Results 4,581-4,600 of 27,019 for speaker:Michael Noonan

Written Answers — Banks Recapitalisation: Banks Recapitalisation (2 Feb 2012)

Michael Noonan: During 2009 it was determined that Anglo and INBS required additional capital. A commitment was provided by the then Minister to Anglo and separately to INBS to provide capital of €8.3 billion and €2.7 billion, respectively. This capital was provided on 31 March 2010. In relation to Anglo, this €8.3 billion of capital was injected by way of a capital contribution. This capital...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (2 Feb 2012)

Michael Noonan: During 2009 it was determined that Anglo and INBS required additional capital. A commitment was provided by the then Minister to Anglo and separately to INBS to provide capital of €8.3 billion and €2.7 billion, respectively. This capital was provided on 31 March 2010. In relation to Anglo, this €8.3 billion of capital was injected by way of a capital contribution. This capital...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (2 Feb 2012)

Michael Noonan: One of the functions of the Central Bank of Ireland, similar to other central banks, is to grant Exceptional Liquidity Assistance to a credit institution when this is deemed necessary for financial stability purposes. These amounts are published monthly. ELA is one of the ways that the Central Bank has responded to the financial crisis. This is distinct and separate from regular funding...

Written Answers — Credit Availability: Credit Availability (2 Feb 2012)

Michael Noonan: I presume the Deputy is referring to business lending in this instance. As the Deputy is aware, the Government has imposed lending targets on the two domestic pillar banks for the three calendar years, 2011 to 2013. Both banks were required to sanction lending of at least €3 billion in 2011, €3.5 billion this year and €4 billion in 2013 for new or increased credit facilities to SMEs....

Written Answers — EU-IMF Agreement: EU-IMF Agreement (2 Feb 2012)

Michael Noonan: The Euro Area Heads of State or Government (HOSG) agreed on 21 July 2011 to lengthen the maturity of future EFSF loans from 7.5 years to a minimum of 15 years and up to 30 years. The EFSF has since raised a mixture of long and short-term funds for Ireland including a 10 year loan of €3 billion. The weighted average original maturity of Ireland's €10 billion EFSF loans to date is 5.8...

Tax Reliefs (7 Feb 2012)

Michael Noonan: Mortgage interest relief is available in respect of qualifying interest on a qualifying loan in respect of a qualifying residence. A qualifying loan is a loan used for the purchase, repair, development or improvement of an individual's principal private residence. The relief is provided at source through financial institutions. This means that the mortgage holders get the benefit of the...

Tax Reliefs (7 Feb 2012)

Michael Noonan: The Topical Issues debate notified to the Department of Finance was entitled: "To raise the issue of mortgage holders unable to avail of mortgage interest relief." I replied to that. However, the Deputy raised questions about matters we did not anticipate. I will get the Deputy a full reply to the questions she raised today.

Tax Reliefs (7 Feb 2012)

Michael Noonan: There was obviously a mismatch between what the Department interpreted the Deputy's intentions to be and what she actually asked in the debate. I will provide her with a full reply.

Bretton Woods Agreements (Amendment) (No. 2) Bill 2011: Order for Report Stage (7 Feb 2012)

Michael Noonan: I move: "That Report Stage be taken now."

Bretton Woods Agreements (Amendment) (No. 2) Bill 2011: Report and Final Stages (7 Feb 2012)

Michael Noonan: I thank all Deputies who contributed to this debate. I would like to reply in the first instance to Deputy Boyd Barrett on the points he has just made. The context for this Bill is the decision by the IMF governors in 2010 to propose wide-ranging governance reforms including increased representation for emerging markets and developing countries. The reforms are also designed to protect the...

Written Answers — International Agreements: International Agreements (7 Feb 2012)

Michael Noonan: The Fiscal Compact is a key part of the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union agreed at the end of January. The Compact requires that fiscal rules – covering targets for the structural balance, automatic correction mechanisms, etc – take effect in national law. This is an important provision as it encompasses greater ownership in ensuring...

Written Answers — Tax Code: Tax Code (7 Feb 2012)

Michael Noonan: I am advised by the Revenue Commissioners that a revised Tax Credit and Universal Social Charge Certificate issued to the person concerned in December 2011 arising from a small difference between the details of her pension on Revenue's record and the pension particulars supplied by the Department of Social Protection. Based on the information available to the Revenue Commissioners the person...

Written Answers — Bank Interest Rates: Bank Interest Rates (7 Feb 2012)

Michael Noonan: The details provided by the Deputy refer to the failure of a particular lending institution to pass on ECB rate reductions. The Deputy will be aware that the lending institutions in Ireland, including those in which the State has a substantial shareholding are independent commercial entities. The lending institution mentioned by name, in the details supplied by the Deputy, is not one in which...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (7 Feb 2012)

Michael Noonan: The Central Bank revised Code of Conduct on Mortgage Arrears (CCMA) the key framework that governs the relationship between lenders and borrowers who are in arrears, or facing arrears, on their mortgage and provides a number of protections to borrowers. These include the establishment of a formal Mortgage Arrears Resolution Process (MARP) as the framework for handling such cases, the...

Written Answers — Tax Code: Tax Code (7 Feb 2012)

Michael Noonan: The Universal Social Charge (USC) was introduced in Budget 2011 and replaced the Health Levy and the Income Levy. It is a more equitable charge and has a wider base and a lower rate when compared to the combined impact of the Income and the Health Levies. As with all taxes, receipts from the USC form part of the collective contribution to the funding of public services.

Written Answers — Tax Code: Tax Code (7 Feb 2012)

Michael Noonan: For the purposes of Capital Acquisitions Tax (gift and inheritance tax), the relationship between the person who provides the gift or inheritance (known as the "disponer") and the person who receives the gift or inheritance (i.e., the beneficiary), determines the maximum tax-free threshold (known as the "group threshold") below which gift or inheritance tax does not arise. There are, in all,...

Written Answers — National Asset Management Agency: National Asset Management Agency (7 Feb 2012)

Michael Noonan: NAMA informs me that property assets securing NAMA loans are under the control of debtors or of receivers appointed by the Agency. As such, it is debtors and receivers who are responsible for the preservation and maintenance of such property, including protected structures and residences which are of architectural significance. In cases where NAMA becomes aware that debtors are neglecting...

Written Answers — Pension Provisions: Pension Provisions (7 Feb 2012)

Michael Noonan: There is a long standing agreement with all of the health insurance companies, including the VHI, where an individual's health cover remains in place even in circumstances where, through no fault of his/her own, a premium is not paid. As part of the move to the greater use of shared services in the public sector in order to drive efficiencies, the Paymaster General's Office, which is part of...

Written Answers — Tax Code: Tax Code (7 Feb 2012)

Michael Noonan: The position is as I stated on 14 December 2011 in reply to Parliamentary Question Number 80, that the Universal Social Charge (USC) does not apply to social welfare payments or payments of a similar nature made by any other state or territory. However, occupational pensions are liable to the USC, if the payment is greater than the exemption limit, which from 1 January 2012 is €10,036 per...

Written Answers — Tax and Expenditure Profiles: Tax and Expenditure Profiles (7 Feb 2012)

Michael Noonan: The profile for monthly Exchequer tax revenues and debt servicing expenditure will be published this week. It is the intention of my colleague the Minister for Public Expenditure and Reform to publish expenditure profiles later this month.