Results 20,001-20,020 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: NAMA Debtor Agreements (10 Oct 2012)

Michael Noonan: I am advised by the National Asset Management Agency (NAMA) that information relating to its debtors and to properties within their control is, within the meaning of Sections 99 and 202 of the NAMA Act 2009, confidential and that it is therefore precluded from disclosing such information to third parties. In the case of property under the control of debtors, NAMA is precluded, under Section...

Written Answers — Department of Finance: Departmental Legal Costs (10 Oct 2012)

Michael Noonan: My Department has a budget of €6.6m for Consultancy & Other Costs in 2012, which includes costs relating to the provision of legal advice. The actual outturn is expected to be substantially less than this figure because of the ongoing focus on managing these contracts, negotiating reductions and ensuring value for money. Current expectations are that the year end cost of legal...

Fiscal Responsibility Bill 2012: Order for Second Stage (9 Oct 2012)

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

Fiscal Responsibility Bill 2012: Second Stage (9 Oct 2012)

Michael Noonan: I move: "That the Bill be now read a Second Time." I thank the House for agreeing to discuss this Bill today. As Deputies will be aware, the Irish people voted to ratify the stability treaty or, to give it its full title, the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union, in a referendum held on 31 May 2012. The aim of the stability treaty is to...

Written Answers — Department of Finance: Tax Code (9 Oct 2012)

Michael Noonan: I am informed by the Revenue Commissioners that Relevant Contracts Tax (RCT) is a withholding tax system that operates in the construction, forestry and meat processing sectors. Principal contractors are defined in the legislation (section 530A of the Taxes Consolidation Act 1997) as including “any board or body established by or under statute … and funded wholly or mainly out...

Written Answers — Department of Finance: Bank Debt Restructuring (9 Oct 2012)

Michael Noonan: As the Deputy will be aware, the Irish banks were required to raise €24.0bn in capital following the 2011 Prudential Capital Assessment Review (PCAR) in order to remain above a minimum capital target of 10.5% Core Tier 1 in the base scenario and 6% Core Tier 1 in the stress Scenario. The Central Bank made its decision on required recapitalisation based on loan-loss projections along...

Written Answers — Department of Finance: Haulage Industry Regulation (9 Oct 2012)

Michael Noonan: I propose to take Questions Nos. 140 and 160 together. As the Deputy is aware a working group was set up between officials of my Department, the IRHA and members of the Oireachtas. This working group had a series of meetings to discuss issues of concern to the haulage industry including the matter of an essential users rebate. I have recently received a submission from the group and I am...

Written Answers — Department of Finance: Illicit Trade in Tobacco (9 Oct 2012)

Michael Noonan: The Revenue Commissioners are responsible for the collection of tobacco products tax, and for tackling the illicit trade in cigarettes and tobacco products. They attach a high priority to this area, and they continuously review their response to the problem and their effectiveness in tackling the illicit tobacco trade. In 2010, Revenue established a high-level internal group, chaired at...

Written Answers — Department of Finance: State Debt (9 Oct 2012)

Michael Noonan: Using the Central Bank’s Quarterly Financial Accounts (Q1 2012) – Table 8.1b - total liabilities outstanding of households and non-profit institutions serving households, and the gross national product (GNP) figure for the year up to the end of the first quarter of 2012, household debt stood at 148 per cent of GNP at the end of the first quarter of 2012. Using the Central...

Written Answers — Department of Finance: Public Sector Increment Payments (9 Oct 2012)

Michael Noonan: I propose to take Questions Nos. 143 and 144 together. I have been informed by the Central Bank that as at both 31st December 2011 and 30th September 2012, the Central Bank of Ireland had five employees whose annual salary, including non-discretionary payments in cash, was in excess of €200,000 per annum. Under the Central Bank Act 1942 and the Statute of the European System of...

Written Answers — Department of Finance: NAMA Staff Recruitment (9 Oct 2012)

Michael Noonan: I am advised that the National Treasury Management Agency (NTMA) has incurred recruitment costs in respect of employees assigned to the National Asset Management Agency (NAMA) of €316,000 during 2011 and €197,000 for the nine months ending 30 September. Such recruitment costs include fees paid to recruitment agencies, pre-employment medical tests and psychometric testing, and...

Written Answers — Department of Finance: NAMA Accounts (9 Oct 2012)

Michael Noonan: The details sought by the Deputy are set out in NAMA's Section 55 Quarterly Accounts for the three months ending 30th June 2012, which are currently being considered by Government and will be laid before the Houses of the Oireachtas in due course.

Written Answers — Department of Finance: NAMA Accounts (9 Oct 2012)

Michael Noonan: I am advised by the National Asset Management Agency (NAMA) that it does not publish estimates of financial outturn prior to the closure of accounts and the production of the statement of accounts. In this regard, NAMA advises that the year-end provisioning exercise can only be completed by reference to the loan balance at 31st December 2012 and circumstances that will pertain at that...

Written Answers — Department of Finance: NAMA Staff Remuneration (9 Oct 2012)

Michael Noonan: I am advised by the National Asset Management Agency (NAMA) that it does not currently operate what the Deputy describes as a "long-term incentive plan" as part of its remuneration package offered to employees.

Written Answers — Department of Finance: VAT Rebates (9 Oct 2012)

Michael Noonan: I propose to take Questions Nos. 149 to 151, inclusive, together. The Directive stipulates that the Member State of refund shall notify the applicant of its decision to approve or refuse the refund application within four months of its receipt by that Member State. It also provides for an extension of the timeframe for a decision for a period of up to eight months depending on whether...

Written Answers — Department of Finance: VAT Rates Increases (9 Oct 2012)

Michael Noonan: I am informed by the Revenue Commissioners that the amount of VAT collected at the higher rate for the years 2007 to 2011 is set out in the following table. VAT collected at the standard rate of 23% Year Yield at higher Rate €m 2007 8,104 2008 8,113 2009 6,948 2010 6,364 2011 6,047 Precise figures for the breakdown of VAT receipts by tax rate are not available...

Written Answers — Department of Finance: Property Taxation Application (9 Oct 2012)

Michael Noonan: The Government decided in July that the Revenue Commissioners should administer the forthcoming property tax. I am advised by the Revenue Commissioners that they are actively planning for the implementation of the tax. This includes preparing a specification for the operation of the tax, assessing the impact on Revenue systems of its implementation, assessing the IT and other infrastructure...

Written Answers — Department of Finance: NAMA Receivers (9 Oct 2012)

Michael Noonan: As the Deputy is aware NAMA's expectation is that over its projected ten-year life, it will redeem, at minimum, the Senior Bonds issued as consideration for acquired loans in addition to recovery of its carry costs and the working and development capital expenditure it has advanced to debtors. I have no reason to doubt the Agency's view that it will achieve its targets over its lifetime.

Written Answers — Department of Finance: Programme for Government Implementation (9 Oct 2012)

Michael Noonan: The Programme for Government contains 54 commitments within the remit of the Department of Finance and significant progress has been made in implementing these commitments: 27 commitments have been implemented, 21 are on-going or underway, one is now a matter for the independent Fiscal Council, while 5 are under review or cannot be introduced in the manner in which they are stated in the...

Written Answers — Department of Finance: Tax Code (9 Oct 2012)

Michael Noonan: I am informed by the Revenue Commissioners that the full year cost to the Exchequer, estimated by reference to 2013 incomes, of increasing the standard rate band for single income married couples and one parent families to the threshold of €65,600 which currently operates for dual income married couples, would be approximately €695 million. However, given the current band...