Results 5,341-5,360 of 27,019 for speaker:Michael Noonan

Written Answers — EU-IMF Programme: EU-IMF Programme (18 Apr 2012)

Michael Noonan: It has been agreed with the External Partners that, as part of the Financial Measures Programme (FMP), PCAR 2012 results will ideally be published in coordination with EBA and in any event no later than end-November 2012. In preparation for PCAR 2012 the Central Bank has also agreed to conduct detailed preparatory work including: an asset quality review of Irish banks' portfolios using an...

Written Answers — Tax Reliefs: Tax Reliefs (18 Apr 2012)

Michael Noonan: As the Deputy is aware, the Government has now fulfilled its commitment contained in the Programme for Government to increase the rate of mortgage interest relief to 30 per cent for first-time buyers who took out their first mortgage in the period 2004 to 2008. I have sought to be as flexible as possible within the constraints pertaining. Generally, individuals who have paid mortgage...

Written Answers — Tax Reliefs: Tax Reliefs (18 Apr 2012)

Michael Noonan: I am advised by the Revenue Commissioners that a tax credit exemption certificate issued to the person in question on 29th March 2012. The Pension provider has also been notified to this effect and this will enable them to refund to the taxpayer any tax that has been deducted from the pension since the start of the year. The person in question should submit a copy of their P60 for 2011 to...

Written Answers — Tax Code: Tax Code (18 Apr 2012)

Michael Noonan: I am advised by the Revenue Commissioners that the supply of a personal home paging system for the deaf is a supply of goods that is subject to the standard rate of VAT, currently 23%. However, the Value-Added Tax (Refund of Tax) (No. 15) Order 1981 enables VAT paid on qualifying goods to be refunded where the goods are purchased for the exclusive use of disabled persons suffering a...

Written Answers — Redundancy Payments: Redundancy Payments (18 Apr 2012)

Michael Noonan: I propose to take Questions Nos. 105 and 128 together. I am advised that the information requested by the Deputy is not routinely collected and indeed raises legal issues, from an individual's perspective, as to whether this information could be sought in the first instance. Accordingly, I am not in a position to supply the information that the Deputy seeks in this instance. I have taken...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (18 Apr 2012)

Michael Noonan: The Bank's policy in relation to fees 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 institution, I must ensure that...

Written Answers — Tax Reliefs: Tax Reliefs (18 Apr 2012)

Michael Noonan: There are no specific rebates of taxes in place in respect of outlets which sell alcohol such as supermarkets and off-licences. However, the VAT system, as governed by the EU VAT Directive, operates a system of rebates of VAT paid for persons registered for VAT and it is possible that a retailer of alcohol can be in a situation of net VAT gain as a result of below cost selling, this is not...

Written Answers — Small and Medium Enterprises: Small and Medium Enterprises (18 Apr 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. I can confirm to the Deputy that both banks have achieved their 2011...

Written Answers — Small and Medium Enterprises: Small and Medium Enterprises (18 Apr 2012)

Michael Noonan: As I said in a reply to the Deputy on 22 November last, the decisions financial institutions operating in Ireland make on the interest rates they charge to customers are commercial decisions for the institutions concerned. Interest rates are determined by a broad range of factors including ECB base rates, deposit rates, market funding costs, the competitive environment, and an institution's...

Written Answers — Strategic Investment Fund: Strategic Investment Fund (18 Apr 2012)

Michael Noonan: The establishment of the Strategic Investment Fund (SIF) was announced by the Government in September 2011. The SIF will channel commercial investment from the National Pensions Reserve Fund (NPRF) towards productive investment in the Irish economy. As well as money from the NPRF, the SIF will seek matching commercial investment from private investors and target investment in areas of...

Written Answers — Unemployment Levels: Unemployment Levels (18 Apr 2012)

Michael Noonan: My Department's projected unemployment rates covering the period 2012-2015 are set out in the table below. These were published at Budget time, and as is the norm, will be revised in the Stability Programme Update which will be published at the end of this month. Projections beyond 2015 are not available. It is important to note that these are forecasts by the Department of Finance based...

Written Answers — EU Treaties: EU Treaties (18 Apr 2012)

Michael Noonan: The overall objective of the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union is to support economic growth by ensuring the sustainable evolution of public finances in Member States over time. Article 1 of the Treaty, for instance, states that a key objective of the fiscal compact is to support the achievement of the EU's objectives for sustainable growth,...

Written Answers — Proposed Legislation: Proposed Legislation (18 Apr 2012)

Michael Noonan: The proposed personal insolvency reforms are one of the key measures to address the mortgage arrears problem. However, the approach of the Government on this issue has been clear and it is that mortgage holders who can meet their loan obligations should continue do so and that appropriate assistance should only be afforded those mortgage holders, or other borrowers, who are experiencing real...

Written Answers — European Stability Mechanism: European Stability Mechanism (18 Apr 2012)

Michael Noonan: The European Stability Mechanism (ESM) Treaty, was signed by Euro Area Member States on 2 February 2012. The original version of the treaty was signed on 11 July 2011, but it has been modified to incorporate decisions taken by the Heads of State and Government (HoSG) of the Euro Area on 21 July, 9 December 2011 and 2 March aimed at improving the effectiveness of the mechanism. In order to...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (18 Apr 2012)

Michael Noonan: As the Deputy is aware the Troika paper is still being worked on. When I receive the paper I will be in a position to assess the appropriateness or otherwise of publishing the paper. While I am generally well disposed to an openness of approach it may be that the contents, because of commercial sensitivity or otherwise may not be appropriately published. However, as indicated, once I have...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (18 Apr 2012)

Michael Noonan: As the Deputy will be aware the Promissory Note arrangement is essentially an arrangement between the Government and IBRC. The Government has provided Promissory Notes to IBRC and undertaken to repay the principal and interest payments in accordance with a repayment schedule. However, the Promissory Note is accepted as collateral for the Exceptional Liquidity Assistance (ELA) by the Central...

Written Answers — Credit Availability: Credit Availability (18 Apr 2012)

Michael Noonan: I assume the Deputy is referring to the opening address by Governor Honohan to the Central Bank Conference on the SME Lending Market on 2 March 2012. Although the Governor makes the point that "credit conditions for SMEs are tougher in Ireland than anywhere elsewhere in the euro area both in terms of cost and availability", he goes on to state that the "Government has arranged to...

Written Answers — EU Commission Reports: EU Commission Reports (18 Apr 2012)

Michael Noonan: I wish to make clear that I and my colleagues in Government are deeply concerned that draft confidential information on the Irish economy became public for a second time earlier this year and at the manner in which this information was put into the public domain. As the Deputy will be aware, this information was contained in a European Commission document. However, it is still...

Written Answers — Job Creation: Job Creation (18 Apr 2012)

Michael Noonan: This Government considers that the labour market represents its biggest challenge and accordingly is giving top priority to job protection, job creation and supporting the unemployed. In this regard, my colleague the Minister for Jobs, Enterprise and Innovation recently published an Action Plan on Jobs. The European Commission released its Interim Economic Forecast for the EU on 23...

Written Answers — Job Creation: Job Creation (18 Apr 2012)

Michael Noonan: Considerable progress has been made in respect of Greece over the last number of weeks. For instance, its public debt has been restructured and a new programme of external financial assistance has been agreed. Putting Greece on a sustainable path is a key part of addressing the euro area crisis, and I do not agree that focusing on Greece has prevented European leaders from concentrating on...