Results 6,361-6,380 of 27,019 for speaker:Michael Noonan

Written Answers — Departmental Reports: Departmental Reports (10 Jul 2012)

Michael Noonan: The following table outlines the actions and current status of recommendations contained in "The Voice of Small Business" for which my Department has lead responsibility: Action Current Status 6(a) Develop & implement a cross-departmental awareness campaign on the impact of hidden economy activity. There is no doubt that shadow/hidden economy activity creates distortions in the economy...

Written Answers — Departmental Functions: Departmental Functions (10 Jul 2012)

Michael Noonan: The Deloitte Report into the error was finalised earlier this year and published on 7th June. A key overarching recommendation was the establishment of a Governance Group to inter alia oversee the implementation of the recommendations arising from the Report. This Group has considered the recommendations, including the recommendation that overall responsibility for the General Government Debt...

Written Answers — National Asset Management Agency: National Asset Management Agency (10 Jul 2012)

Michael Noonan: The recent NAMA Senior Bond redemption was carried out on a pro-rata basis, whereby a proportion of each institution's share of NAMA Senior Bonds was repaid. The NAMA Senior Bonds held by Permanent TSB were received in February 2011 as part of the transfer of the former INBS deposit book to PTSB under the transfer order issued by the previous Minister for Finance. As set out in the transfer...

Written Answers — State Debt: State Debt (10 Jul 2012)

Michael Noonan: Under the Euro Area Loan Facility as agreed for Greece in May 2010, stability support in the form of a joint Euro area/IMF financing package of €110 billion is being provided to Greece over a three-year period. Ireland contributed €345.7 million (net of a 50 basis points service charge) in respect of the first two tranches of the loan in 2010. Ireland withdrew from participation in the...

Leaders' Questions (11 Jul 2012)

Michael Noonan: Who made those arrangements?

Written Answers — Banks Recapitalisation: Banks Recapitalisation (11 Jul 2012)

Michael Noonan: I have been advised by Permanent TSB that the scheduled maturities of its wholesale debt are set out in note 22 of its 2011 annual report. Permanent TSB's future funding requirements are impacted by these scheduled maturities and the liquidity available over time from market sources, systemic funding and deposit funding. I have been informed by PTSB that, at the present time, it is unlikely...

Written Answers — Mortgage Interest Rates: Mortgage Interest Rates (11 Jul 2012)

Michael Noonan: I have been advised that the reduction in interest income on annual basis from the 0.25% reduction would be in the order of €40 million, which would reduce the net interest income of PTSB by circa €12 million assuming the current level of ECB funding remained in place and the cost of other funding to PTSB remained static. In order to mitigate the impact of the interest income reduction,...

Written Answers — Mortgage Interest Rates: Mortgage Interest Rates (11 Jul 2012)

Michael Noonan: As the Deputy can appreciate, officials from the Irish Authorities are in constant on-going dialogue with all of the covered institutions with a view to considering and implementing structures and solutions which would seek to advance the overall financial system. As and when further measures are agreed/solutions emerge I will inform the Houses as appropriate. The Government's aim is to...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (11 Jul 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 Code: Tax Code (11 Jul 2012)

Michael Noonan: I am informed by the Revenue Commissioners that the available information with regard to the yield from 2001 to 2011 from stamp duty on residential properties is set out in the following table. Year €m 2001 265 2002 349 2003 528 2004 752 2005 945 2006 1,311 2007 1,018 2008 445 2009 150 2010 107 2011 50 For the years 2001 to 2009 inclusive, Stamp Duty data on residential...

Written Answers — Haulage Industry: Haulage Industry (11 Jul 2012)

Michael Noonan: I propose to take Questions Nos. 66 and 68 together. As the Deputy is aware a working group was set up between officials of my Department, the IRHA and members of the Oireachtas. This working group had a series of meetings to discuss issues of concern to the haulage industry. I have recently received a submission from the group and I am considering the matters raised. I note the recent...

Written Answers — Fuel Laundering: Fuel Laundering (11 Jul 2012)

Michael Noonan: I am informed by the Revenue Commissioners, who have responsibility for the collection of mineral oil tax and for tackling the illicit trade in mineral oil products, that they are acutely aware of the threat to the Exchequer posed by laundered fuel. The predominant illicit activity in the mineral oil area in this State and in Northern Ireland is the laundering of marked diesel and its sale...

Written Answers — Mortgage Arrears: Mortgage Arrears (11 Jul 2012)

Michael Noonan: I wish to draw the Deputy's attention to the application of the Central Bank's 'Code of Conduct on Mortgage Arrears' which applies to the mortgage loan of a borrower or borrowers which is secured by the primary residence. Lenders must apply the Code to borrowers who are in arrears or in pre-arrears. In the case of joint borrowers, who notify the lender in writing, that they have separated or...

Written Answers — Bank IT Systems: Bank IT Systems (11 Jul 2012)

Michael Noonan: I propose to take Questions Nos. 70 to 72, inclusive, together. I have been informed by the Central Bank that they review the operational risk framework and the assessment processes in place to assess and to test the proper functioning of processes and controls in all the banks licenced in Ireland. This ongoing supervision and assessment of operational risk includes an assessment of banks...

Written Answers — Tax Code: Tax Code (11 Jul 2012)

Michael Noonan: I am informed by the Revenue Commissioners that section 30 of the Capital Acquisitions Tax Consolidation Act 2003 (CATCA) sets down the rules for ascertaining the Valuation Date, which is the date on which property, taken as a gift or an inheritance, is to be valued for tax purposes, and also the date by reference to which inheritance tax becomes payable. The Valuation Date for the majority...

Written Answers — Legislative Programme: Legislative Programme (11 Jul 2012)

Michael Noonan: I propose to take Questions Nos. 74 and 75 together. In response to the Deputy's questions the Department of Finance undertakes Regulatory Impact Analyses (RIA) and Poverty Impact Assessments (PIA) in accordance with the relevant guidelines. A RIA is carried out in accordance with the latest guidelines published by the Department of the Taoiseach. A PIA is carried out in accordance with...

Written Answers — Flood Relief: Flood Relief (12 Jul 2012)

Michael Noonan: As Minister for Finance I do not have a role in determining whether or not such a fund should be set up. However, I am in discussion with my Ministerial colleagues with a view to determining what reliefs could be made available. In addition, the Office of Public Works has been allocated funding for the provision and management of flood alleviation works and for the assessment and planning...

Written Answers — Disabled Drivers: Disabled Drivers (12 Jul 2012)

Michael Noonan: The Disabled Drivers and Disabled Passengers (Tax Concessions) Scheme provides relief from VAT and VRT (up to a certain limit) on the purchase of a car adapted for the transport of a person with specific severe and permanent physical disabilities, to those who meet certain disability criteria. The disability criteria for eligibility for the tax concessions under this scheme are set out in...

Written Answers — Tax Code: Tax Code (12 Jul 2012)

Michael Noonan: The provision of certain free or subsidised child care facilities by employers were exempt from a benefit-in-kind charge on the employees that availed of such facilities. This exemption was abolished in Budget and Finance Act 2011. With a view to keeping the scheme simple and reducing administration on the part of employers, there was no notification procedure for employers involved....

Written Answers — EU-IMF Agreement: EU-IMF Agreement (12 Jul 2012)

Michael Noonan: The agreement reached with the EU/IMF in 2011 included implicit commitments to deliver full year savings of €940m in tax relief in the broad pension area in the period to 2014. Budget and Finance Act 2011 contained measures estimated to deliver about €290m of savings in this area (in full year terms). The measures included: removal of employee PRSI relief and the application of the...