Results 4,621-4,640 of 27,019 for speaker:Michael Noonan

Written Answers — Banking Sector Regulation: Banking Sector Regulation (8 Feb 2012)

Michael Noonan: I propose to take Questions Nos. 39 and 43 to 45, inclusive, together. If a bank makes a mortgage, the bank may, if the mortgage contract allows, use that legal mortgage as security for funding their balance sheet. It does not alter the nature of the relationship between the bank and its customer. There are two possible routes. If the mortgage is securitised in a Residential Mortgage Backed...

Written Answers — EU-IMF Programme: EU-IMF Programme (8 Feb 2012)

Michael Noonan: The drawdowns Ireland received to date from European sources under the EU-IMF Programme for Support, have come from the European Financial Stability Mechanism (EFSM), the European Financial Stability Facility (EFSF) and the bilateral loan agreement with the UK. The European Financial Stability Facility is a company which was established in 2010 by the countries that share the euro and was...

Written Answers — Financial Measures Programme: Financial Measures Programme (8 Feb 2012)

Michael Noonan: The solvency stress test applied by the Central Bank of Ireland (CBI) in 2011 was used to recapitalise the Irish guaranteed institutions. The stress test scenarios were designed to represent extreme but plausible events, but they were not forecasts. The macroeconomic environment deteriorated in 2011 and as a result, arrears levels and loan loss provisioning has increased. As the realised...

Written Answers — Consumer Protection: Consumer Protection (8 Feb 2012)

Michael Noonan: The Central Bank have advised me that Chapter 11 of their Consumer Protection Code details the records that are to be held by each lender in respect of people classified as 'consumers' under the Code. The Central Bank would consider it reasonable for a consumer to see these records if the originals cannot be located by the person. A copy of the Code is available on the Central Bank's...

Written Answers — Tax Collection: Tax Collection (8 Feb 2012)

Michael Noonan: I am advised by Revenue that the business concerned has a very significant tax debt. Revenue worked with the business during 2011 to alleviate the impact of cash flow pressures. The company failed persistently to meet the terms of the arrangements entered into with Revenue and in more recent times despite warnings about the consequences of continued non-compliance failed to engage in a...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (8 Feb 2012)

Michael Noonan: As the Deputy will be aware, notwithstanding the fact that the State is a significant shareholder in the institutions in question, the banks are run on a commercial basis and the Government does not interfere in the day-to-day commercial decisions taken by the board and management of the banks. The matter referred to in the Deputy's question is an operational matter for the banks in which I,...

Written Answers — Consultancy Contracts: Consultancy Contracts (8 Feb 2012)

Michael Noonan: As the Deputy will be aware, notwithstanding the fact that the State is a significant shareholder in the institute in question, the bank is run on a commercial basis and I do not have a role in the day to day commercial decisions taken by the board and management of the bank, including in respect of the employment of external consultants and advisors. The management and board of the bank...

Written Answers — State Banking Sector: State Banking Sector (9 Feb 2012)

Michael Noonan: I am informed by the respective covered institutions that no Chief Executive Officers' position at these institutions have been made redundant since September 2008. Details on the terms of the departure of certain incumbent Chief Executive Officers at the covered institutions have been fully disclosed in the published respective Annual Reports of the institutions concerned.

Written Answers — Tax Reliefs: Tax Reliefs (9 Feb 2012)

Michael Noonan: I have been advised by the Revenue Commissioners that based on the information available the taxpayer currently has the tax credits to which she is entitled. As a new certificate of tax credits issued on the 4th February 2012 she will receive a refund, through her payroll, of any tax overpaid in 2012 to that date. Her liability for 2011 will be reviewed and any refund due will issue shortly.

Written Answers — Tax Code: Tax Code (9 Feb 2012)

Michael Noonan: I am informed by the Revenue Commissioners that officers in the Cork South West Revenue District are in ongoing correspondence with the person concerned in respect of a number of matters he has raised. Revenue appreciates the importance of the issues raised and is addressing them. It is of course impossible for Revenue to report back to the person on any enquiries they may deem necessary,...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (9 Feb 2012)

Michael Noonan: I assume the Deputy's concern is about mortgage lenders not passing on European Central Bank interest rate cuts. Neither the Central Bank nor I have any responsibility for the variable mortgage interest rates charged by mortgage providers. I have no power to compel mortgage providers to pass on European Central Bank interest rate cuts. Ultimately the pricing of financial products,...

Written Answers — Tax Code: Tax Code (9 Feb 2012)

Michael Noonan: VAT is governed by the EU VAT Directive, with which Irish VAT law must comply. The VAT Directive provides that the supply of goods and services by taxable persons is subject to VAT, unless specifically exempted under its terms. The terms of the Directive do not provide for the non-application of VAT to supplies for specific periods and as such it is not possible to provide for a scheme of...

Written Answers — Banking Sector Remuneration: Banking Sector Remuneration (9 Feb 2012)

Michael Noonan: I have indicated to the Deputy, in response to his previous questions on the subject (ref. 3222/12 of 19 January 2012 in particular referred to above) the position on the remuneration review. I would not consider it appropriate to publish incomplete interim data at this stage as suggested. I am currently examining how best to progress the review and am considering utilising outside expertise...

Written Answers — Tax Collection: Tax Collection (9 Feb 2012)

Michael Noonan: I have been informed by the Revenue Commissioners that any person over the age of 65 whose total income (including the gross deposit interest) is less than the relevant exemption limit can claim a repayment of Deposit Interest Retention Tax (DIRT) paid by submitting a Form 54D. The relevant exemption limits for 2008, 2009 and 2010 were €20,000 for a single person and €40,000 for a...

Written Answers — Tax Collection: Tax Collection (9 Feb 2012)

Michael Noonan: I have been advised by the Revenue Commissioners that based on the information available the taxpayer currently has the tax credits to which he is entitled. He is in receipt of a Department of Social Protection State Contributory Pension (DSP) in addition to a pension from his previous employer. The tax credits and rate bands available against the latter pension have been restricted to...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (9 Feb 2012)

Michael Noonan: The application of the stress tests of Irish Banks is not a function of the Department of Finance but the Central Bank has informed me that it is preparing for the 2012 Financial Measures Programme, including the application of an updated bank solvency stress test. The Irish PCAR stress test shall be run in the second half of 2012, in order to align with any EU-wide bank solvency stress test...

Written Answers — International Agreements: International Agreements (9 Feb 2012)

Michael Noonan: The European Stability Mechanism (ESM) treaty was signed by euro area member states on 2 February 2012. Its purpose will be to provide financial assistance to its members that are experiencing or being threatened by financing problems. The ESM will take over the tasks currently fulfilled by the European Financial Stability Facility (EFSF) and the European Financial Stabilisation Mechanism...

Written Answers — International Agreements: International Agreements (9 Feb 2012)

Michael Noonan: The 2008 financial crisis and the ensuing turmoil in sovereign debt markets highlighted the need to introduce reforms designed to address the weaknesses that had become evident in the European Union's economic governance. In September 2010 the EU Commission published six pieces of draft legislation designed to enshrine many of these reforms in the form of an economic governance package...

Written Answers — National Debt: National Debt (9 Feb 2012)

Michael Noonan: The cost of servicing the national debt, as estimated by the National Treasury Management Agency (NTMA), in each of the years 2012-2015 is set out in the table below. These estimates are consistent with those forming part of the Budget 2012 fiscal forecasts. € billions 2012 2013 2014 2015 Estimated National Debt Servicing 7.4 8.1 8.9 9.2

Written Answers — Tax Reliefs: Tax Reliefs (9 Feb 2012)

Michael Noonan: I propose to take Questions Nos. 55, 61 and 66 together. As I announced in the Budget, the proposed new 30% rate of tax relief in respect of interest paid on qualifying home loans for first time buyers who took out their first qualifying home loan in the period between 2004 and 2008 (both dates inclusive) comes into effect as regards the 2012 tax year and subsequent tax years. The necessary...