Results 7,661-7,680 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Economic Growth (15 Nov 2012)

Michael Noonan: The European Commission published its forecasts in early November and forecast real GDP growth of 1.1% in 2013. This is slightly lower than my Department’s most recent forecast, published yesterday in the Medium Term Fiscal Statement (MTFS), which projected real GDP growth of 1.5% for the year as a whole. I would point out however that some domestic commentators have recently suggested...

Written Answers — Department of Finance: Promissory Notes (15 Nov 2012)

Michael Noonan: I propose to take Questions Nos. 33, 41 and 44 together. As the Deputies are aware, the Irish Government has been working extremely hard to secure a deal on the Irish bank debt and detailed work will continue to ensure that the positive moves in Europe are harnessed to maximise the benefit to the Irish taxpayer. This is on the back of the Euro Area summit statement of 29 June of this year....

Written Answers — Department of Finance: Tax Code (15 Nov 2012)

Michael Noonan: I am informed by the Revenue Commissioners that contracts for routine maintenance work do not come within the scope of RCT. However, RCT applies to all construction works ranging from major construction projects to general repair works. Repair work includes the replacement of constituent parts of a building or structure. Maintenance on the other hand includes cleaning, removal of graffiti...

Written Answers — Department of Finance: Mortgage Arrears (15 Nov 2012)

Michael Noonan: I have been advised by the Central Bank that banks must comply with the requirements of the Code of Conduct on Mortgage Arrears. Provision 12 requires that ‘A lender must prepare and make available to borrowers, an information booklet providing details of its Mortgage Arrears Resolution Process, which must be drafted in accordance with the requirements set out in provision 10 and...

Written Answers — Department of Finance: General Government Deficit (15 Nov 2012)

Michael Noonan: Although the previous Government issued a Guarantee to the banks in September 2008 there was no negative impact on the General Government Deficit in that year. Fees from the covered institutions for the Guarantee lowered the General Government Deficit by €110 million and €439 million in 2008 and 2009 respectively. In addition the receipt of preference share dividends from Bank...

Written Answers — Department of Finance: Financial Transaction Tax (15 Nov 2012)

Michael Noonan: Under Article 329(1) of the Treaty on the Functioning of the European Union (TFEU), Member States which wish to establish enhanced co-operation in a policy area shall address a request to the Commission specifying the scope and objectives of the enhanced co-operation proposed. Eleven Member States (Belgium, Germany, Estonia, Greece, Spain, France, Italy, Austria, Portugal, Slovenia and...

Written Answers — Department of Finance: Property Taxation (15 Nov 2012)

Michael Noonan: As the Deputy is aware, the Government decided that, without prejudice to the policy decisions, the Revenue Commissioners will be responsible for collecting the Local Property Tax when it is introduced. In line with that decision, I am advised by the Revenue Commissioners that they are now actively planning for the implementation of the tax. This includes preparing a specification for the...

Written Answers — Department of Finance: Personal Debt (15 Nov 2012)

Michael Noonan: I have been advised by the Central Bank that one of the recommendations of the Expert Group on Mortgage Arrears and Personal Debt was that “a Standard Financial Statement (SFS) should be developed for use by all lenders and MABS, to assess a borrower’s financial position and to identify a best course of action”. A standard format for the SFS was developed by the IBF and...

Written Answers — Department of Finance: Banking Sector Remuneration (15 Nov 2012)

Michael Noonan: AIB has provided me with the following information on current annual total remuneration packages: Total remuneration € Number of Employees* 100,000 – 200,000 1,159 200,000 – 300,000 85 300,000 – 400,000 8 400,000 – 500,000 10 500,000+ - * AIB had 14,501 members of staff at the end of 2011 AIB fully recognises the absolute requirement to reduce...

Written Answers — Department of Finance: Cash Reserves (15 Nov 2012)

Michael Noonan: Cash reserves and other balances held by the National Treasury Management Agency on behalf of the State at 30 September 2012 were as follows: NTMA Cash Reserves/other balances 30 Sept 2012 € billion Exchequer Account 23.70 Capital Services Redemption Account 0.05 Deposits 0.30 Housing Finance Agency Guaranteed Notes 3.88 Dormant Accounts Fund 0.17 Other Ministerial...

Written Answers — Department of Finance: EU-IMF Agreement (15 Nov 2012)

Michael Noonan: As you will be aware, Ireland’s implementation of the EU/IMF Programme has been recognised, and indeed lauded, both at the ECOFIN and at Eurogroup meetings. There has been wide-spread acknowledgement of our commitment to the Programme, a commitment evidenced by the fact that we have met all of our Programme conditions to date. Ireland’s exit from our programme of financial...

Written Answers — Department of Finance: Mortgage Arrears (15 Nov 2012)

Michael Noonan: The Report of the Inter-Departmental Working Group on Mortgage Arrears (the ‘Keane Report’) was published in October 2011. The key strategic conclusion of the Keane Report was that there should not be a blanket debt forgiveness approach but that instead the focus should be on the development, by both lenders and the State, of measures that will be of assistance to those...

Written Answers — Department of Finance: Mortgage Interest Relief (15 Nov 2012)

Michael Noonan: If mortgage interest relief was extended to allow for loans taken out in 2013 by first-time buyers to qualify for mortgage interest relief at the current rates of relief and interest ceiling applicable to first-time buyers, and assuming that the interest payments would reach the interest ceilings available to first-time buyers, the maximum benefit to such buyers would be as follows: Single...

Written Answers — Department of Finance: Official Engagements (15 Nov 2012)

Michael Noonan: Together with my colleague, Minister for Public Expenditure and Reform, Brendan Howlin, I met with the German Federal Minister for Finance, Dr. Wolfgang Schäuble, on 29 December in Dublin. We discussed with him our plans to emerge from the EU/IMF programme next year and to make a full and sustained return to the markets. We briefed him on the outcome of the latest troika review which...

Written Answers — Department of Finance: State Banking Sector (15 Nov 2012)

Michael Noonan: My Department maintains frequent contact with banks, in particular the covered institutions, on a wide range of issues, including the issue of mortgage arrears. However, the Central Bank, in the exercise of its statutory role as independent regulator and supervisor of credit institutions, has continuous involvement with all the banks from both prudential and consumer protection perspectives....

Written Answers — Department of Finance: Compact for Growth and Jobs (15 Nov 2012)

Michael Noonan: Heads of State or Government in the EU agreed on a compact for growth and jobs at the European Council on 28th and 29th June. This involves action by Member States and at EU level in order to boost growth, investment and employment. The compact rests on three pillars. First, sustainable growth depends on sound public finances. Second, sustainable growth requires a stable financial system...

Written Answers — Department of Finance: Tax Code (15 Nov 2012)

Michael Noonan: As the Deputy is aware, the Programme for Government states that as part of the Government’s fiscal strategy we will maintain the current rates of income tax together with bands and credits and not increase the top marginal tax rates. In addition, the Deputy will also be aware that competitiveness is a crucial factor in achieving sustainable growth in a small open economy, such as...

Written Answers — Department of Finance: Public Sector Pay (15 Nov 2012)

Michael Noonan: The following table sets out the annual gross pension (after application of the Public Service Pension Reduction) being paid to two of the four most recent Secretaries General of the Department of Finance and the last two Secretaries General, Public Service Management and Development (PSMD). Tom Considine €125,379.93 David Doyle €125,379.93 Eddie Sullivan (PSMD)...

Written Answers — Department of Finance: Budget 2013 (15 Nov 2012)

Michael Noonan: Each year as part of the budget, a table is published showing the impact of the planned budgetary adjustment on the fiscal position. In Budget 2012, this analysis was presented in Table 5. It compares the post budget position, following the implementation of the consolidation measures, with the pre budget (or white paper) position which is published the weekend prior to the budget. The...

Written Answers — Department of Finance: Credit Unions Regulation (15 Nov 2012)

Michael Noonan: I assume that the question refers to money held by credit unions, rather than those funds held by the Irish League of Credit Unions (ILCU). The ILCU has stated that the Credit Union Bill 2012 should enable credit unions to provide funding to Government-backed or Government-guaranteed schemes and projects with a social benefit. The Commission Report recommends that this role needs to be...