Results 7,641-7,660 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: National Treasury Management Agency (23 Apr 2015)

Michael Noonan: I am advised by the State Claims Agency, the name used by the National Treasury Management Agency when carrying out its claims and risk management functions, that it has not been possible to compile the information requested by the Deputy in the time available. I will  forward the information requested to the Deputy when it becomes available.

Written Answers — Department of Finance: IBRC Operations (23 Apr 2015)

Michael Noonan: As the Deputy is aware, the sale of the company referred to in the question was run by the company itself and their advisers.  In line with the relationship framework in place at the time IBRC were not required to consult with the Department or the Minister for Finance. IBRC was a creditor to the company who had an interest in the maximisation of proceeds from the sale of the...

Written Answers — Department of Finance: Banking Sector Remuneration (23 Apr 2015)

Michael Noonan: I propose to take Questions Nos. 70 to 72, inclusive, together. The relevant institutions referred to in your questions have provided me with the following information: AIB AIB Group Salary & Remuneration Data as at 31 December 2014 is available on the AIB Group website at: Bank of Ireland Bank of Ireland have informed me that the publicly available information in relation to...

Written Answers — Department of Finance: Banking Sector Remuneration (23 Apr 2015)

Michael Noonan: I propose to take Questions Nos. 73 to 75, inclusive, together. As the Deputy will be aware the Review of Remuneration Practices & Frameworks at the Covered Institutions (the "Mercer Report") was published by my Department on 12thMarch 2013. The following breakdown of total salary and remuneration appears on page 43 of that review. - AIB AIB BOI BOI Number of staff Salary...

Written Answers — Department of Finance: Banking Sector Staff (23 Apr 2015)

Michael Noonan: I propose to take Questions Nos. 76 to 78, inclusive, together. The number of staff employed by the banks at 31 December 2014 and 31 December 2012, on a full-time equivalent basis, were: Bank 31 December 2014 31 December 2012 Source Allied Irish Banks 11,047 13,429 Bank annual reports Bank of Ireland 11,086 13,091 Bank annual reports Permanent tsb 2,321 2,110 ...

Written Answers — Department of Finance: Home Renovation Incentive Scheme Eligibility (23 Apr 2015)

Michael Noonan: As the Deputy will be aware, the Home Renovation Incentive was introduced in Budget 2014 and will run until 31 December 2015. The incentive provides tax relief for homeowners by way of a tax credit at 13.5% of qualifying expenditure incurred on repair, renovation or improvement work carried out on a principal private residence. In the recent Budget I extended the scheme to...

Written Answers — Department of Finance: Living City Initiative (23 Apr 2015)

Michael Noonan: I propose to take Questions Nos. 80 and 81 together. The Deputy will be aware that the purpose of the Living City Initiative is to provide an urban regeneration incentive to certain areas of six cities, namely Cork, Dublin, Galway, Kilkenny, Limerick and Waterford, which are most in need of regeneration. Officials from my Department have held discussions with the relevant local...

Written Answers — Department of Finance: Mortgage Interest Rates (23 Apr 2015)

Michael Noonan: At the outset, I would like to confirm to the Deputy that the lending institutions in Ireland - including those in which the State has a significant shareholding - are independent commercial entities. As Minister for Finance, I have no statutory role in relation to regulated financial institutions setting interest rates. The mortgage interest rates that financial institutions...

Written Answers — Department of Finance: IBRC Operations (23 Apr 2015)

Michael Noonan: As part of Ireland's third review under the EU/IMF Programme of Financial Support, a report on which was published in September 2011, there were a number of conditions/actions to which Ireland committed. One of these was to develop a framework to govern the exercise of the State's ownership rights in the banks resulting from the capital injections, including to put in place relationship...

Written Answers — Department of Finance: Tax Compliance (23 Apr 2015)

Michael Noonan: I am advised by the Revenue Commissioners that the main focus of their compliance interventions has been the tax issues arising from the incorporation of medical consultants' businesses.  The tax risks identified include: - the purported disposal of goodwill by medical consultants to their controlled companies; - cross-charges being made between medical consultants and their controlled...

Written Answers — Department of Finance: IBRC Investigations (23 Apr 2015)

Michael Noonan: Upon the receipt of critical representations following the transaction, Department of Finance officials inquired about the transaction with IBRC management as part of their regular engagement. Following initial discussions, they agreed with IBRC's Chairman and CEO (on 31 May 2012) that they would review the available information on the transaction involving Siteserv in greater detail to...

Written Answers — Department of Finance: Tax Reliefs Eligibility (22 Apr 2015)

Michael Noonan: I propose to take Questions Nos. 58 and 59 together. I am informed by the Revenue Commissioners that the cost of the claims for tax relief on health expenses, which includes medical and dental expenses, in 2012 (the most recent tax year for which data are currently available), is estimated to be in the order of €134 million. Figures in relation to previous tax years are available on...

Written Answers — Department of Finance: Sovereign Debt (22 Apr 2015)

Michael Noonan: There are no proposals to legislate the actions of so called "vulture funds" in the case of sovereign debt crises. Ireland along with all Eurozone members now includes Collective Action Clauses (CAC) in the sovereign bonds it issues. Such clauses provide for a standardised mechanism for the renegotiation of the debt instruments in certain circumstances....

Written Answers — Department of Finance: Mortgage Interest Relief Eligibility (22 Apr 2015)

Michael Noonan: The decision on the approval of a mortgage for a borrower, which includes interest rate, is a commercial decision for the lending institution concerned. It is important that each lending institution is allowed to assess properly and independently the risks that it is considering when deciding to approve a loan. I do not interfere with such commercial decisions. Mortgage lending decisions...

Written Answers — Department of Finance: Credit Unions (22 Apr 2015)

Michael Noonan: I am advised by the Revenue Commissioners that credit unions that are registered, or deemed to be registered, under the Credit Union Act 1997 are exempt from Corporation Tax by virtue of section 219A of the Taxes Consolidation Act 1997.  Credit unions are not-for-profit member owned financial co-operatives funded primarily by member deposits and existing to attain the...

Written Answers — Department of Finance: Tax Reliefs Eligibility (22 Apr 2015)

Michael Noonan: Capital Acquisitions Tax (CAT) is the overall name for both Gift and Inheritance Tax. The tax is charged on the amount gifted to, or, inherited by, the beneficiary of the gift or inheritance. I am informed by the Revenue Commissioners that, for the purposes of CAT, the relationship between the person who provides the gift or inheritance (i.e. the disponer) and the person who receives the...

Written Answers — Department of Finance: Irish Water Expenditure (22 Apr 2015)

Michael Noonan: Further to Parliamentary Question No. 163 of 15 April 2015 the breakdown of income and expenditure utilised in the previous calculations regarding the impact of the current treatment of Irish Water can be summarised within the following table (all figures in €m): - 2014 2015 2016 Domestic Tariff 0 271 274 Non-domestic Revenue 248 229 240 Total Revenue 248 500 514 Opex (including...

Written Answers — Department of Finance: Disabled Drivers and Passengers Scheme (22 Apr 2015)

Michael Noonan: The legislation governing the Drivers & Passengers with Disabilities Scheme is contained in Section 92 of the Finance Act 1989 (as amended), Section 134(3) of the Finance Act 1992 (as amended) and Statutory Instrument No. 353 of 1994 (Disabled Drivers and Disabled Passengers (Tax Concessions) Regulations, 1994). Full details of the scheme, including the legislative criteria which...

Written Answers — Department of Finance: VAT Rate Application (22 Apr 2015)

Michael Noonan: I am advised by the Revenue Commissioners that the standard rate of VAT, currently 23%, which is the highest of the VAT rates, applies to the sale of machinery.  Therefore, there are no circumstances in which the VAT rate could be increased when machinery is sold. I would point out that the two-thirds rule mentioned by the Deputy applies to a supply of services where the value of the...

Written Answers — Department of Finance: Mortgage Interest Rates (22 Apr 2015)

Michael Noonan: As I stated previously in a reply to a question regarding this issue, the lending institutions in Ireland - including those in which the State has a significant shareholding - are independent commercial entities. I, as Minister for Finance, have no statutory role in relation to regulated financial institutions setting interest rates. The mortgage interest rates that financial...