Results 24,521-24,540 of 27,019 for speaker:Michael Noonan

Written Answers — Banking Sector Staff: Banking Sector Staff (7 Jul 2011)

Michael Noonan: I am informed by AIB that it currently employs 13,890 staff on a full time equivalents (fte) basis at end June 2011. This excludes the staff (slightly in excess of 600 ftes) being taken on under the just completed acquisitions of EBS. The Deputy will appreciate that it is not possible to give a number at this stage as to what the employment level will be post the restructuring and...

Written Answers — Banking Sector Staff: Banking Sector Staff (7 Jul 2011)

Michael Noonan: The most recent annual report of Bank of Ireland states that the average number of staff in the 12 month period ending 31 December 2010 was 14,284 based on full time equivalents. It is not possible at this stage to say the number expected to be employed at the end of the downsizing and deleveraging process.

Written Answers — State Banking Sector Remuneration: State Banking Sector Remuneration (7 Jul 2011)

Michael Noonan: The bank has informed my Department that there were no reductions to the basic pay of its Chief Executive or any of its senior management team in 2010, or to date. Anglo Irish Bank is being run on an arms length commercial basis and it is therefore a matter, in the first instance, for the Board of the bank to formulate and implement its remuneration policy subject to the overall framework...

Written Answers — Banking Sector Remuneration: Banking Sector Remuneration (7 Jul 2011)

Michael Noonan: The three members of the Group Executive Committee who were in situ in May 2009 have waived at least 10% of their basic salaries and this waiver is still in force. Details are published in the Bank's Annual Report for the year ended 31 December 2010. No reduction in basic salary has occurred for the remaining members of the Group Executive Committee and the Senior Executive Team in situ in...

Written Answers — Banking Sector Remuneration: Banking Sector Remuneration (7 Jul 2011)

Michael Noonan: I am advised by AIB that members of the senior management team took the appropriate reductions in pay arising from the CIROC recommendations and the terms of the Subscription Agreement of May 2009. No reductions in basic pay occurred in 2010 and to date in 2011 in respect of the senior management team other than one reduction to a member of the team to ensure on-going compliance with the...

Written Answers — State Agencies: State Agencies (7 Jul 2011)

Michael Noonan: Performance-related pay has been an integral part of the NTMA approach to remuneration, reflecting the approach to remuneration in the private sector organisations with which the NTMA competes for staff. At the same time, public sector organisations must operate having due regard to the wider public policy context, which includes general economic circumstances. Accordingly, it is my...

Written Answers — Financial Institutions Regulation: Financial Institutions Regulation (7 Jul 2011)

Michael Noonan: The information the Deputy has requested is not held by my Department. The financial institutions covered by the State Guarantee use consultants in respect of many aspects of their operations. The Department of Finance does not compile a list of these consultants. I do however expect the banks to continue to control and reduce their cost base and ensure that they achieve value for money...

Written Answers — Financial Institutions Regulation: Financial Institutions Regulation (7 Jul 2011)

Michael Noonan: The legal position is that any director appointed to the board of the covered institutions whether under the Credit Institutions (Financial Support) Scheme 2008 or otherwise is subject to the requirements of company law in relation to the discharge of their responsibilities as a company director. As such, the director is legally bound to act in what he or she believes are the interests of...

Written Answers — Deferred Interest Scheme: Deferred Interest Scheme (7 Jul 2011)

Michael Noonan: The Central Bank has advised me that the following lenders have notified the Bank of their decision/intention to implement the recommendation of a Deferred Interest Scheme (DIS) or a variation of it, as set out in the final report of the Expert Group on Mortgage Arrears and Personal Debt with the following effective dates: Mortgage Lender Effective Date Allied Irish Banks Final quarter of...

Written Answers — Exchequer Savings: Exchequer Savings (7 Jul 2011)

Michael Noonan: The Exchequer deficit in the first six months of the year, at €10.8 billion, was in line with my Department's expectations. Tax receipts in the period to end-June, at €15.3 billion, were almost 6% above the same period in 2010. They were however slightly below expectations with a shortfall of 0.7% or €115 million compared to profile being recorded in the first six months of the year....

Written Answers — Banks Recapitalisation: Banks Recapitalisation (7 Jul 2011)

Michael Noonan: As the correspondence the Deputy refers to is of a legal nature, I do not think it is appropriate for me to respond in any depth at this stage other than to state that a reply to the said correspondence was issued on 28 June 2011 and that the capital requirement set by the Central Bank of Ireland (CBI) for each credit institution the subject of the 31 March stress tests, including Irish Life...

Written Answers — Tax Collection: Tax Collection (7 Jul 2011)

Michael Noonan: I am advised by the Revenue Commissioners that they have been recently in contact with the person concerned in relation to a tax debt. Arising from that contact written confirmation is awaited from the person concerned of his specific financial circumstances. I am advised by Revenue that there are no imminent legal proceedings in regard to this matter. Subject to the person concerned...

Written Answers — Tax Collection: Tax Collection (7 Jul 2011)

Michael Noonan: I have been advised by the Revenue Commissioners that they have written to the person concerned advising him that forms P60 are issued by employers to their employees and he should contact his employer in this regard. The taxpayer has also been advised that if he experiences difficulties in relation to this matter he should contact Ms. Julie Miller, Kildare Revenue District, telephone 059...

Written Answers — Motor Taxation: Motor Taxation (6 Jul 2011)

Michael Noonan: I have been informed by the Revenue Commissioners that under Section 130 of the Finance Act 1992 (as amended) a "Mechanically propelled vehicle means a vehicle that (a) has been designed and constructed for road use (b) is, at the time of declaration for registration, in compliance with any measures taken to give effect in the State to any act of the European Communities relating to the...

Written Answers — Tax Code: Tax Code (6 Jul 2011)

Michael Noonan: The position is that a tax credit facility is not available in the circumstances outlined by the Deputy. The question of payment or non-payment between a contractor and sub-contractor for work done under a construction or other contract is entirely a matter between the contracting parties concerned.

Written Answers — State Borrowing: State Borrowing (6 Jul 2011)

Michael Noonan: To date, Ireland's nominal borrowings from the European Financial Stabilisation Mechanism and the European Financial Stability Facility under the EU-IMF Programme amount to €15.6 billion. Details of these loans, and the yields on the corresponding bonds issued by the EFSM and the EFSF, as supplied by the NTMA to my Department, are set out in the table: Lender Nominal Loan amount - €...

Written Answers — Tax Collection: Tax Collection (6 Jul 2011)

Michael Noonan: I have been advised by the Revenue Commissioners that the person in question is in receipt of a disability pension from her former employer, which is taxable. In order to bring the person's tax affairs up to date, Revenue will write to the taxpayer shortly to clarify the position.

Written Answers — Financial Services Regulation: Financial Services Regulation (6 Jul 2011)

Michael Noonan: I propose to take Questions Nos. 75 and 78 together. Following the State's investment of capital into Irish Nationwide Building Society, the Board of the Society was asked to identify and address the "legacy issues" of the Society and to co-operate with, where relevant, the appropriate regulatory or other authorities. To assist them in this work, the INBS Board engaged Ernst and Young and...

Written Answers — Tax Code: Tax Code (6 Jul 2011)

Michael Noonan: I propose to take Questions Nos. 76 and 77 together. I am advised by the Revenue Commissioners that the alcohol product produced by the company in question has been determined to be subject to the rate of Alcohol Products Tax that applies to spirits. An application from the company for Binding Tariff Information for customs purposes in respect of the product is under examination by the...

Written Answers — Liquor Licences: Liquor Licences (6 Jul 2011)

Michael Noonan: I am advised by the Revenue Commissioners that the last licence held by the taxpayer expired on the 30th September 2009 and was not renewed by him during the twelve month period ending 30th September 2010. A visit by a Revenue Official on the 8th September 2010 established that there was no licence in place and the taxpayer was advised to renew his licence on or before 30th September 2010....