Results 19,481-19,500 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Tax Code (13 Nov 2012)

Michael Noonan: I am assuming that the question relates to the interest restriction applying to residential lettings, whereby the deductibility of interest in computing taxable rental income from residential property (insofar as it would otherwise be allowable) is limited to 75% of such interest. This restriction was introduced in the April 2009 supplementary budget as part of an urgent revenue-raising...

Written Answers — Department of Finance: Bank Debt Restructuring (13 Nov 2012)

Michael Noonan: I refer the Deputy to a previous answer with respect to our ability to identify bondholders. I confirm again that neither the banks nor the Government have an accurate means of establishing the underlying ownership of securities issued by the banks under the ELG as of a particular point in time. As these securities are freely tradable once issued it is not possible to trace their ultimate...

Written Answers — Department of Finance: Banking Operations (13 Nov 2012)

Michael Noonan: I have been advised by IBRC that in High Court proceedings to recover the debts due to IBRC by the Quinns, the Bank has sought the direction of the Courts to proceed with the appointment of the Alfa Group Consortium, to recover the Russian assets and one Ukrainian asset of the Quinn International Property Group. All other overseas properties of this group have either been secured, or attempts...

Written Answers — Department of Finance: Budget 2013 (13 Nov 2012)

Michael Noonan: My Department published its most recent 2013 growth forecast in late April, and projected real GDP growth of 2.2% for the year as a whole. Since those forecasts were published, the global economy has worsened and international forecasting agencies have revised down their growth forecasts for 2013 in most of Ireland’s trading partners. This is likely to lead to lower-than-previously...

Written Answers — Department of Finance: Tax Collection (13 Nov 2012)

Michael Noonan: Generally speaking the statistics on incomes published by my Department in relation to income tax are based on tax cases. This is clearly stated in publications and in replies to Parliamentary Questions. The vast majority of married income earners choose to be assessed jointly as one tax unit for income tax purposes. While it may be possible, with the assistance of significant development...

Written Answers — Department of Finance: Tax Collection (13 Nov 2012)

Michael Noonan: I am advised by the Revenue Commissioners that the full year yield, estimated by reference to 2012 incomes, that would result from increasing the nominal tax rates of income earners as proposed by the Deputy would be of the order of €859 million. A breakdown of the figures, by range of taxable income, is set out in the table. Nominal Tax Rates Range of Taxable Income Nominal Rate...

Written Answers — Department of Finance: National Asset Management Agency (13 Nov 2012)

Michael Noonan: I propose to take Questions Nos. 229 and 230 together. NAMA informs me that it cannot provide all the details requested by the Deputy in the time available. NAMA has undertaken to provide me with this information within the next week and, accordingly, I will issue a reply to the Deputy at that stage.

Written Answers — Department of Finance: Irish Bank Resolution Corporation (13 Nov 2012)

Michael Noonan: I have been advised by IBRC that disclosure of this information is commercially sensitive. However, legal fees incurred by IBRC are included as part of Other Administrative Costs, or where applicable Exceptional Costs, as published in the Bank’s Annual Report & Accounts and Interim Report. The 2011 Annual Report & Accounts for IBRC show Other Administrative Costs of...

Written Answers — Department of Finance: Departmental Agencies (13 Nov 2012)

Michael Noonan: The information requested by the Deputy could not be collated in the time available. My Department will respond directly to the Deputy as soon as possible.

Written Answers — Department of Finance: Fuel Trader's Licence (13 Nov 2012)

Michael Noonan: I am informed by the Revenue Commissioners, who have responsibility for mineral oil product taxation, that the introduction of the fuel traders’ license is a key component in combating non-compliance in the fuel sector. Illegal activity in this area, particularly the criminal activity associated with laundering marked fuel, imposes significant costs on the community and poses a serious...

Written Answers — Department of Finance: Liquor Licences (13 Nov 2012)

Michael Noonan: I am advised by the Revenue Commissioners that the statistics provided below relate to Liquor Licences issued for the sale of liquor in the state up to 30th September 2012. “Off” Licences are issued either singularly such as “Wine Retailer’s Off Licence” or in combinations such as Spirits and/or beer, and/or wine. “Off” licences can also be...

Written Answers — Department of Finance: Tax Code (13 Nov 2012)

Michael Noonan: I wish to advise the Deputy that I am always willing to examine new sources of revenue whether presented by my own Department or from outside through the pre-Budget process. That said the Deputy should be aware that EU Directive 92/93, which governs the structure of alcohol taxation, requires that such taxes are applied by reference to the nature and strength of the product rather than the...

Written Answers — Department of Finance: Financial Services Regulation (13 Nov 2012)

Michael Noonan: The Central Bank has advised me that Section 52 (1) of Part V of the Consumer Credit Act 1995, as amended, states that "a consumer is entitled to discharge the consumer’s obligation under an agreement at any time before the time fixed by the agreement for its termination." This applies to any agreement other than a housing loan. Section 52 (3) of the Act states that “where the...

Written Answers — Department of Finance: Irish Bank Resolution Corporation (13 Nov 2012)

Michael Noonan: I have been advised that IBRC cannot disclose details regarding individual appointments of advisors relating to any commercially sensitive areas of activity such as the ongoing analysis, sale or recovery of individual loans or loan portfolios. The Bank adheres to a structured procurement process for the appointment of all its advisors. This procurement process is open, objective and...

Written Answers — Department of Finance: Irish Bank Resolution Corporation (13 Nov 2012)

Michael Noonan: I can confirm that the appointment of this person to IBRC does not in any way reflect a lack of confidence by me in the management or board of the bank. The appointment has proved to be very beneficial for both IBRC and my Department by improving communication between the organisations. I am fully confident in the management and the board of IBRC and I am satisfied that the new appointment is...

Written Answers — Department of Finance: Banks Recapitalisation (13 Nov 2012)

Michael Noonan: The requested institutions have supplied me with the following information: Subordinated Bonds under English Law subjected to Buy Backs 2010 €bn 2011 €bn Anglo Irish Bank 1.9 INBS 0.2 PTSB 0.9 AIB 4.6

Written Answers — Department of Finance: Sovereign Debt (13 Nov 2012)

Michael Noonan: Two of the NTMA’s borrowing programmes for the issuance of Irish Government debt are governed by English law, namely, the Euro Medium-Term Notes (EMTN) Programme, of which €96 million was outstanding at 31 October 2012, and the Euro Commercial Paper (ECP) Programme, of which €1.212 billion was outstanding at 31 October 2012.

Written Answers — Department of Finance: Banks Recapitalisation (13 Nov 2012)

Michael Noonan: I have been advised by IBRC of the following: The US$165m Subordinated Notes Series A due on 29 September 2015 currently bear interest at three month LIBOR plus 0.92% per annum. Interest payments made since 29 December 2010 to date are as follows: $504,411.60 29-Dec-10 $504,409.95 29-Mar-11 $517,595.10 29-Jun-11 $491,557.92 29-Sep-11 $536,043.85 29-Dec-11 $623,852.39 29-Mar-12 $586,390.75...

Written Answers — Department of Finance: Tax Reliefs (13 Nov 2012)

Michael Noonan: I am informed by the Revenue Commissioners that the estimated cost to the Exchequer of all “legacy” property-related tax schemes in 2010, the latest year for which this information is available, was €327 million. It should be noted that any corresponding data returned by PAYE taxpayers in the income tax return (Form 12) is not captured in the Revenue computer system....

Written Answers — Department of Finance: State Banking Sector (13 Nov 2012)

Michael Noonan: The information is in the following table. Bank Public Interest Directors Date of Appointment/ Resignation Fees 2008 € Fees 2009€ Fees 2010 € Fess 2011€ Total € AIB Mr Dick Spring Mr Declan Collier January 2009 January 2009/ June 2012 26,000 29,000 47,000 40,000 59,000 71,000 132,000 140,000 EBS Mr Anthony Spollen Ms...