Results 24,901-24,920 of 27,019 for speaker:Michael Noonan

Written Answers — Tax Code: Tax Code (15 Jun 2011)

Michael Noonan: I cannot say what the precise impact of the pension levy will be on Defined Benefit schemes or other schemes, as this depends on whether and to what extent pension fund trustees and Life Offices decide to pass on the levy to active, deferred and retired members of schemes, given the particular circumstances of the pension funds or pension plans that they are responsible for. In that regard, I...

Written Answers — Public Service Remuneration: Public Service Remuneration (15 Jun 2011)

Michael Noonan: As regards the terms provided previously to Chief Executive Officers of non-commercial semi-State bodies, this Department's letter of 26 May 1998 giving delegated sanction to line Departments to apply the terms of that letter, including added years under certain conditions, was withdrawn on 4 February 2010. A new Bill will be published shortly which will provide for a new pension accrual...

Written Answers — Tax Code: Tax Code (15 Jun 2011)

Michael Noonan: The changes to stamp duty rates, reliefs and exemptions brought into effect by Budget 2011 apply to all instruments executed on or after 8 December 2010. There is also a transitional measure in place for circumstances where the effect of these changes is to increase the stamp duty payable on the transaction. Stamp duty can be paid under the old regime where a binding contract is in place...

Written Answers — Tax Code: Tax Code (15 Jun 2011)

Michael Noonan: I propose to take Questions Nos. 134, 135, 136 and 137 together. Arising from amendments introduced on Committee Stage to the Finance (No 2) Bill 2011 (as now passed by the Dáil), a number of changes have been made to the way in which it is proposed that the pension levy will operate. The main changes are considered necessary to facilitate a more efficient implementation and collection...

Written Answers — Departmental Recruitment: Departmental Recruitment (15 Jun 2011)

Michael Noonan: As the Deputy is aware, the proposal to appoint a Chief Information Officer was approved by the previous Government in 2010 but no appointment had been made before the election. The matter of a Chief Information Officer may be considered as part of a package of measures to drive the ambitious public service reform programme.

Written Answers — National Assets Management Agency: National Assets Management Agency (15 Jun 2011)

Michael Noonan: NAMA has a commercial remit and a statutory objective to generate a return for the taxpayer. However, within the context of its commercial remit and consistent with section 2 of the National Asset Management Agency Act 2009, NAMA is at all times open to considering proposals aimed at contributing to broader social and economic objectives. Thus NAMA is open to facilitating the work of public...

Written Answers — Tax Code: Tax Code (15 Jun 2011)

Michael Noonan: I am advised by the Revenue Commissioners that a person who inherits land does not incur a stamp duty liability. However, a stamp duty liability would arise where a person receives a gift of land, in which case the stamp duty is chargeable on the deed of transfer of the lands. As stamp duty is a tax on instruments, it is not possible to stamp a deed of transfer without payment of the duty.

Written Answers — Pension Provisions: Pension Provisions (15 Jun 2011)

Michael Noonan: On the issue of the pension-related deduction in the public service, the bodies included in the Schedule to the Financial Emergency Measures in the Public Interest Act 2009 (being bodies to which the definition of "public service body" does not apply) have a commercial remit. Because of this, their pay and pensions are not funded by the Exchequer and it was not considered to be appropriate...

Written Answers — Tax Code: Tax Code (15 Jun 2011)

Michael Noonan: The matter raised relates to a general concern about the basis for paying preliminary tax before the end of the tax year. I am informed by the Revenue Commissioners that there are a number of options available to self assessed taxpayers in relation to the payment of preliminary tax, in order to avoid the possibility of interest charges arising. In general, these are that the preliminary tax...

Written Answers — Grant Payments: Grant Payments (15 Jun 2011)

Michael Noonan: Budget 2011 reduced the Stamp Duty rate on residential property purchases while abolishing some reliefs and exemptions. This was done to help broaden the tax base and lower the rate of stamp duty for most purchasers. All purchasers of residential property under €1 million in value are now only liable for stamp duty at 1%. I have no plans at this time to reintroduce first time buyer...

Written Answers — Tax Code: Tax Code (15 Jun 2011)

Michael Noonan: The changes to stamp duty rates, reliefs and exemptions, brought into effect by Budget 2011, apply to all instruments executed on or after 8 December 2010. There is also a transitional measure in place, for circumstances where the effect of these changes is to increase the Stamp Duty payable on the transaction. Stamp Duty can be paid under the old regime where a binding contract is in place...

Written Answers — Tax Code: Tax Code (15 Jun 2011)

Michael Noonan: As requested by the Deputy's constituent the details of the matter have been passed to the relevant officials. The previous Government reduced the level at which interest repayments can be claimed against tax for residential rental properties from 100% to 75% in Budget 2009. The Programme for Government does not contain any specific proposal on the level of tax relief investors can claim on...

Written Answers — Departmental Staff: Departmental Staff (15 Jun 2011)

Michael Noonan: Department of Finance officials were made available to members of the opposition at the request of the Minister for Finance last year. These briefings were held throughout the month of October prior to the publication of the National Recovery Plan. However, there were no detailed formal briefings on the economic and fiscal outlook to members of the Fine Gael, Labour and Sinn Féin parties...

Written Answers — EU-IMF Programme: EU-IMF Programme (15 Jun 2011)

Michael Noonan: I propose to take Questions Nos. 150 and 151 together. At this point, no funds have yet been drawn down under the bilateral facilities. The UK facility was signed in December 2010. 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 2.29%. At the time that the UK loan facility agreement was...

Written Answers — EU-IMF Programme: EU-IMF Programme (15 Jun 2011)

Michael Noonan: The assessment of the impact of changes in the interest margin on our EU loans is based on a number of assumptions about the level of the reduction, the date on which it applies and the amount of the loan to which it applies. Each of these elements has been changing in the past number of months. Because of this, the figures provided for any interest rate reduction have been qualified by...

Written Answers — EU-IMF Programme: EU-IMF Programme (15 Jun 2011)

Michael Noonan: There is no automatic linkage between ECB interest rate changes and the interest rates charged by the EU and the IMF on their various loans to Ireland. In the case of the IMF, the Special Drawing Rights (SDR) interest rate is somewhat influenced by a European 3-month collateralised lending rate, EUREPO, which is correlated, but not linked, to the ECB interest rate. The other elements of the...

Written Answers — EU-IMF Programme: EU-IMF Programme (15 Jun 2011)

Michael Noonan: Under the Euro Area Loan Facility agreed for Greece in May 2010, stability support in the form of a joint Euro area/IMF financing package of €110 billion is being provided to Greece over a three-year period. Ireland contributed €345.7 million (net of a 50 basis points service charge) in respect of the first two tranches of the loan in 2010. Ireland withdrew from further participation in...

Written Answers — Banking Charges: Banking Charges (15 Jun 2011)

Michael Noonan: Under Section 149 of the Consumer Credit Act 1995 (as amended), credit institutions wishing to impose a new non-interest charge or increase an existing non-interest charge are required to notify these charges to the Central Bank. The Central Bank assesses each notification in accordance with the criteria laid down in legislation as follows: the promotion of fair competition between...

Written Answers — Credit Union Movement: Credit Union Movement (15 Jun 2011)

Michael Noonan: The Government's position with regard to the credit union sector is set out in the Programme for National Government 2011-2016 which recognises the importance of credit unions as a volunteer cooperative movement and distinguishes between them and other financial institutions. The Government has established a Commission on Credit Unions to review the future of the credit union movement and...

Written Answers — Credit Union Movement: Credit Union Movement (15 Jun 2011)

Michael Noonan: Credit unions maintain reserves to protect against the risk of unforeseen losses, ensure continuity and protect members' savings. All credit unions are required to maintain a minimum Total Regulatory Reserve of 10% of total assets. Credit union reserves are generated from the retained earnings of credit unions and do not include dormant accounts. Credit unions are currently not subject to...