Results 3,241-3,260 of 27,019 for speaker:Michael Noonan

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

Michael Noonan: As the Deputy will be aware, under the EU/IMF Programme of Financial Support for Ireland, the external partners will provide up to €67.5 billion subject to compliance with the conditionality set out in the Programme. In addition to the external funding of €67.5 billion, Ireland is using €17.5 billion of its own resources and this brings the overall EU/IMF Programme up to a total value...

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

Michael Noonan: I wish to advise the Deputy that lenders representing the majority of the market have already implemented or indicated their willingness to implement a Deferred Interest Scheme (DIS) or a variation of it, as recommended by the Expert Group on Mortgage Arrears and Personal Debt. A DIS is intended to allow borrowers, subject to certain criteria being satisfied, to pay at least 66% of their...

Written Answers — Urban Renewal Schemes: Urban Renewal Schemes (6 Oct 2011)

Michael Noonan: A wide range of property-based tax relief schemes were introduced up to the mid 2000s. These included area-based tax incentives such as urban renewal, town renewal, rural renewal and the living over the shop schemes. While many important developments were encouraged by these schemes independent reviews concluded that the tax costs of the initiatives were high relative to the outputs...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (6 Oct 2011)

Michael Noonan: The following information excludes any burden sharing activities, in the form of Liability Management Exercises, conducted with subordinated bondholders. EBS, IL&P, AIB and Anglo Irish Bank had no dated subordinated bonds which matured or were repaid during the period of the CIFS Scheme 2008. Bank of Ireland had two subordinate bonds that matured during the period of the CIFS scheme. The...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (6 Oct 2011)

Michael Noonan: I assume that the Deputy is asking for the amount of unguaranteed senior bonds issued by the covered institutions. The Central Bank of Ireland has advised me that as of 18 February 2011, the total unguaranteed senior debt issued by the covered institutions was €36,452m of which €20,039m was unguaranteed senior secured and €16,413m was unguaranteed senior unsecured. This information...

Written Answers — Pension Provisions: Pension Provisions (6 Oct 2011)

Michael Noonan: I have not had discussions with representatives of an airline superannuation scheme about the pension fund levy. The stamp duty levy of 0.6% applies to the market value, on the valuation date, of assets under management in pension funds and pension plans approved under Irish tax legislation. I am not in a position to comment on what the precise impact of the levy will be on individual funds,...

Written Answers — Tax Code: Tax Code (6 Oct 2011)

Michael Noonan: I assume the Deputy is referring to a proposal to introduce tax relief for construction work completed on private homes. Tax relief on interest paid is already available for qualifying home loans. A qualifying home loan is a loan used for the purchase, repair, development or improvement of an individual's principal private residence. In addition, as part of the recent Jobs Initiative, the...

Written Answers — National Asset Management Agency: National Asset Management Agency (6 Oct 2011)

Michael Noonan: NAMA informs me that the persons concerned are Mr. John Mulcahy, Head of Portfolio Management, and Mr. Michael Moriarty, Deputy Head of Portfolio Management. The agency also informs me that it is happy to provide information such as this to Deputies directly, either through the generic e-mail address, info@nama.ie, or the dedicated e-mail address OIR@nama.ie, to which communications may be...

Written Answers — Tax Code: Tax Code (6 Oct 2011)

Michael Noonan: The Insurance (Amendment) Bill 2011 was signed into law on the 30 of September by the President. The Deputy should note that it is the Central Bank which is responsible for determining the commencement date of the 2% levy on insurance policies under Section 6 of the 1964 Insurance Act as amended by the Insurance (Amendment) Act 2011. I understand that the Bank will shortly publish a notice...

Written Answers — Banking Sector Remuneration: Banking Sector Remuneration (6 Oct 2011)

Michael Noonan: There are constitutional and legal difficulties to be addressed when considering whether to introduce retrospective legislation. In principle it is an area fraught with difficulty and not one to be pursued lightly. It is incumbent on any organisation where it has been alleged that expenses have been misappropriated to pursue the recovery of such funds by whatever means available taking all...

Written Answers — Banking Sector Remuneration: Banking Sector Remuneration (6 Oct 2011)

Michael Noonan: Following the merger of Anglo Irish Bank and Irish Nationwide Building Society, the bank wrote to Mr. Fingleton requesting repayment of a €1million bonus, received post the introduction of the Irish Government's Bank Guarantee Scheme, and the return of a watch given to him on retirement which was paid for by the Society. The bank has recently written again, following a response from Mr....

Written Answers — Tax Reliefs: Tax Reliefs (6 Oct 2011)

Michael Noonan: I am advised by the Revenue Commissioners that, having reviewed the case, the Revenue Job Assist tax credit has been granted to this person. Revenue have arranged for the issue of an amended certificate of tax credits and have written to the taxpayer advising him of the position.

Written Answers — Departmental Reports: Departmental Reports (6 Oct 2011)

Michael Noonan: I assume that the Deputy is referring to media speculation in relation to recommendations which may be contained in the Report of an Inter-Departmental group which, prior to the Summer recess, was asked by the Economic Management Council to consider further necessary actions to alleviate the increasing problem of mortgage over-indebtedness. The outcome of the work carried out by the group,...

Written Answers — Consultancy Contracts: Consultancy Contracts (6 Oct 2011)

Michael Noonan: The 2011 Estimate for my Vote includes the following provision for consultancy expenditure: Administrative Budget €0.028 million. Consultancy costs associated with the stabilisation of the Banking Sector €3.515 million. At this point I do not envisage that the full allocation will be required but, due to the uncertain nature of the work, the final requirement cannot be predicted...

Seanad: Statements on Finance (6 Oct 2011)

Michael Noonan: I thank the Acting Chairman. I am pleased to be in the Seanad to discuss the latest economic and financial developments. At the outset, I wish to highlight that, notwithstanding the more negative view of the euro area and global economies which has emerged recently, both market and international sentiment towards Ireland has improved since the summer. I believe that this reflects a number...

Seanad: Statements on Finance (6 Oct 2011)

Michael Noonan: I am at the disposal of the House if Members want me to answer questions.

Seanad: Statements on Finance (6 Oct 2011)

Michael Noonan: I thank all Senators for their contributions and I hope to answer the questions of other Senators once I have made my initial response. There are many questions but some Members went over the same ground. I will give a quick run through and if I leave anything out, they can remind me and I will come back to it. The jobs initiative was funded by and large, as Senator O'Brien said, by a levy...

Seanad: Statements on Finance (6 Oct 2011)

Michael Noonan: -----the facts.

Seanad: Statements on Finance (6 Oct 2011)

Michael Noonan: I challenge Senator O'Brien and anyone else who wants to contribute to the debate-----

Seanad: Statements on Finance (6 Oct 2011)

Michael Noonan: -----to explain how a 0.6% levy on a pension fund leads to a drop of 10% of the payout on an annual basis. Does the Senator know what is going on? That is people in badly managed pension funds-----