Results 21,061-21,080 of 27,019 for speaker:Michael Noonan

Written Answers — Banking Sector Regulation: Banking Sector Regulation (6 Jun 2012)

Michael Noonan: As I noted to the House on 18 April 2012, the Bank's policy in relation to fees is a matter for the management and board of the institution. The Relationship Framework that was specified on 30 March 2012, as per the Memorandum on Economic and Financial Policies agreed with the EU Commission, the ECB and the IMF, defines the nature of the relationship between the Minister for Finance and...

Written Answers — Cash Reserves: Cash Reserves (6 Jun 2012)

Michael Noonan: Cash reserves and other balances held by the National Treasury Management Agency on behalf of the State at 31 March 2012 were as follows: NTMA Cash Reserves/other balances € billion Exchequer Account 13.26 Capital Services Redemption Account 0.03 Deposits 0.55 Housing Finance Agency Guaranteed Notes 3.86 Dormant Accounts Fund 0.14 Other Ministerial...

Written Answers — National Asset Management Agency: National Asset Management Agency (6 Jun 2012)

Michael Noonan: I am advised by NAMA the units to which the Deputy refers are under the control of NAMA debtors and receivers and I understand that the further breakdown sought by the Deputy is not currently available. As I stated in my response of 22 May {PQ 24849/12}, NAMA is currently engaged in an extensive analyses of the residential portfolio under the control of its debtors and receivers and this is...

Written Answers — National Asset Management Agency: National Asset Management Agency (6 Jun 2012)

Michael Noonan: I would like to thank the Deputy for the opportunity to clarify the statement made as part of the response to PQ 24847.12. As per my direction to NAMA in accordance with Section 14 of the NAMA Act 2009, the maximum maturity allowable on the Bond in question was 90 days. The €3.06 billion facility was drawn on the 3rd April 2012. However, as the Agency had been directed to enter a...

Written Answers — Departmental Funding: Departmental Funding (6 Jun 2012)

Michael Noonan: My Department has an allocation of €150k for capital for the 2012 Estimates year. It is envisaged that this capital will be used to fund relocation to a new premises as the lease on our 2-4 Merrion Row premises has expired. No funds have been drawn down to date. It is expected that the spend will take place during June/July 2012.

Written Answers — Tax Code: Tax Code (6 Jun 2012)

Michael Noonan: I am advised by the Revenue Commissioners that the VAT rating of goods and services is subject to the requirements of EU VAT law with which Irish VAT law must comply. While the EU VAT Directive and Irish VAT law provide for the possibility of applying a reduced rate of VAT to the supply of certain medical equipment this possibility does not extend to the supply or hire of continuous positive...

Written Answers — National Debt: National Debt (6 Jun 2012)

Michael Noonan: The National Debt is calculated by the National Treasury Management Agency and historical data is published on their website - http://ntma.ie/GovernmentDebt/historicalData.php. The table below sets out the National Debt for the years 1985 to 2011. The National Debt was €129.0 billion at end May 2012. Year Total EUR Million 1985 23,492 1986 27,440 1987 30,085 1988 31,250 1989...

Written Answers — National Asset Management Agency: National Asset Management Agency (6 Jun 2012)

Michael Noonan: NAMA has informed me that it has engaged accountants, solicitors and other professional advisors in its initial establishment, the acquisition of its loan portfolio and its ongoing operations. A breakdown of the fees in relation to the organisation in question are shown below. The analysis is based on fees invoiced to and paid by NAMA in the period from inception to 31 March 2012. Amounts...

Written Answers — Tax Code: Tax Code (6 Jun 2012)

Michael Noonan: I would point out that VAT is normally accounted for on the basis of invoices issued i.e. VAT is payable on the total sales invoiced in the relevant period, regardless of whether or not the trader has been paid for the supply in that period. However, the cash basis of accounting provides traders with the option to account for VAT on a cash receipts basis. This means that the trader is not...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (6 Jun 2012)

Michael Noonan: Irish government bonds held by each of the covered institutions are as follows: Irish Government Bonds - Year end 2011* Carrying Value AIB €5,217m BoI €4,222m IBRC €303m ILP €2,319m · Figure for BOI excludes €462m held in its life company · Figure for ILP excludes bonds held by Irish Life * Excludes promissory notes. Information beyond year end 2011 has not been...

Written Answers — State Banking Sector: State Banking Sector (6 Jun 2012)

Michael Noonan: As the Deputy is aware the Board of the bank is responsible for the day to day operation of the bank including the staffing, general pay rates and expenses incurred by bank staff in the performance of their duties. I have been informed by the bank that staff numbers and associated costs are detailed in the Bank's accounts on an annual and interim basis, the most recent being the 2011 Annual...

Written Answers — Electronic Payments System: Electronic Payments System (6 Jun 2012)

Michael Noonan: The funding of payments made by line Departments and Offices is organised through the Paymaster General's Office, which is part of my Department. Virtually all payments by Government Departments from their annual Votes are now made electronically. Since 2001 Departments have reduced the number of payable orders issued annually from 4.2 million to an expected 190,000 in 2012, which is a...

Written Answers — Motor Taxation: Motor Taxation (6 Jun 2012)

Michael Noonan: As the Deputy will be aware Budget 2012 announced a public consultation to review options for the improvement of VRT and Motor Tax revenue in future years, in the context of a fall in VRT yields from €1.4bn in 2007 to €387m in 2011. The closing date for receipt of submissions under the public consultation process was 1 March 2012. 34 submissions were received, 12 of which were from...

Written Answers — Tax Refunds: Tax Refunds (6 Jun 2012)

Michael Noonan: I have been advised by the Revenue Commissioners that reviews for 2008 and 2009 were issued on 10 August 2010 and 11 November 2010 respectively. These reviews were based on the information available at that time and included tax relief for interest paid as claimed. The Revenue Commissioners are now writing to the person concerned for additional information to enable them to review the...

Written Answers — Illegal Trade in Tobacco Products: Illegal Trade in Tobacco Products (6 Jun 2012)

Michael Noonan: I am informed by the Revenue Commissioners, who are responsible for the collection of tobacco products tax, and for tackling the illicit trade in cigarettes and tobacco products, that there is no internationally recognised method for precisely determining the amount of tax lost as a result of the illicit trade in cigarettes. However, a survey commissioned by Revenue and the Office of Tobacco...

Written Answers — EU-IMF Programme: EU-IMF Programme (6 Jun 2012)

Michael Noonan: I understand your question is intended to ascertain when the loans drawn down from the EU/IMF Programme will be repaid. I would first of all emphasise that the funds drawn down under both the EU/IMF programme and the bilateral loan agreements are not ring-fenced for particular uses and contribute alongside tax and other State revenues to meeting all calls on the Exchequer. However, the cost...

Written Answers — Irish Horseracing Industry: Irish Horseracing Industry (6 Jun 2012)

Michael Noonan: I am informed by the Revenue Commissioners that there are no specific statutory tax incentives for the horse racing and breeding industry. Before 1 August 2008, profits or gains from stallion fees were exempt from income tax and corporation tax, although all other profits from horse-breeding, such as the sale of yearlings, were always taxable. The exemption no longer applies to profits or...

Written Answers — Greyhound Industry: Greyhound Industry (6 Jun 2012)

Michael Noonan: I am informed by the Revenue Commissioners that there are no specific statutory tax incentives for the greyhound racing and breeding industry. Profits from stud greyhound service fees arising before 1 August 2008 were exempt from income tax and corporation tax. The exemption no longer applies to profits or gains arising on or after that date.

Written Answers — Casual Trading: Casual Trading (6 Jun 2012)

Michael Noonan: I am advised by the Revenue Commissioners that specific measures have been implemented to tackle hidden economy issues in the cash sector including casual trading markets. The threat to the Exchequer posed by the shadow economy is fully recognised by Revenue which puts a strong focus and concentration on those sectors that traditionally have been susceptible to shadow activity. Revenue's...

Written Answers — Tax Collection: Tax Collection (6 Jun 2012)

Michael Noonan: I am advised by the Revenue Commissioners that no trace of tax contributions can be found in respect of the person named. Should he wish to discuss tax matters he can telephone Frank Levey in Limerick Tax Office at 061 212800.