Results 17,721-17,740 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: International Agreements (5 Mar 2013)

Michael Noonan: I propose to take Questions Nos. 154 to 156, inclusive, together. I am advised by the Revenue Commissioners that in the normal course of updating and extending Ireland’s double taxation treaty base, the provisions of those treaties are regularly evaluated with a view to ensuring their adequacy from Ireland’s perspective but also from the point of view of treaty partner...

Written Answers — Department of Finance: Pension Provisions (5 Mar 2013)

Michael Noonan: In my Budget 2013 speech, I announced that I would make provision in Finance Bill 2013 for persons making Additional Voluntary Contributions (AVCs) used to supplement their main scheme retirement benefits to withdraw up to 30% of the value of those contributions. Any amounts withdrawn will be subject to tax at the individual’s marginal rate. The option will be available for 3 years...

Written Answers — Department of Finance: IBRC Liquidation (5 Mar 2013)

Michael Noonan: I have been advised by the special liquidators that the Request for Proposal (“RFP”) is confidential as it contains commercially sensitive material around the IBRC portfolio and around the independent valuation methodology against which bidders for loan assets will be bidding. The Special Liquidators have indicated that releasing information on the methodology may prejudice the...

Written Answers — Department of Finance: IBRC Loan Book (5 Mar 2013)

Michael Noonan: I am advised that the Special Liquidators are in the process of obtaining suitable independent professional advisers who shall employ standard valuation methodologies appropriate to each class of asset of IBRC. As previously stated, detailed information in relation to the Bank’s financial performance, including information on provisioning is published semi-annually in the...

Written Answers — Department of Finance: IBRC Loan Book (5 Mar 2013)

Michael Noonan: I am advised by the Special Liquidators that the reports in the Sunday newspaper referred to are incorrect. The Special Liquidators are still in the process of devising and implementing the sales process in respect of IBRC’s assets. Therefore, they are not in a position to write to borrowers with regard to the disposal of their loans. The Special Liquidators are in the process of...

Written Answers — Department of Finance: NAMA Portfolio (5 Mar 2013)

Michael Noonan: I refer the Deputy to my response to Parliamentary Question No. 92 of 28 February 2013 in which I set out the following facts. NAMA advises that it does not take a decision to demolish any development lightly but that this may be considered as a means of reaching resolution on properties where the development is, for economic, structural and safety reasons, not viable. Decisions are made on...

Written Answers — Department of Finance: NAMA Operations (5 Mar 2013)

Michael Noonan: I am advised by NAMA that the overall objective for the proposed research work is to produce practical market insights that will facilitate informed decision-making by all market participants, including potential purchasers, investors and the construction industry. NAMA advises that the research work will cover a number of relevant issues, including the likely pattern of economic recovery...

Written Answers — Department of Finance: Sale of State Assets (5 Mar 2013)

Michael Noonan: I propose to take Questions Nos. 163 and 164 together. I can inform the Deputy that the price earnings ratio implied by the sale of Irish Life is 12x, based on expected 2012 earnings. I have been informed that no listed companies in Ireland are comparable to Irish Life. I am advised by Goldman Sachs, which acted as adviser to the State in the sale of Irish Life, that the price earnings...

Written Answers — Department of Finance: Banks Recapitalisation (5 Mar 2013)

Michael Noonan: The Deputy will be aware that the State injected €875m of capital into the EBS Building Society (EBS) in order for it to meet regulatory requirements. Of this total amount, €625 million was by way of two separate subscriptions for Special Investment Shares, while €250 million was provided by means of a Promissory Note. The terms of the EBS Promissory Note provide, inter...

Written Answers — Department of Finance: Credit Availability (5 Mar 2013)

Michael Noonan: The Red C survey of SME credit demand for the period April – September 2012 showed that 41% of SMEs which were approved or partially approved for credit were subject to a personal guarantee. This was the second most common condition with the need to provide regular management accounts/debtors & creditors listing to the bank being the most common requirement at 57%. This survey...

Written Answers — Department of Finance: NAMA Operations (5 Mar 2013)

Michael Noonan: I can advise that the directions to which the Deputy is referring were laid before the Houses of the Oireachtas by me on Monday, 4 March 2013. I am advised that, following this, NAMA also published the directions on Monday, 4 March 2013.

Written Answers — Department of Finance: Tax Forms (5 Mar 2013)

Michael Noonan: I have been advised by the Revenue Commissioners that they do not hold paper records of the P60 or P45 for 1993 for the person concerned. However the Revenue Commissioners have extracted details of the pay, tax and PRSI for 1992/93 and 1993/94 for the person concerned from other records that they hold. These details were forwarded to the person concerned on 27th February 2013.

Written Answers — Department of Finance: Property Taxation Collection (5 Mar 2013)

Michael Noonan: I am informed by the Revenue Commissioners that commencing in March 2013 residential property owners will receive their Local Property Tax (LPT) Return from Revenue together with an LPT booklet, which will provide details of the payment options available to pay the tax. The LPT Return must be submitted and payment details provided to Revenue by 7 May, if using the paper return, and by 28 May...

Written Answers — Department of Finance: Consultancy Contracts (5 Mar 2013)

Michael Noonan: I can only reply in respect of my Department and the offices/agencies under the aegis of my Department. My Department has not provided any State contracts to Ernst and Young since 2011. Regarding offices/agencies under the aegis of this Department the position is as follows: National Asset Management Agency (NAMA) Year Value 2012 €195,478 2011 €6,907,285 Ernst &...

Written Answers — Department of Finance: Tax Collection (5 Mar 2013)

Michael Noonan: I am advised by the Revenue Commissioners that correspondence regarding this matter has been recently received in the Waterford Revenue Office and the matter is currently receiving attention. I am further advised that the issues that are covered by this correspondence are complex in nature and will best be resolved by further dialogue between the company, its agents and the Waterford Revenue...

Written Answers — Department of Finance: Appointments to State Boards (5 Mar 2013)

Michael Noonan: In response to the Deputy’s question the following appointments were made in respect of bodies under the aegis of my Department since March 2011. Fiscal Advisory Council The following people were appointed to the Fiscal Advisory Council on 7th July 2011: Mr Sebastian Barnes Professor Alan Barrett Dr Donal Donovan Professor John McHale, Chair Dr Roisin O’Sullivan ...

Written Answers — Department of Finance: Local Authority Housing Bonds (5 Mar 2013)

Michael Noonan: I am advised development bonds that were previously entered into by IBRC in favour of the various county councils or local authorities remain in place. However it should be noted that it is likely that any liabilities arising under these arrangements, if called upon, will rank as unsecured claims in the special liquidation. It must be stressed that these bonds are contingent liabilities and...

Written Answers — Department of Finance: NAMA Legal Fees (5 Mar 2013)

Michael Noonan: I am advised by the National Treasury Management Agency that costs totalling €71,350 have been incurred by them to date in respect of the case referred to by the Deputy. My colleague, the Minister for Public Expenditure and Reform, has advised me that the Office of the Commissioner for Environmental Information has informed him that the estimated fees incurred by them to date in...

Written Answers — Department of Finance: NAMA Court Cases (5 Mar 2013)

Michael Noonan: Under the National Asset Management Agency Act 2009 (the NAMA Act) NAMA was established as a body corporate and Section 9(3) of the NAMA Act provides that "except as otherwise provided by this Act, NAMA is independent in the performance of its function under this Ac". NAMA is governed by an independent board of directors. This is a matter for Board of NAMA.

Written Answers — Department of Finance: State Banking Sector (5 Mar 2013)

Michael Noonan: I have been informed that AIB previously indicated that it wrote to former senior executives of both AIB and EBS requesting a voluntary reduction in their pension levels. AIB is not disclosing the names of the individuals on confidentiality grounds but the Bank has to date issued in excess of 30 letters. Currently the bank is in discussions with a number of individuals and further disclosures...