Results 4,081-4,100 of 27,019 for speaker:Michael Noonan

Written Answers — National Asset Management Agency: National Asset Management Agency (14 Dec 2011)

Michael Noonan: NAMA informs me that it has met with one interest group and has also been contacted by a local authority regarding this property. This property is listed on the NAMA website as one of the properties subject to enforcement action. I understand from NAMA that the property has been offered for sale on the open market by a receiver, RSM Farrell Grant Sparks, appointed by NAMA. The receiver...

Written Answers — National Asset Management Agency: National Asset Management Agency (14 Dec 2011)

Michael Noonan: The fee payable to Frank Daly in respect of his functions as Chairman of the NAMA Board is €150,000 for 2011, on the basis of his full time availability. I am informed by NAMA that expenses totalling €3,199 have been paid to him in the year 2010 and in the year 2011 to date. As a retired Chairman of the Revenue Commissioners, Mr Daly is also in receipt of an annual pension of...

Written Answers — Tax Reliefs: Tax Reliefs (14 Dec 2011)

Michael Noonan: I am informed by the Revenue Commissioners that the cost to the Exchequer of mortgage interest relief by way of tax relief at source (TRS) in each of the years 2002 to 2011 inclusive is as follows: Tax Year Cost €m 2002 193 2003 221 2004 232 2005 279 2006 352 2007 543 2008 705 2009 486 2010 375 2011 (11 months) 335 * · This figure is provisional and subject to revision. A...

Written Answers — National Asset Management Agency: National Asset Management Agency (14 Dec 2011)

Michael Noonan: In his recently published NAMA Review, Mr Michael Geoghegan stated that "an eight year exit strategy for NAMA needs to be developed and hence NAMA needs to start thinking now as to what size it will be and what experience it will have by the years 2017-2019, so that a possible trade sale could be achieved". The Deputy will be aware that I have asked Mr Geoghegan to chair an Advisory Group...

Written Answers — Illicit Trade in Tobacco: Illicit Trade in Tobacco (14 Dec 2011)

Michael Noonan: I am informed by the Revenue Commissioners, who are responsible for the collection of tobacco products tax, and for tackling the illicit trade in cigarettes and tobacco, that there is no internationally recognised method for precisely determining the amount of tax lost as a result of the illicit trade in cigarettes. However, a survey commissioned by Revenue and the Office of Tobacco Control...

Written Answers — Tax Yield: Tax Yield (14 Dec 2011)

Michael Noonan: I refer the Deputy to my response to his question on this topic on 24th November, 2011 (reference number 36891/11). The estimated additional yield from a 2% increase in the standard rate of VAT that I announced in my recent Budget speech is €560 million in 2012 or €670 million in a full year. These estimates were calculated by applying a direct increase of 2% to the expected yield from...

Written Answers — Tax Collection: Tax Collection (14 Dec 2011)

Michael Noonan: The position is that the Universal Social Charge (USC), as with the Income Levy before it, has operated on what is known as "a week-one" basis. The week-one basis allows for the collection of USC by employers on a weekly basis in a similar way to PRSI. This means that USC is deducted from each payment of weekly wages/salary, where the payment is greater than the exemption limit, at the rate...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (14 Dec 2011)

Michael Noonan: Neither I, as Minister for Finance, nor the Central Bank, have a statutory role in the setting of interest rates charged or paid by financial institutions regulated by the Central Bank. Each institution determines the rate it charges its customers, depending on a number of factors, such as cost of funds and commercial considerations, competition in the market, risk pricing and the impact on...

Written Answers — Tax Code: Tax Code (14 Dec 2011)

Michael Noonan: The position is that the Universal Social Charge (USC) does not apply to social welfare payments or payments of a similar nature made by any other state or territory. However, I should point out that occupational pensions are liable to the USC, if the payment is greater than the exemption limit, which from 1 January 2012 is €10,036 per annum. In this particular case the retired couple in...

Written Answers — Tax Code: Tax Code (14 Dec 2011)

Michael Noonan: The Finance (No. 2) Act 2011 provided for a second reduced VAT rate, of 9%, on a temporary basis in respect of certain tourism-related services and goods for the period 1 July 2011 to end 2013. This measure was estimated to cost €120 million in 2011, €350 million in 2012 and in 2013, and €60 million in 2014. Businesses must account for VAT at the 9% rate on these specified goods and...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (14 Dec 2011)

Michael Noonan: I propose to take Questions Nos. 82 and 83 together. I am advised by the institutions involved that the payments in question are considered bonus payments as per their description in the relevant contracts. On this basis, as the conditions governing the provision of State assistance to Allied Irish Banks (AIB) prohibit the payment or awarding of bonuses whatsoever, the bank took the view...

Bretton Woods Agreements (Amendment) (No. 2) Bill 2011: Order for Second Stage (15 Dec 2011)

Michael Noonan: I move: "That Second Stage be taken now."

Bretton Woods Agreements (Amendment) (No. 2) Bill 2011: Second Stage (15 Dec 2011)

Michael Noonan: I move: "That the Bill be now read a Second Time." The Bretton Woods Agreements (Amendment) Bill 2011, which was enacted earlier this year, provided for acceptance by the State of amendments to the IMF articles of agreement which were approved by the IMF board of governors in 2008. The current Bill is a continuation of this process, which relates to the ongoing reform of IMF governance. The...

Bretton Woods Agreements (Amendment) (No. 2) Bill 2011: Second Stage (15 Dec 2011)

Michael Noonan: This is an additional 1% which we hope to get next October, if 85% of the voting weight agrees to the amendments.

Bretton Woods Agreements (Amendment) (No. 2) Bill 2011: Second Stage (15 Dec 2011)

Michael Noonan: It will be 1% lower than the present rate.

Bretton Woods Agreements (Amendment) (No. 2) Bill 2011: Second Stage (15 Dec 2011)

Michael Noonan: It will be approximately €25 million.

Bretton Woods Agreements (Amendment) (No. 2) Bill 2011: Second Stage (15 Dec 2011)

Michael Noonan: It is not that difficult to spot.

Bretton Woods Agreements (Amendment) (No. 2) Bill 2011: Second Stage (15 Dec 2011)

Michael Noonan: Deputy Tom Barry is one of the promoters of the project.

Industrial Relations (15 Dec 2011)

Michael Noonan: I have the utmost sympathy for EBS staff regarding the timing of the announcement of the decision that this so-called 13th month payment would not be made. This does not reflect well on management and should not have happened. However, this payment is described in the contracts of the relevant staff members as the payment of a Christmas bonus. The terms of the latest capital investment in...

Industrial Relations (15 Dec 2011)

Michael Noonan: It is a matter for management at EBS and it was told last July the rules pertaining to bonuses. The Department of Finance and I had to respond to very strong advocacy from Deputy Higgins and others who said no bonuses should be paid in the banks as long as taxpayers' money was bailing them out.