Results 4,761-4,780 of 27,019 for speaker:Michael Noonan

Written Answers — Mortgage Interest Rates: Mortgage Interest Rates (21 Feb 2012)

Michael Noonan: Neither the Central Bank nor I have any responsibility for the variable mortgage interest rate charged by financial institutions. I have no powers to compel mortgage lenders to reduce to reduce their variable mortgage interest rates. However the Central Bank has advised me that within its existing powers it will continue to engage with specific lenders which appear to have standard variable...

Written Answers — Social Welfare Code: Social Welfare Code (21 Feb 2012)

Michael Noonan: The position is that the Universal Social Charge, which came into effect on 1 January 2011, is a tax payable on all gross income. However, there are a number of exemptions and reliefs from the USC. There is a lower exemption limit, which from 1 January 2012 is €10,036 per annum, €193 per week. In addition, individuals aged 70 years and over are not liable to the top rates of USC....

Written Answers — State Banking Sector: State Banking Sector (21 Feb 2012)

Michael Noonan: I am advised by the Central Bank that when credit institutions provide fixed rate mortgages to customers, they utilise wholesale funding at a fixed rate to match the fixed credit they provide to customers. If interest rates fall, credit providers may be locked into accessing wholesale market credit at a higher rate than they can charge customers in the current retail market. As a result, a...

Written Answers — State Banking Sector: State Banking Sector (21 Feb 2012)

Michael Noonan: 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. The details for each individual bank in relation to new credit sanctioned...

Written Answers — Tax Code: Tax Code (21 Feb 2012)

Michael Noonan: The Health Levy was abolished in Budget 2011 along with the Income Levy. They were replaced by the Universal Social Charge which has few, if any, special exemptions.

Written Answers — Tax Yield: Tax Yield (21 Feb 2012)

Michael Noonan: Separate figures are not available for input VAT on goods that were subsequently sold at a discount because traders' VAT returns show only the total input VAT and the total output VAT for the period covered by the return. VAT is a tax on the value added to a supply and the collection and recovery of VAT takes place at each stage of the chain of supply from manufacturing to retailer. Under...

Written Answers — Economic Growth: Economic Growth (21 Feb 2012)

Michael Noonan: The Budget forecast is for real GDP growth of 1.3 per cent in 2012. Given the highly uncertain environment, the Budget documentation also pointed to a number of risks to this forecast – some to the downside and some to the upside. These risks are all still valid. The Budget forecast was prepared on the basis of economic information (domestic and international) available up to end-November...

Written Answers — Tax Code: Tax Code (21 Feb 2012)

Michael Noonan: I assume the Deputy is referring to the Universal Social Charge (USC) treatment of employer contributions to PRSAs and occupational pension schemes. The position is that the amount contributed by an employer to a PRSA is treated as a benefit-in-kind (BIK) in the income tax system and, therefore, is seen as the employee's own contribution and is subject to the USC in the same way as any other...

Written Answers — State Aid: State Aid (21 Feb 2012)

Michael Noonan: As indicated in my response to Parliamentary Question No. 70 of 9 November 2011, Peter Spratt is part of the AIB executive management team and Head of the Non-Core Unit at AIB. The Board of AIB have ultimate responsibility for AIB's de-leveraging.

Written Answers — Job Creation: Job Creation (21 Feb 2012)

Michael Noonan: Finance Bill 2012 contains a number of measures designed to support investment, stimulate research and, ultimately, create jobs. As I said in my Second Stage speech last Tuesday, the Bill should be viewed as one element of a wider strategy to support economic activity. In relation to the Special Assignee Relief Programme and the Foreign Earnings Deduction, it is not possible to estimate the...

Written Answers — Sovereign Debt Markets: Sovereign Debt Markets (21 Feb 2012)

Michael Noonan: It has been stated repeatedly that the intention of the National Treasury Management Agency (NTMA) is to return to sovereign debt markets as soon as market conditions permit. On 25th January 2012 it re-engaged with the bond market and extended the maturity of some €3.5 billion of debt which was due for repayment just after the end of the EU/IMF Programme. This is a significant first step in...

Written Answers — EU Treaties: EU Treaties (21 Feb 2012)

Michael Noonan: I am conscious of recent economic developments in Spain and, in particular, the recent announcement that the deficit target for last year was missed. I note, however, that the new government has been proactive in addressing this shortfall, which is a positive development. In terms of the EU Treaty rules, it is also worthwhile noting that the latest European Commission figures (November...

Written Answers — EU-IMF Programme: EU-IMF Programme (21 Feb 2012)

Michael Noonan: The Stability and Growth Pact consists of two regulations (two "arms"), a corrective arm and a preventive arm, both of which have been recently amended as part of the 'six pack' of legislative reforms. Ireland is currently subject to the corrective arm of the Pact – we are required to correct our excessive (i.e. greater than 3 per cent of GDP) headline deficit by end-2015. The fiscal...

Written Answers — Economic and Monetary Union: Economic and Monetary Union (21 Feb 2012)

Michael Noonan: I propose to take Questions Nos. 200 and 202 together. The Deputy will be aware that there is already provision in the EU Treaties that Member States regard their economic policies as a matter of common concern. In practice, this means that Member States policies should adhere to certain guiding principles as set out in various processes, including National Reform Plans, the EU2020 and the...

Written Answers — Financial Transactions Tax: Financial Transactions Tax (21 Feb 2012)

Michael Noonan: The French Government is proposing to introduce a tax on financial transactions from August this year, although at first glance the French proposal does not seem to be as wide as the EU Commission's proposed Financial Transactions Tax (FTT). It is more akin to our existing Stamp Duty on share transactions. The French proposal does not cover trading in sovereign and private sector bonds and...

Written Answers — EU Treaties: EU Treaties (21 Feb 2012)

Michael Noonan: One of the key objectives of the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union is to ensure that the public finances in participating Member States remain on a sustainable path in order to safeguard the stability of the euro area and the EU as a whole. Within a monetary union, the scope for spillovers from inappropriate policies in one participating...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (21 Feb 2012)

Michael Noonan: As I have indicated I am committed to reviewing the approach to the Promissory notes with a view to reducing the overall cost to the State of correcting the banking system. The Troika have agreed to engage in a process with Irish Officials to produce a common paper which will consider options for re-engineering the notes in terms of the maturity of the notes, the interest rate, the cash flows...

Written Answers — EU Treaties: EU Treaties (21 Feb 2012)

Michael Noonan: The preamble to the Inter-Governmental Treaty agreed by Heads of State or Government on 30 January stresses the importance of the European Stability Mechanism (ESM) Treaty as an element of strengthening the Economic and Monetary Union. It also states that the granting of new assistance from the ESM will be conditional, from 1 March 2013, on ratification of the Inter-Governmental Treaty. The...

Written Answers — Departmental Agencies: Departmental Agencies (21 Feb 2012)

Michael Noonan: In response to the Deputy's question the following state boards and commissions fall under the remit of my Department. The National Treasury Management Advisory Committee, National Pension Reserve Fund Commission, National Assets Management Agency, National Development Finance Agency, State Claims Agency, Irish Fiscal Advisory Council, Credit Union Advisory Committee and Commission on Credit...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (22 Feb 2012)

Michael Noonan: During 2009 it was determined that Anglo and INBS required additional capital. A commitment was provided by the 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...