Results 17,341-17,360 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: National Treasury Management Agency (12 Mar 2013)

Michael Noonan: As the Deputy is aware it has been estimated that there will be a c.€20 billion reduction in the National Treasury Management Agency’s market borrowing requirements over the next 10 years (before transaction costs) as a result of replacing the amortising Promissory Notes with a portfolio of non-amortising Irish Government bonds. The €20 billion reduction in market...

Written Answers — Department of Finance: National Treasury Management Agency (12 Mar 2013)

Michael Noonan: NAMA seeks to ensure that income generated by assets securing NAMA loans is applied towards repaying a debtor’s indebtedness to NAMA. In certain circumstances, debtors are allowed to retain a portion of asset income in lieu of overheads which include staff costs where this is necessary to preserve the value of the assets securing NAMA’s loans. NAMA advises that operating cost...

Written Answers — Department of Finance: Universal Social Charge (12 Mar 2013)

Michael Noonan: The position is that the Universal Social Charge (USC) was introduced in Budget 2011 to replace the Income Levy and Health Levy. It was a necessary measure to widen the tax base, remove poverty traps and raise revenue to reduce the budget deficit. The USC is a tax payable on all gross income. However, there are a number of exemptions and reliefs from the USC. There is a lower exemption...

Written Answers — Department of Finance: Tax Code (12 Mar 2013)

Michael Noonan: I have been advised by the Revenue Commissioners that PAYE Balancing Statements (P21s) for the years 2009 to 2011 inclusive issued to the person concerned in January 2013. As the total overpayment arising was less than €0.50 cent the credit will be included in future tax credits. The tax year 2012 will be reviewed on receipt of Form 60 for 2012.

Written Answers — Department of Finance: Property Taxation Collection (12 Mar 2013)

Michael Noonan: The Inter-departmental group chaired by Dr. Don Thornhill to consider the design of a property tax (the “Thornhill Group”) recommended that the Local Property Tax (LPT) paid in respect of a rented property should be deductible for income tax or corporation tax purposes, in a similar manner to commercial rates. However, the Group recognised the considerable pressures on the...

Written Answers — Department of Finance: Property Taxation Application (12 Mar 2013)

Michael Noonan: The Finance (Local Property Tax) Act 2012 sets out how the tax is to be administered and how a residential property is to be valued for Local Property Tax (LPT) purposes. I am advised by the Revenue Commissioners that LPT is a self-assessed tax so in the first instance it is a matter for the property owner to calculate the tax due based on his or her assessment of the market value of the...

Written Answers — Department of Finance: Property Taxation Application (12 Mar 2013)

Michael Noonan: Under the Finance (Local Property Tax) Act 2012, unpaid Local Property Tax (LPT), together with any accrued interest, will be a charge on the property to which it relates. The Act does not confer any preferential creditor status on the Revenue Commissioners, other than that which they would have in the normal course of events. The usual rule is that the priority of a Revenue charge...

Written Answers — Department of Finance: Ministerial Expenditure (12 Mar 2013)

Michael Noonan: I propose to take Questions Nos. 158 to 161, inclusive, together. The information requested by the Deputy is as follows: I can confirm that no telephones, ICT, monthly phone bills or any additional costs are provided in the constituency offices of the Minister or Junior Minister in my Department. However an office is set aside in my home for use as my constituency office. The cost of...

Written Answers — Department of Finance: Ministerial Transport (12 Mar 2013)

Michael Noonan: There are no state vehicles assigned to me as Minister for Finance. In relation to the use of my car for Ministerial travel, the total cost has been €202,966 for the period May 2011 to date in March 2013. This cost included mileage (which is to cover car related expenses), the salaries paid to civilian drivers, travel and subsistence paid to the drivers and Employer PRSI contributions...

Written Answers — Department of Finance: Departmental Expenditure (12 Mar 2013)

Michael Noonan: In the period in question three new credit cards were issued in my Department. Two of the cards were issued in 2011 to myself as Minister for Finance and my Private Secretary and a further card was issued in respect of the Press Officer in 2012. Annual fees in respect of the cards came to €62 in 2011 and €93 in 2012. It is the Departments policy to ensure that all credit card...

Written Answers — Department of Finance: IBRC Liquidation (12 Mar 2013)

Michael Noonan: I have been advised by the Special Liquidators that, in an insolvency situation, duress payments to unsecured creditors are often required to be made to ensure the on-going provision of services. Such payments are a matter for the Special Liquidator and I have no role in the initiation or authorisation of these payments. On the appointment of the Special Liquidators on 7 February 2013, the...

Written Answers — Department of Finance: IBRC Staff (12 Mar 2013)

Michael Noonan: As the Deputy is aware, the legislation surrounding liquidation ranks employees as preferential creditors in respect of certain amounts owing to them on a winding up, including accrued wages and salaries, holiday pay, sick pay, statutory redundancy, pensions contributions and claims for damages arising from accidents. Any claims over and above that described above will rank as an unsecured...

Written Answers — Department of Finance: Mortgage Interest Relief (12 Mar 2013)

Michael Noonan: As the Deputy will appreciate, it is not appropriate for me to comment on individual disputes between a bank and its customers. The 30% rate of mortgage interest relief for those who took out their first qualifying home loan between 2004 and 2008 came into effect with the enactment of the Finance Act in March 2012. The regulations governing mortgage interest relief provide for the granting...

Written Answers — Department of Finance: EU Directives (12 Mar 2013)

Michael Noonan: Remuneration is just one small part of the CRDIV Regulation and Directive on which the Irish Presidency has concluded an agreement between the European Council and Parliament. It is important not to lose sight of what this CRD package is really about: It is about protecting taxpayers into the future by building stronger European banks. We have seen how banks went into the financial crisis...

Written Answers — Department of Finance: IBRC Liquidation (12 Mar 2013)

Michael Noonan: I have been advised by the Special Liquidators that they are currently identifying the exact amount of all creditors’ claims and it is therefore too early in the liquidation to ascertain the level of unsecured creditors. It should be noted that creditors have been asked to forward a statement of their account at the date of the appointment of the Special Liquidators, together with any...

Written Answers — Department of Finance: Deposit Guarantee Scheme (12 Mar 2013)

Michael Noonan: The Deposit Guarantee Scheme (DGS) in Ireland was established under Irish and European legislation to protect depositors in the event of a bank, building society or credit union authorised in Ireland being unable to repay deposits (e.g. where a liquidator has been appointed). The DGS is administered under the Deposit Protection Account by the Central Bank of Ireland and is funded by the...

Written Answers — Department of Finance: Banking Sector Regulation (12 Mar 2013)

Michael Noonan: I have been informed by AIB that the bank is committed to operating its business activities on a commercial basis as it seeks to return to profitability. The bank assesses each customer in detail on a case by case basis to ensure the appropriate commercial outcome for the bank is achieved. As each case is dealt with on an individual basis, there is no blanket policy applied in respect of...

Written Answers — Department of Finance: Eligible Liabilities Guarantee (12 Mar 2013)

Michael Noonan: Fees paid by the covered institutions in respect of the ELG Scheme guarantee are paid quarterly in arrears and therefore there is a time lag before the fees are paid into the Exchequer (i.e. fees received as cash in Q1 of 2012 are in respect of fees accrued in Q4 of 2011). Accordingly, the published figures for fees received in respect of 2011 and 2012 are on an accrued basis and are...

Written Answers — Department of Finance: IBRC Liquidation (12 Mar 2013)

Michael Noonan: As part of the role of the liquidators, the assets of IBRC will be valued independently before being sold. Any assets not sold to third parties (including loan counterparties and other financial institutions) at or above the valuation price will be sold to NAMA at the independent valuation. As such, I have been advised that KPMG corporate finance will not be appointed as part of this...

Written Answers — Department of Finance: IBRC Liquidation (12 Mar 2013)

Michael Noonan: Kieran Wallace and Eamonn Richardson of KPMG have been appointed as Special Liquidators to IBRC. I am satisfied that each person appointed as Special liquidator has the appropriate level of skill, knowledge and qualifications required to perform the functions of a Special Liquidator pursuant to the Irish Bank Resolution Corporation Act 2013. The Special Liquidators are still in the process...