Results 3,601-3,620 of 27,019 for speaker:Michael Noonan

Written Answers — Banking Sector Regulation: Banking Sector Regulation (9 Nov 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. While I have no plans to introduce legislation to force lending institutions to reduce their variable mortgage rates, the matter will be kept under review in the context of decreases/increases announced by the ECB. The Central Bank has...

Written Answers — Departmental Appointments: Departmental Appointments (9 Nov 2011)

Michael Noonan: My Department works in close liaison with all relevant agencies, particularly the Central Bank and the NTMA, in relation to banking sector issues. The Government, in March 2011, approved the appointment of Mr John Moran at Second Secretary level in the Department, on secondment from the Central Bank, to oversee the Banking Division. In June 2011, following a TLAC competition, Mr Neil Ryan...

Written Answers — Banking Sector: Banking Sector (9 Nov 2011)

Michael Noonan: The Executive Committee of AIB is currently comprised of the following individuals: · David Hodgkinson, Executive Chairman · Stephen Bell, Acting CRO · Bernard Byrne, Director of Personal & Business Banking · John Conway, Human Relations Director · Keith Davies, Group Services & Transformation Director · Marcel McCann, Operations & Technology Director · Jerry McCrohan, Director of...

Written Answers — Pension Provisions: Pension Provisions (10 Nov 2011)

Michael Noonan: I propose to take Questions Nos. 52, 56, 58, 61 and 62 together. I would very much hope that individuals already saving for their retirement and those considering doing so would not be unduly influenced in a negative way by the pension fund levy. The levy is a charge for a temporary period on the significant assets of pension funds, much of which are represented by investments outside of...

Written Answers — Tax and Social Welfare Codes: Tax and Social Welfare Codes (10 Nov 2011)

Michael Noonan: In the particular circumstances outlined, where a couple is cohabiting rather than married, they are treated as separate and unconnected individuals for the purpose of Income Tax. Each partner is a separate entity for tax purposes and, accordingly, credits, bands and reliefs cannot be transferred from one partner to the other. Cohabitating couples are expressly recognised for the purpose...

Written Answers — Tax Code: Tax Code (10 Nov 2011)

Michael Noonan: The provision of certain free or subsidised childcare facilities by employers were exempt from a benefit-in-kind charge on the employees that availed of such facilities. This exemption was abolished in Budget and Finance Act 2011. With a view to keeping the scheme simple and reducing administration on the part of employers, there was no notification procedure for employers involved....

Written Answers — Banking Sector: Banking Sector (10 Nov 2011)

Michael Noonan: The Central Bank has advised me that they wrote to all mortgage lenders to ascertain whether they were offering, or intended to offer, a mortgage product that would allow home owners to sell their existing home and transfer the negative equity portion of the original loan to the new loan. The Central Bank was concerned as to whether such products were in the long term interest of consumers...

Written Answers — European Financial Stability Fund: European Financial Stability Fund (10 Nov 2011)

Michael Noonan: As the Deputy will be aware when the Programme of Financial Support was initially agreed in late 2010, the average interest rate on the €67.5 billion available to drawdown from the external sources was estimated to be 5.82% on the basis of market rates at the time of the agreement. The average life of the borrowings, which will involve a combination of longer and shorter dated maturities,...

Written Answers — Fiscal Policy: Fiscal Policy (10 Nov 2011)

Michael Noonan: The EU-IMF Programme of Financial Support provides the funding we need for essential public services. The Government has repeatedly stated its commitment to the Programme targets. Meeting these conditions on time and on target, is the best way to ensure that we emerge successfully from this programme. That will mean that we can return safely to the financial markets for funding in as...

Written Answers — National Debt: National Debt (10 Nov 2011)

Michael Noonan: Ireland's National Debt stood at €116.2 billion at the end of October 2011, up from €93.4 billion at the end of 2010. The National Treasury Management Agency (NTMA) publishes a breakdown of the instruments comprising national debt and the breakdown as at end-December 2010 is set out below. Instrument (€ billions) 31 December 2010 Medium/Long Term Liabilities 90.8 Short Term...

Written Answers — Tax Yield: Tax Yield (10 Nov 2011)

Michael Noonan: It is assumed that the threshold for the proposed new tax bands mentioned by the Deputy would not alter the existing standard rate band structure applying to single and widowed persons, to lone parents and married couples. I am advised by the Revenue Commissioners that the estimated full year yield to the Exchequer, estimated by reference to 2012 incomes, of the introduction of each of the...

Written Answers — Tax Yield: Tax Yield (10 Nov 2011)

Michael Noonan: I am advised by the Revenue Commissioners that the estimated full year yield to the Exchequer from increasing the Capital Acquisitions Tax rate by 5%, based on the expected outturn in 2011, could be in the region of €55 million, assuming no change in the existing thresholds. The additional full year yield from existing taxpayers from reducing the existing thresholds by 10% and applying the...

Written Answers — Tax Yield: Tax Yield (10 Nov 2011)

Michael Noonan: I am informed by the Revenue Commissioners that some €10.3m in tax was paid for the year 2010 by managers of approved retirement funds (ARFs) in respect of deemed or imputed distributions of assets in ARFs. This amount would have been generally based on a deemed distribution rate of 5%. On this basis, the full year yield from an increase in the deemed distribution rate to 10% could be of...

Written Answers — Tax Yield: Tax Yield (10 Nov 2011)

Michael Noonan: I propose to take Questions Nos. 66 and 67 together. I assume the Deputy is referring to individual pension contributions, the tax relief on which is allowed at the taxpayer's marginal tax rate — the standard or higher rate of income tax as appropriate in each case. A breakdown of the cost of tax relief on employee contributions to occupational pension schemes is not available by income...

Written Answers — National Debt: National Debt (10 Nov 2011)

Michael Noonan: National debt interest expenditure in 2012 and 2013 was forecast in the recently published Medium-Term Fiscal Statement (MTFS) at €6.8 billion and €7.2 billion respectively. General Government debt interest expenditure in 2012 and 2013 was forecast in the MTFS at €7.2 billion and €9.5 billion respectively. The large increase in General Government debt interest expenditure in 2013...

Written Answers — Fiscal Advisory Council: Fiscal Advisory Council (10 Nov 2011)

Michael Noonan: I announced the establishment of the Irish Fiscal Advisory Council on 7 July 2011. The Council is part of a wider agenda of reform of Ireland's budgetary architecture which is envisaged in the Programme for Government. The Council is an independent non-statutory body. It will be put on a statutory basis underpinned by legislation to be brought forward by Government in the coming months in...

Written Answers — Tax Yield: Tax Yield (10 Nov 2011)

Michael Noonan: The main area which is expected to benefit in terms of additional revenues in 2012 from measures introduced in 2011 is income tax. As with all new income tax measures, the first year yield is expected to be significantly below the full-year yield for a number of reasons including the fact that a portion of the tax collected in the year in which a measure is introduced relates to earnings in...

Written Answers — Departmental Agencies: Departmental Agencies (10 Nov 2011)

Michael Noonan: I am informed by the Housing Finance Agency that while some 96% of the Agency's short-term debt is now borrowed from the NTMA (as an agent of the Minister), the Agency raises some short-term debt from other parties. It borrows cash which local authorities and the Environment Fund have available for short-term investment, and also uses a note issuance facility from an Irish bank to manage its...

Written Answers — Tax Code: Tax Code (10 Nov 2011)

Michael Noonan: The following arrangements currently apply to retirement lump sums paid under pension arrangements approved by the Revenue Commissioners. Lump sum amounts up to €200,000 are paid free of tax. They are also paid free of USC. The portion of a lump sum between €200,001 and €575,000 is taxed on a ring-fenced basis at 20%. This means that no tax credits or other tax reliefs can be set...

Fiscal Policy (15 Nov 2011)

Michael Noonan: The terms of the EU-IMF programme require Ireland to achieve a general Government deficit of no more than 8.6% of GDP in 2012. Based on the macroeconomic and fiscal assessment set out in the medium-term fiscal statement, a €3.8 billion adjustment is therefore required in 2012 to meet this deficit target. My Department set out its latest forecasts in the medium-term fiscal statement. GDP...