Results 11,701-11,720 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Tax Residency Issues (2 Jul 2013)

Michael Noonan: The globally recognised definition of what constitutes a "tax haven" is set down by the OECD. Four criteria have been identified: minimal or no tax rates; lack of transparency; lack of exchange of information and lack of substance or economic activity. None of these four criteria apply to Ireland, a fact that has been acknowledged in recent months by Algirdas Semeta, the European Commissioner...

Written Answers — Department of Finance: IBRC Investigations (2 Jul 2013)

Michael Noonan: I am obviously very concerned at the contents of these tapes. I am advised that the Central Bank is carefully studying the various transcripts emerging. This is something that is viewed very seriously by the Central Bank and they will be liaising with the Gardaí in this regard and is also examining whether or not any breaches of regulatory requirements may have occurred arising from the...

Written Answers — Department of Finance: Bank Charges (2 Jul 2013)

Michael Noonan: I propose to take Questions Nos. 285 to 287, inclusive, together. I, as Minister for Finance have no statutory role in relation to bank charges imposed by regulated financial institutions. This is a commercial matter for the lending institutions concerned. The Central Bank has advised me that under Section 149 of the Consumer Credit Act, 1995 (as amended), credit Institutions and bureaux...

Written Answers — Department of Finance: Banking Sector Issues (2 Jul 2013)

Michael Noonan: I propose to take Questions Nos. 288 and 289 together. As you are aware the Euro-area Heads of State and Government agreed on 29th June 2012 to break the vicious circle between banks and sovereigns, and that when a Single Supervisory Mechanism is in place involving the ECB, the European Stability Mechanism (ESM) could recapitalise banks directly. The Euro-area Heads of State and Government...

Written Answers — Department of Finance: EU-IMF Programme of Support Value (2 Jul 2013)

Michael Noonan: There have been a number of improvements to the terms and conditions of our Programme of Financial Support, including the loans, since it was initially agreed in late 2010. For example, we have agreed the reversal of the minimum wage cut, and also on the use of up to half of the proceeds of asset sales for investment in projects of a commercial nature. Changes to the programme loans have...

Written Answers — Department of Finance: Small and Medium Enterprises Supports (2 Jul 2013)

Michael Noonan: Access to finance for SMEs is a key aspect of the Action Plan for Jobs 2013. It is the Government's vision that all viable businesses operating in Ireland should have the opportunity to access sufficient finance to meet their enterprise needs in a manner that supports growth and employment in the economy. The working capital requirements of many SMEs are often fulfilled by short term credit...

Written Answers — Department of Finance: Mortgage Protection Policies (2 Jul 2013)

Michael Noonan: My Department does not keep up to date information on the level of default by insurance companies with particular reference to mortgage protection or life cover. I have made enquiries with the Central Bank about this matter which I understand relates to cases where a person can no longer afford to pay for the protection and/or has claim rejected. The Central Bank has informed me that it...

Written Answers — Department of Finance: Fuel Laundering (3 Jul 2013)

Michael Noonan: I am advised by the Revenue Commissioners, who have responsibility for the collection of mineral oil tax, that the cost of adding the prescribed markers to rebated fuel is borne by the industry rather than the Exchequer. It has been suggested recently that huge savings could be made by moving from the current system of marking rebated fuel to one based on making repayments to those users that...

Written Answers — Department of Finance: Banking Sector Staff Issues (3 Jul 2013)

Michael Noonan: My ministerial colleague, the Minister for Public Expenditure and Reform, has received an identical question (Dáil question number 145, PQ 32332/13 which is also for answer today) and he will provide the Deputy with the details he is requesting on behalf of both departments.

Written Answers — Department of Finance: Budget 2014 Issues (3 Jul 2013)

Michael Noonan: I assume the Deputy is referring to certain media reports which indicate that Budget 2014 will contain measures to extend the Universal Social Charge to include the Contributory State Pension. As the Deputy will be aware, it is a longstanding practice of the Minister for Finance not to comment, in advance of the Budget, on any tax matters that might be the subject of Budget decisions.

Written Answers — Department of Finance: Tax Code (3 Jul 2013)

Michael Noonan: I am advised by the Revenue Commissioners that the increases in the effective tax rates, estimated by reference to 2013 incomes, that would be brought about by reducing the main personal and employee tax credits in the manner mentioned by the deputy in parliamentary question 30922/13 are set out in respect of each specified income range as follows. Range of Gross Income. Reduction in tax...

Written Answers — Department of Finance: Tax Collection (3 Jul 2013)

Michael Noonan: I am advised by the Revenue Commissioners that if the main personal and employee tax credits were to be restricted in the manner mentioned by the deputy in parliamentary question number 30922/13 of 26 June, and additionally, if a new third rate of tax of 48% on taxable income in excess of €100,000 was introduced, the additional average tax payable by employees, estimated by reference...

Written Answers — Department of Finance: Tax Code (3 Jul 2013)

Michael Noonan: I am advised by the Revenue Commissioners that the estimated full year yield to the Exchequer, estimated by reference to 2013 incomes, of reducing the main personal income tax credits, but not the employee tax credit, for all income earners in the manner mentioned by the Deputy, would be of the order of € 204 million. A breakdown of the estimated Exchequer yield by each specified...

Written Answers — Department of Finance: Tax Code (3 Jul 2013)

Michael Noonan: Unfortunately, it was not possible to collate the information required for this answer in the time allowed. I will provide the Deputy with the answer in writing shortly.

Written Answers — Department of Finance: Tax Clearance Certificates (3 Jul 2013)

Michael Noonan: I am advised by Revenue that a Tax Clearance Certificate is a written confirmation that the tax affairs of a person or business are in order at the date of issue of the Certificate. I am further advised that Revenue is obliged to issue tax clearance certification to any entity, regardless of where the entity is registered for company law purposes, providing there is no money outstanding to...

Written Answers — Department of Finance: Money Laundering (3 Jul 2013)

Michael Noonan: European legislation has been adopted to protect the financial system and certain professions and activities from being misused for money laundering and financing of terrorism purposes. The anti-money-laundering obligations applicable in Ireland derive from the Third EU Money-Laundering Directive. The Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 was enacted in July...

Written Answers — Department of Finance: Insurance Costs (3 Jul 2013)

Michael Noonan: At the outset the Deputy should note that neither I nor the Central Bank have the power to intervene in such matters as pricing of insurance policies is a commercial decision for firms to make themselves based on the risks involved. It should be noted that consumer issues are covered by the Central Bank's Consumer Protection Code which amongst other things sets out a series of general...

Written Answers — Department of Finance: Banking Sector Investigations (3 Jul 2013)

Michael Noonan: As the Deputy will be aware banks are required to record phone calls for a variety of reasons. I have not sought access to these recordings as under statute the Garda Síochána are the body responsible for criminal investigations in the State. I understand that the Garda Bureau of Fraud Investigation have requested access to various documents/materials in the banks, including audio...

Written Answers — Department of Finance: Bank Liabilities (3 Jul 2013)

Michael Noonan: The Deputy will be aware that details of bank funding profiles, including a breakdown of the aggregate amounts of the liabilities of the covered banks for any given period, received by my Department in the course of official communications and which are not a matter of public record are commercially sensitive. However, in the case of the period specified by the Deputy, 30 September, 2008,...

Written Answers — Department of Finance: Central Bank of Ireland Investigations (3 Jul 2013)

Michael Noonan: I am informed by the Central Bank of Ireland that in January, 2009, it (the “Bank”) commenced an investigation into certain matters in relation to Anglo Irish Bank. The investigation focussed on the unwinding of CFD positions in Anglo Irish Bank, the back-to-back loans with Irish Life and Permanent and loans to directors and connected parties. In May, 2011, the Gardaí...