Results 5,561-5,580 of 27,019 for speaker:Michael Noonan

Written Answers — EU Treaties: EU Treaties (1 May 2012)

Michael Noonan: On 25 March 2011, the European Council agreed to amend Article 136 of the Treaty on the Functioning of the European Union to insert the following text: '3. The Member States whose currency is the euro may establish a stability mechanism to be activated if indispensable to safeguard the stability of the euro area as a whole. The granting of any required financial assistance under the...

Written Answers — Tax Code: Tax Code (1 May 2012)

Michael Noonan: I assume that the Deputy's question relates to the double deduction for carbon tax on farm diesel which I introduced in Finance Act 2012. Under this provision, farmers will be allowed a deduction in computing their farming profits or losses for the amount of additional carbon tax they incur on purchases of farm diesel following the proposed increase in the rate of carbon tax on certain...

Written Answers — Tribunals of Inquiry: Tribunals of Inquiry (1 May 2012)

Michael Noonan: In response to the Deputy's question the Moriarty Tribunal made a number of observations and recommendations in relation to Financial Regulation.The report suggests that failures in regulation in the period concerned were related more to the attitude of the Regulator towards the regulated than any inadequacy in regulatory powers or the overall system then in place. This accords with the...

Written Answers — Tribunals of Inquiry: Tribunals of Inquiry (1 May 2012)

Michael Noonan: 1. The conduct of Guinness and Mahon Bank which gave rise to elements of the report (i.e. the operation of a tax avoidance scheme) failed to be regulated by the Central Bank under the last system but one (whereby there was a single Central Bank with regulatory functions). Since then the Central Bank and Financial Services Authority of Ireland (CBFSAI) was established in 2003 and abolished in 2010.

Written Answers — Tribunals of Inquiry: Tribunals of Inquiry (1 May 2012)

Michael Noonan: 2. Failures in regulation were related more to the attitude of the regulator towards the regulated than any inadequacy in regulatory powers.

Written Answers — Tribunals of Inquiry: Tribunals of Inquiry (1 May 2012)

Michael Noonan: 3. The future vigilance of the regulator can best be ensured by the heightened vigilance of public representatives. These findings are consistent with those of others, such as Professor Honohan in his report on financial regulation and the Comptroller and Auditor General. Reforms of the Central Bank: Significant changes have recently been made to the structure governing financial regulation...

Written Answers — Tribunals of Inquiry: Tribunals of Inquiry (1 May 2012)

Michael Noonan: · The Irish Financial Services Regulatory Authority, which was a constituent part of the CBFSAI, was dissolved, the posts of Chief Executive of the Regulatory Authority and Consumer Director were abolished. Two new posts – Head of Financial Regulation and Head of Central Banking - were created.

Written Answers — Tribunals of Inquiry: Tribunals of Inquiry (1 May 2012)

Michael Noonan: · The Bank is now a single fully-integrated structure with a unitary Board, the Central Bank of Ireland is responsible for the stability of the financial system overall, for prudential regulation of financial institutions and for the protection of consumer interests. The Governor remains solely responsible for European System of Central Banks (ESCB) related functions.

Written Answers — Tribunals of Inquiry: Tribunals of Inquiry (1 May 2012)

Michael Noonan: · The Bank's statutory function of promoting the development within the State of the financial services industry was removed.

Written Answers — Tribunals of Inquiry: Tribunals of Inquiry (1 May 2012)

Michael Noonan: · Annual Performance Statements on regulatory performance prepared by the Bank, presented to the Minister for Finance and laid before the Houses of the Oireachtas. (Note: this will be in addition to the Bank's Strategy Statement which is to be prepared at least every three years and its Annual Report and Accounts). A committee of the Oireachtas may call the Governor and/or the Heads of...

Written Answers — Tribunals of Inquiry: Tribunals of Inquiry (1 May 2012)

Michael Noonan: · Regular international peer reviews of regulatory performance with the report of same forming part of the Performance Statement for the relevant year. In addition, the appointment of Professor Honohan as Governor and Mr. Elderfield as Head of Financial Regulation marked a significant change in attitude and approach. Mr. Elderfield is undertaking a very significant programme to enhance the...

Written Answers — Excessive Deficit Notifications: Excessive Deficit Notifications (1 May 2012)

Michael Noonan: The Excessive Deficit Procedure Notification Tables (Maastricht Returns) were published by the Department of Finance and Eurostat on 23rd April 2012. Eurostat has attached two reservations to Ireland's return. The first reservation refers to the statistical treatment of the July 2011 banking recapitalisation when a net amount of €16.5 billion was injected into Irish financial institutions....

Written Answers — Bank Guarantee Scheme: Bank Guarantee Scheme (1 May 2012)

Michael Noonan: I am advised by the covered institutions below that the information the Deputy seeks in his question is as follows: Currently Number of employees with basic salaries AIB PTSB* IBRC >€100k€200k€300k 12 2 8 For comparison purposes the information at end 2008 is as follows: 2008 Number of employees with basic salaries AIB PTSB* IBRC >€100k€200k€300k 16 1 9 * not including life...

Written Answers — Financial Services Regulation: Financial Services Regulation (1 May 2012)

Michael Noonan: While Bill payment companies are not currently regulated by the Central Bank, the Government is committed to having in place an effective regulatory/supervisory system for those firms which provide a household budgeting, a debt management and/or a debt advice service. I have asked my officials to bring forward proposals for an appropriate amendment at the Committee Stage of the Central Bank...

Written Answers — Motor Fuels: Motor Fuels (1 May 2012)

Michael Noonan: I propose to take Questions Nos. 174 and 175 together. The Deputies may be aware that a working group was set up between officials of my Department, the IRHA and some members of the Oireachtas. This working group is discussing a number of issues of concern to the haulage industry. I am sure the Deputies will understand that I cannot pre-empt the outcome of those discussions which are...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (1 May 2012)

Michael Noonan: The bank recapitalisation commitments made by the State to date are set out in the following table: €bn AIB/EBS BoI IL&P IBRC (Anglo/INBS) Total Government preference Shares (2009) - NPRF 3.5 3.5* - - 7.0 Capital contributions (with Promissory Notes as consideration) /Special Investment Shares (2010) – Exchequer ** 0.9 - - 30.7 31.6 Ordinary Share Capital (2009) – Exchequer - - -...

Written Answers — Tax Collection: Tax Collection (1 May 2012)

Michael Noonan: I have been advised by the Revenue Commissioners that PAYE Balancing Statements (P21s) will issue shortly to the person concerned and the tax overpaid will be refunded.

Written Answers — Tax Collection: Tax Collection (1 May 2012)

Michael Noonan: I have been advised by the Revenue Commissioners that based on the information available, the person concerned is in receipt of the correct tax credits and there are no overpayments arising for the years 2008 to 2011 inclusive.

Written Answers — Banks Recapitalisation: Banks Recapitalisation (1 May 2012)

Michael Noonan: The Deputy will be aware that the March 2012 instalment of the promissory note was settled using a long term Government bond. The settlement of the instalment with a Government bond means that the State did not have to make a cash payment in respect of the 2012 Promissory Note payment to IBRC. In relation to the scheduled liabilities of the bank, the Deputy will also be aware that the Board...

Written Answers — Departmental Staff: Departmental Staff (1 May 2012)

Michael Noonan: The information requested by the Deputy is detailed in the Appropriation Accounts for the relevant years. The Appropriation Accounts are available online at www.audgen.gov.ie The 2011 Appropriation Accounts have not yet been finalised by the Office of the Comptroller and Auditor General.