Results 4,821-4,840 of 27,019 for speaker:Michael Noonan

Written Answers — State Banking Sector: State Banking Sector (22 Feb 2012)

Michael Noonan: The Deputy will be aware that under the Relationship Framework the Board of the bank is responsible for the day to day operations of the bank. IBRC has retained the services of the 'strategic advisory arm' of the company referred to in the question which has been validated as independent of the 'investment arm' of the Group. IBRC can confirm that FTI Consulting's UK practice provided...

Written Answers — State Banking Sector: State Banking Sector (22 Feb 2012)

Michael Noonan: The Deputy will be aware that under the Relationship Framework the Board of the bank is responsible for the day to day operations of the bank. IBRC have confirmed that no members of the IBRC management team have been offered a job in the company referred to in the question now or in the future. If the Deputy has any specific information in this regard I would be obliged to know so that the...

Written Answers — State Banking Sector: State Banking Sector (22 Feb 2012)

Michael Noonan: As the Deputy will be aware, the use of external service providers is a matter for the management and board of the institution. I have no role in the day-to-day commercial and operational decisions of the banks, which include these matters. These decisions are taken by the board and management of the institution. Notwithstanding the fact that the State is a significant shareholder in the...

Written Answers — EU-IMF Programme: EU-IMF Programme (22 Feb 2012)

Michael Noonan: Once the excessive deficit is corrected, Ireland will be subject to the preventive arm of the Stability Pact. Therefore, from 2016 onwards, we will be required to meet (or be making sufficient progress towards) our medium term (budgetary) objective – the so-called MTO. The MTO is a target that is set for the structural fiscal position (i.e. adjusting the public finances for the impact of...

Written Answers — Derivatives Market: Derivatives Market (22 Feb 2012)

Michael Noonan: Food securities trading forms part of the regulation of derivatives. As the Deputy knows, the regulation of derivatives has been part of our discussions with the EU and has been on the Ecofin agenda since September 2010 when the Commission published its proposal to regulate this market in the context of over-the-counter (OTC) trades. I can inform the Deputy that, following discussions,...

Written Answers — Tax Code: Tax Code (22 Feb 2012)

Michael Noonan: The Deputy is aware that the published Memorandum of Understanding of 10th February 2012 proposes a budget for 2013 to include revenue measures to raise at least €1.25 billion (inclusive of carryover from 2012); these measures to include a broadening of the personal income tax base, a restructuring of motor taxation, a reduction in general tax expenditures and an increase in excise duty and...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (22 Feb 2012)

Michael Noonan: The reports from Professor Patrick Honohan, Messrs Regling and Watson and the Nyberg Commission identified that poor supervision, an overly-deferential attitude by regulators, poor assessment of risks and a lack of follow-through on enforcement, all played a part in the financial crisis and set out the problems that needed to be addressed in the banking regulation area. The Central Bank...

Written Answers — Credit Availability: Credit Availability (22 Feb 2012)

Michael Noonan: As the Deputy is aware, the banking system restructuring plan creates capacity for the two Pillar Banks, Bank of Ireland and AIB, to provide lending in excess of €30 billion in the next three years. SME and new mortgage lending for these banks is expected to be in the range of €16-20bn over this period. This lending capacity is incorporated into the banks' deleveraging plans which allow...

Written Answers — Personal Debt: Personal Debt (22 Feb 2012)

Michael Noonan: Figures published by the Central Bank on 17 February 2012 show that at the end of December 2011, there were 768,917 private residential mortgages accounts held in Ireland. Of these, 70, 911 accounts, were in arrears for more than 90 days and of that figure 53,086 were in arrears for over 180 days. The published figures also show that, during the quarter ended December 2011, legal...

Written Answers — Tax Reliefs: Tax Reliefs (22 Feb 2012)

Michael Noonan: I am informed by the Revenue Commissioners that qualification for the Young Trained Farmers Relief from Stamp Duty (Section 81/Section 81A and currently Section 81AA Stamp Duties Consolidation Act 1999) is dependent upon satisfaction of several conditions. Holding a One Year Certificate in Agriculture forms only one part of the qualifying conditions and possession of this qualification alone...

Written Answers — Financial Services Regulation: Financial Services Regulation (22 Feb 2012)

Michael Noonan: The Central Bank wrote to all mortgage lenders in 2010 to ascertain whether they were offering, or intended to offer, a mortgage product that would allow home owners to sell their existing home and transfer the negative equity portion of the original loan to the new loan. In order to ensure that proposals in relation to such mortgages are consistent with the Central Bank's consumer protection...

Written Answers — Tax Collection: Tax Collection (22 Feb 2012)

Michael Noonan: For reasons of taxpayer confidentiality, the Revenue Commissioners are not in a position to issue a response to the question raised.

Written Answers — National Asset Management Agency: National Asset Management Agency (22 Feb 2012)

Michael Noonan: I am informed by NAMA that the scenario outlined by the Deputy is not part of any arrangement that the Agency has approved, or would approve, with a debtor. A debtor must receive NAMA's approval to the proposed sale price of any asset that has been targeted for disposal. It also requires debtors to conduct sales using a competitive sales process aimed at maximising the price achieved on the...

Written Answers — Tax Reliefs: Tax Reliefs (22 Feb 2012)

Michael Noonan: I am advised by the Revenue Commissioners that the person in question recently applied for tax relief in respect of health expenses incurred during the years 2009 and 2010. However, due to an underpayment of tax associated with Invalidity Pension payments to the applicant's spouse by the Department of Social Protection, no tax refund is due at this time. The person in question may contact...

Written Answers — Personal Debt: Personal Debt (22 Feb 2012)

Michael Noonan: Neither the Central Bank nor I have details of the number of persons who are paying off credit card bills rather than paying their mortgages. The Central Bank has advised me that, as some persons have more than one credit card, it is not possible to indicate the number of persons who are in arrears with credit card repayments. However, the Central Bank has advised me that the outstanding...

Written Answers — National Asset Management Agency: National Asset Management Agency (22 Feb 2012)

Michael Noonan: All National Asset Management Agency (NAMA) staff are employees of the National Treasury Management Agency (NTMA). Under section 42 of the National Asset Management Agency Act 2009, the NTMA assigns staff to NAMA. The NTMA also provides NAMA with business and support services and systems. Staff in the NTMA's central corporate functions (e.g. HR, IT and Financial Control) who are not assigned...

Written Answers — Tax Code: Tax Code (22 Feb 2012)

Michael Noonan: As outlined in my previous response to the Deputy, 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 variations in VAT treatment for specific periods and as such it is...

Written Answers — Tax Reliefs: Tax Reliefs (22 Feb 2012)

Michael Noonan: The position is that tax relief is available, at varying rates and subject to certain ceilings, in respect of interest paid by an individual on a loan used by that individual for the purchase, repair, development or improvement of his/her sole or main residence or the sole or main residence of his/her former or separated spouse (or civil partner). An individual may also claim tax relief on...

Written Answers — Personal Debt: Personal Debt (22 Feb 2012)

Michael Noonan: Unfortunately, it was not possible to collate the information required for this answer in the time allowed. I will provide the Deputy with the answer in writing shortly.

Written Answers — National Assets Management Agency: National Assets Management Agency (22 Feb 2012)

Michael Noonan: The providers of property valuation services to NAMA are listed on the Agency's website at www.nama.ie. NAMA informs me that it has recruited its staff largely from the banking, financial and property sectors nationally and internationally and that many of them will have been employed, at some stage in their careers, by one or more of the companies and firms that operate in those sectors....