Results 13,401-13,420 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Banking Sector Issues (12 Dec 2013)

Michael Noonan: As specified in the relationship framework agreement between my Department and Bank of Ireland, it is the Board of the Bank who make decisions regarding day to day operational issues of the Bank. I must re-iterate that the Bank’s policy in relation to operations is a matter for the management and board of the institution. I have no role in the day-to-day commercial and operational...

Written Answers — Department of Finance: Banking Sector Investigations (12 Dec 2013)

Michael Noonan: As the Deputy will be aware since 2008 the banks in question have been subject to the 2011 PCAR and the recently completed Balance Sheet Assessment. Both of these exercises were conducted by the CBI and outside consultants and included a data integrity verification analysis that would have looked at the quality of the loan file data and documentation including security. Separately the banks...

Seanad: Credit Reporting Bill 2012: Second Stage (11 Dec 2013)

Michael Noonan: We have had a very constructive debate on the importance of the Credit Reporting Bill, which will create the legislative framework for a central repository of credit information to be known as the central credit register. The register will go some way to resolving what were identified as weaknesses in the Irish financial services industry by providing a tool which supports responsible...

Seanad: Credit Reporting Bill 2012: Second Stage (11 Dec 2013)

Michael Noonan: The Credit Reporting Bill 2012 will establish the legislative framework for the creation of a central repository of credit information to be known as the central credit register. A credit register is a database of credit information based on credit applications and agreements, which assists lenders in making informed lending decisions and the identification of high risk borrowers. The...

Written Answers — Department of Finance: Money Laundering (11 Dec 2013)

Michael Noonan: The proposed 4th EU Anti-Money Laundering Directive, currently being negotiated at the Council of the EU, will update and replace the 3rd EU Anti-Money Laundering Directive and reflect the views of Member States on the operation of the existing system. The Criminal Justice (Money Laundering and Terrorist Financing ) Act 2010 transposes the 3rd EU Anti-Money Laundering Directive into Irish...

Written Answers — Department of Finance: Tax Reliefs Eligibility (11 Dec 2013)

Michael Noonan: As stated in my reply to the Deputy on 17 October 2013, in accordance with the consultation requirements of section 469 of the Taxes Consolidation Act 1997, officials from my Department commenced a consultation process with the Department of Health in connection with this request. The process may take up to twelve weeks to conclude and my officials will contact the Deputy once a decision has...

Written Answers — Department of Finance: Tax Code (11 Dec 2013)

Michael Noonan: I am informed by the Revenue Commissioners that compensation paid by an authority exercising its compulsory purchase powers to acquire land is consideration in the hands of the disponer of the lands. Any chargeable gain arising on such a disposal is subject to capital gains tax, calculated in accordance with the Capital Gains Tax Acts. Where, in addition to compensation for the acquisition...

Written Answers — Department of Finance: Property Taxation Assessments (11 Dec 2013)

Michael Noonan: I am informed by Revenue that a key aspect of the work undertaken in regard to Local Property Tax (LPT) was the development of a comprehensive register of residential properties in the State. During the compiling of the Property Register matching difficulties were encountered when consolidating the various Government and non-Government data sources used, and as a consequence some properties...

Written Answers — Department of Finance: Tax Reliefs Cost (11 Dec 2013)

Michael Noonan: The following tables provide a breakdown of the estimated cost of tax and PRSI reliefs relating to private pension contributions for 2006, 2007, 2008, 2009 and 2010, the latest year for which the most up-to-date data is available. Figures of the numbers availing of the tax reliefs are also provided, where available. Tax relief on employee or individual contributions is allowed at the...

Written Answers — Department of Finance: Tax Reliefs Cost (11 Dec 2013)

Michael Noonan: Approved Retirement Funds (ARFs) form part of the regime of flexible options on retirement first introduced in 1999. ARFs are not pension schemes per se. They are investment options into which the proceeds of certain pension arrangements can be invested on retirement. Under the "ARF option", individuals are entitled to take their retirement lump sum and, with the balance of their pension...

Written Answers — Department of Finance: Property Taxation Administration (11 Dec 2013)

Michael Noonan: I am informed by Revenue that a key aspect of the work undertaken on the Local Property Tax (LPT) was the development of a comprehensive register of residential properties in the State, which included the consolidation of various Government and non-Government data sources. Part of the development also included a link with Revenue's e-Stamping system, which facilitates a direct update of...

Written Answers — Department of Finance: Tax Code (11 Dec 2013)

Michael Noonan: I am advised by the Revenue Commissioners that the material supplied by the Deputy does not contain all of the details required in order to provide a reply to the queries raised. At the very least, it would be necessary to examine the terms of the person's mother's will as well as the terms of the Agreement in relation to the sale of the house and the giving of a 1/5th share in the house in...

Written Answers — Department of Finance: Tax Code (11 Dec 2013)

Michael Noonan: I am informed by the Revenue Commissioners that there are no provisions within our tax code that provide preferential income tax, universal social charge (USC), domicile levy, capital gains tax (CGT) or capital acquisitions tax (CAT) treatment to non-residents. The tax treatment of non-residents in Ireland is in line with the position prevailing in many other jurisdictions. The general...

Written Answers — Department of Finance: Defined Benefit Pension Schemes (11 Dec 2013)

Michael Noonan: I have been informed that the AIB Defined Benefit Pension Scheme will close to future accrual as planned on 31st December 2013 in line with the recommendation of the Labour Court. Relevant details in respect of the closure of AIB's Defined Benefit schemes will be reflected in AIB's 2013 Annual Financial Report which is likely to be available in Q1 2014. This change affects c. 11,000 AIB...

Written Answers — Department of Finance: Defined Benefit Pension Schemes (11 Dec 2013)

Michael Noonan: I have been informed by Permanent TSB that its three defined benefit pension schemes are currently being wound up by the Trustees to each scheme. The wind up of the schemes impacts c 3,800 members of the schemes, of which c 1,400 are current employees. Detailed information on the schemes is included in Note 20 of the 2013 interim report and Note 30 of the 2012 annual report, both of which...

Written Answers — Department of Finance: Consultancy Contracts Expenditure (11 Dec 2013)

Michael Noonan: The total cost of consultancy service and external advice engaged by the Department of Finance in 2013 is 3,244,676 euro (as of today - 6th December). This includes 1,985,984 euro for legal fees and advice.

Written Answers — Department of Finance: Banking Sector Remuneration (11 Dec 2013)

Michael Noonan: I have been informed by AIB that, as previously indicated, the bank has written to former senior executives requesting a voluntary reduction in their pension levels. In excess of 30 letters have been issued to date. As AIB indicated when before the Joint Committee on Finance, Public Expenditure and Reform quite a few responses have been received and the process remains ongoing. It should...

Written Answers — Department of Finance: EU Directives (11 Dec 2013)

Michael Noonan: There is currently one outstanding Directive relating to the Department of Finance which is yet to be transposed despite the deadline date being passed. The Financial Conglomerates Directive 2002/87/EC (FICOD) came into effect in 2005 and it applies supplementary prudential supervision to mixed financial groups that carry out both banking/investment firm activities and insurance activities...

Written Answers — Department of Finance: Tax Exemptions (11 Dec 2013)

Michael Noonan: Finance (No. 2) Bill 2013 proposes an amendment to the Taxes Consolidation Act to provide for the exemption from taxation of the annual allowance paid to volunteer members of the Garda Reserve. This allowance - "in respect of expenses incurred in performing their functions" - is provided for in the Garda Síochána (Reserve Members) Regulations 2006. I accepted the proposal of the...

Written Answers — Department of Finance: Departmental Legal Costs (11 Dec 2013)

Michael Noonan: The cost incurred by the Department of Finance as a result of Oireachtas members initiating legal challenges in the Courts for each of the past five years are as follows: zero in 2009; zero in 2010; zero in 2011; zero in 2012; and €92,296 in 2013.