Results 4,121-4,140 of 27,019 for speaker:Michael Noonan

Written Answers — Consultancy Contracts: Consultancy Contracts (15 Dec 2011)

Michael Noonan: As clarified with the Deputy's office, my Department had no expenditure on public relations consultants during the years 2010 – 2011.

Written Answers — Tax Code: Tax Code (15 Dec 2011)

Michael Noonan: I am informed by the Revenue Commissioners that their obligation to observe confidentiality in relation to the tax affairs of taxpayers and small groups of taxpayers precludes them from providing the information requested by the Deputy on a company by company basis.

Written Answers — Ministerial Appointments: Ministerial Appointments (15 Dec 2011)

Michael Noonan: In response to the Deputy's question 6 new Committees or advisory bodies have been established under the remit of my Department since March 2011. Details of these bodies are contained in the following table: Committees and Advisory Groups Title Function Inter-Departmental Mortgage Arrears Working Group This group was established in July 2011 to consider further actions to alleviate the...

Written Answers — Tax Reliefs: Tax Reliefs (15 Dec 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 Code: Tax Code (15 Dec 2011)

Michael Noonan: The details supplied appear to relate to the restriction on the deductibility of interest in computing taxable rental income from residential property: in the case of interest accruing on or after 7 April 2009 (insofar as it would otherwise be allowable) the deduction available to the landlord is limited to 75% of such interest. The thrust of the matter raised in the question is that this...

Written Answers — National Asset Management Agency: National Asset Management Agency (15 Dec 2011)

Michael Noonan: The Deputy will be aware that I have asked Mr Michael Geoghegan to chair the small group of advisors which I am appointing to advise me on NAMA. Mr Geoghegan has agreed to carry out his role on a pro bono basis. I will soon appoint the other members of the group, at which stage I will publish the terms of appointment for the members, as well as the terms of reference for the group itself.

Written Answers — Bond Markets: Bond Markets (15 Dec 2011)

Michael Noonan: It is the stated intention of the National Treasury Management Agency (NTMA) to return to sovereign debt markets as soon as market conditions permit. My hope is that a full return to the bond markets will become possible by mid-2013. The steps necessary to position the NTMA for such a return include continued progress in the reduction of the budget deficit in line with the targets agreed in...

Written Answers — National Asset Management Agency: National Asset Management Agency (15 Dec 2011)

Michael Noonan: I have asked Mr Michael Geoghegan to chair the small group of advisors which I am appointing to advise me on the future strategic direction and organisation of NAMA. The Advisory Group will report to me, although I expect that the NAMA Board will support and facilitate the work of the group. I also welcome the recent statement by the Chairman of the NAMA Board of its intention to draft an...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (15 Dec 2011)

Michael Noonan: As the Deputy is aware the provision of State funds to the financial institutions is to ensure that those institutions have sufficient capital to meet regulatory requirements. The capital injections were, for the greater part, required to cover losses, or loss provisions, on the loan books of those institutions. The capital has been provided by the Exchequer or the National Pension Reserve...

Written Answers — Bank Guarantee Scheme: Bank Guarantee Scheme (15 Dec 2011)

Michael Noonan: I assume the Deputy is referring to the Guarantee introduced in September, 2008, and not September, 2009. The Deputy will be aware that the previous Government announced the Credit Institutions (Financial Support) Scheme ("CIFS") on 30 September, 2008, in order to maintain financial stability for the benefit of depositors and businesses in general, and for the Irish economy as a whole. This...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (15 Dec 2011)

Michael Noonan: The previous Government announced the Credit Institutions (Financial Support) Scheme ("CIFS") on 30 September, 2008, in order to maintain financial stability for the benefit of depositors and businesses in general, and for the Irish economy as a whole. This action was taken following advice from the Governor of the Central Bank and the Financial Regulator about the impact of the...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (15 Dec 2011)

Michael Noonan: The Central Bank of Ireland is a statutory body; it was established in 1942 in accordance with the Central Bank Act 1942 and is now a constituent part of the European System of Central Banks (ESCB) established by European treaty. It is managed and controlled by the Central Bank Commission. The Minister for Finance is the sole subscriber to and holder of the Central Bank's capital. The...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (15 Dec 2011)

Michael Noonan: The Deputy will be aware that directors at the covered institutions, including public interest directors who were nominated by my predecessor, are appointed and remunerated by the respective boards. Accordingly, disclosure of details concerning their remuneration and performance are covered by various rules and procedures. To the extent that such information sought by the Deputy has...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (15 Dec 2011)

Michael Noonan: The Central Bank of Ireland is responsible for financial regulation in Ireland. The Irish Financial Services Regulatory Authority (the Financial Regulator) ceased to exist on 1 October 2010 with the commencement the relevant provisions of the Central Bank Reform Act 2010, which created a single structure within the Central Bank controlled and managed by the Central Bank Commission. The powers...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (15 Dec 2011)

Michael Noonan: I propose to take Questions Nos. 82 and 84 together. The Central Bank Acts – and in particular the Central Bank Act 1971 – set out the principal legal definitions related to banking in Ireland, including provisions relating to 'banking business' and persons deemed to hold themselves out as bankers. The Central Bank is the statutory body with responsibility for licensing banks and...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (15 Dec 2011)

Michael Noonan: The amount of Euro banknotes on the balance sheet of the Central Bank of Ireland represents Ireland's share of total Euro banknotes in circulation. Ireland is currently allocated 1.46 per cent of the total euro banknotes in circulation based on its fully paid up share of the capital of the European Central Bank (ECB). These banknotes are backed by assets which relate to Eurosystem monetary...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (15 Dec 2011)

Michael Noonan: As Minister for Finance, I have no function in relation to Euro area monetary policy operations. The Governor of the Central Bank carries out his European Central Bank-related functions under the Treaty of Rome and the Statute of the European System of Central Banks (ESCB) and his independence in doing so is guaranteed. Section 19A (2) of the Central Bank Act 1942 provides that the Governor...

Written Answers — Financial Services Regulation: Financial Services Regulation (15 Dec 2011)

Michael Noonan: In October the European Commission published its proposal for a Financial Transactions Tax, or FTT, and its assessment of the impact of the measure. We are analysing the proposals in the draft Directive. The proposal will now be subject to detailed discussions at Council Working Party level and, as always, we will participate constructively in those discussions. There is no consensus as...

Written Answers — Financial Services Regulation: Financial Services Regulation (15 Dec 2011)

Michael Noonan: I am informed by the Revenue Commissioners that the estimated corporation tax paid in 2010 by the Irish Financial Services Centre is of the order of €630 million. With the change in the corporation tax rate from 10% to the standard rate now applying to IFSC activities it is generally speaking no longer possible to distinguish between corporation tax paid solely on IFSC activities and on...

Written Answers — Tax Collection: Tax Collection (15 Dec 2011)

Michael Noonan: I am informed by the Revenue Commissioners that for the tax year 2009, the latest year for which the necessary detailed data is available, the top 100 incomes earners declared €585 million in income and paid €169 million in income tax. The Deputy will be aware that from the tax year 2010 onwards, the high earner's restriction for individuals on high incomes, who make significant use of...