities. The moneys raised from the pension fund levy will be used to pay for the reductions in VAT, PRSI and the air travel tax as well as for the additional expenditure measures announced in the Jobs...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (14 Sep 2011)

Michael Noonan: The Deputy may wish to note that a Working Group has been established under the Economic Management Council to consider the state of implementation of the main recommendations of the Mortgage Arrears and Personal Debt Group which published its final report in November 2010. This Group has also been asked to consider and develop further necessary actions to alleviate the increasing mortgage...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (14 Sep 2011)

Michael Noonan: As the Deputy is aware, in April of this year, the NTMA requested a review of remuneration policies and practices by each of the covered institutions. In that regard, the institutions were asked to consider measures that could be taken to realign staff expectations with regard to remuneration and benefits in the current economic environment and financial circumstances of the banks. The...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (14 Sep 2011)

Michael Noonan: The Central Bank's Consumer Protection Code requires entities regulated by the Central Bank to act honestly, fairly and professionally in the best interests of their customers. Regulated entities must not recklessly, negligently or deliberately mislead a customer as to the real or perceived advantages or disadvantages of any product or service. In accordance with common rule 12 of the...

Written Answers — Debt Levels: Debt Levels (14 Sep 2011)

Michael Noonan: The Central Bank's Quarterly Financial Accounts data show that households had outstanding loans amounting to €184.9 billion in the first quarter of the year, representing 147 per cent of forecast GNP for 2011. The stock of household loans has declined by €18 billion or 9 per cent since peaking in the final quarter of 2008. The same data source reveals that non financial corporations had...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (14 Sep 2011)

Michael Noonan: As the Deputy is aware, under the previous Government, some €43.6 billion was injected into the Irish banks by the end of 2010. The Prudential Capital Assessment Review (PCAR), which was carried out by the Central Bank and reported in March 2011, identified an additional capital requirement of €24 billion. This means that the expected total capital needs in March 2011 amounted to...

Written Answers — Departmental Investigations: Departmental Investigations (14 Sep 2011)

Michael Noonan: The Temple Bar Cultural Trust is a private limited company whose shares are held by Dublin City Council and the Council is responsible for appointing its Board of Directors. Any issues specific to the Trust should therefore be raised with the Minister for the Environment, Community and Local Government in the first instance.

Written Answers — Proposed Legislation: Proposed Legislation (14 Sep 2011)

Michael Noonan: With the approval of the Government and subject to confirmation by the Oireachtas, I signed the Amendment to the EFSF Framework Agreement on behalf of Ireland on 8th September 2011. The Amendment agreement provides for the implementation of the measures announced by the Heads of State or Government on 21 July last. These include increasing the flexibility of the EFSF in the euro area, to...

Written Answers — Strategic Investment Bank: Strategic Investment Bank (14 Sep 2011)

Michael Noonan: As I said in a reply to questions from Deputies Tóibín and Conway on 21 July last, ensuring that a strategic investment bank is operating in the domestic banking market, providing finance to large capital projects and acting as a conduit for venture capital as well as a lender to SMEs, is an objective in the Programme for Government. A comprehensive programme of bank recapitalisation...

Written Answers — National Asset Management Agency: National Asset Management Agency (14 Sep 2011)

Michael Noonan: NAMA was established on 21 December 2009 and, by the end of that year, seven staff had been assigned to it by the NTMA. By the end of 2010, the NTMA had recruited for NAMA 104 staff with experience and expertise in the areas of lending, property, accountancy, law, banking and credit. Its current staff complement stands at 190 and it plans to recruit an additional ten staff before the end of 2011.

Written Answers — National Archives: National Archives (14 Sep 2011)

Michael Noonan: The allocation of funding for the National Archives is a matter for the Minister for Arts, Heritage and the Gaeltacht. However, issues concerning the statutory protection of medical records and investigation into hospital archives are a matter for the Minister for Health in the first instance.

Written Answers — Tax Code: Tax Code (14 Sep 2011)

Michael Noonan: I am informed by the Commission for Communications Regulation (ComReg) that no projections are made for mobile telephone usage, whether calls or texts. The only basis for estimating the yield from a tax on text messages is the figures for mobile telephone usage per quarter supplied by the companies to ComReg. In the 12 months to end March 2011, the last 12 month period for which figures are...

Written Answers — Tax Code: Tax Code (14 Sep 2011)

Michael Noonan: It was announced in last years Budget that the necessary arrangements are being made to ensure that bets placed on the internet by domestic punters are subject to the same level of betting duty as applies to high street betting shops. This will serve to broaden the tax base and increase betting duty receipts. The Finance Act 2011 provides for the taxation of bets that remote bookmakers...

Written Answers — Tax Code: Tax Code (14 Sep 2011)

Michael Noonan: I understand that the Deputy is referring to airport passenger charges that apply at Irish airports. Such charges, which are regulated at Dublin Airport by the independent Commission for Aviation Regulation but otherwise set by individual airport authorities on a competitive commercial basis, are normal fees applied by airports the world over for the use of facilities. They are what pay for...

Written Answers — Tax Code: Tax Code (14 Sep 2011)

Michael Noonan: The position is that most social welfare allowances, pensions and benefits, including the carer's allowance, awarded by the Department of Social Protection are taxable. The extent of tax due depends on the level of an individual's tax credits. The following Department of Social Protection payments are taxable: * State Pension (Contributory); * State Pension (Non-Contributory); * State...