Results 5,581-5,600 of 27,019 for speaker:Michael Noonan

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

Michael Noonan: Notwithstanding a month-on-month increase in both February and March of this year, it is clear that retail sales remain weak. As discussed in the 2012 Stability Programme Update, there are a number of factors holding back consumer spending, including declining real disposables incomes and an elevated savings rate (reflecting inter alia balance-sheet repair, uncertainty and high unemployment)....

Written Answers — Banking Sector Regulation: Banking Sector Regulation (1 May 2012)

Michael Noonan: I have asked the Board of the bank to consider the remuneration packages at the bank. The Board has considered reductions in pay levels for individual staff in IBRC but has however, recommended to me its view that pay cuts should not be implemented at this time. The decision not to pursue pay cuts is on the basis that staff retention is a critical issue for IBRC. There has been considerable...

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

Michael Noonan: I propose to take Questions Nos. 185 and 188 together. The following table lists bodies which fall under the aegis of my Department. Bodies under the aegis Department of Finance Name of Body Financial Services Ombudsman Council Irish Financial Services Appeals Tribunal National Development Finance Agency (NDFA) National Pensions Reserve Fund Commission National Treasury Management...

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

Michael Noonan: Section 7 of Finance (No. 2) Act, 2008 introduced a change to the benefit-in-kind (BIK) taxation regime in respect of bicycles. The scheme enabled an employer to purchase a bicycle and certain bicycle-related (safety) accessories for an employee, without the employee being liable for BIK. The scheme complemented the existing TaxSaver commuter scheme and was intended to encourage more...

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

Michael Noonan: I am informed by the Revenue Commissioners that the revenue yield from the air travel tax in each month since June 2011 is as follows: €m Jun-11 3.1 Jul-11 3.5 Aug-11 4.1 Sep-11 3.7 Oct-11 3.2 Nov-11 2.8 Dec-11 2.4 Jan-12 2.3 Feb-12 2.1 Mar-12 2.1 Apr-12 2.6

Written Answers — Banking Sector Regulation: Banking Sector Regulation (1 May 2012)

Michael Noonan: As already indicated the Board of the bank is responsible for the day to day operation of the bank including fees incurred in relation to the procurement of advisers. While I and my Department are aware of the bank's policy in relation to procurement it is not the practice to establish the cost of each individual arrangement the bank enters into. That said overall expenditure is monitored on...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (1 May 2012)

Michael Noonan: As the Deputy is aware the Board of the bank is responsible for the day to day operation of the bank. I have no function in relation to routine meetings arranged or attended by staff of the bank, when those meetings took place or the number of staff from the bank attending such meetings. As the matter of the engagement of the company to which the Deputy refers has been the subject of a...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (1 May 2012)

Michael Noonan: I can confirm that neither I nor any officials from the Banking Division of my Department have met Mr Cox in his capacity as paid advisor to the company mentioned in the Deputy's question.

Written Answers — Banking Sector Regulation: Banking Sector Regulation (1 May 2012)

Michael Noonan: Notwithstanding the State's shareholding in the bank, Irish Life and Permanent operates in an arm's length capacity from the State in relation to commercial issues. It is a matter for the board and management to determine and implement operational policy in their organisation. Therefore, commercial decisions such as these are solely a decision for the bank.

Written Answers — Banking Sector Regulation: Banking Sector Regulation (1 May 2012)

Michael Noonan: While the State holds a majority shareholding in both AIB and Irish Life and Permanent, they are not covered by formal public procurement rules as the banks' commercial remit makes them subject to market forces. Under the Relationship Frameworks the Boards of these banks' are responsible for the day to day operations of the bank including the awarding of contracts. Neither AIB nor PTSB are...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (1 May 2012)

Michael Noonan: I have been informed by the Central Bank of Ireland that the company referred to in the Deputy's question is not a regulated financial services provider and therefore neither the company nor its employees are subject to the Central Bank of Ireland's Fitness and Probity regime.

Written Answers — Banking Sector Regulation: Banking Sector Regulation (1 May 2012)

Michael Noonan: I am informed by NAMA that in developing their strategy for asset disposals they take account of any deleveraging that is occurring in the markets in which NAMA operates. I am reassured by the Board of NAMA that it continues to expect that it will meet its obligations by 2020. It would not be appropriate for me to comment on the specifics of the press reports of the loan sale referred to by...

Written Answers — EU-IMF Agreement: EU-IMF Agreement (1 May 2012)

Michael Noonan: As the Deputy is aware, the programme is envisaged to run to the end of 2013. All programme funding must be drawn down by that date. While the arrangement regarding the recent March promissory note payment does not affect the programme timeframe, it does mean that the Exchequer has additional cash reserves of €3.06 billion at its disposal. On the basis that we fully draw-down the...

Written Answers — EU-IMF Agreement: EU-IMF Agreement (1 May 2012)

Michael Noonan: On the basis of my Department's current budgetary forecasts, Ireland's General Government deficit is expected to be below 3% of GDP in 2015. The deadline for correcting the excessive deficit was extended to 2015 in December 2010 upon Ireland's entry into the EU/IMF Programme of Financial Support.

Written Answers — Budget Deficits: Budget Deficits (1 May 2012)

Michael Noonan: I propose to take Questions Nos. 198 and 199 together. The forecasts set out in the 2012 Stability Programme Update are consistent with a General Government Balance of just under –3% of GDP in 2015. As discussed in the document, the exact size of the structural component of this is, of course, uncertain. Not only do technical estimates differ depending on the approach used, but it is also...

Written Answers — National Debt: National Debt (1 May 2012)

Michael Noonan: As part of the reforms to the Stability and Growth Pact, contained in the so-called '6-pack' of legislative reforms, Member States with a debt-to-GDP ratio in excess of 60% will have to reduce the part of their debt ratio above the 60% threshold by 1/20th annually. This will have to be done irrespective of the Stability Treaty, though it also forms part of the Treaty. Ireland and the other...

Written Answers — National Debt: National Debt (1 May 2012)

Michael Noonan: The focus of Government presently is on stabilising the General Government debt to GDP ratio and beginning the process of reducing it to a lower, safer level over time. This will be done through the implementation of further budgetary consolidation as well as policies which foster employment and economic growth. The recently published Stability Programme Update (SPU) estimates that by the...

Written Answers — National Debt: National Debt (1 May 2012)

Michael Noonan: At 60%, the target debt-to-GDP ratio set out in the Fiscal Compact is in line with the reference value for the debt ratio contained in the Stability and Growth Pact. So irrespective of the Stability Treaty, we - like all EU Member States - are committed to reducing our debt-to-GDP ratio to the 60% reference value. This will be achieved over time, and it is reasonable to expect that growth...

Written Answers — National Debt: National Debt (1 May 2012)

Michael Noonan: There is no requirement to bring the debt to GDP ratio to 25 per cent. The debt correction requirement in the Inter-Governmental Treaty on Stability, Coordination and Governance in the Economic and Monetary Union is to reduce that part of the debt ratio which is above the threshold rate of 60 per cent annually by at least one-twentieth of the difference between the actual rate and the...

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

Michael Noonan: 5The VAT rating of goods and services is subject to the requirements of EU VAT law with which Irish VAT law must comply. The VAT Directive does not make specific provision for a reduced or zero rate to apply to safety equipment, including life saving equipment, and as such they are subject to the standard VAT rate, which is currently 23%. However, for historic reasons the zero rate of VAT...