Results 6,761-6,780 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Ministerial Responsibilities (26 Sep 2012)

Michael Noonan: In response to the Deputy’s Question no statutory powers have been delegated to Deputy Brian Hayes in his role as Minister of State in the Department of Finance.

Written Answers — Department of Finance: Banks Recapitalisation (26 Sep 2012)

Michael Noonan: As the Deputy will be aware, the Irish banks were required to raise €24.0bn in capital following the 2011 Prudential Capital Assessment Review (PCAR) in order to remain above a minimum capital target of 10.5% Core Tier 1 in the base scenario and 6% Core Tier 1 in the stress Scenario. The Central Bank made its decision on required recapitalisation based on loan-loss projections along...

Written Answers — Department of Finance: Strategic Investment Fund Capital (26 Sep 2012)

Michael Noonan: The establishment of the Strategic Investment Fund (SIF) was announced by the Government in September 2011. The SIF will channel commercial investment from the National Pensions Reserve Fund (NPRF) towards productive investment in the Irish economy. The amount of the fund earmarked for potential projects requires an amendment of the investment policy of the NPRF, which is set out in the...

Written Answers — Department of Finance: Mortgage Interest Relief Application (26 Sep 2012)

Michael Noonan: This is a matter for the Revenue Commissioners who are responsible for the administration of mortgage interest relief through the tax relief at source [TRS] system. The 30% rate of mortgage interest relief for those who took out their first qualifying home loan between 2004 and 2008 came into effect with the enactment of the Finance Bill at the end of March. The regulations provide for the...

Written Answers — Department of Finance: State Banking Sector Regulation (26 Sep 2012)

Michael Noonan: At end June 2012 IBRC’s nominal holding of NAMA subordinated bonds stood at €843m with a carrying value of €124m. This information is contained in p11 of IBRC’s Interim Accounts which can be found at:

Written Answers — Department of Finance: Promissory Note Negotiations (26 Sep 2012)

Michael Noonan: The Central Bank of Ireland has advised me that one of the functions of the Central Bank, similar to other central banks, is to grant Exceptional Liquidity Assistance to a credit institution when this is deemed necessary for financial stability purposes. These amounts are published monthly. The Bank does not comment on ELA operations. As outlined in the Bank’s Annual Report for 2011...

Written Answers — Department of Finance: State Banking Sector Regulation (26 Sep 2012)

Michael Noonan: While the State holds a majority shareholding in both AIB and Permanent TSB and recently acquired full ownership of Irish Life, the institutions are not covered by formal public procurement rules as their commercial remit makes them subject to market forces. The Relationship Frameworks for Allied Irish Banks and Irish Life and Permanent (now Permanent TSB) were published on the Department...

Written Answers — Department of Finance: Departmental Staff Career Breaks (26 Sep 2012)

Michael Noonan: Career breaks are available in the civil service and in the state sector generally. The scheme is promoted as being one of a number of facilities that help staff to combine work and family responsibilities. A career break consists of special leave without pay for a period of not less than six months and not more than five years. A career break may be extended in six monthly periods or in...

Written Answers — Department of Finance: Promissory Note Negotiations (26 Sep 2012)

Michael Noonan: I can confirm that under current arrangements the scheduled payments on the Promissory Notes are due to continue until 2031 and a total of €48bn is due to be paid. I enclose again the proposed schedule of payments. IBRC has confirmed that the Bank’s CEO has previously indicated that the likely outcome, based on current assumptions, for Anglo Irish Bank at the end of the...

Written Answers — Department of Finance: IBRC Investigations (26 Sep 2012)

Michael Noonan: I have been advised by IBRC that they are continuing to work to achieve the agreed objectives in the joint restructuring plans which are to dispose of the assets of the Bank in an orderly fashion and to minimize capital losses to the Shareholder. The performance of the Bank during the wind-down period will be driven (inter alia) by the actual recovery rates achieved for assets, the...

Written Answers — Department of Finance: Tax Yield (26 Sep 2012)

Michael Noonan: I propose to take Questions Nos. 54 and 55 together. I wish to advise the Deputy that companies operating in Ireland over the past five years have been chargeable to corporation tax at the 12.5% rate on their trading profits. A higher 25% rate applies in respect of investment, rental and other non-trading profits and profits from certain petroleum, mining or land dealing activities....

Written Answers — Department of Finance: Tax Reliefs Availability (26 Sep 2012)

Michael Noonan: I propose to take Questions Nos. 56 and 57 together. I am informed by the Revenue Commissioners, who are responsible for the administration of tax relief at source for private medical insurance, that there are two types of private health insurers operating in the State, namely ‘Open Membership Insurers’ and ‘Restricted Membership Insurers’. Open membership...

Written Answers — Department of Finance: Tax Yield (26 Sep 2012)

Michael Noonan: I am informed by the Revenue Commissioners that the full year yield to the Exchequer, estimated by reference to 2013 incomes, of increasing the standard rate and higher rates of income tax by 2 % would be approximately €923 million and €385 million respectively. The figures are estimated from the Revenue tax-forecasting model using actual data for the year 2010 adjusted as...

Written Answers — Department of Finance: Tax Yield (26 Sep 2012)

Michael Noonan: I assume the Deputy has in mind the application of a 1 per cent levy to all welfare benefits including child benefit. On the basis that the estimated provision for Social Welfare Benefits in 2012 is approximately €19.9 billion, which includes certain non-departmental operational costs but excludes administration and other administration expenses, the full year yield from the imposition...

Written Answers — Department of Finance: Financial Services Sector (26 Sep 2012)

Michael Noonan: I have been advised by the Central Bank that it does not publish a figure for the total value of credit extended, in any given year, by licensed moneylenders. The table below sets out the other information requested by the Deputy for each of the years mentioned. Year Number of licensed moneylenders Amount levied by the Central Bank Amount of levy collected 2007 48 €187,000...

Written Answers — Department of Finance: Pension Provisions (26 Sep 2012)

Michael Noonan: In my response to previous parliamentary questions on this issue, I have advised that a group has been established to examine charges in the pensions industry. The group is chaired by the Department of Social Protection with representatives of the Central Bank and the Pensions Board. This study will provide an initial benchmark on the level of charges for different forms of funded...

Written Answers — Department of Finance: State Banking Sector Regulation (26 Sep 2012)

Michael Noonan: I have been advised by IBRC that following the transfer of the former Irish Nationwide Building Society (‘INBS’) to the Bank in July 2011, the Bank wrote to Michael Fingleton on 2 August 2011 seeking repayment of the €1m bonus paid to him by the former INBS and the return of the watch that he was given upon his retirement. The Bank received a response from Mr Fingleton...

Written Answers — Department of Finance: NAMA Expenditure (26 Sep 2012)

Michael Noonan: I am advised by NAMA that it, operating under the aegis of the National Treasury Management Agency (NTMA), draws on the NTMA’s shared services in a number of areas including its outsourced press office facility. The NTMA does not maintain an internal press office. Instead, its internal communications resources are supported by an external service provider (appointed following a...

Written Answers — Department of Finance: Customs and Excise Controls (27 Sep 2012)

Michael Noonan: I am informed by the Revenue Commissioners that the information sought by the Deputy is set out in the following table: Year Cigarettes (number) Tobacco (kgs) Alcohol (Litres) Tablets (number) 2010 24,463,902 1168.98 107 182,902 2011 19,306,084 1212.35 337 187,420 2012* 10,749,942 1320.86 206 612 The figures in respect of tablets include prohibited drugs and...

Written Answers — Department of Finance: Credit Availability (27 Sep 2012)

Michael Noonan: The issue of access to credit for small businesses is a priority for the Government and in that regard a number of initiatives have been introduced. The restructuring plan for the banking system creates capacity for the two pillar banks, Bank of Ireland and AIB, to provide lending in excess of €30 billion in the next three years. The Government has imposed targets on the two domestic...