Results 10,501-10,520 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Tax Yield (17 Jul 2014)

Michael Noonan: As the Deputy is aware, the Central Statistics Office (CSO) has recently released updated National Accounts statistics that implement new Eurostat standards. One element of the process is the inclusion of extended estimates for illegal economic activities defined as including prostitution, the production and trafficking of drugs, and alcohol and tobacco smuggling. This illegal economic...

Written Answers — Department of Finance: Mortgage Arrears Rate (17 Jul 2014)

Michael Noonan: I propose to take Questions Nos. 120, 189, 190 and 191 together. The Central Bank has advised that there is no such regulated category as 'sub-prime' lender but that phrase is sometimes used to refer to some non-deposit taking 'retail credit firms'. Retail credit firms are a regulated category of entities which are authorised to provide credit (in the form of cash loans) directly to...

Written Answers — Department of Finance: Financial Services Regulation (17 Jul 2014)

Michael Noonan: The Central Bank's investigation into Custom House Capital Ltd (in Liquidation) and persons concerned in its management has been on-going since the publication of the Final Report to the High Court by Court Appointed Inspectors dated 19 October 2011. Upon presentation of the Final Inspectors' Report on Custom House Capital Ltd (CHC) to the High Court in October 2011, Justice Hogan ordered...

Written Answers — Department of Finance: Banking Sector (17 Jul 2014)

Michael Noonan: As the Deputy is aware, the stress test is one of the three components of the SSM Comprehensive Assessment which is currently underway, the other two components being the Supervisory Risk Assessment and Asset Quality Review. I understand that a lot of work has already been undertaken on the Comprehensive Assessment and that further work will be...

Written Answers — Department of Finance: Financial Services Regulation (17 Jul 2014)

Michael Noonan: A s the Deputy is aware a number of reports have been produced by Ernst and Young (now called EY)  and McCann FitzGerald at the request of the INBS Board. Copies of all of these reports have been provided to the Central Bank of Ireland (CBI) under the terms of a protocol for limited disclosure agreed between the parties to preserve legal privilege over the material. IBRC was...

Written Answers — Department of Finance: Credit Unions (17 Jul 2014)

Michael Noonan: Pursuant to a High Court order dated 10 November 2013 all assets and liabilities of Newbridge Credit Union Limited - excluding the premises - were transferred to Permanent TSB. At transfer, all savings accounts held in Newbridge Credit Union Limited became deposit accounts with Permanent TSB under section 49(5)(b) of the Central Bank and Credit Institutions (Resolution) Act...

Written Answers — Department of Finance: State Savings Schemes (17 Jul 2014)

Michael Noonan: State Savings is the brand name used by the National Treasury Management Agency (NTMA) to describe the range of Government savings products offered by the NTMA to personal savers. All State Savings money form part of the sovereign debt of Ireland, the repayment of which is a direct, unconditional obligation of the State. The NTMA has advised that the total value of State...

Written Answers — Department of Finance: Revenue Commissioners Powers (17 Jul 2014)

Michael Noonan: I am informed by the Revenue Commissioners that achieving a high standards  of tax and duty compliance is their core business and that all of their resources are, directly or indirectly, deployed to support voluntary compliance and tackle non-compliance.  Compliance is at the heart of the Commissioners Mission and Strategy Statement. The various compliance activities carried out by...

Written Answers — Department of Finance: Banking Sector Regulation (17 Jul 2014)

Michael Noonan: In 2011 the new fitness and probity regime was rolled out by the Central Bank in accordance with the provisions of the Central Bank Reform Act 2010. The regime provides for new powers to be exercised by the Central Bank to ensure the fitness and probity of nominees to key positions within financial service providers and of key office-holders within those providers. The fitness and probity...

Written Answers — Department of Finance: NAMA Debtor Agreements (17 Jul 2014)

Michael Noonan: I propose to take Questions Nos. 128, 152 and 170 together. I am advised by NAMA that it has obtained additional security over assets with an aggregate value in excess of €800m.   NAMA advises that this breaks down circa two-thirds/one-third between property and non-property assets, mainly share portfolios and cash.   Further detail on this process is set out...

Written Answers — Department of Finance: Banking Sector Redundancies (17 Jul 2014)

Michael Noonan: Given the extent and nature of the financial crisis in Ireland it was inevitable that the banking sector would consolidate in order for the sector to better match the needs of the economy. Central Statistics Office figures show that there were 109,800 persons employed in the financial, insurance and real estate activities sector at end 2008. This figure droppped to 97,100 at end 2013 but rose...

Written Answers — Department of Finance: Mortgage Interest Relief Eligibility (17 Jul 2014)

Michael Noonan: I am advised by Revenue that Section 244 of the Taxes Consolidation Act 1997 provides for mortgage interest relief (MIR) in respect of qualifying interest paid in a tax year. The allowable relief is based on the actual amount of interest paid by the borrower. For example, where the borrower pays the correct mortgage amount on time in accordance with the terms of the loan then the full MIR...

Written Answers — Department of Finance: NAMA Accounts (17 Jul 2014)

Michael Noonan: I am advised by NAMA, that as at 30th June 2014, NAMA had cash and cash equivalents of approximately €3 billion earning an average rate of 0.04%.  €1.7 billion of this balance was invested in Irish Exchequer notes with a maturity of less than two months. €1 billion collateral was placed with the NTMA through a CSA (Collateral Support Annex) on foot of derivatives...

Written Answers — Department of Finance: National Treasury Management Agency Bond Issues (17 Jul 2014)

Michael Noonan: Irish Amortising Bonds were launched in 2012 in response to demand from the Irish domestic pensions industry. The National Treasury Management Agency has advised that there is currently €1.4 billion issued. The NTMA operates an open window of supply of these bonds as demand arises from the industry.

Written Answers — Department of Finance: National Pensions Reserve Fund Administration (17 Jul 2014)

Michael Noonan: I am informed by the National Treasury Management Agency (NTMA), the manager of the National Pensions Reserve Fund (NPRF), that the discretionary portfolio of the NPRF was valued at €6.9 billion as at 31 March 2014,  of which cash balances amounted to €2.7bn. The legislative proposals to establish the Ireland Strategic Investment Fund (ISIF) which will absorb...

Written Answers — Department of Finance: Tax Yield (17 Jul 2014)

Michael Noonan: I am informed by the Revenue Commissioners that the forecast revenue from Carbon Tax and associated estimated VAT in respect of each commodity in 2014 is as shown in the following table. Carbon Tax receipts to end June 2014 are €208m. 2014 Forecast Estimated Carbon (€m) Estimated Associated VAT (€m) Total (€m) Auto Diesel 146.67 3.37 150.05 Petrol 65.20...

Written Answers — Department of Finance: State Bodies (17 Jul 2014)

Michael Noonan: The NTMA is designated as the State Claims Agency (SCA) when performing the claims management and risk management functions delegated to it under the National Treasury Management Agency (Amendment) Act, 2000. The SCA's principal objectives are: - To ensure that the State's liabilities in relation to personal injury and property damage claims, and the expenses of the SCA in relation to...

Written Answers — Department of Finance: Tax Yield (17 Jul 2014)

Michael Noonan: I am informed by the Revenue Commissioners that the yield in 2013 from Stamp Duty on residential property sales was €65.5 million and on non-residential property sales was €86.9 million. It is not possible to separately identify commercial property from within the broader non-residential category.

Written Answers — Department of Finance: Departmental Programmes (17 Jul 2014)

Michael Noonan: The purpose of the cycle to work scheme is to encourage more employees to cycle to and from work, or between work places, thereby contributing to lowering carbon emissions, reducing traffic congestion and improving health and fitness levels. Under the scheme an employer may provide an employee with a bicycle and/or cycle safety equipment without the employee being liable for benefit-in-kind...

Written Answers — Department of Finance: IMF Loan Issues (17 Jul 2014)

Michael Noonan: The IMF is a quota-based institution.   Each member is assigned a quota, broadly based on its size relative to the world economy. A member's quota determines its maximum financial commitment to the IMF, as well as its voting power, and has a bearing on its access to IMF financing. Quotas are denominated in Special Drawing Rights, the IMF's unit of account. Ireland's IMF quota is...