Results 8,001-8,020 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Company Closures (27 Nov 2012)

Michael Noonan: I have been advised by the Central Bank that, on 16 April 2012, an official liquidator was appointed to the company mentioned by the Deputy. As such, it is the responsibility of the liquidator to establish the amounts owed to each customer of the company and to distribute accordingly. I have no role with regard to such distribution.

Written Answers — Department of Finance: Mortgage Arrears (27 Nov 2012)

Michael Noonan: The Central Bank of Ireland publishes quarterly arrears data in respect of all mortgage types on its website at www.centralbank.ie. The latest figures were published in June 2012 and the Central Bank has advised me that its next quarterly arrears publication for end quarter three will be published in December. However, the Central Bank has advised me that it does not collect the arrears data...

Written Answers — Department of Finance: Economic Statistics (27 Nov 2012)

Michael Noonan: Ireland is generally considered to be a particularly open economy with imports accounting for over three quarters of GDP. A considerable share of spending by households and firms leaves the economy on imported goods and services, while at the same time a considerable share of the outputs of Irish firms is exported abroad leading to payment coming into Ireland. In relation to SITC 054.61...

Written Answers — Department of Finance: Vehicle Registration (27 Nov 2012)

Michael Noonan: I propose to take Questions Nos. 262 and 267. I understand the Deputy’s question to refer to proposals contained in SIMI’s pre-Budget submission. Such proposals, together with a wide range of proposals submitted to my Department from a large number of interested parties in issues across all tax heads, are being considered in the context of the forthcoming Budget. I am sure...

Written Answers — Department of Finance: Tax Code (27 Nov 2012)

Michael Noonan: I propose to take Questions Nos. 263, 264 and 266 together. These questions relate to potential Budgetary measures. It is the usual practice for the Minister for Finance not to speculate or comment in advance of the Budget what it will contain and I do not propose to deviate from that practice.

Written Answers — Department of Finance: Budget Submissions (27 Nov 2012)

Michael Noonan: I have received a pre-Budget submission from the Solid Fuel Trade Group. Its contents will be considered in the context of the forthcoming Budget and Finance Bill. As Deputies are aware it would not be appropriate for me to comment in advance on possible Budget decisions.

Written Answers — Department of Finance: Departmental Agencies (27 Nov 2012)

Michael Noonan: In response to the Deputy’s question one new body was established under the aegis of my Department in 2012. Details of the body are contained in the following table: Name of Body Established No of new Employees The Credit Union Restructuring Board Established in 2012 on an administrative basis under the Dept of Finance pending enactment of the Credit Union Bill 2012 It has no...

Credit Union Bill 2012: Order for Report Stage (28 Nov 2012)

Michael Noonan: I move: "That Report Stage be taken now".

Credit Union Bill 2012: Report Stage (28 Nov 2012)

Michael Noonan: I thank the Deputies who have contributed. Amendments Nos. 1 to 5, inclusive, 12, 14, 15, 28 to 30, inclusive, 33, 43, 44 and 48 to 50, inclusive, which have been grouped together for the purposes of discussion, relate to the definition of financial services legislation. They are scattered throughout the Bill as they also relate to consequential amendments regarding the definition. Before...

Credit Union Bill 2012: Report Stage (28 Nov 2012)

Michael Noonan: The position is that there is nothing in the Bill that does not already apply to the credit union movement. There has been a misunderstanding, arising from the definition section, that there may be an importing of additional legislation to be applied to credit unions, but this is not the case. As agreed on Committee Stage, consultation is taking place between my Department and the Office of...

Credit Union Bill 2012: Report Stage (Resumed) and Final Stages (28 Nov 2012)

Michael Noonan: Amendments Nos. 23, 24, 26 and 27 relate to term limits for board members. There was a lengthy discussion on Committee Stage on this matter. My priority is to retain the principle of board rotation. However, I am flexible on the number of years and I intend to bring forward an amendment, following consultation with the Attorney General's office, to change the term limits to 12 years in...

Credit Union Bill 2012: Report Stage (Resumed) and Final Stages (28 Nov 2012)

Michael Noonan: Amendments Nos. 31 and 51, Schedule 52, relate to the role of the treasurer under the 1997 Act which is being removed by this Bill. As I outlined on Committee Stage, this is to give effect to the commission's recommendations concerning the separation of the governance and the executive functions in credit unions. The governance requirements recommended by the commission set out the roles and...

Credit Union Bill 2012: Report Stage (Resumed) and Final Stages (28 Nov 2012)

Michael Noonan: As Deputy Boyd Barrett stated, this amendment was discussed on Committee Stage. At that stage I indicated that I accepted the principle behind the amendment. This would require the board oversight committee to provide its opinion in writing regarding any action or decision of a director which it considered to be in conflict with the relevant part of the Act. My officials are discussing...

Credit Union Bill 2012: Report Stage (Resumed) and Final Stages (28 Nov 2012)

Michael Noonan: Amendments Nos. 34 to 39, inclusive, relate to membership of the board oversight committee. The amendments raise similar considerations to those discussed on board exclusions dealt with by amendments Nos. 16 to 22, inclusive. As I stated on Committee Stage, I intend to ensure consistency in the approaches to exclusions in resect of membership of the board of directors and membership of the...

Credit Union Bill 2012: Report Stage (Resumed) and Final Stages (28 Nov 2012)

Michael Noonan: Amendments Nos. 40 to 42, inclusive, relate to term limits for board members and I will deal with them together. There was a lengthy discussion on Committee Stage on boards of directors and term limits. My priority is to retain the principle of rotation which is at the core of this measure and in line with the commission recommendations. I have stated that I intend to bring forward an...

Credit Union Bill 2012: Report Stage (Resumed) and Final Stages (28 Nov 2012)

Michael Noonan: These amendments provide for a memorandum of understanding between the Central Bank and credit unions. The commission recommended that a consultation protocol should be in place between the Central Bank and credit unions. Since we last discussed this issue on Committee Stage, that protocol has been developed, following consultation between the Central Bank, the Minister, the credit unions,...

Credit Union Bill 2012: Report Stage (Resumed) and Final Stages (28 Nov 2012)

Michael Noonan: There is material in the protocol which comes close enough to the position espoused by Deputy Pearse Doherty. He will recall that the commission's report recommends a regulatory impact analysis when the Central Bank is introducing new regulations and the consultation protocol confirms that the bank will do this. When it promulgates regulations, an impact analysis will be carried out. This...

Credit Union Bill 2012: Report Stage (Resumed) and Final Stages (28 Nov 2012)

Michael Noonan: I will ask my officials to engage in consultations along the lines suggested by the Deputy. Seeing as the next step is to be taken in the Seanad, would it be okay if I wrote to the Deputy on this matter?

Credit Union Bill 2012: Report Stage (Resumed) and Final Stages (28 Nov 2012)

Michael Noonan: The amendment would exempt debit cards from the additional services requirements set out under section 48 of the Credit Union Act 1997. Under the Bill the Central Bank will be able to exempt certain services from the additional service requirements set out under section 48, subject to certain requirements. To streamline procedures, the Bill provides that decisions to provide new services...

Written Answers — Department of Finance: Tax Code (28 Nov 2012)

Michael Noonan: I propose to take Questions Nos. 60 and 61 together. I would point out that the services supplied by small pubs are treated for VAT purposes as those services supplied by restaurants and other such venues of hospitality. Catering supplied by small pubs is liable to VAT at the 9% VAT rate, as it is where supplied by a restaurant. Similarly, alcohol supplied by a small pub is liable to VAT...