Results 10,781-10,800 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Banking Sector (8 Jul 2014)

Michael Noonan: The separate boards and management teams of IBRC (in Special Liquidation), Permanent TSB and the National Assets Management Agency retain the responsibility and the authority for determining the strategy and commercial decisions and conducting the day to day operations, including the sale of assets, and management of those legally separate institutions. In making such decisions the...

Written Answers — Department of Finance: Bank Restructuring (8 Jul 2014)

Michael Noonan: I propose to take Questions Nos. 187 and 188 together. It is a requirement of the EU Commission that, when a Restructuring Plan is agreed, an independent Monitoring Trustee is appointed. The role of the Monitoring Trustee is to ensure that each of the commitments included in the Restructuring Plan are being adhered to and within the agreed timelines, and to report to the EU Commission...

Written Answers — Department of Finance: Bank Restructuring (8 Jul 2014)

Michael Noonan: In accordance with its revised Restructuring Plan of July 2013, which allowed it to retain New Ireland, Bank of Ireland agreed to certain substitution measures including that relating to ICS. The specific ICS substitution measure required Bank of Ireland to sell the ICS distribution platform together with, at the option of the acquirer: Up to €1bn of...

Written Answers — Department of Finance: Banking Sector (8 Jul 2014)

Michael Noonan: I accept that the level of competition in the Irish banking sector has reduced as a result of the decisions by ACC, Danske Bank and Bank of Scotland (Ireland) to withdraw from the market. As the Deputy may be aware, towards the end of last year, my Department undertook an assessment of banks' fee income relative to peers in selected other jurisdictions and carried out a review of the...

Written Answers — Department of Finance: Property Taxation Data (8 Jul 2014)

Michael Noonan: I propose to take Questions Nos. 191 and 193 together. I am informed by the Revenue Commissioners that compliance data in relation to the Local Property Tax (LPT) is available broken down by city and county councils nationally and the most up to date figures for LPT collected in 2013 and 2014 were published on 16 April 2014 on the Commissioners' website at: . The report also provides a...

Written Answers — Department of Finance: Tax Credits (8 Jul 2014)

Michael Noonan: The Deputy may wish to note that the R and D Tax Credit was comprehensively reviewed in 2013, and the results can be viewed on the Department of Finance website. I am informed by the Revenue Commissioners that the annual tax expenditure associated with research and development tax credits in each year from 2008 to 2012, the latest year available, is as set out in the following table. Data...

Written Answers — Department of Finance: Ministerial Advisers Remuneration (8 Jul 2014)

Michael Noonan: Neither of the two special advisors appointed by me have salaries exceeding the relevant pay guidelines. Their salaries are in line with guidelines issued by the Department of Public Expenditure and Reform on the appointment of Ministerial staff. Name Salary at 30 June 2013 Salary from 1 July 2013 (post implementation of the Haddington Road Agreement) Mary Kenny €89,898...

Written Answers — Department of Finance: Departmental Correspondence (8 Jul 2014)

Michael Noonan: As the Deputy will be aware, my Department receives numerous contacts and submissions each year relating to policy matters. These include correspondence from regulated financial service providers on mortgage related issues, including mortgage indemnity insurance, and are dealt with by my officials. Mortgage Indemnity Insurance is a proposal that is currently being analysed by my Department...

Written Answers — Department of Finance: Central Bank of Ireland IT Operations (8 Jul 2014)

Michael Noonan: I have been informed by the Central Bank that, due to the manual nature of the legacy (Irish Pounds to EURO) exchange operations it is not possible to provide data per individual transaction. The transactions are bulked together prior to the posting of accounting entries. Information on the aggregate daily posted values of EURO settled by the Central Bank in exchange for Irish...

Written Answers — Department of Finance: Central Bank of Ireland (8 Jul 2014)

Michael Noonan: I am informed by the Central Bank that the total amount of Irish Pound notes and coins redeemed between 9 February 2002 - when they ceased to be legal tender -  and 30 June 2014 is €730m, consisting of €489m in respect of banknotes and €241m in respect of coins. As of 31 December 2002, notes to the value of €299.7 million were outstanding. A...

Written Answers — Department of Finance: Tax Credits (8 Jul 2014)

Michael Noonan: I propose to take Questions Nos. 198 and 199 together. The Deputy is advised that the Advisory Group on Tax and Social Welfare (AGTSW) are considering a range of tax and social welfare issues, with a view to increasing the incentives for individuals to return to work. I understand that one of the issues the Group have examined relates to refundable tax credits. It is expected that the...

Written Answers — Department of Finance: Tax Code (8 Jul 2014)

Michael Noonan: The rates of stamp duty which applied to non-residential property since 1997 are set out in the following tables. In Budget 2012 I introduced a  single  stamp duty rate of 2% in respect of non-residential property, which includes farmland as well as commercial and industrial buildings. This reduction was part of an overall budgetary strategy to encourage activity in the...

Written Answers — Department of Finance: Budget 2014 (8 Jul 2014)

Michael Noonan: The most recent fiscal forecast was contained in the Stability Programme Update published in April. This showed that, in broad terms, Ireland will run an underlying general government primary balance this year. The April 2014 SPU forecast a primary surplus in 2015. The next set of official forecasts will be published in the Budget book in October.

Written Answers — Department of Finance: Budget 2014 (8 Jul 2014)

Michael Noonan: Budget 2014 projected the total cash cost of servicing the National Debt in 2014 at €8,926 million. The bulk of debt servicing costs is made up of National Debt interest. The Budget 2014 estimate of National Debt interest in 2014 was €8,154 million. The other items comprising debt servicing are sinking funds and debt management expenses. These were estimated in Budget 2014...

Written Answers — Department of Finance: Structural Budget Balance (8 Jul 2014)

Michael Noonan: My Department maintains an open dialogue on the issue of estimation of the output gap for Ireland (and its associated implications for estimation of the structural budget balance) with members of the economics community, including the ESRI. The recent Quarterly Economic Commentary Special Article by Bergin and FitzGerald outlining the limitations of...

Written Answers — Department of Finance: Central Bank of Ireland (8 Jul 2014)

Michael Noonan: The Central Bank has advised me that pay-day lenders typically offer very short term loans to tide borrowers over until their next pay-day.  The representative APRs associated with these loans can be as high as 4,000 5,000 per cent.  Although a number of firms have approached the Central Bank in relation to offering pay-day loans in the Irish market, no such business model has...

Written Answers — Department of Finance: European Stability Programmes (8 Jul 2014)

Michael Noonan: The European Commission published the Alert Mechanism Report (AMR) for 2014 on 13 November 2013. The AMR is the starting point of the yearly cycle of the Macroeconomic Imbalance Procedure (MIP) and identifies the Member States for which further analysis in the form of an in-depth review (IDR) is needed. Given that Ireland was still in a macroeconomic adjustment programme, last...

Written Answers — Department of Finance: Dark Pool Trading (8 Jul 2014)

Michael Noonan: The Markets in Financial Instruments Directive ("MiFID")  - transposed into Irish law via the European Communities (Markets in Financial Instruments) Regulations 2007 - establishes a regulatory framework throughout the European Union for the provision of investment services in financial instruments, for the operation of regulated markets by market operators and also...

Written Answers — Department of Finance: Bank Branch Closures (8 Jul 2014)

Michael Noonan: I fully understand and appreciate the concerns of Ulster Bank customers and their employees at this announcement. The statement that there will be no additional job losses as a result of the announcement is to be welcomed. I understand that staff will be redeployed within the branch network. As I said in a reply to a previous question on this matter on 1 July, my officials have been in...

Written Answers — Department of Finance: Credit Availability (8 Jul 2014)

Michael Noonan: As the Deputy will be aware, the Taoiseach and Chancellor Merkel last year sought, when we were exiting the EU/IMF Programme, to specifically to find ways to reinforce Ireland's economic recovery by improving funding mechanisms for the real economy, including access to finance for Irish SMEs. The German Government asked KfW, the German development bank, to work with the German and Irish...