Results 3,221-3,240 of 27,019 for speaker:Michael Noonan

Written Answers — National Asset Management Agency: National Asset Management Agency (5 Oct 2011)

Michael Noonan: The deferred consideration initiative was recently approved by the NAMA Board and the agency has written to me seeking my agreement to the initiative commencing. The proposal as submitted to me does not foresee any amendment to the National Asset Management Agency Act 2009. The details of the initiative are currently being reviewed within my Department and I will respond to NAMA when that...

Written Answers — Financial Services Regulation: Financial Services Regulation (5 Oct 2011)

Michael Noonan: The Central Bank's revised Code of Conduct on Mortgage Arrears (the Code) applies to mortgage lending activities with borrowers in respect of their principal private residence in the State. Compliance with the Code is mandatory on all mortgage lenders registered with the Central Bank. The Code came into effect on 1 January 2011. With effect from 30 June 2011, lenders must have in place the...

Written Answers — Financial Services Regulation: Financial Services Regulation (5 Oct 2011)

Michael Noonan: There is no specific provision for an offence of reckless management of a financial institution in the statute book . However, most incorporated financial institutions are subject to potential liability for reckless or fraudulent trading under the Companies Acts and to the supervision requirements of the Central Bank. On the broader question of enforcement action and sanctions applicable...

Written Answers — State Banking Sector: State Banking Sector (5 Oct 2011)

Michael Noonan: As the Deputy is aware the Board of the bank is responsible for the day to day operations of the bank including the recruitment and remuneration of staff, including payments to contract staff. The Bank has indicated that their Legal advice dictates that the bank can respond to this question in general terms only and is not in a position to provide any personal information or information that...

Written Answers — Financial Services Regulation: Financial Services Regulation (5 Oct 2011)

Michael Noonan: I assume that the Deputy is referring to financial advisers who provide advice to consumers in relation to investment products. The main regulations governing financial advice in relation to the sale of investment products are set out below. 1. Markets in Financial Instruments Directive (MIFID), 2007 This EU Directive provides harmonised regulation for the provision of investment services...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (5 Oct 2011)

Michael Noonan: As I stated to the Joint Oireachtas Committee on Finance, Public Expenditure and Reform on 1 September 2011, the issue of indebtedness, particularly mortgage indebtedness, is a complex one and it is clear that there is no quick and easy solution to solve all problems. There have been many contributions to the debate, including suggestions for the granting of debt forgiveness. As the...

Written Answers — Tax Incentives: Tax Incentives (5 Oct 2011)

Michael Noonan: I presume the Deputy is referring to any tax incentives. The Business Expansion Scheme (BES) is already available to encourage investments in certain small and medium-sized businesses. Private citizens can provide investments under this scheme provided they are not considered "connected" for the purposes of the scheme. This scheme is being amended to become the Employment and Investment...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (5 Oct 2011)

Michael Noonan: I wish to inform the Deputy that the charging of a fee for the counting of funds to be lodged is an operational matter for the bank concerned. The Government operates at arm's length from the institutions and does not consider it appropriate to direct a bank on such a matter.

Written Answers — National Treasury Management Agency: National Treasury Management Agency (5 Oct 2011)

Michael Noonan: I propose to take Questions Nos. 71 and 72 together. I am informed by the National Treasury Management Agency (NTMA) that staff numbers rose from 169 at end-2009 to 411 as of 30 September 2011. The increase in staff numbers since end-2009 is mainly in respect of the National Asset Management Agency. Staff are assigned as set out in the following table. NTMA Staffing 30 September 2011...

Written Answers — Banking Sector Remuneration: Banking Sector Remuneration (5 Oct 2011)

Michael Noonan: As the Deputy points out in his question this information has been in the public domain as part of the publication, in April 2011, by Bank of Ireland of its annual report for 2010. 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...

Written Answers — Tax Code: Tax Code (5 Oct 2011)

Michael Noonan: Section 848A of the Taxes Consolidation Act 1997 allows tax relief at the marginal rate on donations made by either individuals or corporate bodies to eligible charities and other approved bodies. In order to qualify for the tax relief currently, a minimum donation of €250 must be made to the body concerned. The number of donors in respect of whom tax relief was claimed was approximately...

Written Answers — Tax Code: Tax Code (5 Oct 2011)

Michael Noonan: Charities and non-profit groups engaged in non-commercial activity are exempt from VAT under the EU VAT Directive, with which Irish VAT law must comply. This means they do not charge VAT on the services they provide and cannot recover VAT incurred on goods and services that they purchase. Essentially only VAT registered businesses which charge VAT are able to recover VAT. I have no plans to...

Written Answers — EU-IMF Programme: EU-IMF Programme (5 Oct 2011)

Michael Noonan: The fourth quarterly review of the EU/IMF Programme of Financial Support for Ireland takes place from the 11th to the 21st October 2011. The review will comprise of a series of meetings to evaluate all the elements of the programme covering fiscal developments including the Comprehensive Spending Review and potential asset disposal, the macroeconomic outlook, progress on commitments in...

Written Answers — Mortgage Arrears: Mortgage Arrears (5 Oct 2011)

Michael Noonan: The Government is acutely aware of the increasing financial stress that some households are facing arising from difficulty in meeting their mortgage commitments. Against this background, the Government's Economic Management Council, prior to the Summer recess, requested an Inter-Departmental Group to consider further necessary actions to alleviate the increasing problem of mortgage...

Written Answers — Credit Availability: Credit Availability (5 Oct 2011)

Michael Noonan: I propose to take Questions Nos. 78, 79 and 84 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...

Written Answers — National Debt: National Debt (5 Oct 2011)

Michael Noonan: The information requested by the Deputy is provided in the table below, which has been compiled by the National Treasury Management Agency. National Debt 2004-2011 (End-August): (€m) 2004 37,846 2005 38,182 2006 35,917 2007 37,559 2008 50,398 2009 75,152 2010 93,446 2011 (end-August) 114,406 The purpose of Government borrowing is to meet the overall gap between total...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (5 Oct 2011)

Michael Noonan: Under the EU and domestic regulatory framework for financial services, the Central Bank of Ireland has responsibility for the regulation and supervision of banks and other financial institutions. National competent authorities responsible for supervision of the financial services sector are also, since the start of 2011, supported in their roles through the work of the new European...

Written Answers — Household Savings: Household Savings (5 Oct 2011)

Michael Noonan: According to the CSO's quarterly Institutional Sector Accounts, household savings during the first quarter of 2011 were €2,761m. Looking at the stock of household deposits, according to figures from the Central Bank (Money and Banking Statistics, June 2011 – Table A1), monies on deposit amounted to €92,215m at end June 2011. The Deputy will be aware that the NTMA, through the State...

Written Answers — Legislative Programme: Legislative Programme (5 Oct 2011)

Michael Noonan: The Bretton Woods Agreements (Amendment) Act, 2011 was enacted earlier this year in order to enable Ireland to convey to the International Monetary Fund (IMF) its acceptance of amendments to the Articles of Agreement of the IMF, which were approved by the Board of Governors of the IMF in 2008. The relevant amendments relate mainly to the arrangements for the appointment of Alternate...

Written Answers — European Fiscal Policy: European Fiscal Policy (5 Oct 2011)

Michael Noonan: I propose to take Questions Nos. 85 and 87 together. A unified approach to the crisis was evident in July of this year, when euro area Heads of State or Government reaffirmed their commitment to do whatever is needed to ensure the financial stability of the euro area as a whole and its Member States. The measures announced are indeed significant, and include a new programme for Greece,...