Results 6,501-6,520 of 27,019 for speaker:Michael Noonan

Written Answers — Mortgage Arrears: Mortgage Arrears (19 Jul 2012)

Michael Noonan: The percentage of the bank's mortgage books, including both owner occupier and buy-to-let mortgages, that are in arrears for 90 days or more and impaired has been included in the table below. The figures are those that were current at the end of December 2011, which is the last published set of accounts for the requested institutions. Figures at 31.12.11 as per published accounts Bank...

Written Answers — Credit Unions: Credit Unions (19 Jul 2012)

Michael Noonan: There is currently no mechanism for the State to inject capital into credit unions, outside of the context of resolution. The Irish League of Credit Unions (ILCU) operates on an all-island basis a savings protection scheme (SPS) for credit unions. The SPS is funded by the sector and operates by providing financial support to credit unions that get into difficulty. As this is a privately...

Written Answers — Tax Code: Tax Code (19 Jul 2012)

Michael Noonan: The position is as stated in the Programme for Government that as part of the Government's fiscal strategy we will maintain the current rates of income tax together with bands and credits.

Written Answers — Tax Code: Tax Code (19 Jul 2012)

Michael Noonan: The EU Commission's proposed Financial Transactions Tax (FTT) is a residence based tax – that is, a transaction would be subject to the tax if one of the parties was a financial institution which is resident in one of the Member States. Sections 2 and 3 of the ESRI/Central Bank report discuss the residence basis of the tax. The Commission's proposal did not envisage that the FTT would be...

Written Answers — Programme for Government: Programme for Government (19 Jul 2012)

Michael Noonan: As the Deputy may be aware, my Department recently published its revised Statement of Strategy for 2012-2014. This document, which is available at on the Department's website www.finance.gov.ie, sets out the Department's five key goals for the period: 1. A resilient Irish economy founded on sustainable and balanced growth and leading to significant increases in employment numbers. 2. A...

Written Answers — Tax Code: Tax Code (19 Jul 2012)

Michael Noonan: It is assumed that the Deputy's question envisages a movement away from the current system of marking of oil to which a reduced rate of tax applies to one in which certain users would be given refunds of part of the mineral oil tax paid by them in respect of fuel used for non-auto purposes. A change of this kind would, however, involve the establishment of an extensive repayments system,...

Written Answers — Departmental Banking: Departmental Banking (19 Jul 2012)

Michael Noonan: The only role my Department has in this matter is that the Department of Health send instructions to my Department requesting the transfer of funds to their EFT/Public Bank Accounts for the purposes of making (1) payments to suppliers and (2) salary payments to their staff. My Department transfers the funds to these accounts via the Central Bank. My Department does not operate commercial bank...

Written Answers — Bank Codes of Conduct: Bank Codes of Conduct (19 Jul 2012)

Michael Noonan: It is my Department's policy to comply with the provisions of the Ethics in Public Office Acts 1995 and 2001. These acts apply to Public Servants who hold positions whose maximum salary is not less than the maximum salary of a principal officer (general service grade class B PRSI) and to other positions in the Public service that have been prescribed by the Minister for Public Expenditure and...

Written Answers — Bank Debt Restructuring: Bank Debt Restructuring (19 Jul 2012)

Michael Noonan: IBRC have advised me that there is a rigorous credit review and approval process in place for personal debtors of IBRC. This process covers establishing the true financial position of a borrower via a sworn net worth statement and a formal request for a repayment plan to repay the debt as quickly as possible with the maximum recovery. This process also examines whether any unencumbered assets...

Written Answers — Mortgage Interest Rates: Mortgage Interest Rates (19 Jul 2012)

Michael Noonan: As the Deputy will be aware, the Bank's policy in relation to lending 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 in...

Written Answers — Mortgage Interest Rates: Mortgage Interest Rates (19 Jul 2012)

Michael Noonan: The lending institutions in Ireland are independent commercial entities. Ultimately the pricing of financial products, including standard variable mortgage interest rates, is a commercial decision for the management team and board of each lending institution, having due regard to their customers and the impact on profitability, particularly where the cost of funding to each lending...

Written Answers — Credit Unions: Credit Unions (19 Jul 2012)

Michael Noonan: It is the responsibility of each credit union to make sure that it makes adequate provision in its accounts for bad or doubtful debts to ensure that it is sufficiently funded to cover loan losses. Credit unions must also maintain reserves of 10% of assets as a buffer against unexpected losses. The Irish League of Credit Unions (ILCU) has operated on an all-island basis a savings protection...

Written Answers — Tax Code: Tax Code (19 Jul 2012)

Michael Noonan: At the most recent ECOFIN meeting on Friday 22 June, it became clear that EU-wide agreement would not be reached on the Commission's proposed Financial Transactions Tax (FTT). Those countries that want to enact an FTT will now request the Commission to put forward a proposal that it be introduced via "enhanced co-operation". This mechanism would require at least nine Member States to...

Written Answers — Tax Reliefs: Tax Reliefs (19 Jul 2012)

Michael Noonan: I understand that the Deputy is referring to the restriction on the use of reliefs by high income individuals which was introduced with effect from 2007. As indicated in my reply of 17 November 2011, to which the Deputy refers, the objective of the restriction for the years 2007, 2008 and 2009 was to ensure that individuals with adjusted income of €500,000 or more paid an effective rate of...

Written Answers — Tax Collection: Tax Collection (19 Jul 2012)

Michael Noonan: I am advised by the Revenue Commissioners that the information requested by the Deputy is as follows, in respect of the income tax year 2012. Projected Distribution of Income Earners for 2012 Tax Year Exempt (Standard rate liability fully covered by credits or age exemption limits) Standard rate (including those whose liability at the higher rate is fully offset by credits) Higher rate...

Written Answers — Tax Collection: Tax Collection (19 Jul 2012)

Michael Noonan: The Domicile Levy was introduced in Finance Act 2010. I am informed by the Revenue Commissioners that the first returns and payments for tax year 2010 were due to be filed by 31 October 2011 or 15 November 2011 for persons who pay income tax and file returns using the Revenue Online Service (ROS). Eleven persons registered to pay the Domicile Levy in 2011 for tax year 2010. The Domicile...

Written Answers — Fuel Laundering: Fuel Laundering (19 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 — Tobacco Smuggling: Tobacco Smuggling (19 Jul 2012)

Michael Noonan: I am informed by the Revenue Commissioners who are responsible for the collection of tobacco products tax, and for tackling the illicit trade in cigarettes and tobacco products, that the tackling of this illicit trade is a key objective. The Revenue Commissioners are subject to the Employment Control Framework staffing reductions in line with Government targets to reduce public service...

Written Answers — Equality Issues: Equality Issues (19 Jul 2012)

Michael Noonan: I propose to take Questions Nos. 112 to 114, inclusive, together. With regard to budgetary matters, when focusing on the primary objectives of reducing the deficit and returning the public finances to a sustainable level, it has been of vital importance to the Government to ensure that the adjustments made are spread in as fair and equitable a manner as possible, while also seeking to...

Written Answers — Departmental Expenditure: Departmental Expenditure (19 Jul 2012)

Michael Noonan: In the period in question no moneys were provided by my Department or bodies under the aegis of my Department to any group, scheme or project in County Meath.