Results 15,301-15,320 of 27,019 for speaker:Michael Noonan

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...

Written Answers — Department of Finance: Bank Guarantee Scheme Administration (3 Jul 2013)

Michael Noonan: The Deposit Guarantee Scheme (DGS) protects depositors in the event of a bank, building society or credit union authorised by the Central Bank of Ireland being unable to repay deposits. Deposits up to €100,000 per person per institution are protected. The DGS is administered by the Central Bank of Ireland and is funded by the credit institutions covered by the scheme. Each...

Written Answers — Department of Finance: Economic Data (3 Jul 2013)

Michael Noonan: The figures published last week by the CSO show that GDP contracted by -0.6 per cent quarter-on-quarter in the first quarter of 2013 and by -0.9 per cent year-on-year. Almost all components of domestic demand contracted in year-on-year terms in the first quarter. Private consumption was down -1.6 per cent, partly due to low car sales. Investment fell -19.8 per cent as there were fewer...

Written Answers — Department of Finance: Bond Redemption (3 Jul 2013)

Michael Noonan: I have been advised by the Central Bank that the portfolio of Government bonds now held by the Bank following the liquidation of IBRC will be sold as soon as possible, provided conditions of financial stability permit. The Bank has, however, undertaken that a minimum amount of bonds will be sold in accordance with the following schedule: to end 2014 (€0.5bn), 2015-2018 (€0.5bn...

Other Questions: Banking Sector Remuneration (2 Jul 2013)

Michael Noonan: I propose to take Questions Nos. 69 and 102 together. As I have explained in previous responses to questions on this matter, discussions are ongoing at three banks - AIB, Band of Ireland and Permanent TSB - in response to the Government's decision that they were to come up with plans on how they intended to achieve savings of 6% to 10% of total remuneration costs. It was an inescapable...

Other Questions: Banking Sector Remuneration (2 Jul 2013)

Michael Noonan: I have asked that payroll costs be reduced by between 6% and 10%. I am interested in reducing the cost base of the banks for all of the reasons of which everyone is aware. I am not as interested in retribution or vengeance as Deputy Pearse Doherty. That is a different objective. We have received the first round of replies from the banks. These deal with a range of issues. The banks are...

Other Questions: Economic Growth Initiatives (2 Jul 2013)

Michael Noonan: Among the practical examples which would help Ireland is first of all the commitment to complete the single market. It is approximately 80% complete and for the remaining 20% the financial services sector particularly is inhibited by different rules and regulations in different member states. The fact that Ireland in this Presidency cleared 11 finance folios, most of them in the financial...

Other Questions: Economic Growth Initiatives (2 Jul 2013)

Michael Noonan: On Deputy Michael McGrath's point, the European Investment Bank is engaged in quite a lot of activity, for example, a bundle of schools is being completed, co-financed with the EIB. European Investment Bank money is also funding the separation of traffic at Newlands Cross and the continuation of the road to Wexford. It is assessing the project for the health centres at the moment. That...

Other Questions: Strategic Investment Fund Management (2 Jul 2013)

Michael Noonan: The NPRF is already investing so there is no question of it being delayed along the lines suggested by the Deputy. However, it is investing on the basis of a kind of letter of comfort that I issued to it to allow it to get ahead of the legislation. That must be a temporary arrangement and it needs to be put on a statutory basis. The legislation has gone through the Government at heads...

Other Questions: Economic Growth Initiatives (2 Jul 2013)

Michael Noonan: A number of initiatives are being implemented at EU level to boost growth. The cumulative impact of all these measures will be positive in terms of supporting economic activity in the EU at this difficult juncture. For instance, Heads of State or Government in the EU agreed on a compact for growth and jobs in June last year. This involves action by both member states themselves and at EU...

Other Questions: Strategic Investment Fund Management (2 Jul 2013)

Michael Noonan: As recently announced, the Government has decided to establish the Ireland strategic investment fund, ISIF, which will absorb National Pensions Reserve Fund, NPRF. The discretionary fund of the NPRF of approximately €6.4 billion will be channelled towards productive investment on commercial terms in the Irish economy. Officials of my Department are currently preparing the necessary...

Other Questions: Strategic Investment Fund Management (2 Jul 2013)

Michael Noonan: If we were to build a road between Cork and Limerick, the Department of Public Expenditure and Reform would have to put it down as a proposal. The NPRF would assess it on commercial grounds and if it were commercially viable, it could make the cut. If it were not, it would not make the cut. The initiation might be on the political policy side but the decision would be on commercial...