Results 4,161-4,180 of 27,019 for speaker:Michael Noonan

Written Answers — Tax Reliefs: Tax Reliefs (11 Jan 2012)

Michael Noonan: It is assumed that the Deputy has in mind increasing the existing rate of mortgage interest relief for first time buyers in 2009 to 30% in line with the Budget 2012 measure for first time buyers in 2004 to 2008 inclusive. I am informed by the Revenue Commissioners that the cost to the Exchequer of the changes mentioned is tentatively estimated to be of the order of €4 million per year.

Written Answers — Tax Code: Tax Code (11 Jan 2012)

Michael Noonan: I am advised by the Revenue Commissioners that the Finance (No.2) Act 2008 amended the Value-Added Tax Act 1972 to provide for the introduction a Travel Agents Margin Scheme. Under this scheme certain travel agents are liable to VAT on their supply of certain services, not in respect of the consideration they receive for such services but in respect of the travel agents margin on those...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (11 Jan 2012)

Michael Noonan: The purpose of the Resolution Fund under the Central Bank and Credit Institutions (Resolution) Act, 2012 is to provide a source of funding for the resolution of financial instability in, or an imminent serious threat to the financial stability of, an authorised credit institution. In particular the Resolution fund may be used for: · the payment of financial incentives for transfers, ·...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (11 Jan 2012)

Michael Noonan: I propose to take Questions Nos. 76, 78 and 95 together. I have outlined my position on the various matters raised in the questions above when replying to previous parliamentary questions on the same subject (refs: 40290/11 & 40334/11 of 14 December 2011 and 40410/11, 40538/11 & 40633/11 of 15 December 2011) and in my contribution to a Topical Issues Debate on the issue of 15 December 2011....

Written Answers — Personal Debt: Personal Debt (11 Jan 2012)

Michael Noonan: The banks in Ireland, including those in which the State has a significant shareholding, are independent commercial entities and decisions on the handling of their loans are, in the first instance, a commercial matter for the individual institutions. However, the Government is aware of the increasing financial stress that some households are under arising from difficulty in meeting their...

Written Answers — State Banking Sector: State Banking Sector (11 Jan 2012)

Michael Noonan: As the Deputy is aware, neither the Central Bank nor the Department of Finance has a statutory function in relation to interest rate decisions made by individual lending institutions at any particular time. On 8th December 2011, permanent TSB confirmed that it will pass on the interest rate cut of 0.25% announced on that date by the ECB to all mortgage customers including those on Standard...

Written Answers — National Asset Management Agency: National Asset Management Agency (11 Jan 2012)

Michael Noonan: I am informed by NAMA that, when tendering for services, it takes account of the scope for involvement of small and medium-sized businesses. However, in relation to the tender for insurance and advisory services, NAMA advises that the contract to be awarded concerns a worldwide portfolio of about €32 billion worth of assets, where multi-jurisdictional brokerage services and insurance advice...

Written Answers — Pension Provisions: Pension Provisions (11 Jan 2012)

Michael Noonan: On 1 June 2011, I wrote to the representative bodies of the pensions industry with whom I had previously met to further outline my view that the cost of the pension fund levy should be absorbed by a reduction in the fees and charges made by their members. These bodies responded to me by the end of that month but the responses were not particularly positive. One response indicated that it...

Written Answers — Tax Code: Tax Code (11 Jan 2012)

Michael Noonan: The position is that I am aware of the situation and the matter is currently under consideration.

Written Answers — Tax Code: Tax Code (11 Jan 2012)

Michael Noonan: The position is that full medical cardholders are currently exempt from the higher rate (7%) of Universal Social Charge (USC). In addition, in 2012, if a person's gross income is below €10,036 a year they are exempt from the USC. The exemption limit for 2011 was €4,004 a year. I am advised by the Revenue Commissioners that on the basis of the information available to Revenue, the...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (11 Jan 2012)

Michael Noonan: The lending institutions in Ireland, including those in which the State has a significant shareholding, are independent commercial entities. Ultimately the pricing of financial products, including standard variable mortgage interest rates, is a commercial decision for the management team and board of each lending institution, having due regard to their customers and the impact on...

Written Answers — National Asset Management Agency: National Asset Management Agency (11 Jan 2012)

Michael Noonan: It is not correct to state that NAMA does not tender for services. NAMA as a contracting authority is subject to EU Directive 2004/18/EC, as implemented in Ireland by the European Communities (Award of Public Authorities' Contracts) Regulations 2006 (the "Regulations"), in respect of the procurement of goods, works and services above certain values (the "EU Thresholds"). The principles...

Written Answers — National Asset Management Agency: National Asset Management Agency (11 Jan 2012)

Michael Noonan: NAMA informs me that when selecting a sales agent to manage the disposal of art works, the Agency adopted a tendering process. The tender was to dispose of 14 works of art, nine of which were by Irish artists and five which were by either British or American artists. Four auction houses were requested to tender, two of them Irish. Each tendering party had indicated that it would undertake the...

Written Answers — Tax Collection: Tax Collection (11 Jan 2012)

Michael Noonan: The Revenue Commissioners are charged with responsibility for the timely collection and recovery of taxes and duties due to the Exchequer. There is a clear requirement for every individual and business to pay the right amount of tax due and on time. Meeting this requirement is important in ensuring that tax revenues due to the Exchequer are paid on time and in maintaining a level playing...

Written Answers — Tax Code: Tax Code (11 Jan 2012)

Michael Noonan: Passenger transport services are exempt from VAT. This means that VAT is not charged on the passenger service and the passenger transport provider cannot claim input deductibility on any VAT incurred on costs related to their business, including any VAT paid on fuel costs. As such, the supply of fuel is subject to VAT at the standard rate of 23%. The exemption from VAT on passenger...

Written Answers — Fiscal Policy: Fiscal Policy (11 Jan 2012)

Michael Noonan: I understand that the Deputy is referring to the possibility of securing private capital, both from home and abroad, to establish a fund which would help stimulate growth and provide jobs. One of the primary avenues the Government has used to explore such possibilities is through the Global Irish Economic Forum. The first Global Irish Economic Forum brought together 130 globally connected...

Written Answers — Public Sector Remuneration: Public Sector Remuneration (11 Jan 2012)

Michael Noonan: In my Department, no staff members are in receipt of a salary of more than €200,000 per annum. I understand that although the Secretary General's nominal salary is significantly higher than €200,000, he has gifted the excess to the state on a voluntary basis. I am advised by the Revenue Commissioners that, having taken salary sacrifice into account, there are no Revenue staff in receipt...

Written Answers — Tax Reliefs: Tax Reliefs (11 Jan 2012)

Michael Noonan: The legislation setting out the detail of the proposed new 30% rate of mortgage interest relief announced in my Budget speech will be published in the forthcoming Finance Bill. However, the new rate of relief will be available only to individuals who bought their homes between 2004 and 2008 where such homes are the sole or main residence of the individuals. The proposed new rate of relief...

Written Answers — Ministerial Staff: Ministerial Staff (11 Jan 2012)

Michael Noonan: Since my appointment as Minister for Finance on 9 March 2011 the relevant details are as follows: Name Title Salary (per annum) Duties Mary Kenny Special Adviser €83,337 Any duties which may be assigned to her from time to time as appropriate to the position of Special Adviser as set out in Section 11 of the Public Service Management Act 1997. Eoin Dorgan Special Adviser €83,337 Any...

Written Answers — Departmental Staff: Departmental Staff (11 Jan 2012)

Michael Noonan: The Government announced a new National Internship Scheme as part of its Jobs Initiative programme, which was published on 10 May 2011. The National Internship Scheme, known as JobBridge, provides at any one time up to 5,000 work experience placements of 6 or 9 months for unemployed individuals in organisations in the private, public and voluntary sectors. It is a time-limited scheme for a...