Results 24,481-24,500 of 27,019 for speaker:Michael Noonan

Written Answers — National Asset Management Agency: National Asset Management Agency (12 Jul 2011)

Michael Noonan: The position in relation to the number and value of loans transferred to NAMA on a bank by bank basis as at 31st December 2010 is set out in the table. This information is provided in the NAMA Quarterly reports which are laid before the Oireachtas and published on the NAMA website on a quarterly basis. At the end of Quarter 4 2010, NAMA reported a figure of 23% of the overall Portfolio as...

Written Answers — Tax Code: Tax Code (12 Jul 2011)

Michael Noonan: The Finance (No. 2) Act 2011 provided for a second reduced VAT rate, of 9%, on a temporary basis in respect of certain services and goods for the period 1 July 2011 to end 2013. Businesses must account for VAT at the 9% rate on these specified goods and services provided by them on or after 1 July 2011. Where the goods and services are supplied to another VAT-registered business a VAT...

Written Answers — Tax Code: Tax Code (12 Jul 2011)

Michael Noonan: I propose to take Questions Nos. 92 and 93 together. I am informed by the Central Statistics Office that the CSO institutional accounts do not give an indication of the number of households or persons classified by the categories of wealth they hold. These statistics are based on aggregate information collected from financial institutions and do not contain the demographic details which...

Written Answers — Tax Code: Tax Code (12 Jul 2011)

Michael Noonan: I propose to take Questions Nos. 94 and 95 together. I am advised by the Revenue Commissioners that the estimated full year yield to the Exchequer, estimated by reference to 2011 incomes, of a 1% point increase in the top rate of income tax for those single and widowed individuals with incomes over €100,000 and married couples with incomes over €200,000 as referred to by the Deputy would...

Written Answers — Tax Code: Tax Code (12 Jul 2011)

Michael Noonan: The costs of the provision of certain free or subsidised childcare facilities by employers were exempt from a benefit-in-kind charge on the employees that availed of such facilities. This exemption was abolished in the recent Budget and Finance Bill 2011. This relief was introduced in 1999 to encourage employers to invest in childcare facilities and thus increase the overall supply of...

Written Answers — EU-IMF Programme: EU-IMF Programme (12 Jul 2011)

Michael Noonan: The Government is taking every appropriate opportunity to raise the issue of the interest rate charged on the EU/IMF Programme funds and to press our case for a reduction in the rate. In my recent engagements with Troika senior officials I raised the issue of programme pricing. I have also continued to do so at every suitable opportunity at EU level. The Government is prepared to discuss...

Written Answers — Tax Code: Tax Code (12 Jul 2011)

Michael Noonan: VAT is applied on the value added on the supply of goods and services. VAT rates are not specific to business sectors, unless a sector deals in one particular good or service. The goods and services to which the 9% VAT rate applies are those, and only those, listed in paragraphs 3(1) to (3), 7, 8, 11, 12, and 13(3) of Schedule 3 of the VAT Consolidation Act 2010. Examples of such goods and...

Written Answers — Tax Yield: Tax Yield (12 Jul 2011)

Michael Noonan: Tax revenue in 2010 amounted to €31.8 billion. Tax revenue in 2011 is estimated at €34.9 billion. The Deputy should be aware that tax revenues are generally not assigned to particular areas of expenditure but rather are available, along with other sources of revenue such as non-tax revenue, capital receipts and Exchequer borrowing, to fund overall expenditure. € billion...

Written Answers — National Asset Management Agency: National Asset Management Agency (12 Jul 2011)

Michael Noonan: Under section 42(1) of the National Asset Management Agency Act 2009, the NTMA assigns staff to NAMA as necessary for the performance by NAMA of its functions under the Act. All staff assigned to NAMA are NTMA employees. The NTMA also provides NAMA with business and support services and systems. The legislation which established the NTMA in 1990 deliberately positioned it outside of the...

Written Answers — Banking Sector Staff: Banking Sector Staff (12 Jul 2011)

Michael Noonan: I propose to take Questions Nos. 101 and 102 together. These institutions – namely Anglo Irish Bank and Irish Nationwide Building Society (INBS) which have been merged with effect from 1 July 2011 – have been managed to date on an arms-length basis and the new merged entity will continue likewise, notwithstanding the Government's shareholding in both institutions, as is appropriate....

Written Answers — Banks Recapitalisation: Banks Recapitalisation (12 Jul 2011)

Michael Noonan: The Deputy will be aware that the Minister is pursuing a strategy which has been well exposed and fully communicated, involving a significant downsizing of the Government supported banking sector and the creation of two Government supported universal domestic pillar banks. With the exception of the merged Anglo Irish Bank and INBS where the matter remains open, burden sharing with the senior...

Written Answers — Consultancy Contracts: Consultancy Contracts (12 Jul 2011)

Michael Noonan: In response to the Deputy's question, Goldman Sachs has not been retained professionally by my Department. The National Treasury Management Agency (NTMA) appointed Goldman Sachs International, following a competitive tender process involving a number of advisory firms, as advisors as part of its Banking Unit's involvement in overseeing the capital raising exercise of the four financial...

Written Answers — Tax Code: Tax Code (12 Jul 2011)

Michael Noonan: I am advised by the Revenue Commissioners that they will be able to provide a full breakdown of Personal Fund Threshold (PFT) applications received and certificates issued when all of the applications have been processed. Each case has to be examined individually to ascertain the correct PFT amount and Revenue are still working through the applications. In view, amongst other things, of the...

Written Answers — Drug Seizures: Drug Seizures (12 Jul 2011)

Michael Noonan: I propose to take Questions Nos. 106 and 107 together. The Customs Service of the Revenue Commissioners has primary responsibility for the prevention, detection and seizure of controlled drugs at importation. It has particular responsibility for implementing import controls at points of entry to the State, specifically at ports and airports, including licensed airfields, and on the land...

Written Answers — Credit Availability: Credit Availability (12 Jul 2011)

Michael Noonan: The Deputy may be aware that under the terms of the government recapitalisation, both pillar banks produce a quarterly report which incorporates figures for balance sheet volumes, sanctions and drawdowns by SMEs. The data contained in these reports will continue to be reviewed and analysed by my Department and the Credit Review Office to ensure that the banks are compliant with the terms of...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (12 Jul 2011)

Michael Noonan: The financial institutions to which the Deputy refers are independent economic entities with various levels of state ownership. Employees of the institutions are not public servants for the purposes of the Financial Emergency Measures in the Public Interest Act 2009. As I said in my reply to question 19918/11, I will ask the institutions to write to the Deputy to provide the information on...

Written Answers — Tax Collection: Tax Collection (12 Jul 2011)

Michael Noonan: I have been advised by the Revenue Commissioners that the taxpayer in question has been the subject of an ongoing Revenue audit. In September 2010 the taxpayer's agent agreed a basis for settlement with the Revenue auditor – essentially involving the set off of underpaid tax, interest and penalty against relevant contracts tax credits, with a small balance to be refunded. At that meeting,...

Written Answers — Financial Services Regulation: Financial Services Regulation (12 Jul 2011)

Michael Noonan: I have been advised by the Central Bank that it does not comment on its supervisory activities in respect of individual regulated financial institutions. This rule applies in the case of the institution mentioned by the Deputy. However, the Deputy may wish to note that the Central Bank engages regularly with mortgage lenders on supervisory issues and carries out inspections as part of its...

Written Answers — Loan Facility Agreements: Loan Facility Agreements (12 Jul 2011)

Michael Noonan: I propose to take Questions Nos. 112 and 113 together. The bilateral loan agreement between Ireland and the UK was signed on 22 December 2010. At this point, no funds have yet been drawn down under the agreement. The agreement provides that the interest rate on the amounts drawn down will be based on the Sterling Pound mid-market semi-annual swap rate at the time of drawdown plus a margin of...

Written Answers — Loan Facility Agreements: Loan Facility Agreements (12 Jul 2011)

Michael Noonan: The bilateral loan agreements with Denmark and Sweden have not yet been signed. Discussions on the terms and conditions are continuing. The interest rate on each will be based on the 3-month Euribor interest rate, a market reference rate of good standing, plus a margin yet to be agreed.