Results 5,381-5,400 of 27,019 for speaker:Michael Noonan

Written Answers — Banking Sector: Banking Sector (18 Apr 2012)

Michael Noonan: I am advised by the bank that the company referred to in the question did not act for two of the parties to the proceedings in the High Court in London at all. In relation to the remaining party, the company did advise on certain aspects only. The company in question is not acting for the State (or State owned entity) in relation to this matter and therefore no conflict of interest can arise.

Written Answers — Consultancy Contracts: Consultancy Contracts (18 Apr 2012)

Michael Noonan: NAMA as a contracting authority is subject to the European Communities (Award of Public Authorities' Contracts) Regulations 2006 and therefore applies these rules when seeking to enter public contracts. I am advised by NAMA that for any contracts that fall outside the scope of the Regulations, the Agency adopts a competitive process designed to achieve value for money. I am advised by IBRC...

Written Answers — State Banking Sector: State Banking Sector (18 Apr 2012)

Michael Noonan: Since nationalisation there has been an extensive re-structuring of the governance and management of IBRC. As of today, none of the current executive or non-executive directors of the Bank were involved with the Bank prior to nationalisation. None of the direct reports into the Group Chief Executive, Mike Aynsley, were direct reports to the previous Chief Executive at the end of 2008. In...

Written Answers — Bank Guarantee Scheme: Bank Guarantee Scheme (18 Apr 2012)

Michael Noonan: It is the case that our General Government debt to GDP ratio has increased significantly in recent years. This is due to a combination of the sharp downturn in economic activity since 2007, four years of large budget deficits and the significant level of State support that it has been necessary to provide to the banking sector. Budget 2012 estimated the end-2011 General Government debt to GDP...

Written Answers — Tax Collection: Tax Collection (18 Apr 2012)

Michael Noonan: This is a matter for the Revenue Commissioners. The Deputy will be aware from previous representations in this matter that the tax debt in question arose from invalid repayment claims submitted by the person concerned. Revenue views this very seriously and given the circumstances giving rise to the debt and notwithstanding the personal circumstances of the person concerned, there will have to...

Written Answers — Tax Yield: Tax Yield (18 Apr 2012)

Michael Noonan: I propose to take Questions Nos. 148, 150, 151 and 152 together. I am informed by the Revenue Commissioners that the data captured from VAT returns is not maintained in such a way as to provide a basis for compiling the detailed information sought by the Deputy. It is, therefore, not possible to separately identify the details relating to the percentage of VAT yield contributed by the...

Written Answers — Tax Yield: Tax Yield (18 Apr 2012)

Michael Noonan: The farmers' flat rate addition is an administrative simplification scheme provided for under the EU VAT Directive that allows farmers to collect an addition of 5.2% on their sales, through the VAT system, as an alternative to having to register for VAT. The addition percentage is calculated annually by the CSO and the Revenue Commissioners in accordance with EU guidelines, to reflect the...

Written Answers — Public Sector Remuneration: Public Sector Remuneration (18 Apr 2012)

Michael Noonan: I have been informed by the National Treasury Management Agency (NTMA) that all fifteen NTMA employees whose salaries exceed €200,000 have agreed to my request 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. I would like to acknowledge the positive response to my request...

Written Answers — National Asset Management Agency: National Asset Management Agency (18 Apr 2012)

Michael Noonan: On 29 March 2012 a direction was issued by me under section 14 of the NAMA Act 2009. It directed that NAMA adopt all reasonable measures to facilitate the short-term financing, in the amount of circa €3.060 billion, of Irish Bank Resolution Corporation Limited. This was to be achieved by entering a transaction on appropriate commercial terms, collateralised by an appropriate Irish...

Written Answers — Tax Reliefs: Tax Reliefs (18 Apr 2012)

Michael Noonan: The position is as I stated in my Budget day speech, that the new measure fulfils the Government's commitment contained in its Programme for Government to increase the rate of Mortgage Interest Relief to 30 per cent for first-time buyers who took out their first mortgage in the period 2004 to 2008. This was the period during which house prices peaked. I have sought to be as flexible as...

Written Answers — Tax Reliefs: Tax Reliefs (18 Apr 2012)

Michael Noonan: I am informed by the Revenue Commissioners that, following clarification, the course concerned, a Higher Diploma in Science and Computing, is a post graduate course and qualifies for relief under section 473A Taxes Consolidation Act 1997. I am further informed by the Revenue Commissioners that relief for the fees paid has now been granted to the person concerned.

Written Answers — Banking Sector Regulation: Banking Sector Regulation (18 Apr 2012)

Michael Noonan: The Central Bank has informed me that it does not regulate the outsourcing by regulated financial service providers of any functions in relation to the repossession of machinery and vehicles. In terms of any type of agreement between the banking sector and outsourcing firms I wish to advise the deputy that the Relationship Frameworks with the banks provide that the State will not intervene...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (18 Apr 2012)

Michael Noonan: I am advised by the institution that a 20% reduction was applied to the salaries of senior management in the former Anglo Irish Bank immediately post nationalisation. These adjusted lower salaries have remained in place in the organisation for subsequent replacements to those roles. I am further advised that the total remuneration paid to the top 50 individuals in the organisation in 2009...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (18 Apr 2012)

Michael Noonan: Notwithstanding the fact that the State is a significant shareholder in the institution, the bank should be run on a commercial, cost effective and independent basis to ensure the value of the bank as an asset to the State, as per the Memorandum on Economic and Financial Policies agreed with the EU Commission, the ECB and the IMF. It is a matter for the individual board and management to...

Written Answers — Proposed Legislation: Proposed Legislation (18 Apr 2012)

Michael Noonan: The Government is committed to having in place an effective regulatory/supervisory system for those firms which provide a household budgeting, a debt management and/or a debt advice service. I have asked my officials to bring forward proposals for an appropriate amendment at the Committee Stage of the Central Bank (Supervision and Enforcement) Bill 2011 to provide for this regime. In...

Written Answers — Tax Reliefs: Tax Reliefs (18 Apr 2012)

Michael Noonan: As I have stated previously, all matters in relation to the administration of mortgage interest relief through the tax relief at source (TRS) system are matters for the Revenue Commissioners. On that basis I am informed by the Revenue Commissioners that, based on the information available to them, the person concerned has received the full relief to which he is entitled.

Written Answers — Tax Collection: Tax Collection (18 Apr 2012)

Michael Noonan: I am informed by the Revenue Commissioners that a person carrying on a business is required, under section 886 of the Taxes Consolidation Act 1997, to keep all records that are required to ensure that a full and detailed tax return can be made. The section also requires that the records be kept on a continuous and consistent basis so that they are not written-up from memory retrospectively or...

Written Answers — Disabled Drivers: Disabled Drivers (18 Apr 2012)

Michael Noonan: I am advised by the Revenue Commissioners that as the limits prescribed under Section 9 (€9,525), Section 11 (€15,875) and Section 13 (€15,875) of the Disabled Drivers and Disabled Passengers (Tax Concessions) Regulations (S.I. 353 of 1994) relate to the VRT and VAT paid on a vehicle, there are no provisions whereby additional VRT or VAT may be repaid in excess of these limits....

Written Answers — Illicit Trade in Tobacco: Illicit Trade in Tobacco (18 Apr 2012)

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 — Illicit Trade in Tobacco: Illicit Trade in Tobacco (18 Apr 2012)

Michael Noonan: The Deputy will be aware that the Revenue Commissioners are responsible for the collection of tobacco products tax, and for tackling the illicit trade in cigarettes and tobacco. The Commissioners inform me that they regard the tackling of the illicit tobacco trade as a high priority area. The strategy employed by Revenue to tackle this illicit trade is multi-faceted. It includes ongoing...