Results 23,201-23,220 of 27,019 for speaker:Michael Noonan

Written Answers — Bank Guarantee Scheme: Bank Guarantee Scheme (22 Nov 2011)

Michael Noonan: The Central Bank does not comment on its consultations with the ECB. The Central Bank Act 1942 provides the statutory basis for the Bank to provide emergency liquidity assistance. Section 5B(d) provides the Bank with a general power to lend against security to credit institutions, which power may be exercised in pursuit of the Bank's financial stability objective provided by Section...

Written Answers — Bank Guarantee Scheme: Bank Guarantee Scheme (22 Nov 2011)

Michael Noonan: Exceptional Liquidity Assistance or ELA helps fund a large portion of IBRC's balance sheet. IBRC submitted a formal restructuring plan to the European Commission which was approved on the 29th June this year. This plan sets out in detail how the bank will be wound-down over a period of 10 years. Since then the Authorities and the State have identified measures which are expected to further...

Written Answers — Tax Code: Tax Code (22 Nov 2011)

Michael Noonan: The benefit in kind exemption in respect of the provision by employers of crèche facilities was provided for in section 120A of the Taxes Consolidation Act 1997. The removal of this exemption was announced in Budget 2011 and given effect to by section 7(1)(b) of Finance Act 2011. I am informed by the Revenue Commissioners that a dedicated meeting with representatives of the payroll...

Written Answers — Bank Guarantee Scheme: Bank Guarantee Scheme (22 Nov 2011)

Michael Noonan: The Central Bank does not comment on its discussions with the ECB in relation to these matters.

Written Answers — Banking Sector Regulation: Banking Sector Regulation (22 Nov 2011)

Michael Noonan: Information regarding the composition of the management teams of the relevant credit institutions is available on the respective company's websites through annual reports and updated press releases. However, for completeness, the current status of the management teams of each institution is presented below. The Executive Committee of AIB is currently comprised of the following...

Written Answers — Tax Reliefs: Tax Reliefs (22 Nov 2011)

Michael Noonan: Section 13 of Finance Act 2011 provided for income tax relief at the standard rate for expenditure incurred by individuals on a range of works carried out to improve the energy efficiency of residential premises situated in the State. The underpinning legislation for the scheme was subject to Commencement Order. However, that legislation, on review, was found to have flaws and would have...

Written Answers — Tax Collection: Tax Collection (22 Nov 2011)

Michael Noonan: I am advised by the Revenue Commissioners that a claim under the Value Added Tax (Refund of Tax) (No. 15) Order 1981 was received on 15 November 2011 from the Deputy on behalf of the claimant. This claim was returned on 16 November 2011 with a request for the required supporting documentation. On receipt of this documentation, the claim will be processed without delay.

Written Answers — Bank Guarantee Scheme: Bank Guarantee Scheme (22 Nov 2011)

Michael Noonan: The Bank does not comment on ELA operations, other than what is contained in its Monthly Statistics update and its Annual Report. All ELA operations conducted by the Bank are fully collateralised. Appropriate haircuts/discounts are applied with a view to ensuring that the Bank would not suffer any loss in the event of default on the loan assistance. The Bank has received formal comfort from...

Written Answers — Bank Guarantee Scheme: Bank Guarantee Scheme (22 Nov 2011)

Michael Noonan: The legal basis for the aforementioned guarantees made in favour of the Central Bank of Ireland derive from the Credit Institutions (Financial Support) Act 2008. Specifically the Minister for Finance is empowered under Section 6(1) of the Credit Institutions (Financial Support) Act 2008 to provide financial support in respect of the borrowings, liabilities and obligations of any credit...

Written Answers — Tax Code: Tax Code (22 Nov 2011)

Michael Noonan: The Finance Act 2011 contains legislation that, subject to a Ministerial Commencement Order, provides for the extension of betting duty to remote bookmakers and betting exchanges. The tax changes provided for in the Finance Act can only be implemented once the Betting (Amendment) Bill, which will provide for a regulatory and licensing regime, is enacted. The Betting (Amendment) Bill 2011 is...

Written Answers — Appointments to State Boards: Appointments to State Boards (22 Nov 2011)

Michael Noonan: In response to the Deputy's question Mr David Byrne was appointed Chairman of the National Treasury Management Agency Advisory Committee on 1 January 2008 for a period of 5 years. He receives a fee of €50,000 per annum. No other former Attorney General was appointed by me, or to my knowledge by any of my predecessors, to a State Board.

Order of Business (22 Nov 2011)

Michael Noonan: It is a made up story.

Written Answers — Tax Code: Tax Code (17 Nov 2011)

Michael Noonan: Any changes to the VAT code will be determined in the context of the upcoming Budget. You will appreciate that it is not normal practice to comment on Budget matters in advance.

Written Answers — Departmental Properties: Departmental Properties (17 Nov 2011)

Michael Noonan: The OPW which is part of the Department of Public Expenditure and Reform acts on behalf of the Department of Finance in relation to leasing of rental properties. The reply for my Department is included in the reply from the Department of Public Expenditure and Reform under PQ reference number 35255/11.

Written Answers — Tax Reliefs: Tax Reliefs (17 Nov 2011)

Michael Noonan: Section 482 of the Taxes Consolidation Act, 1997 provides for tax relief for expenditure incurred on the repair, maintenance or restoration of approved buildings or gardens. For a building or garden to be approved it must: be a building or garden which is intrinsically of significant scientific, historical, architectural or aesthetic interest, as determined by the Minister for...

Written Answers — EU-IMF Programme: EU-IMF Programme (17 Nov 2011)

Michael Noonan: The table below sets out the loans drawn down to date from each source under the EU-IMF programme of financial support for Ireland along with the interest rate for these loans. The interest rates reflect the interest rate margin reductions agreed recently in respect of loans from the European Financial Stability Facility (EFSF) and the European Financial Stabilisation Mechanism (EFSM). Table...

Written Answers — Tax Code: Tax Code (17 Nov 2011)

Michael Noonan: I am advised by the Revenue Commissioners that the estimated number of income earners who are exempt from income tax is of the order of 820,000 which represents 38% of the total number of income earners based on projected 2011 incomes. The figures are estimates from the Revenue tax-forecasting model using actual data for the year 2009, adjusted as necessary to take account of the most recent...

Written Answers — Tax Code: Tax Code (17 Nov 2011)

Michael Noonan: It is estimated that the yield to the Exchequer from increasing the Deposit Interest Retention Tax (DIRT) rate from 27% to 30% would be around €50 million in a full year. This projection assumes no significant behavioural change by depositors or a change in interest rates applied by financial institutions to savings.

Written Answers — Tax Code: Tax Code (17 Nov 2011)

Michael Noonan: The principle of the Universal Social Charge (USC) is that it applies on a wide base with no special exemptions. The USC already applies to income from dividends and rental income and excludes Social Welfare payments. Therefore, the largest type of income not included would be income from interest. I am advised by the Revenue Commissioners that the estimated full year yield to the...

Written Answers — Tax Code: Tax Code (17 Nov 2011)

Michael Noonan: The exemption from employee PRSI of employee contributions to occupational pension schemes and other pension arrangements was removed in Budget 2011 with effect from 1 January 2011 and legislated for in the Social Welfare Act 2010. Relief from employer PRSI for employee contributions to occupational pension schemes and other pension arrangements was reduced by 50% in Budget 2011, also from 1...