Results 3,701-3,720 of 27,019 for speaker:Michael Noonan
- Written Answers — National Debt: National Debt (15 Nov 2011)
Michael Noonan: The figure reported to Eurostat at the end of September for general government debt for end-2010 was â¬148 billion, or 94.9% of GDP. Subsequently it has emerged that this gross debt figure overstated the amount by â¬3.6 billion due to a double-counting error. The corrected figure for general government debt for 2010 is â¬144.4 billion, or 92.6% of GDP. As the Deputy is aware, I told the...
- Written Answers — Banking Sector Regulation: Banking Sector Regulation (15 Nov 2011)
Michael Noonan: Neither the Central Bank nor I, as Minister for Finance, have a statutory role in the setting of interest rates charged or paid by financial institutions regulated by the Central Bank. While I want to welcome the decision by the majority of lenders to reduce their standard variable rates following the recent announcement by the ECB, I would encourage all lenders to follow suit. Such a...
- Written Answers — Ministerial Appointments: Ministerial Appointments (15 Nov 2011)
Michael Noonan: Mr Cardiff retains the Government's full support as Ireland's nomination to the European Court of Auditors. Mr. Cardiff carries with him a long career of distinguished public service here and the credentials to do a first class job in respect of the European Court of Auditors.
- Written Answers — Fiscal Policy: Fiscal Policy (15 Nov 2011)
Michael Noonan: As the Deputy is aware it has always been my position in relation to the payment of unguaranteed unsecured senior bonds that, given the significant cost of IBRC, to the Irish State and the Irish taxpayer, that the burden of debt should be shared with the bondholders. However, if we were to suspend payments to creditors in IBRC this would have a significant impact on both the bank and...
- Written Answers — Ministerial Appointments: Ministerial Appointments (15 Nov 2011)
Michael Noonan: Mr Kevin Cardiff, Secretary General graduated with the following qualifications from the University of Washington and University College, Dublin: Degree in History and Psychology University of Washington, Seattle, USA 1983 Masters in Business Studies University College, Dublin 1991
- Written Answers — Banking Sector Regulation: Banking Sector Regulation (15 Nov 2011)
Michael Noonan: The merger of AIB and EBS was formally completed on 1 July 2011. Prior to the completion of the merger, each of the banks set their variable mortgage rates according to the levels, calculated by the respective management teams and boards, that was required for each of the institutions to operate as a commercially viable entity in light of the challenging market conditions, the expected cost...
- Written Answers — Fiscal Policy: Fiscal Policy (15 Nov 2011)
Michael Noonan: I propose to take Questions Nos. 106 and 146 together. As the Deputy is aware the matter of the Promissory Note is managed on an ongoing basis within my Department. The section assigned the role is staffed with the appropriate expertise and experience. The section has the facility to draw on the full range of internal and external expertise as required. The relevant section in my...
- Written Answers — Banking Sector Regulation: Banking Sector Regulation (15 Nov 2011)
Michael Noonan: Neither the Central Bank nor I, as Minister for Finance, have a statutory role in the setting of interest rates charged or paid by financial institutions regulated by the Central Bank. While I want to welcome the decision by the majority of lenders to reduce their standard variable rates following the recent announcement by the ECB, I would encourage all lenders to follow suit. Such a...
- Written Answers — Tax Code: Tax Code (15 Nov 2011)
Michael Noonan: As the Deputy is aware, it is a longstanding practice of the Minister for Finance not to comment in advance of the Budget on any tax or expenditure matters that might be the subject of Budget decisions.
- Written Answers — Tax Code: Tax Code (15 Nov 2011)
Michael Noonan: The position is that an individual is liable to pay the Universal Social Charge (USC) if his/her gross income exceeds the threshold of â¬4,004 per annum. USC is not levied on payments from the Department of Social Protection. For 2011, the rates of USC for PAYE income are as follows: * 2% on the first â¬10,036 * 4% on the next â¬5,980 * 7% on the balance It should be noted that there is...
- Written Answers — Croke Park Agreement: Croke Park Agreement (15 Nov 2011)
Michael Noonan: In response to the Deputy's question it should be noted that the Implementation Body for the Agreement is currently considering the progress reported on the implementation of Action Plans under Croke Park in each sector during the period, April to September 2011. The Body is due to publish a summary of the progress reported to it on its website shortly. Once the Body has completed its...
- Written Answers — Tax Collection: Tax Collection (15 Nov 2011)
Michael Noonan: I am informed by the Revenue Commissioners that they are not in a position to provide a detailed reply on this matter within the timeframe for answering Parliamentary Questions. Accordingly, the Deputy will be contacted directly on this issue at an early date.
- Written Answers — Tax Collection: Tax Collection (15 Nov 2011)
Michael Noonan: I am informed by the Revenue Commissioners that they are not in a position to provide a detailed reply on this matter at this time. The Deputy will be contacted directly with a reply on the issue before the end of the week.
- Written Answers — Tax Code: Tax Code (15 Nov 2011)
Michael Noonan: The level and timeframe of any increases in the VAT rates will be determined in the context of the upcoming Budget.
- Written Answers — Tax Collection: Tax Collection (15 Nov 2011)
Michael Noonan: This is a matter for the Revenue Commissioners. I am advised by Revenue that the person in question has a significant tax debt with Revenue over a long period, including monies collected in a fiduciary capacity from employees and from businesses. There was no satisfactory engagement with Revenue in relation to this debt and this led to Revenue securing a judgment in the Courts, which was...
- Written Answers — Bank Guarantee Scheme: Bank Guarantee Scheme (15 Nov 2011)
Michael Noonan: All Emergency Liquidity Assistance or ELA operations conducted by the Central Bank of Ireland are fully collateralised and some details relating to collateral policy are outlined on page 104 of the Central Bank's most recent Annual Report which can be found on its website. Appropriate haircuts/discounts are applied with a view to ensuring that the Bank would not suffer any loss in the event...
- Written Answers — Bank Guarantee Scheme: Bank Guarantee Scheme (15 Nov 2011)
Michael Noonan: The provision of Emergency Liquidity Assistance (ELA) is solely a matter for the Central Bank in consultation with the ECB. As detailed in the Central Bank's Annual Report for 2010 (p.22), the Central Bank, on behalf of the Eurosystem, continued to provide substantial liquidity support to the Irish banking system throughout the course of 2010. The Bank also provided ELA. This is one of the...
- Written Answers — Bank Guarantee Scheme: Bank Guarantee Scheme (15 Nov 2011)
Michael Noonan: The provision of Emergency Liquidity Assistance or ELA, is subject to the approval of the ECB and as this type of funding is designed to remedy temporary disturbances in funding availability, this approval must be resought on a periodic basis. As the Deputy will be aware, the bank with by far the largest reliance on ELA is IBRC (Anglo and INBS). This ELA facility is funding the majority of...
- Written Answers — Ministerial Appointments: Ministerial Appointments (15 Nov 2011)
Michael Noonan: Mr Cardiff has been awarded the following qualifications: Degree in History and Psychology, University of Washington, Seattle, USA, 1983; Masters in Business Studies, University College, Dublin, 1991; and Diploma in Applied Finance Law, Law Society Ireland, 2003. Mr Cardiff has been nominated by the Government to the Court of Auditors. He must now go through the relevant Committee of the...
- Written Answers — Financial Services Regulation: Financial Services Regulation (15 Nov 2011)
Michael Noonan: The correspondence to which the Deputy refers relates to very complex financial instruments. I will have the matter reviewed by my Department, in consultation with the National Treasury Management Agency and the Central Bank and revert to him.