Results 5,601-5,620 of 27,019 for speaker:Michael Noonan

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

Michael Noonan: As regards the recommendations for improvement to the budgetary process, to a large extent these recommendations have been superseded by the major reforms introduced since this Government took office in 2011. In the first instance, the establishment of an entirely separate Department of Public Expenditure & Reform introduces a new focus upon issues of expenditure management, and incorporates...

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

Michael Noonan: I am informed by the Revenue Commissioners that the expected yield from Carbon Tax in 2012 is €370.7 million (excluding VAT). It is the general practice not to ring-fence revenues for specific purposes but rather take an overall view on priorities in the context of expenditure decisions which, of course, are dependent on Exchequer revenues.

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

Michael Noonan: I am informed by the Revenue Commissioners that the amount of revenue raised by betting duty in each of the past five years is as follows: € 2007 36,437,009 2008 36,667,784 2009 30,988,780 2010 30,919,211 2011 27,096,522 It was announced in Budget 2011 that the necessary arrangements are being made to ensure that bets placed on the internet by domestic punters are subject to the...

Written Answers — Consultancy Contracts: Consultancy Contracts (1 May 2012)

Michael Noonan: The Department is paying for the services of one external consultant who is providing specialist support to the work on mortgage arrears arising from the recommendations contained in the Interdepartmental Report on Mortgage Arrears. In addition, until recently the Shareholding Management Unit in the Department was being advised in relation to bank restructuring matters, by the consultants...

Written Answers — International Monetary Fund: International Monetary Fund (1 May 2012)

Michael Noonan: The IMF is a quota-based institution. Each member is assigned a quota, broadly based on its size relative to the world economy. A member's quota determines its maximum financial commitment to the IMF, its voting power, and has a bearing on its access to IMF financing. Quotas are denominated in Special Drawing Rights (SDRs^), the IMF's unit of account. Ireland's IMF quota is currently SDR...

Written Answers — National Asset Management Agency: National Asset Management Agency (1 May 2012)

Michael Noonan: The NAMA SPV was originally established with Eurostat's approval and with Irish Life as one of the private owners. However, as Irish Life is now in public ownership, Eurostat attached a reservation to our Maastricht Returns in which it raised concerns about the private sector ownership of the NAMA SPV and consequently the treatment of NAMA for the purposes of calculating General Government...

Written Answers — Credit Review Office: Credit Review Office (1 May 2012)

Michael Noonan: The Credit Review Office (CRO) was established under Section 210(1) (b) of the National Asset Management Agency Act 2009 and commenced operations in April 2010. The CRO reviews decisions by the pillar banks to refuse, reduce or withdraw credit facilities (including applications for restructured credit facilities) from €1,000 up to €500,000. Each review will only apply to a specific...

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

Michael Noonan: I propose to take Questions Nos. 212 and 213 together. As I have stated before, 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 or Government (HoSG) of the Euro Area on 21 July and 9 December 2011...

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

Michael Noonan: I propose to take Questions Nos. 214 and 215 together. I am advised by the Revenue Commissioners that under EU VAT rules, traders, including farmers, who are registered for VAT, collect VAT on the goods and services that they sell and are entitled to recover the VAT they incur on business inputs used in the production of goods or delivery of services. VAT registered farmers are therefore...

Written Answers — Tax Code: Tax Code (2 May 2012)

Michael Noonan: At the outset it is important to distinguish between the 3% stamp duty on non-life insurance premiums and the 2% insurance compensation fund (ICF) levy which was introduced on non-life insurance premiums on 1 January of this year. The former forms a part of general stamp duty receipts and is paid into the Central Fund along with other tax receipts. The latter is a levy which is being used to...

Written Answers — National Asset Management Agency: National Asset Management Agency (2 May 2012)

Michael Noonan: I am advised by NAMA that it is expected that the private investors will purchase the Irish Life shareholding in the NAMA SPV through a nominee account structure. The detail of this, which will be completed in a number of weeks, is commercially sensitive. It would not be appropriate, therefore for me to comment any further on it.

Written Answers — Banks Recapitalisation: Banks Recapitalisation (2 May 2012)

Michael Noonan: The €90 million additional cost in 2012 of using a Government bond to meet the Promissory Note payment due at the end of March instead of borrowing under the EU/IMF Programme was estimated by subtracting the €80 million interest costs under the Programme from the total estimated cost of €170 million arising from the Government bond. This total cost, based on a projected nominal...

Written Answers — Tax Collection: Tax Collection (2 May 2012)

Michael Noonan: I am advised by the Revenue Commissioners that the taxpayer in question has some issues to be resolved, arising from his registration as a self-employed person. Revenue will write to the taxpayer directly. If he requires additional information he should contact Sinead Ryan, Revenue House, Blackpool, Cork on 021 6027561.

Written Answers — Tax Collection: Tax Collection (2 May 2012)

Michael Noonan: I am advised by the Revenue Commissioners that the person concerned has not filed a tax return or made written contact with Revenue for many years, so it is not possible to give a definitive answer. However, based on the most recent information available to Revenue, this person's pension from the Department of Social Protection has been taken into account when allocating his tax credits in...

Written Answers — Tax Code: Tax Code (2 May 2012)

Michael Noonan: Ireland, as with other countries, has experienced an increase in the cost of petrol and auto-diesel. This is an international phenomenon driven by a number of factors including the price of oil on international markets, exchange rates, production costs and refining costs. The rise in oil prices over recent periods reflected additional factors such as geopolitical uncertainty in Northern...

Written Answers — EU Treaties: EU Treaties (2 May 2012)

Michael Noonan: Neither I, nor my Department possess any such transcripts and I am not aware that any exist.

Written Answers — National Asset Management Agency: National Asset Management Agency (2 May 2012)

Michael Noonan: I have been informed by NAMA that at the end of March 2012 it held cash and liquid investments (principally short-term government securities) of €4.6 billion. At my direction NAMA entered into a re-purchase agreement with the Irish Bank Resolution Corporation Limited whereby it advanced €3.06 billion to IBRC on a short-term basis. This agreement has a maximum duration of 90 days. Having...

Written Answers — National Asset Management Agency: National Asset Management Agency (2 May 2012)

Michael Noonan: Part 2, Chapter 2 of the NAMA Act, 2009 governs appointments to the Board of NAMA and grants me the authority to appoint seven Board Members. In line with Government arrangements for appointments to State boards and bodies expressions of interest in respect of vacancies on the Board were invited via the website of my Department in February 2011. However, it should be noted that under the...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (2 May 2012)

Michael Noonan: Information regarding the composition of the management teams of the relevant State controlled banks is available on the respective company's websites through annual reports and updated press releases. However, for completeness, the current status of the management teams of each institution is presented below: The Executive Committee of AIB is currently comprised of the following...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (2 May 2012)

Michael Noonan: As the Deputy is aware, I have indicated that 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...