Results 3,061-3,080 of 27,019 for speaker:Michael Noonan

Written Answers — Banking Sector: Banking Sector (4 Oct 2011)

Michael Noonan: The issue the Deputy refers to is a commercial decision for each of the Irish banks. The Government operates at arm's length from the institutions and does not consider it appropriate to direct a bank on this matter. The covered institutions are however engaging in cost cutting plans. These are plans arising out of the restructuring and recapitalization programme announced in March 2011....

Written Answers — Legislative Programme: Legislative Programme (4 Oct 2011)

Michael Noonan: This is a matter for the Minister for Public Expenditure and Reform. However, I am informed that the position is that Mr. Brian Hayes TD, Minister of State at the Department of Public Expenditure and Reform recently published the Regulatory Impact Analysis (RIA) of the Construction Contracts Bill. The Regulatory Impact Analysis examined issues relating to payment practices in the...

Written Answers — National Asset Management Agency: National Asset Management Agency (4 Oct 2011)

Michael Noonan: NAMA advises me that it does not own any properties. Clearly there are NAMA debtors who own properties which are leased to state agencies and who derive income from them. The properties are leased to the State by these debtors on an arms-length basis. NAMA's primary concern is whether a property is generating cash flow that allows debt to be repaid by a debtor. NAMA informs me that once...

Written Answers — Tax Code: Tax Code (4 Oct 2011)

Michael Noonan: A breakdown of the cost of tax relief on employee contributions to occupational pension schemes is not available by income tax rate or by reference to occupational categories, as tax returns by employers to the Revenue Commissioners of employee contributions to such schemes are provided on an aggregated basis. An historical breakdown is available by tax rate of the tax relief claimed on...

Written Answers — Jobs Initiative: Jobs Initiative (4 Oct 2011)

Michael Noonan: I am informed by the Revenue Commissioners that receipts from the temporary 0.6% stamp duty levy on pension fund assets introduced in the Finance (No 2) Act, 2011 amounted to €460.5 million by the end of September. This compares to a projected annual yield from the levy of €470 million. Revenue will initiate enquiries to establish if any amounts of the levy for 2011 remain unpaid and...

Written Answers — Banking Sector Remuneration: Banking Sector Remuneration (4 Oct 2011)

Michael Noonan: I propose to take Questions Nos. 136 and 137 together. The salary cap that the Deputy refers to was introduced following the report of the Covered Institutions Remuneration Oversight Committee of February 2009. The then Government decided to implement a base salary cap of €500,000 to be applied to the Chief Executive Officer (CEO) position at some of the Covered Institutions. This cap...

Written Answers — Tax Compliance: Tax Compliance (4 Oct 2011)

Michael Noonan: A risk to tax collection arises where businesses are linked due to the involvement of the principals in a business to a failed business where the protection of limited liability might have been deliberately used to evade the payment of taxes, especially fiduciary taxes, in that failed business (Phoenix Syndrome). To address this risk, Revenue has procedures in place to identify entities with...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (4 Oct 2011)

Michael Noonan: As Minister for Finance, I have no statutory role in the setting of interest rates charged by financial institutions 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 obligations. Each...

Written Answers — EU-IMF Support Programmes: EU-IMF Support Programmes (4 Oct 2011)

Michael Noonan: There are no EU, IMF or ECB staff located in my Department. However, a representative from both the EU and the IMF have recently taken up duty in Dublin, located respectively in the EU Commission's Dublin office and the Central Bank of Ireland. These resident representatives are a normal feature of support programmes. The IMF has resident representatives in almost all countries where it...

Written Answers — Mortgage Interest Rates: Mortgage Interest Rates (4 Oct 2011)

Michael Noonan: The implementation of the goals as set out in the Programme for Government which the Deputy refers to 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...

Written Answers — Banks Restructuring: Banks Restructuring (4 Oct 2011)

Michael Noonan: As I have stated previously, the Deputy will appreciate that it is an inevitable, but unfortunate, consequence of the necessary restructuring of the banking system that job losses will arise. Essentially the banks will be smaller operations than previously with the focus being on the creation of the two universal full-service pillar banks with a more domestic remit and a restructured Irish...

Written Answers — Banking Sector Remuneration: Banking Sector Remuneration (4 Oct 2011)

Michael Noonan: No decision has been made on the matter. As the Taoiseach, indicated in the Dáil last week, I, as Minister for Finance, will consider the matter having regard to the existing policy and bring any proposal to Government for decision.

Written Answers — Mortgage Arrears: Mortgage Arrears (4 Oct 2011)

Michael Noonan: The Central Bank has informed me that they do not publish data from lenders on arrears of less than 90 days. Details of loan accounts in arrears, including loans greater than 90 days in arrears and loans less than 90 days in arrears are reported to the Central Bank on a quarterly basis. The Central Bank publishes figures on arrears greater than 90 days as this gives a more accurate...

Written Answers — Financial Institutions Regulation: Financial Institutions Regulation (4 Oct 2011)

Michael Noonan: The information requested by the Deputy is set out in the Central Bank Annual Report and Annual Performance Statement, both published in May this Year. A breakdown of the different categories of entities for 2010 is as follows: Credit Institutions (Including branches of overseas credit institutions) 78 Life Insurance Companies 70 Non-Life Insurance Companies 152 Reinsurance Companies 115...

Written Answers — Bank Guarantee Scheme: Bank Guarantee Scheme (4 Oct 2011)

Michael Noonan: The number of individual residential properties presently in the ownership of the covered institutions is 807. This information is provided on an aggregate basis for the covered banks due to the commercial sensitivities of the data. The information provided is the most up to date available from each of the covered institutions, with all data less than one month old. The table below...

Written Answers — Mortgage Statistics: Mortgage Statistics (4 Oct 2011)

Michael Noonan: I am advised by the Central Bank that:- the outstanding amount of on-balance sheet loans for buy-to-let properties was €24.5 billion at the end of June 2011, accounting for 25% of loans for house purchase. There was a decline of €58 million in these loans during the three month period ending on 30 June 2011, loans for holiday homes/second homes accounted for 1.1% of on-balance...

Written Answers — Credit Union Regulation: Credit Union Regulation (4 Oct 2011)

Michael Noonan: As Minister for Finance, my role is to ensure that the legal framework for credit unions is appropriate for the effective operation and supervision of credit unions. The Registrar of Credit Unions is responsible for administering the system of regulation and supervision of credit unions provided under the Credit Union Act 1997, with a view to the protection by each credit union of the funds...

Written Answers — Credit Union Regulation: Credit Union Regulation (4 Oct 2011)

Michael Noonan: The statutory instrument to which the Deputy refers sets out the rules made by the Registrar of Credit Unions at the Central Bank of Ireland which impose requirements on credit unions to keep a minimum amount of liquid assets to enable them to meet their liabilities as they arise. Among other things, this is to ensure that credit union members can continue to access their savings on demand....

Written Answers — Vehicle Registration Tax: Vehicle Registration Tax (4 Oct 2011)

Michael Noonan: I am informed by the Revenue Commissioners that the individual does not, in their view, qualify for an exemption of vehicle registration tax (VRT) under Section 134 (1)(c) of the Finance Act 1992 and accordingly the claim for an exemption was refused. Section 134 (1) (c) provides for an exemption from payment of VRT in relation to a vehicle where that vehicle is the personal property of a...

Written Answers — Construction Industry: Construction Industry (4 Oct 2011)

Michael Noonan: NAMA has a commercial remit to manage its portfolio of acquired loans and the property securing them in order to generate the best achievable financial return for the State. Following the transfer of a debtor's loans to NAMA, the debtor is requested to complete a realistic and concise business plan. The viability of the business plan of each major borrower is then assessed by NAMA. Where...