Results 6,721-6,740 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: NAMA Staff Unauthorised Disclosures (25 Sep 2012)

Michael Noonan: I am advised that NAMA employs a wide range of measures to prevent unauthorised disclosure of confidential data. These include practical measures such as the deployment of email monitoring technology to prevent email attachments from being forwarded to personal and non-corporate email accounts. IT controls also ensure that data cannot be saved from the NTMA network onto external storage...

Written Answers — Department of Finance: NAMA Staff Unauthorised Disclosures (25 Sep 2012)

Michael Noonan: I am advised that the unauthorised disclosure was notified to An Garda Síochána on 12 September 2012 and that NAMA has provided, and will continue to provide, all information required by the Gardaí as part of their investigation.

Written Answers — Department of Finance: NAMA Staff Unauthorised Disclosures (25 Sep 2012)

Michael Noonan: I am advised by NAMA that it has instituted proceedings in the High Court against the former employee and his spouse seeking a number of reliefs, including an Order directing the former employee and his spouse to provide a full account on affidavit in respect of all confidential information that either of them has removed from NAMA, including the identity of all persons who have had access to...

Written Answers — Department of Finance: NAMA Staff Unauthorised Disclosures (25 Sep 2012)

Michael Noonan: The deputy may be aware that at the request of NAMA, Ernst and Young initiated their own investigation into this matter; as this inquiry is ongoing it would therefore not be appropriate for me to comment further. However, I understand that there has been full co-operation between NAMA and Ernst and Young in the investigation of this matter.

Written Answers — Department of Finance: NAMA Staff Unauthorised Disclosures (25 Sep 2012)

Michael Noonan: I propose to take Questions Nos. 107 and 108 together. I understand that there has been full co-operation between NAMA and Ernst and Young in the investigation of this matter. More specifically to your question, I am advised by NAMA that it has not to date deployed the firm of Ernst & Young as an adviser on potential loan sales transactions. NAMA further advises that when making an...

Written Answers — Department of Finance: NAMA Staff Unauthorised Disclosures (25 Sep 2012)

Michael Noonan: I propose to take Questions Nos. 109 and 110 together. I am advised by NAMA that it has appointed Ernst & Young as receiver to 18 separate corporate entities across four NAMA debtor connections. I am advised that, to date, no asset realisations have taken place under these appointments. I understand that Ernst and Young was appointed by a syndicate of banks asadministrator to...

Written Answers — Department of Finance: NAMA Qualifying Investor Fund (25 Sep 2012)

Michael Noonan: I propose to take Questions Nos. 111 to 113, inclusive, together. I am advised that NAMA, for and on behalf of the QIF, will make an announcement shortly as to the outcome of the tender competitions for investment manager and for custodian and fund administrator. I am further advised by NAMA that the Qualifying Investor Fund (QIF) is expected to be launched, subject to regulatory...

Written Answers — Department of Finance: Proposed Legislation (25 Sep 2012)

Michael Noonan: I wish to inform the deputy that the introduction of Real Estate Investment Trusts (REITs) legislation is being kept under review by my Department. I am aware of NAMA’s interest in this structure as another option in monetising its portfolio.

Written Answers — Department of Finance: NAMA Loan Offers (25 Sep 2012)

Michael Noonan: Prospective purchasers of assets controlled by NAMA debtors and receivers are required to sign a declaration under Section 172 of the Act confirming that they are not a connected party within the meaning of that section and of the NAMA Board’s Guidance Note on the Disposal of Real Estate Assets by NAMA Debtors and Insolvency Office Holders which is published on NAMA's website. As this...

Written Answers — Department of Finance: NAMA Loan Write-Downs (25 Sep 2012)

Michael Noonan: I am advised that, under Sections 99 and 202 of the NAMA Act 2002 and the normal rules of banking confidentiality, NAMA is precluded from disclosing the details of transactions involving debtors. I am also advised that the media report which has prompted the Deputy’s question is inaccurate.

Written Answers — Department of Finance: Black Economy Issues (25 Sep 2012)

Michael Noonan: I am advised by the Revenue Commissioners that their tax compliance programmes are under constant review to ensure that they are focussed on the areas of greatest risk, including risks from the shadow economy. There is no doubt that shadow/hidden economy activity creates distortions in the economy and competitive disadvantages for compliant businesses. For these reasons, Revenue focuses on...

Written Answers — Department of Finance: Gambling Legislation (25 Sep 2012)

Michael Noonan: It was announced in Budget 2011 that the necessary arrangements are being made to ensure that bets placed on the internet by domestic punters are subject to the same level of betting duty as applies to high street betting shops. This will serve to broaden the tax base and increase betting duty receipts. The Finance Act 2011 provides for the taxation of bets that remote bookmakers enter into...

Written Answers — Department of Finance: Tax Code (25 Sep 2012)

Michael Noonan: As the Deputy is aware, the marginal tax rate is described as the tax rate that applies to the last euro of the tax base. The current marginal tax rate on income earned over €100,000 for full PRSI employees is 52% and for self assessed income is 55%. The components of the marginal tax rate are provided in table below: Marginal tax rate components PAYE employee full PRSI earning >...

Written Answers — Department of Finance: Budget 2013 (25 Sep 2012)

Michael Noonan: A table giving details of the consolidation required to achieve the General Government deficit targets as set out in the EU/IMF Programme was included in the Medium-Term Fiscal Statement (MTFS) last November. In line with the figures presented in the MTFS, the Government is planning a €3.5 billion adjustment in Budget 2013, consisting of €2.25 billion in expenditure...

Written Answers — Department of Finance: Tax Code (25 Sep 2012)

Michael Noonan: The following arrangements currently apply to retirement lump sums paid under pension arrangements approved by the Revenue Commissioners. Lump sum amounts up to €200,000 are paid free of tax. They are also paid free of USC. The portion of a lump sum between €200,001 and €575,000 is taxed on a ring-fenced basis at 20%. This means that no tax credits or other tax reliefs...

Written Answers — Department of Finance: Film Industry Tax Reliefs (25 Sep 2012)

Michael Noonan: The Finance Act 2011 provided for an extension of the film relief scheme to the end of 2015. In that context I believe it is now appropriate to review the scheme in the context of making timely decisions regarding the future of the scheme after 2015. the 2009 Commission on Taxation recommended that film relief should be the subject of regular review. It was last reviewed in 2007. The terms...

Written Answers — Department of Finance: Commercial Rent Reviews (25 Sep 2012)

Michael Noonan: In response to the Deputy’s question the Office of Public Works which comes under the aegis of Minister for Public Expenditure and Reform is involved in most purchases and leasing of buildings by the State including buildings leased by my Department.

Written Answers — Department of Finance: Financial Services Ombudsman (25 Sep 2012)

Michael Noonan: I propose to take Questions Nos. 124 to 126, inclusive, together. Firstly, I must point out that the Financial Services Ombudsman is independent in the carrying out of his statutory functions. It would not be appropriate for me to comment on how he performs those functions. The Financial Services Ombudsman's Bureau has informed me that his office has received the following number of...

Written Answers — Department of Finance: Banks Recapitalisation (25 Sep 2012)

Michael Noonan: I have been advised that on the 1st July 2011, under the INBS Transfer Order, all of the assets and liabilities of INBS, with certain exceptions, transferred to IBRC. On that date the Group’s net assets increased by €638m. No cash consideration changed hands. However the net assets of INBS included cash and cash equivalents of €128m.

Written Answers — Department of Finance: Banks Recapitalisation (25 Sep 2012)

Michael Noonan: A breakdown of IBRC’s balance sheet is available on page 34 of the IBRC Annual Report and Accounts 2011 which can be accessed at