Results 20,981-21,000 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Bank Restructuring (24 Sep 2015)

Michael Noonan: The deputy may be aware that Permanent TSB  committed in the Restructuring Plan, details of which were announced by the Group on 9 April 2015, to dispose of the Irish Commercial Real Estate and the UK loan books. On 11 March 2015, the Group announced that it had agreed the sale of €1.5billion of non-core Irish Commercial Real Estate loans, in addition to GBP £2 billion...

Written Answers — Department of Finance: Tax Exemptions (24 Sep 2015)

Michael Noonan: I am advised by the Revenue Commissioners that in 2014 one donation was made under the provisions of Section 1003 of the Taxes Consolidation Act 1997. The donation consisted of two installations by Willie Doherty, entitled "Remains 2013" and "Ancient Ground 2011". These were valued at €160,000, resulting in a tax credit of €128,000. I am further advised by the Revenue...

Written Answers — Department of Finance: NAMA Assets Sale (24 Sep 2015)

Michael Noonan: Department of Finance records reflect that, since Parliamentary Question No. 27 of 4 February 2015, I have met with one US Private Equity firm, Cerberus, who may have had an interest in the sale of NAMA assets. This meeting was held on 19 March 2015. The meeting was also referenced in my previous response to the Deputy regarding Parliamentary Question No.293...

Written Answers — Department of Finance: Revenue Commissioners Investigations (24 Sep 2015)

Michael Noonan: I am advised by the Revenue Commissioners that the remit of their Investigations and Prosecutions Division's Offshore Assets Group is to investigate the use of offshore accounts to evade or avoid tax and to ensure that any moneys owed, including interest and penalties, are recovered. Payments amounting to €9.46 million were received in 2014 as a result of the Group's work, and the...

Written Answers — Department of Finance: Departmental Staff Data (24 Sep 2015)

Michael Noonan: I am advised by the Revenue Commissioners that they estimate that in the region of 1,300 staff will retire from their organisation over the next five years based on the current age profile.  Revenue's multi-annual pay ceiling for 2015-2017 provides for an annual average whole time equivalent (WTE) staff level of 5,874 while its current  whole time equivalent staff number is 5,744...

Written Answers — Department of Finance: Tax Yield (24 Sep 2015)

Michael Noonan: I am informed by the Revenue Commissioners that : In the year 2012, twelve individuals paid domicile levy. The total collected in that year was €2,078,163 and related to returns due for the tax years 2010 and 2011. In the year 2013, fourteen individuals paid domicile levy. The total collected in that year was €2,419,829 and related to returns due for the tax years 2010 to 2012....

Written Answers — Department of Finance: Tax Reliefs Cost (24 Sep 2015)

Michael Noonan: I take it that the Deputy is referring to the facility available under the Standard Fund Threshold (SFT) regime whereby individuals can seek a Personal Fund Threshold (PFT) in certain circumstances. The Standard Fund Threshold (SFT) is the maximum allowable pension fund on retirement for tax purposes. Its purpose is to discourage over-funding and over-accrual of pension benefits through...

Written Answers — Department of Finance: Revenue Commissioners Audits (24 Sep 2015)

Michael Noonan: I want to say clearly at the outset that I consider that it would be entirely inappropriate for me to comment on any relationship between the Revenue Commissioners and an individual taxpayer or business. The Revenue Commissioners cannot, for reasons of taxpayer confidentiality, disclose details of or comment publicly on the specific affairs of any individual business or taxpayer and I think...

Ceisteanna - Questions - Priority Questions: Mortgage Interest Rates (29 Sep 2015)

Michael Noonan: As the Deputy knows, I have been aware of this issue for some time and have taken steps to ensure the banks provide real options for borrowers. To summarise actions taken to date, I requested a report from the Central Bank on the topic, which was published in May. I also met with the six main mortgage lenders and outlined my view that the interest rates being charged to Irish customers were...

Ceisteanna - Questions - Priority Questions: Mortgage Interest Rates (29 Sep 2015)

Michael Noonan: I thank the Deputy for his supplementary question. He will recall that the Central Bank report published last May, to which I referred, stated that there was an excessive margin being charged in Ireland on variable interest rates but it disagreed that the margin was as big as has been cited in debates here on several occasions. The banks have moved to lower that particular margin. AIB has...

Ceisteanna - Questions - Priority Questions: Mortgage Interest Rates (29 Sep 2015)

Michael Noonan: The Deputy is jumping to conclusions. While the headline variable rates that the Deputy outlined in his initial contribution are correct, other much lower rates are available to mortgage holders-----

Ceisteanna - Questions - Priority Questions: Mortgage Interest Rates (29 Sep 2015)

Michael Noonan: -----either from their own bank or mortgage provider or by switching.

Ceisteanna - Questions - Priority Questions: Mortgage Interest Rates (29 Sep 2015)

Michael Noonan: What puzzles me at present is why more people are not switching. There is demonstrably an amount of money to be saved if people change, yet there appears to be an inertia in the system and they are not changing.

Ceisteanna - Questions - Priority Questions: Mortgage Interest Rates (29 Sep 2015)

Michael Noonan: I wish to let it go for a few months and see if the new competitive situation will operate to the benefit of customers. We have made significant progress. The Deputy's Private Members' Bill, which I complimented as a good initiative, sought to provide that the Central Bank should intervene to fix interest rates if they went above 3%. We have the two biggest mortgage providers down to 3.65%...

Ceisteanna - Questions - Priority Questions: NAMA Loan Book (29 Sep 2015)

Michael Noonan: As the Deputy will be aware, it was I who initially received the unsolicited expression of interest for the NAMA Northern Ireland loan book, via the then Northern Ireland Minister for Finance, Mr. Sammy Wilson, from Brown Rudnick on behalf of its client, PIMCO, on 24 June 2013. On 9 July 2015 I published on the Department of Finance website both the representation from the Minister, Mr....

Ceisteanna - Questions - Priority Questions: NAMA Loan Book (29 Sep 2015)

Michael Noonan: Allegations have been made about this. If the House would allow me, I would like to put my reply on the record.

Ceisteanna - Questions - Priority Questions: NAMA Loan Book (29 Sep 2015)

Michael Noonan: I thank the Leas-Cheann Comhairle. Regarding PIMCO's subsequent withdrawal from the sales process, I am advised that on 10 March 2014 PIMCO informed NAMA that PIMCO's compliance staff had discovered that PIMCO’s proposed fee arrangement with Brown Rudnick included a proposed payment of fees to Tughans and to a former external member of NAMA's Northern Ireland advisory committee,...

Ceisteanna - Questions - Priority Questions: NAMA Loan Book (29 Sep 2015)

Michael Noonan: I have given the Deputy the information he requested in his initial question but I will reread it for him.

Ceisteanna - Questions - Priority Questions: NAMA Loan Book (29 Sep 2015)

Michael Noonan: Regarding PIMCO’s subsequent withdrawal from the sales process, I am advised that on 10 March 2014 PIMCO informed NAMA that its compliance staff had discovered that PIMCO’s proposed fee arrangement with Brown Rudnick included a proposed payment of fees to Tughans and to a former external member of NAMA’s Northern Ireland advisory committee who resigned in early November...

Ceisteanna - Questions - Priority Questions: NAMA Loan Book (29 Sep 2015)

Michael Noonan: As I said in my initial reply, it was the compliance section of PIMCO that informed NAMA there was a potential conflict of interest. As a result of that, NAMA took action. It let it be known to PIMCO that under the new circumstances brought to its attention, it would ask PIMCO to withdraw from the sales process or, alternatively, it would not continue to negotiate with PIMCO. Either way,...