Results 18,961-18,980 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Pension Provisions (29 Nov 2012)

Michael Noonan: The Chief Executives of the NTMA and NAMA are members of the NTMA defined benefit superannuation scheme. Pension benefits for those who were members of the scheme prior to 1 January 2010 are based on final salary. The pension benefits of members who joined the scheme on or after 1 January 2010 are based on career average earnings. Unlike most public pension schemes which are funded on a pay...

Written Answers — Department of Finance: Bank Debt Restructuring (29 Nov 2012)

Michael Noonan: At 30th June 2012, NAMA has generated cash receipts of €8.1 billion since inception, of which €5.2 billion relates to disposal activity and €2.9 billion relates to non-disposal activity. This capturing of this €2.9 billion is an important measure of NAMA’s performance. I am further advised by NAMA that its objective in any loan or asset sales is to...

Written Answers — Department of Finance: National Treasury Management Agency (29 Nov 2012)

Michael Noonan: I propose to take Questions Nos. 62 and 63 together. I am informed by the National Treasury Management Agency, as Manager of the National Pensions Reserve Fund (NPRF), that the Comptroller and Auditor General (C&AG), the NPRF’s external auditor, in Chapter 4 of his 2011 Report (the C&AG Report) examined in considerable detail the overcharging on transition number 14 of the...

Written Answers — Department of Finance: VAT Rates (29 Nov 2012)

Michael Noonan: Bodies supplying educational services, such as play-schools, are exempt from VAT under the EU VAT Directive, with which Irish VAT law must comply. This means they do not charge VAT on the services they provide, but equally they cannot recover VAT incurred on goods and services that they purchase, including equipment for their facilities. Only VAT registered businesses which charge VAT are...

Written Answers — Department of Finance: Pension Provisions (29 Nov 2012)

Michael Noonan: Officials of my Department and of the Department of Public Expenditure and Reform continue to engage with third-party investors on how investment deals could be structured to facilitate the provision of funding for new infrastructure projects. With regard to tax-based incentives for investment in the economy, pension fund investments should be executed at a level of return comparable to...

Written Answers — Department of Finance: Consultancy Contracts (29 Nov 2012)

Michael Noonan: I am advised by the Revenue Commissioners that the costs of consultants hired by the Revenue Commissioners in 2008, 2009, 2010, 2011 and to the end of October 2012 along with the reason hired and the total cost are set out in the table below. The need for consultancy varies from time to time depending on business projects and priorities. As can be seen from the table below Revenue’s...

Written Answers — Department of Finance: Tax Credits (29 Nov 2012)

Michael Noonan: I am informed by the Revenue Commissioners that the person in question received the rent tax credit for the years 2005 – 2010. The Revenue Commissioners have now arranged for the issue of a PAYE balancing statement for the year 2011, granting the rent credit. The refund will be credited to the person’s bank account within 10 days. An amended tax credit certificate for the...

Written Answers — Department of Finance: Banking Sector Remuneration (29 Nov 2012)

Michael Noonan: I have been informed by the covered institutions that there are 9,033 retired employees (or their spouses/dependants) receiving a pension from those institutions. As the Deputy will be aware these retired employees belong to private pension schemes which are overseen by pension trustees. To comply with the provisions of the Data Protection legislation it has been necessary to aggregate the...

Written Answers — Department of Finance: Property Taxation (29 Nov 2012)

Michael Noonan: As the Deputy is aware, the Government decided that without prejudice to the policy decisions, the Revenue Commissioners will be responsible for collecting the Local Property Tax when it is introduced. The Revenue Commissioners are actively planning for the implementation of the tax to include collection mechanisms from all liable persons. The details of the administration of Local...

Written Answers — Department of Finance: Banking Sector Remuneration (29 Nov 2012)

Michael Noonan: I can now inform the Deputy that I have received the information which he requested and apologise for the delay in procuring this information from the covered institutions. The responses I have received from each institution are set out below: PTSB I have been informed by PTSB that it has not made any such contributions in the period while it was in state ownership. IBRC Since...

Written Answers — Department of Finance: Banking Sector Legal Cases (29 Nov 2012)

Michael Noonan: The covered institutions have provided me with the following information. Bank of Ireland Due to commercial confidentiality and sensitivities in respect of individual client cases, Bank of Ireland is not in a position to provide a breakdown of the type requested. Relevant disclosures in respect of legal cases involving Bank of Ireland are publicly available through the Courts Service...

Written Answers — Department of Finance: Credit Unions Regulation (29 Nov 2012)

Michael Noonan: Credit unions already have access to payments infrastructure, via providers such as BOI, AIB and BNP. I am aware that the Irish League of Credit Unions is seeking to enter this market on a commercial basis via its Credit Union Service Organisation for Payments (CUSOP) project. The latest ILCU Annual Report sets out the details of this project, which requires authorisation from the Central...

Written Answers — Department of Finance: Mortgage Arrears Resolution Process (29 Nov 2012)

Michael Noonan: I propose to take Questions Nos. 73 to 83, inclusive, together. The Central Bank has informed me that it does not track the number of borrowers falling within the MARP process but does track the number of alternative arrangements, and the nature of the arrangement, put in place across the regulated industry and which is published quarterly by the Central Bank. The Central Bank Code of...

Credit Union Bill 2012: Report Stage (Resumed) and Final Stages (28 Nov 2012)

Michael Noonan: The amendment would exempt debit cards from the additional services requirements set out under section 48 of the Credit Union Act 1997. Under the Bill the Central Bank will be able to exempt certain services from the additional service requirements set out under section 48, subject to certain requirements. To streamline procedures, the Bill provides that decisions to provide new services...

Credit Union Bill 2012: Report Stage (Resumed) and Final Stages (28 Nov 2012)

Michael Noonan: There is material in the protocol which comes close enough to the position espoused by Deputy Pearse Doherty. He will recall that the commission's report recommends a regulatory impact analysis when the Central Bank is introducing new regulations and the consultation protocol confirms that the bank will do this. When it promulgates regulations, an impact analysis will be carried out. This...

Credit Union Bill 2012: Report Stage (Resumed) and Final Stages (28 Nov 2012)

Michael Noonan: I will ask my officials to engage in consultations along the lines suggested by the Deputy. Seeing as the next step is to be taken in the Seanad, would it be okay if I wrote to the Deputy on this matter?

Credit Union Bill 2012: Report Stage (Resumed) and Final Stages (28 Nov 2012)

Michael Noonan: These amendments provide for a memorandum of understanding between the Central Bank and credit unions. The commission recommended that a consultation protocol should be in place between the Central Bank and credit unions. Since we last discussed this issue on Committee Stage, that protocol has been developed, following consultation between the Central Bank, the Minister, the credit unions,...

Credit Union Bill 2012: Report Stage (Resumed) and Final Stages (28 Nov 2012)

Michael Noonan: As Deputy Boyd Barrett stated, this amendment was discussed on Committee Stage. At that stage I indicated that I accepted the principle behind the amendment. This would require the board oversight committee to provide its opinion in writing regarding any action or decision of a director which it considered to be in conflict with the relevant part of the Act. My officials are discussing...

Credit Union Bill 2012: Report Stage (Resumed) and Final Stages (28 Nov 2012)

Michael Noonan: Amendments Nos. 34 to 39, inclusive, relate to membership of the board oversight committee. The amendments raise similar considerations to those discussed on board exclusions dealt with by amendments Nos. 16 to 22, inclusive. As I stated on Committee Stage, I intend to ensure consistency in the approaches to exclusions in resect of membership of the board of directors and membership of the...

Credit Union Bill 2012: Report Stage (Resumed) and Final Stages (28 Nov 2012)

Michael Noonan: Amendments Nos. 40 to 42, inclusive, relate to term limits for board members and I will deal with them together. There was a lengthy discussion on Committee Stage on boards of directors and term limits. My priority is to retain the principle of rotation which is at the core of this measure and in line with the commission recommendations. I have stated that I intend to bring forward an...