Results 4,341-4,360 of 27,019 for speaker:Michael Noonan

Written Answers — Financial Services Regulation: Financial Services Regulation (24 Jan 2012)

Michael Noonan: I understand that there are no particular requirements in place regarding the clearing of social welfare cheques. The Irish Paper Clearing Company Limited (IPCC) is responsible for the clearing and settlement of cheques in Ireland. The IPCC system provides the mechanism through which the participating banks exchange funds to honour cheques written by their customers, both corporate and...

Written Answers — Financial Services Regulation: Financial Services Regulation (24 Jan 2012)

Michael Noonan: The lending institutions in Ireland 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 profitability, particularly where the cost of funding to each lending...

Written Answers — State Banking Sector: State Banking Sector (24 Jan 2012)

Michael Noonan: There is no standard approach by financial institutions which involves debt forgiveness. Where debt forgiveness has occurred the particular circumstances are stated to be exceptional and each such situation is addressed on an individual basis. In general terms the approach, across financial institutions is to proactively work with the customer to find a solution which is practical for both...

Written Answers — Tax Code: Tax Code (24 Jan 2012)

Michael Noonan: The increase in the standard rate of VAT from 21% to 23% applies with effect from 1 January 2012. In the case of continuous supplies of telecommunications services, electricity or gas, for which a bill is issued at least every three months, the rate of VAT that should be charged is the rate in force at the date of issue of the bill. In all other cases of services to private individuals, the...

Written Answers — Bank Guarantee Scheme: Bank Guarantee Scheme (24 Jan 2012)

Michael Noonan: As the Deputy is aware there is on-going and detailed engagement between my Department and the covered institutions. The current and projected capital requirements of the institutions form part of this engagement these and are monitored and assessed on an on-going basis. The Prudential Capital Assessment Review (PCAR) carried out in 2011 by the Central Bank independently assessed the...

Written Answers — Tax Code: Tax Code (24 Jan 2012)

Michael Noonan: The matter of the proceeds of a family home depends on the circumstances of the case. However, I understand the Deputy is concerned about the tax treatment of capital in the case where a family home is sold. I have been informed by the Revenue Commissioners that under the Fair Deal Scheme the recipient of nursing home care is treated as accepting a loan from the HSE. He /she undertakes...

Written Answers — Financial Services Regulation: Financial Services Regulation (24 Jan 2012)

Michael Noonan: I have no role in the provision of liquidity funding by the Central Bank. However, the Central Bank advises me that, similar to other central banks, it may provide Exceptional Liquidity Assistance and Eurosystem liquidity. These amounts are published monthly. The Central Bank does not disclose the financial institutions that avail of such support although it is open to all eligible...

Written Answers — Bank Guarantee Scheme: Bank Guarantee Scheme (24 Jan 2012)

Michael Noonan: The Department is currently finalising new Relationship Framework documents for each financial institution in which the State has a shareholding. The framework documents, which generally formed part of the recapitalisation agreements, will define the relationship between the Minister and the relevant institutions. These documents will be drafted and structured to ensure that the...

Written Answers — Consultancy Contracts: Consultancy Contracts (24 Jan 2012)

Michael Noonan: The legal services firm referred to by the Deputy have been engaged by my Department since September 2008 to provide advice in relation to general banking matters including those referred to in the Deputy's Question. In March 2010 certain banking system functions of the Minister for Finance were delegated by Government Order to the National Treasury Management Agency. The delegation of...

Written Answers — Fiscal Policy: Fiscal Policy (24 Jan 2012)

Michael Noonan: In aggregate, the covered Irish banks have generated €15.5bn of capital from Liability Management Exercises (LMEs) over the last four years. The breakdown per year is as follows: €bn 2008 2009 2010 2011 Total PTSB - - - 1.0 1.0 BoI - 1.0 1.3 1.5 3.8 AIB - 1.1 0.4 3.6 5.1 EBS - 0.0 0.1 0.2 0.3 INBS 0.0 0.1 - 0.1 0.3 Anglo - 1.8 1.6 - 3.3 Total cash gains from Sub-debt burden...

Written Answers — Fiscal Policy: Fiscal Policy (24 Jan 2012)

Michael Noonan: As the Deputy will be aware the covered banks are required to deleverage circa €70bn of assets by 31 December 2013. To date significant progress has been made in that regard: The two pillar banks met the 2011 deleveraging targets with almost €15 billion of these assets sold at significantly better pricing than anticipated in the PCAR/PLAR 2011 exercise. Total deleveraging achieved...

Written Answers — Departmental Bodies: Departmental Bodies (24 Jan 2012)

Michael Noonan: In response to the Deputy's question details in respect of boards of bodies under the aegis of my Department. State agency Funded by the Exchequer: National Treasury Management Agency (NTMA) There are 5 Boards coming under the NMTA as outlined in the table. Please note that, in line with paragraph 3.8 of the Code of Practice for the Governance of State Bodies, attendance at meetings of the...

Written Answers — Industrial Relations: Industrial Relations (25 Jan 2012)

Michael Noonan: As the Deputy will be aware, the Government are of the view that the inability to pay clause for Employment Regulation Orders (EROs) and Registered Employment Agreements (REAs) should be strengthened. In this regard, the Minister for Jobs, Enterprise and Innovation will shortly present an amendment to the legislation to provide an inability to pay clause that will allow two consecutive...

Written Answers — Fuel Products: Fuel Products (25 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), and the...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (25 Jan 2012)

Michael Noonan: Throughout the entire process of issuing senior bonds the bond issuer itself remains unaware of the individual bondholders' details. The Central Bank has advised me that the process of issuing new senior bonds is normally through underwriting, where one or more securities firms or banks form a syndicate buying the entire bond issue from the issuer and then re-selling to investors. Primary...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (25 Jan 2012)

Michael Noonan: I am informed by the bank that Anglo Irish Bank Corporation Limited ("the Bank") carried out liability management exercises on certain of its subordinated debt securities in 2009 and 2010 whereby the Bank offered to purchase/exchange the securities for cash/government guaranteed securities at various prices (subject to the level of subordination of the securities and the year the offer was...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (25 Jan 2012)

Michael Noonan: As the information sought by the Deputy is of an operational nature it is not held by the Department. Accordingly, I contacted the respective covered institutions, on behalf of the Deputy, to source the requested information. The position in relation to the institutions is as follows: Institution Number Average(rounded) Range of top ten payments (rounded) AIB (overseas disposal of...

Written Answers — Tax Code: Tax Code (25 Jan 2012)

Michael Noonan: I propose to take Questions Nos. 57 and 58 together. The Deputy is referring to services on which a taxi operator incurs VAT. These services (taxi booking service, hire of radios and the provision of administration) are liable to VAT at the standard rate of 23%. The transport of passengers and their accompanying baggage is exempt from VAT under Paragraph 14(3) of Schedule 1 to the...

Written Answers — Tax Reliefs: Tax Reliefs (25 Jan 2012)

Michael Noonan: As I announced in the Budget, the proposed new 30% rate of tax relief comes into effect in respect of the 2012 tax year and subsequent tax years. The position is that the tax relief, including the proposed new 30% rate of relief, in respect of interest paid on qualifying loans is given by qualifying lenders. I am advised by the Revenue Commissioners that they have already, in advance of the...

Written Answers — Tax Collection: Tax Collection (25 Jan 2012)

Michael Noonan: I am informed by the Revenue Commissioners that the most recent basic data available on incomes from which information of the type requested by the Deputy could be derived for all income earners on the income tax record are in respect of the income tax year 2009. The information requested on effective rates of income tax of all income earners in the specified income bands is set out as...