Results 4,261-4,280 of 27,019 for speaker:Michael Noonan

Written Answers — Tax Code: Tax Code (17 Jan 2012)

Michael Noonan: I am advised by the Revenue Commissioners that a letter regarding their DSP pension details was issued in this case because the individual has a private pension in addition to their DSP pension and there was a possibility that they were potentially liable to additional tax. Based on the most recent figures supplied to the Revenue Commissioners by his pension provider, for the 2010 tax year,...

Written Answers — Tax Code: Tax Code (17 Jan 2012)

Michael Noonan: I am advised by the Revenue Commissioners that a letter regarding their DSP pension details was issued in this case because the individual has a private pension in addition to their DSP pension and there was a possibility that they were potentially liable to additional tax. However, I am further advised that based on the most recent figures supplied to the Revenue Commissioners by his...

Written Answers — Tax Collection: Tax Collection (17 Jan 2012)

Michael Noonan: The matter of communications between the Revenue Commissioners and members of the public are the responsibility of the Commissioners and they use a variety of methods and means to explain the many complexities of taxation. Regarding the matter of the communications between Revenue and the 115,000 recipients of DSP pensions who may have a potential additional tax liability, I am advised by...

Written Answers — Tax Collection: Tax Collection (17 Jan 2012)

Michael Noonan: The most recent figures available to the Revenue Commissioners, those for the 2010 tax year, indicate that the person concerned will have a small tax liability in the current year arising from the manner in which he and his partner have shared their tax credits. If he wishes to discuss the matter further he should contact his local Revenue Office at Revenue House, Blackpool, Cork or phone Mr....

Written Answers — State Banking Sector: State Banking Sector (17 Jan 2012)

Michael Noonan: Neither I, as Minister for Finance, nor the Central Bank, have a statutory role in the setting of interest rates charged or paid by financial institutions regulated by the Central Bank except in the case of the interest rate cap imposed on the credit union sector. Each institution determines the rate it charges its customers, depending on a number of factors, such as cost of funds and...

Written Answers — Credit Unions: Credit Unions (17 Jan 2012)

Michael Noonan: The imposition of lending restrictions is the responsibility of the Registrar of Credit Unions, who is the independent regulator for credit unions. Within his independent regulatory discretion, the Registrar acts to support the prudential soundness of individual credit unions, to maintain sector stability and to protect the savings of credit union members. This is part of normal regulation...

Written Answers — Fiscal Policy: Fiscal Policy (18 Jan 2012)

Michael Noonan: The Deputy is well aware of the Government's continued commitment to ensure that Ireland's corporate tax rate remains unchanged. I recently restated this position in my Budget 2012 speech. Under the Euro Plus Pact for Stronger Economic Policy co-ordination for Competitiveness and Convergence which was agreed at the European Council in March 2011, Ireland as well as those other Member...

Written Answers — Fiscal Policy: Fiscal Policy (18 Jan 2012)

Michael Noonan: As I have stated clearly in the past, if such a tax cannot be introduced on a global basis, I think it would be better if it were introduced on an EU-wide basis. This would prevent any distortion of activity within the Union. Our major concern is that, if an FTT is introduced, it could affect the financial services industry, especially in the IFSC, and lead to some activities moving abroad....

Written Answers — Economic and Monetary Union: Economic and Monetary Union (18 Jan 2012)

Michael Noonan: As the Deputy is aware, the ECB is independent and its remit is set out in Article 282 of the Treaty. Article 282 (2) states that "The primary objective of the European System of Central Banks shall be to maintain price stability. Without prejudice to that objective, it shall support the general economic policies in the Union in order to contribute to the achievement of the latter's...

Written Answers — Job Creation: Job Creation (18 Jan 2012)

Michael Noonan: In September 2011 the Government announced the establishment of the New Economy and Recovery Authority (NewERA) within the NTMA and the establishment of the Strategic Investment Fund. NewERA will centralise the management of Government holdings in the commercial semi-state sector (initially the companies within NewERA's remit are ESB, EirGrid, Bord Gáis, Bord na Móna and Coillte ) from a...

Written Answers — State Bonds: State Bonds (18 Jan 2012)

Michael Noonan: Data supplied to my Department by the Central Bank and the National Treasury Management (NTMA) show that the State has issued Government bonds with maturities of 30 years or more. A Government bond with a maturity of 38 years, a 6.5% Exchequer stock, was issued in 1967. This bond was redeemed early, in 2000. The most recent bond with a maturity of 30 years was an 8.75% Housing Finance Agency...

Written Answers — Personal Debt: Personal Debt (18 Jan 2012)

Michael Noonan: It is not appropriate for me, as Minister for Finance, to become involved in the detailed mortgage position of an individual borrower and lender. However in the case mentioned by the Deputy, I note from a copy of a letter dated 29 December 2011, that accompanied the Deputy's question, that the decision of Permanent TSB not to grant an alternative repayment arrangement in this case can be...

Written Answers — State Banking Sector: State Banking Sector (18 Jan 2012)

Michael Noonan: The lending institutions in Ireland, including those in which the State has a significant shareholding, are independent commercial entities. Ultimately the pricing of financial products, including standard variable mortgage interest rates, is a commercial decision for the management team and board of each lending institution, having due regard to their customers and the impact on...

Written Answers — National Pensions Reserve Fund: National Pensions Reserve Fund (18 Jan 2012)

Michael Noonan: I am informed by the National Treasury Management Agency, as the Manager of the National Pensions Reserve Fund, that, on 31 December 2011, the total value of the National Pensions Reserve Fund was €14.5 billion, comprising the Discretionary Portfolio of €5.4 billion and the Directed Portfolio currently held at €9.1 billion pending completion of an independent valuation review of the...

Written Answers — Fiscal Policy: Fiscal Policy (18 Jan 2012)

Michael Noonan: I propose to take Questions Nos. 73 and 74 together. Budget 2012 estimated that the Exchequer deficits in the years 2012-2014 would be €18.9 billion, €14.1 billion and €10.2 billion respectively. By contrast, the 2011 Exchequer deficit was €24.9 billion. It is the case that the global economic and financial environment is subject to a great deal of uncertainty at present and there are...

Written Answers — Tax Collection: Tax Collection (18 Jan 2012)

Michael Noonan: I propose to take Questions Nos. 75 and 76 together. I am informed by the Revenue Commissioners that individuals are not required when completing their tax returns to separately identify the country of origin of a foreign pension. I am further informed by the Revenue Commissioners that income tax returns for the 2008 tax year and earlier tax years did not require a distinction to be made...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (18 Jan 2012)

Michael Noonan: As the Deputy is aware a number of reports have been produced by Ernst and Young and McCann FitzGerald at the request of the INBS Board. Copies of all of these reports have been provided to the Central Bank under the terms of a protocol for limited disclosure agreed between the parties to preserve legal privilege over the material. A report was also been provided to the Garda in this...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (18 Jan 2012)

Michael Noonan: I have not raised this matter with Permanent TSB. The lending institutions in Ireland, including those in which the State has a significant shareholding, are independent commercial entities. Ultimately the pricing of financial products, including standard variable mortgage interest rates, is a commercial decision for the management team and board of each lending institution, having due...

Written Answers — Motor Fuels: Motor Fuels (18 Jan 2012)

Michael Noonan: I am informed by the Revenue Commissioners, who are responsible for the collection of mineral oil tax and for tackling the illicit trade in mineral oil products that they are acutely aware of the various illegal activities that lead to loss to the Exchequer of mineral oil tax. The most serious risk in this regard is the large scale laundering of markers from mineral oil (diesel), which is...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (18 Jan 2012)

Michael Noonan: The information requested by the Deputy is set out in the following table. I understand the question, in relation to payments that will be made by the covered institutions and State in 2012, to refer to payments to bondholders of the covered institutions, and payments by the State to relate to payments in respect of the provision of capital to the covered institutions. Bond Maturity for...