Results 19,281-19,300 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Mortgage Debt (20 Nov 2012)

Michael Noonan: I would like to advise the Deputy that Bank of Ireland have supplied me with the following statement in response to your PQ. Included in the response is an additional disclosure to its Interim accounts, stating that the Group now advises that it recorded an accounting write off amounting to €2.3 million of its impairment provisions in respect of Residential Mortgages in the Republic of...

Written Answers — Department of Finance: Tax Code (20 Nov 2012)

Michael Noonan: I propose to take Questions Nos. 211 and 223 together. I am informed by the Revenue Commissioners that, from the time Deposit Interest Retention Tax (DIRT) was first introduced in the tax year ended 5 April 1987, where an individual or their spouse was aged over 65, they were exempt from DIRT where their total annual income did not exceed the exemption limit. In such cases the individual...

Written Answers — Department of Finance: Credit Unions Regulation (20 Nov 2012)

Michael Noonan: I propose to take Questions Nos. 212 to 216, inclusive, together. The Credit Union Bill 2012 is consistent with the Final Report of the Commission on Credit Unions, which was agreed over a nine-month period by all Commission members, including the Irish League of Credit Unions. The Credit Union Bill delivers on over 60 of the recommendations in the Commission Report. I am aware of the...

Written Answers — Department of Finance: Succession Act 1965 (20 Nov 2012)

Michael Noonan: Gross amounts totalling €0.39 million have been paid into the Intestate Estates Fund Deposit Account in the period covered by the Deputy's question. This sum includes an amount of €0.038 million which was not included in my reply of 13 November 2012. During this period costs amounting to €7,584 were paid out representing advertising and legal costs. An audit fee of...

Written Answers — Department of Finance: Banking Operations (20 Nov 2012)

Michael Noonan: AIB has informed me that the transfer of the €1.1bn portfolio of loan assets was made using arm’s length valuations by two independent external parties and was agreed by both the Trustee and the Board of the Bank. There was a very significant discount applied to the nominal value of the €1.1bn loan assets. AIB has not publicly disclosed the discount applied to the loan...

Written Answers — Department of Finance: Banking Sector Redundancies (20 Nov 2012)

Michael Noonan: I have been informed by AIB that the transfer of the €1.1bn portfolio of loan assets was made using arm’s length valuations by two independent external parties and was agreed by both the Trustee and the Board of the Bank. There was a very significant discount to the nominal value of €1.1bn. The transfer of these assets to the pension fund was needed in order to...

Written Answers — Department of Finance: Banking Sector Redundancies (20 Nov 2012)

Michael Noonan: I have been informed by the bank that the terms of its voluntary severance programme agreed up to 31st March 2014 were a severance payment of four week’s pay per year of service including statutory entitlement or, three week’s pay per year of service plus statutory entitlement. The individual staff member, if accepted to leave the organisation under the scheme, is able to choose...

Written Answers — Department of Finance: Tax Code (20 Nov 2012)

Michael Noonan: I am informed by the Revenue Commissioners that in the absence of details of a specific case it is only possible to reply in general terms. The assets in a Discretionary Trust are chargeable to Discretionary Trust Tax when the settlor dies or when the youngest “Principal Object” of the trust attains the age of 21 years. In this context, “Principal Object” is...

Written Answers — Department of Finance: Central Bank Properties (20 Nov 2012)

Michael Noonan: Under section 6B of the Central Bank Act 1942, the Central Bank may sell, lease or otherwise dispose of land held by the Bank whenever the Central Bank Commission considers that the land is no longer required for the purpose of enabling the Bank to perform its functions. I would advise the Deputy that I have no function in the matter of accommodation arrangements at the Central Bank. ...

Written Answers — Department of Finance: Banking Operations (20 Nov 2012)

Michael Noonan: I have been informed by the Central Bank of Ireland that it is unable to disclose this information due to the provisions of Section 33AK of the Central Bank Act 1942.

Written Answers — Department of Finance: Tax Collection (20 Nov 2012)

Michael Noonan: I propose to take Questions Nos. 225 and 226 together. On the basis of the information provided; it is possible to answer these questions only in general terms. I am informed by the Revenue Commissioners that requests for documentary supporting evidence is an ongoing feature of their compliance programmes that seek to ensure that only those properly entitled to make a claim for tax credits,...

Written Answers — Department of Finance: VAT Rates (20 Nov 2012)

Michael Noonan: The VAT rating of goods and services is constrained by the requirements of EU VAT law with which Irish VAT law must comply. Defibrillators, other than implantable defibrillators, are liable to VAT at the standard rate, currently 23%. There is no provision in VAT law that would make it possible to exempt from VAT or apply a zero rate to the supply of such products. Under the EU VAT...

Written Answers — Department of Finance: Mortgage Resolution Processes (20 Nov 2012)

Michael Noonan: The Deputy will appreciate that it would not be appropriate for me to advise or comment on individual cases, however the key advice for any mortgage holder experiencing difficulties with their mortgage is to engage at an early stage with their bank. From an overall public policy perspective, a number of steps have been taken to protect all homeowners experiencing mortgage difficulty....

Written Answers — Department of Finance: National Asset Management Agency (20 Nov 2012)

Michael Noonan: The National Asset Management Agency (NAMA) has no employees. Rather, under Section 42 of the NAMA Act 2009, the National Treasury Management Agency (NTMA) assigns staff to NAMA. I am informed by the NTMA that a company car and health insurance are included in the remuneration package of the NAMA CEO. The value of these benefits (€24,483 in 2011) is published in NAMA’s...

Written Answers — Department of Finance: Bank Charges (20 Nov 2012)

Michael Noonan: I am informed by AIB that as a result of its review of mortgage and loan repayments which fall due on non-calendar date’s 27,894 accounts were impacted with €117,502 of bank fees and interest refunded to customers. The issue related to loan repayments falling due on the 29th, 30th or 31st of a month which did not include those calendar days. The Terms & Conditions on...

Written Answers — Department of Finance: National Treasury Management Agency (20 Nov 2012)

Michael Noonan: All fifteen NTMA employees whose salaries exceed €200,000 agreed to my request of December 2011 that they waive 15% of salary or such amount of salary as exceeds €200,000 if application of the full 15% reduction would bring their salary to below €200,000. This reduction is being effected through the gifting of a proportion of salary to the Exchequer under Section 483 of...

Written Answers — Department of Finance: Tax Code (20 Nov 2012)

Michael Noonan: I am informed by the Revenue Commissioners that, in accordance with the provisions of Section 886 of the Taxes Consolidation Act 1997, taxpayers must keep their records (which includes accounts) for a period of 6 years after the completion of the transactions to which the records relate or, in the case of a person who fails to file a timely tax return, until the expiry of a period of 6 years...

Other Questions: Banking Sector Remuneration (15 Nov 2012)

Michael Noonan: Bank of Ireland has provided me with the following information on annual salaries as at 31 March 2012. Basic salary Number of staff €150,000 - €199,000 84 €200,000 - €299,000 66 €300,000 - €399,000 19 €400,000 + 24 I have responded to similar requests by way of parliamentary question for the other covered institutions today and recently. The...

Other Questions: Banking Sector Remuneration (15 Nov 2012)

Michael Noonan: The levels of salary and pension applying to certain bankers are outrageous. It is not true to say that we are only reacting now because there is a public outcry. For example, I wrote to the chairman of IBRC some time ago asking him to get his board to impose a 15% pay cut on all staff. I also appointed Mercer last June to examine pay levels right across the banking institutions. I did so...

Other Questions: European Banking Sector (15 Nov 2012)

Michael Noonan: On the ESM issue, the aspect the Deputy is highlighting was not actually the purpose of what I was saying. Everybody was saying that the ESM will have to directly recapitalise the Irish banks as part of the new deal. I was concerned lest people would think the Irish banks are not adequately recapitalised already, which they are. They have very high capital ratios, and that is why people...