Results 17,941-17,960 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: State Banking Sector (26 Feb 2013)

Michael Noonan: The Deputy will be aware that AIB has previously confirmed that it has written to former senior executives of both AIB and EBS Limited requesting a voluntary reduction in their pension levels. The Bank has informed me that is not disclosing the names of these individuals on confidentiality grounds, but that it has to date issued in excess of thirty letters. AIB is not in a position to...

Written Answers — Department of Finance: State Banking Sector (26 Feb 2013)

Michael Noonan: As the Deputy is aware, I have no role in the day-to-day commercial and operational decisions of Bank of Ireland. These decisions are taken by the board and management of the institution. Notwithstanding the fact that the State is a minority shareholder in Bank of Ireland, the Minister must ensure that the bank is run on a commercial, cost effective and independent basis to ensure the value...

Written Answers — Department of Finance: State Banking Sector (26 Feb 2013)

Michael Noonan: I am advised by Permanent TSB that the bank has not to date written to retired executives asking them to consider forgoing a portion of their pensions. However the bank has also advised that it is currently undertaking a fundamental review of its staff pension schemes and will be consulting with the staff and the pension scheme trustees over the coming months on the level of benefits payable...

Written Answers — Department of Finance: IBRC Staff (26 Feb 2013)

Michael Noonan: I have been informed that as far as the Special Liquidators are aware, retired executives had not been written to by IBRC requesting that they consider voluntarily foregoing a portion of their pension.

Written Answers — Department of Finance: Tax Code (26 Feb 2013)

Michael Noonan: I am advised by the Revenue Commissioners that the provisions in primary legislation relating to the importation of motor homes and the charging of Vehicle Registration Tax (VRT) are contained in the Finance Act 1992. Statutory Instrument No. 318 of 1992 (as amended by S.I. 400 of 2010) requires that a person, who is not an authorised person, and who imports a vehicle, must have the vehicle...

Written Answers — Department of Finance: Property Taxation Application (26 Feb 2013)

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

Written Answers — Department of Finance: Property Taxation Application (21 Feb 2013)

Michael Noonan: I assume the Deputy is referring to the Finance (Local Property Tax) (Amendment) Bill 2013 which I announced to the House last week. Certain provisions included in the Bill may apply to individuals who are unemployed, senior citizens or disabled. It should be noted that the changes to which I refer are subject to the enactment of the Bill. An exemption from the charge to Local Property Tax...

Written Answers — Department of Finance: Mortgage Arrears Proposals (21 Feb 2013)

Michael Noonan: The Mortgage Arrears Resolution Process (MARP) is not a scheme that a borrower applies for, rather it is a framework and process, set out in the Code of Conduct on Mortgage Arrears (CCMA), under which lenders are to engage with a cooperating borrower in arrears or pre-arrears and which requires a lender to consider viable alternative repayment arrangements to address mortgage difficulty. The...

Written Answers — Department of Finance: Banking Sector Remuneration (21 Feb 2013)

Michael Noonan: I refer the Deputy to PQs 49499/12, 50511/12 and 50513/12 which were answered in November 2012 and which provide information on the basic salaries in Permanent TSB, Allied Irish Bank and Bank of Ireland respectively. Also PQ 51096/12 giving total remuneration package information for staff in the covered institutions. As the Deputy will be aware, officials in my Department and Mercer have...

Written Answers — Department of Finance: Proposed Legislation (21 Feb 2013)

Michael Noonan: I do not have the primary role in relation to amending the law on the "Statue of Limitations". This is a matter which has broader legal application and as such would fall for consideration for my colleague the Minister for Justice and Equality.

Written Answers — Department of Finance: Property Taxation Application (21 Feb 2013)

Michael Noonan: The Government agreed with the recommendation of the “Thornhill Group” (the inter-Departmental Group, chaired by Dr Don Thornhill, which considered the structures and modalities of a property tax) that a universal liability to the Local Property Tax should apply to all owners of residential property with a limited number of exemptions. Limiting the exemptions available allows...

Written Answers — Department of Finance: IBRC Staff (21 Feb 2013)

Michael Noonan: I propose to take Questions Nos. 72, 82, 84 and 86 together. 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...

Written Answers — Department of Finance: Property Taxation Application (21 Feb 2013)

Michael Noonan: The primary piece of legislation governing Local Property Tax (LPT) is contained in the Finance (Local Property Tax) Act 2012 which was enacted on 26 December 2012. The legislation sets out in detail how the tax is to be administered and provides how a residential property is to be valued for LPT purposes. I am advised by the Revenue Commissioners that Local Property Tax (LPT) is a...

Written Answers — Department of Finance: Tax Code (21 Feb 2013)

Michael Noonan: Given the very wide range of farming-related tax issues it is not feasible, in the time available, to provide a comprehensive answer. My officials are currently preparing a detailed list which will shortly be forwarded directly to the Deputy.

Written Answers — Department of Finance: IBRC Liquidation (21 Feb 2013)

Michael Noonan: There are currently no plans to amend the IBRC Act 2013, which was signed into law on the 7th February 2013. As the Deputy is aware, this Act puts a stay on all actions against IBRC. I have been advised that the courts are in the process of examining if they have discretion to lift this stay and that some parties will make submissions on the 7th March. It is not possible for me to add...

Written Answers — Department of Finance: IBRC Liquidation (21 Feb 2013)

Michael Noonan: The Department first communicated with KPMG on Friday the 12th October the possibility of their officials being appointed as Special Liquidator of IBRC. I am sure the Deputy will understand that for commercial reasons the estimated cost of the contract cannot be disclosed. It is obvious that in the circumstances, a tender process could not have been entered into for the liquidation of...

Written Answers — Department of Finance: Promissory Note Negotiations (21 Feb 2013)

Michael Noonan: First of all it is important to note that some aspects of the promissory note deal are yet to be finalised. For example, the liquidator is in the process of overseeing a valuation and sales process for the assets of IBRC, while the final payments made under the ELG Scheme have not yet been determined. Nevertheless, as referred to by the Deputy, simulations ran by my Department estimate that...

Written Answers — Department of Finance: Revenue Commissioners Investigations (21 Feb 2013)

Michael Noonan: I propose to take Questions Nos. 78 and 79 together. Firstly, the Revenue Commissioners are charged with responsibility for collection and recovery of a wide range of taxes and duties. I know that Revenue has a strong focus on making sure that everyone complies with their tax and duty responsibilities by paying the right amount and on time. Revenue expects businesses to continue,...

Written Answers — Department of Finance: Government Bonds (21 Feb 2013)

Michael Noonan: The Government bonds now held by the Central Bank following the liquidation of IBRC will be placed in the trading portfolio of the Central Bank, and these bonds will be sold as soon as possible, provided conditions of financial stability permit. The Central Bank has undertaken that minimum of bonds will be sold in accordance with the following schedule: €0.5bn by the end of 2014,...

Written Answers — Department of Finance: IBRC Liquidation (21 Feb 2013)

Michael Noonan: I am advised that the Special Liquidators are still in the process of devising and implementing a sales process in respect of IBRC’s assets. As this sales process has not yet commenced, the Special Liquidators are not in a position to comment or speculate on the impact this may or may not have on the borrowers concerned. There is an obligation on the Special Liquidators to ensure that...