Results 2,901-2,920 of 27,019 for speaker:Michael Noonan

Written Answers — Credit Unions: Credit Unions (21 Sep 2011)

Michael Noonan: To date, my attention has not been drawn to any direction by the Financial Regulator to preclude credit unions from freezing interest on loans. The Registrar of Credit Unions at the Central Bank of Ireland, who is responsible for the regulation of credit unions, has informed me that he has made no such direction and that he has no role in this matter. Credit unions are independent financial...

Written Answers — Personal Debt: Personal Debt (21 Sep 2011)

Michael Noonan: The Deputy might wish to note that, in addition to the existing measures which resulted from the report of the Expert Group on Mortgage Arrears and Personal Debt (published in November 2010), a new working group has been established under the Economic Management Council. Its remit is to consider the state of implementation of the main recommendations of the expert group and to consider and...

Written Answers — Interest Rates: Interest Rates (21 Sep 2011)

Michael Noonan: As Minister for Finance, I have no statutory role in the setting of the interest rates charged or paid by financial institutions that are regulated by the Central Bank. The Central Bank has responsibility for the regulation and supervision of financial institutions in terms of consumer protection and prudential requirements and for ensuring ongoing compliance with applicable statutory...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (21 Sep 2011)

Michael Noonan: As the Deputy is aware a review of remuneration policies and practices by each of the covered institutions is under way. As part of that review, 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 review exercise is...

Written Answers — Tax Code: Tax Code (21 Sep 2011)

Michael Noonan: I am informed by the Revenue Commissioners that the purpose of the inquiries into approximately 300 directors and executive or management level employees in the six main financial institutions was to establish if directors and executive or management employees were tax compliant. Inquiries have been closed in approximately 291 of these cases. To date, €1.3 million in tax has been...

Written Answers — Tax Code: Tax Code (21 Sep 2011)

Michael Noonan: I am informed by the Revenue Commissioners that in 2003 they commenced an investigation into the use of offshore bank accounts and other financial products to evade tax. During the initial phase of the investigation, taxpayers were invited to voluntarily disclose previously undeclared liabilities. Under the second phase of the investigation, the Revenue Commissioners obtained High Court...

Written Answers — Motor Vehicle Registration: Motor Vehicle Registration (22 Sep 2011)

Michael Noonan: I am informed by the Revenue Commissioners that they have been assured by Applus that there are no delays in processing VRT payments at their centres in Cork. In order to register an unregistered vehicle (or one previously registered outside the State) an appointment must be made with the NCTS (Applus), within 7 days of its entry into the State, to have a pre-registration examination of the...

Written Answers — Credit Union Sector: Credit Union Sector (22 Sep 2011)

Michael Noonan: The strategy to which the Deputy refers was prepared in line with Ireland's targets under the EU/ECB/IMF Programme of Support for Ireland and presented to the EU Authorities and the IMF on 30 May 2011. This strategy continues to be subject to further discussion with the Troika and as a result it has not been presented to Government and will, for the time being, remain a confidential...

Written Answers — State Banking Sector: State Banking Sector (22 Sep 2011)

Michael Noonan: The duties of a mortgage lender to supply documents and information to a borrower are set out in section 130 of the Consumer Credit Act 1995. That section provides that ' a mortgage lender shall, in respect of a housing loan, issue to the borrower: (a) at the time the loan is made, or as soon as may be practicable thereafter a copy of the mortgage deed (including any contract relating...

Written Answers — Tax Code: Tax Code (22 Sep 2011)

Michael Noonan: I am advised by the Revenue Commissioners that a claim for a refund or repayment of VAT must be made within 4 years after the end of the taxable period to which it relates.

Written Answers — Tax Code: Tax Code (22 Sep 2011)

Michael Noonan: The VAT rating of goods and services is subject to the requirements of EU VAT law with which Irish VAT law must comply. Under the VAT Directive Member States may only apply the reduced VAT rate to those goods and services which are listed under Annex III of the VAT Directive. I understand that the major sectors within the Irish craft industry are pottery, glass, jewellery, textiles and...

Written Answers — Fiscal Policy: Fiscal Policy (22 Sep 2011)

Michael Noonan: The majority of the banking-related expenditure, including Promissory Note payments and the recapitalisations undertaken in July, is classified as non-voted capital expenditure and does not therefore impact upon the current budget balance. However, the cost of borrowing to fund these payments is captured under debt interest costs which are classified as non-voted current expenditure. The...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (22 Sep 2011)

Michael Noonan: I propose to take Questions Nos. 60 and 82 together. Promissory notes were provided as consideration for the capital introduced by the State into Anglo. Under the terms of the Anglo (including INBS) promissory notes the State has an obligation to make annual repayments of €3.1 billion per annum. Furthermore the interest rates on the promissory notes, which were set by reference to...

Written Answers — Irish Bank Resolution Corporation: Irish Bank Resolution Corporation (22 Sep 2011)

Michael Noonan: As the Deputy is aware the Board of the bank is responsible for the day to day operation of the bank including legal proceedings in normal course. Notwithstanding this the bank has informed me that there are a significant number of legal proceedings in existence that have been initiated by and issued across the recently combined entity, including legal proceedings in Ireland, the UK, and the...

Written Answers — Banking Sector: Banking Sector (22 Sep 2011)

Michael Noonan: I propose to take Questions Nos. 62 and 70 together. As I have stated in reply to previous questions on this subject, I am keen that a successful outcome regarding the appointment of a new CEO at AIB is achieved shortly as that bank is a fundamental part of the announced Government strategy to restructure the banking sector and any proposed appointee would play a pivotal part in this process....

Written Answers — Banking Sector: Banking Sector (22 Sep 2011)

Michael Noonan: The legal merger of AIB and EBS was completed on 1st July 2011. Since then, AIB and EBS have been working in close collaboration to gain a fuller understanding of the EBS business operating model, its products and services, its technology infrastructure, the capabilities of its people and its culture. The two institutions, in discussion with my officials, are also in the process of...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (22 Sep 2011)

Michael Noonan: The decision on whether or not to grant a mortgage to a borrower must remain a commercial decision for the lending institution concerned. It is important that each lending institution is allowed to assess properly and independently the risks that it is considering when deciding whether or not to approve a mortgage. Mortgage lending must be undertaken on a sustainable and prudential basis by...

Written Answers — Industrial Relations: Industrial Relations (22 Sep 2011)

Michael Noonan: The Deputy will be aware that the issue he seeks information on is an operational matter for the board and management of the bank. I am informed by the bank they have been in discussions with staff representatives since November 2010 on a range of issues including contractual pay and job security/severance terms. These negotiations have been conducted in both the UK and Republic of Ireland...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (22 Sep 2011)

Michael Noonan: I propose to take Questions Nos. 66 and 97 together. The restructuring of the domestic banking sector creates capacity for the pillar banks to lend in excess of €30 billion over the next three years in SME and other important sectors. This is in excess of Central Bank estimates of the likely demand for SME and mortgage credit over this period. Both pillar banks are concentrating on the...

Written Answers — Customs and Excise Operations: Customs and Excise Operations (22 Sep 2011)

Michael Noonan: I am informed by the Revenue Commissioners that for the period January to August 2011 a total of 77.9m cigarettes with a retail value of approximately €32.8m and 6,683 kgs of tobacco with a retail value of approximately €2.4m have been seized. I am further informed by the Revenue Commissioners, who are responsible for the collection of tobacco products tax, and for tackling the illicit...