Results 3,821-3,840 of 27,019 for speaker:Michael Noonan

Written Answers — Tax Code: Tax Code (22 Nov 2011)

Michael Noonan: I am informed by the Revenue Commissioners that the Tobacco Products Tax on cigarettes is expressed as a fixed amount per 1,000 cigarettes, together with a percentage of the retail price at which the cigarettes are sold. Tobacco products other than cigarettes, including fine-cut tobacco for the rolling of cigarettes, are taxed by reference to the weight of tobacco. When the tax rates for...

Written Answers — Ministerial Staff: Ministerial Staff (22 Nov 2011)

Michael Noonan: The recently appointed Special Advisor to my Department will undertake any duties which may be assigned to him from time to time as appropriate to the position of Special Adviser as set out in Section 11 of the Public Service Management Act 1997. The salary for this individual does not exceed the Government's special advisor pay scale as outlined in the Instructions regarding Ministerial...

Written Answers — Fiscal Statement: Fiscal Statement (22 Nov 2011)

Michael Noonan: The Deputy should be aware that Chapter 5 of the Medium-Term Fiscal Statement sets out a range of different scenarios which show the estimated impact on the General Government balance/GDP ratio of both higher and lower nominal rates of economic growth. These are summarised in the table. General Government Balance (% of GDP) 2012 2013 2014 2015 Base Case -8.6 -7.5 -5.0 -2.9 Nominal GDP...

Written Answers — Interest Rates: Interest Rates (22 Nov 2011)

Michael Noonan: As the Deputy will be aware, under the terms of the Credit Institutions (Financial Support) Scheme 2008, domestic credit institutions benefiting from the State guarantee were required at the direction of the Minister for Finance to appoint up to two non-executive directors to promote the public interest. The legal position is that any director appointed to the board of the covered...

Written Answers — Interest Rates: Interest Rates (22 Nov 2011)

Michael Noonan: As the Deputy may be aware, this issue was the subject of a topical issues debate in the Dáil put down by his colleague Deputy Niall Collins on 15 November last. As the Deputy is aware, in an effort to recoup some of its higher input funding costs, Bank of Ireland is changing the method of calculating its interest rate on its term lending facilities from the current EURIBOR derived...

Written Answers — Tax Code: Tax Code (22 Nov 2011)

Michael Noonan: I propose to take Questions Nos. 132 and 133 together. The dual abode allowance is granted under Rule 3 of Schedule 2 of the Income Tax Act 1967 (now Section 114 of Taxes Consolidated Act 1997) and provides that where, arising out of his or her duties, a Minister (who is a member of Dáil Eireann for a constituency outside of Dublin) maintains a second residence in addition to his or her...

Written Answers — Financial Services Regulation: Financial Services Regulation (22 Nov 2011)

Michael Noonan: I have received the report of the IBF/PwC Market Profile for new lending for the quarter ending 30 September 2011. This report shows that 3,607 new mortgages to the value of 623 million euros were issued during that quarter. This represents an increase of 1.6% in the number of mortgage loans issued in the quarter compared to the previous quarter. It is the first time since the third quarter...

Written Answers — Departmental Responsibilities: Departmental Responsibilities (22 Nov 2011)

Michael Noonan: An organisational chart detailing the responsibilities of certain officials in my Department follows. Department of Finance: Management Chart 22nd November 2011 Minister's Office Press Office Division Senior Staff Secretary General Kevin Cardiff Senior Economic Advisor Jim O'Leary Finance & Corporate Directorate Paul Ryan Human Resource Manager Niall Ó Ceallaigh Second...

Written Answers — Bank Guarantee Scheme: Bank Guarantee Scheme (22 Nov 2011)

Michael Noonan: The Central Bank does not comment on its consultations with the ECB. The Central Bank Act 1942 provides the statutory basis for the Bank to provide emergency liquidity assistance. Section 5B(d) provides the Bank with a general power to lend against security to credit institutions, which power may be exercised in pursuit of the Bank's financial stability objective provided by Section...

Written Answers — Bank Guarantee Scheme: Bank Guarantee Scheme (22 Nov 2011)

Michael Noonan: Exceptional Liquidity Assistance or ELA helps fund a large portion of IBRC's balance sheet. IBRC submitted a formal restructuring plan to the European Commission which was approved on the 29th June this year. This plan sets out in detail how the bank will be wound-down over a period of 10 years. Since then the Authorities and the State have identified measures which are expected to further...

Written Answers — Tax Code: Tax Code (22 Nov 2011)

Michael Noonan: The benefit in kind exemption in respect of the provision by employers of crèche facilities was provided for in section 120A of the Taxes Consolidation Act 1997. The removal of this exemption was announced in Budget 2011 and given effect to by section 7(1)(b) of Finance Act 2011. I am informed by the Revenue Commissioners that a dedicated meeting with representatives of the payroll...

Written Answers — Bank Guarantee Scheme: Bank Guarantee Scheme (22 Nov 2011)

Michael Noonan: The Central Bank does not comment on its discussions with the ECB in relation to these matters.

Written Answers — Banking Sector Regulation: Banking Sector Regulation (22 Nov 2011)

Michael Noonan: Information regarding the composition of the management teams of the relevant credit institutions is available on the respective company's websites through annual reports and updated press releases. However, for completeness, the current status of the management teams of each institution is presented below. The Executive Committee of AIB is currently comprised of the following...

Written Answers — Tax Reliefs: Tax Reliefs (22 Nov 2011)

Michael Noonan: Section 13 of Finance Act 2011 provided for income tax relief at the standard rate for expenditure incurred by individuals on a range of works carried out to improve the energy efficiency of residential premises situated in the State. The underpinning legislation for the scheme was subject to Commencement Order. However, that legislation, on review, was found to have flaws and would have...

Written Answers — Tax Collection: Tax Collection (22 Nov 2011)

Michael Noonan: I am advised by the Revenue Commissioners that a claim under the Value Added Tax (Refund of Tax) (No. 15) Order 1981 was received on 15 November 2011 from the Deputy on behalf of the claimant. This claim was returned on 16 November 2011 with a request for the required supporting documentation. On receipt of this documentation, the claim will be processed without delay.

Written Answers — Bank Guarantee Scheme: Bank Guarantee Scheme (22 Nov 2011)

Michael Noonan: The Bank does not comment on ELA operations, other than what is contained in its Monthly Statistics update and its Annual Report. All ELA operations conducted by the Bank are fully collateralised. Appropriate haircuts/discounts are applied with a view to ensuring that the Bank would not suffer any loss in the event of default on the loan assistance. The Bank has received formal comfort from...

Written Answers — Bank Guarantee Scheme: Bank Guarantee Scheme (22 Nov 2011)

Michael Noonan: The legal basis for the aforementioned guarantees made in favour of the Central Bank of Ireland derive from the Credit Institutions (Financial Support) Act 2008. Specifically the Minister for Finance is empowered under Section 6(1) of the Credit Institutions (Financial Support) Act 2008 to provide financial support in respect of the borrowings, liabilities and obligations of any credit...

Written Answers — Tax Code: Tax Code (22 Nov 2011)

Michael Noonan: The Finance Act 2011 contains legislation that, subject to a Ministerial Commencement Order, provides for the extension of betting duty to remote bookmakers and betting exchanges. The tax changes provided for in the Finance Act can only be implemented once the Betting (Amendment) Bill, which will provide for a regulatory and licensing regime, is enacted. The Betting (Amendment) Bill 2011 is...

Written Answers — Appointments to State Boards: Appointments to State Boards (22 Nov 2011)

Michael Noonan: In response to the Deputy's question Mr David Byrne was appointed Chairman of the National Treasury Management Agency Advisory Committee on 1 January 2008 for a period of 5 years. He receives a fee of €50,000 per annum. No other former Attorney General was appointed by me, or to my knowledge by any of my predecessors, to a State Board.

Written Answers — Insurance Industry: Insurance Industry (23 Nov 2011)

Michael Noonan: The Irish Insurance Federation has informed my Department that the Declined Cases Agreement (DCA) which was drawn up in 1981 is adhered to by all motor insurers in Ireland. Under the agreement, the insurance market will not refuse to provide insurance to an individual seeking motor insurance, if he/she has approached at least three motor insurers and has not been able to obtain cover. In...