Results 6,121-6,140 of 27,019 for speaker:Michael Noonan

Written Answers — House Prices: House Prices (20 Jun 2012)

Michael Noonan: In line with the commitment in the Programme for Government, in Budget 2012, I increased the rate of mortgage interest relief to 30% for first-time buyers who purchased homes between 2004 and 2008. This, I believe, will go some way to helping mortgage holders who purchased at the peak of the housing market. Under the current system, mortgage interest relief is set to be abolished in 2013....

Written Answers — Credit Availability: Credit Availability (20 Jun 2012)

Michael Noonan: The Central Bank publishes quarterly figures on credit advanced by Irish resident credit institutions to Irish resident SMEs. The figures are available to download at http://www.centralbank.ie/polstats/stats/cmab/Pages/Business Credit.aspx and the latest table is also attached. In relation to the total outstanding stock of loans to SMEs, there are three figures for consideration, as shown in...

Written Answers — Exchequer Revenue: Exchequer Revenue (20 Jun 2012)

Michael Noonan: A breakdown of Exchequer Non-Tax revenue is provided in the table below for the 2011 outturn and forecasts for 2012 and 2013. Exchequer Non-Tax Revenue (€ billions) 2011 2012 2013 Central Bank Surplus Income 0.67 0.96 0.92 National Lottery Surplus 0.23 0.22 0.22 Bank Guarantee Fees 1.24 0.98 0.36 Other Surplus Income/Royalties 0.00 0.00 0.00 Interest on Loans (including on Contingent...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (20 Jun 2012)

Michael Noonan: The State's holding in AIB and BofI is held through the NPRF, the State's holding in IL&P and in IBRC is held directly by the Minister for Finance. The following table provides comprehensive detail on the State's holdings in the covered banks: Current State Ownership AIB/EBS BoI IL&P Anglo/INBS Total State Ownership of Ordinary Shares 99.8% 15.1% 99.2% 100% n/a Contingent Capital Notes...

Written Answers — Government Revenue and Expenditure: Government Revenue and Expenditure (20 Jun 2012)

Michael Noonan: The monthly Exchequer Statement published by my Department presents the cumulative receipts into and issues from the Exchequer Account for the year to date. The voted expenditure issues are based on the estimated requirements of Departments and Offices from the Supply Account of the Paymaster General and are net of appropriations-in-aid and thus funded on a net basis from the Exchequer...

Written Answers — Credit Unions: Credit Unions (20 Jun 2012)

Michael Noonan: The Report of the Commission on Credit Unions identified 51 credit unions at 31 December 2011 with total realised reserves below 10%, of which 25 credit unions were seriously undercapitalised with reserves below 7.5%. The Report noted that, since December 2011, some credit unions have been assisted by private funds to address this position. The Irish League of Credit Unions (ILCU) has since...

Written Answers — Credit Unions: Credit Unions (20 Jun 2012)

Michael Noonan: The Commission on Credit Unions presented its report to me on 18 April 2012. The Report recommended that the credit union sector be restructured on a voluntary, time-bound and incentivised basis. The Report set out a timescale for the completion of the restructuring process by the end of 2015. Restructuring is to be facilitated by the Credit Union Restructuring Board (the ReBo)....

Written Answers — National Asset Management Agency: National Asset Management Agency (20 Jun 2012)

Michael Noonan: As the deputy is aware NAMA acquired a distressed loan portfolio from 5 participating institutions. The NAMA Report for the fourth quarter of 2011 confirms that, of the loans transferred to end December 2011, 20% of the nominal debt was classified as performing and 80% was reported as non-performing. This is a disimprovement on the third quarter when 21% of the nominal debt was classified...

Written Answers — EU-IMF Programme: EU-IMF Programme (20 Jun 2012)

Michael Noonan: Under Ireland's EU-IMF Programme of Financial Support, which is due to expire at the end of 2013, a total of €67.5 billion in loans will be provided from the EU facilities, bilateral loans and the IMF. At the 15th of June 2012, Ireland's net borrowings under the EU/IMF Programme amounted to €49.42 billion. The following table gives an updated breakdown of the loans drawn-down by...

Written Answers — National Asset Management Agency: National Asset Management Agency (20 Jun 2012)

Michael Noonan: I am informed by the National Treasury Management Agency (NTMA) that the balances held by the Agency as at 31 May 2012 were as follows: NTMA Cash balances at Central Bank 31/05/2012 € Million Exchequer Account 13,503 Capital Services Redemption Account 50 Post Office Savings Bank Fund 319 National Loans Advance Interest Account 14 National Loans winding Up Accounts 3 Unclaimed...

Written Answers — Motor Vehicle Registration: Motor Vehicle Registration (21 Jun 2012)

Michael Noonan: I am advised by the Revenue Commissioners that under the provisions of Regulation 7(1)(c) of SI 318/1992 as amended by SI 400/2010 where a person presents a vehicle for registration and that vehicle is being registered in their name, a PPS number is requested and recorded at the time the vehicle is registered. However the majority of vehicles are registered by third parties, i.e. motor...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (21 Jun 2012)

Michael Noonan: The Central Bank has advised me that it has no statutory role in the setting of standard variable interest rates except for a limited role in relation to credit unions. The standard variable rate that financial institutions operating in Ireland charge to customers are determined as a result of a commercial decision by the institutions concerned. This interest rate is determined taking into...

Written Answers — Tax Reliefs: Tax Reliefs (21 Jun 2012)

Michael Noonan: I am informed by the Revenue Commissioners that in the case of a couple who are jointly assessed to tax the rate of tax relief under the travel pass scheme is their marginal rate of tax; (that is, the rate of tax they pay on every extra euro of income earned). The tax relief under the travel pass scheme is given automatically at source by the employer and does not have to be claimed. If the...

Written Answers — VAT Rates: VAT Rates (21 Jun 2012)

Michael Noonan: I am assuming that the Deputy's Question is focusing on the challenges for businesses in paying the VAT that is due to the Revenue Commissioners arising from their trading activities. Collection of the taxes and duties payable by individuals and businesses to the Exchequer is a matter in the first instance for the Revenue Commissioners. I am advised by Revenue that they are not in a position...

Written Answers — Currency Exchange: Currency Exchange (21 Jun 2012)

Michael Noonan: The information requested by the Deputy is not available on an individual transaction basis. The Central Bank has provided the attached spreadsheet showing the Euro and Irish Pound value of Irish Pound notes and coins exchanged at the Central Bank for each working day in 2011. A total of IR£2.15m was exchanged for €2.74m. Irish pound notes and coins exchanged at Central Bank 2011...

Written Answers — Currency Exchange: Currency Exchange (21 Jun 2012)

Michael Noonan: I refer the Deputy to the reply I provided yesterday to his question on the policy of exchanging Irish pound banknotes and coin for euro since the Irish pound ceased to be legal tender on 9 February 2002. That reply sets out the background to the policy and how the redemption of Irish pound banknotes and coin has been accounted for by the Central Bank. With regard to the total value of Irish...

Written Answers — Bank Charges: Bank Charges (21 Jun 2012)

Michael Noonan: The Deputy will be aware that the Bank's policy in relation to interest rates 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...

Written Answers — Budget Timetable: Budget Timetable (21 Jun 2012)

Michael Noonan: The "Two Pack" regulations being discussed in Europe propose a common budgetary timeline that includes the presentation of a draft budget by 15 October each year. However, trilogue negotiations between the European Commission, the European Parliament and the Council only commenced recently and it appears that it is extremely unlikely that the regulations will be adopted in time for this...

Written Answers — Irish Bank Resolution Corporation: Irish Bank Resolution Corporation (21 Jun 2012)

Michael Noonan: As the Deputy is aware the Board of the bank is responsible for the day to day operations of the bank including matters relation to the recovery of debts and consequential matters. The bank has informed me that it would not be appropriate for the bank to comment on matters which may be the subject of investigation or litigation.

Written Answers — National Asset Management Agency: National Asset Management Agency (21 Jun 2012)

Michael Noonan: I propose to take Questions Nos. 41 and 43 together. I am advised by NAMA that it did not pay any consideration to participating institutions for personal guarantees attached to acquired loans. This is because it did not consider that such guarantees had any residual value in the vast majority of cases as the amounts potentially recoverable were limited to the value of secured assets. The...