Results 7,541-7,560 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Pension Provisions (13 Nov 2012)

Michael Noonan: The Deputy will be aware that the transfer of assets to the pension fund earlier this year was undertaken in order to facilitate the early retirement component of the voluntary severance program of the bank. Had the transfer of assets not taken place, the early retirement component of the voluntary severance could not have proceeded as it would have required a cash contribution from the bank....

Written Answers — Department of Finance: Financial Services Sector Remuneration (13 Nov 2012)

Michael Noonan: I have received the following disclosure from the financial institutions of top-ups made to company pension schemes in the years requested: AIB/EBS 2008 2009 2010 2011 2012 to date Allied Irish Banks (including EBS) €3.5m €2m €4m €3m €1,101m* * The 2012 figure for AIB includes one off exceptional contributions made in 2012 as a result of the early...

Written Answers — Department of Finance: Succession Act 1965 (13 Nov 2012)

Michael Noonan: Section 73 of the Succession Act 1965 provides that, where a person dies intestate and without known next-of-kin, the estate of that person shall be taken by the State as ultimate intestate successor. Where an estate falls to the State under Section 73, it is administered by the Chief State Solicitor under the direction of the Attorney General. Depending on the extent and nature of the...

Written Answers — Department of Finance: Financial Services Sector Remuneration (13 Nov 2012)

Michael Noonan: Permanent TSB has provided me with the following information as at 31 December 2011 in a slightly restricted form to that requested to ensure compliance with legal requirements to staff under Data Protection laws: Basic Salary € Number of Employees * 150,000 - 199,999 10 200,000 – 399,999 9 400,000+ 0 * This includes employees who subsequently TUPE’d to Permanent...

Written Answers — Department of Finance: Financial Services Sector Remuneration (13 Nov 2012)

Michael Noonan: Irish Life has provided me with the following information as at 31 December 2011 in a slightly restricted form to that requested to ensure compliance with legal requirements to staff under Data Protection laws: Basic Salary € Number of Employees 150,000 - 199,999 27 200,000 – 399,999 9 400,000+ 2 While not requested I can confirm that the remuneration of the individuals...

Written Answers — Department of Finance: Financial Services Sector Remuneration (13 Nov 2012)

Michael Noonan: I propose to take Questions Nos. 213 to 215, inclusive, together. I am advised by Permanent TSB that the Chief Executive Officer’s (CEO’s) salary is €400,000 per annum. The employer also contributes 15% of base salary to a defined contribution pension scheme. I am informed that the CEO also received vouched expenses of €52,034 to compensate him for costs...

Written Answers — Department of Finance: Financial Services Sector Remuneration (13 Nov 2012)

Michael Noonan: I have not asked staff in Permanent TSB whose annual salaries are in excess of €200,000 to waive a portion of their salaries. However the Deputy will be aware that a review of remuneration practices at the Covered Institutions ( including Permanent TSB) is currently underway by my Department.

Written Answers — Department of Finance: Financial Services Sector Remuneration (13 Nov 2012)

Michael Noonan: I propose to take Questions Nos. 217 to 219, inclusive, together. The salary and benefits of the Chief Executive Officer (CEO) were fully disclosed on Page 62 of the 2011 Annual Report of Irish Life & Permanent Group Holdings plc which is available at www.permanenttsbgroup.ie . In summary the CEO of Irish Life & Permanent who has been CEO of Irish Life since it’s separation in...

Written Answers — Department of Finance: Banking Sector Remuneration (13 Nov 2012)

Michael Noonan: I have not asked staff whose annual salaries are in excess of €200,000, of which there are currently 11, to waive a portion of their salaries. Irish Life is in a different position to the other financial institutions under our control in that it is profitable and operates in a very different competitive marketplace to the banks in which we have an interest. As the Deputy will be...

Written Answers — Department of Finance: Mortgage Interest Relief (13 Nov 2012)

Michael Noonan: The position is, as I stated in my Budget day speech on 6 December 2011, and on many occasions in this House since, that mortgage interest relief for principal private residences will no longer be available to house purchasers who purchase after the end of 2012 and will be fully abolished from 2018. This means that a loan will have to be drawn down on or before 31 December 2012 in order to...

Written Answers — Department of Finance: Tax Code (13 Nov 2012)

Michael Noonan: I am assuming that the question relates to the interest restriction applying to residential lettings, whereby the deductibility of interest in computing taxable rental income from residential property (insofar as it would otherwise be allowable) is limited to 75% of such interest. This restriction was introduced in the April 2009 supplementary budget as part of an urgent revenue-raising...

Written Answers — Department of Finance: Bank Debt Restructuring (13 Nov 2012)

Michael Noonan: I refer the Deputy to a previous answer with respect to our ability to identify bondholders. I confirm again that neither the banks nor the Government have an accurate means of establishing the underlying ownership of securities issued by the banks under the ELG as of a particular point in time. As these securities are freely tradable once issued it is not possible to trace their ultimate...

Written Answers — Department of Finance: Banking Operations (13 Nov 2012)

Michael Noonan: I have been advised by IBRC that in High Court proceedings to recover the debts due to IBRC by the Quinns, the Bank has sought the direction of the Courts to proceed with the appointment of the Alfa Group Consortium, to recover the Russian assets and one Ukrainian asset of the Quinn International Property Group. All other overseas properties of this group have either been secured, or attempts...

Written Answers — Department of Finance: Budget 2013 (13 Nov 2012)

Michael Noonan: My Department published its most recent 2013 growth forecast in late April, and projected real GDP growth of 2.2% for the year as a whole. Since those forecasts were published, the global economy has worsened and international forecasting agencies have revised down their growth forecasts for 2013 in most of Ireland’s trading partners. This is likely to lead to lower-than-previously...

Written Answers — Department of Finance: Tax Collection (13 Nov 2012)

Michael Noonan: Generally speaking the statistics on incomes published by my Department in relation to income tax are based on tax cases. This is clearly stated in publications and in replies to Parliamentary Questions. The vast majority of married income earners choose to be assessed jointly as one tax unit for income tax purposes. While it may be possible, with the assistance of significant development...

Written Answers — Department of Finance: Tax Collection (13 Nov 2012)

Michael Noonan: I am advised by the Revenue Commissioners that the full year yield, estimated by reference to 2012 incomes, that would result from increasing the nominal tax rates of income earners as proposed by the Deputy would be of the order of €859 million. A breakdown of the figures, by range of taxable income, is set out in the table. Nominal Tax Rates Range of Taxable Income Nominal Rate...

Written Answers — Department of Finance: National Asset Management Agency (13 Nov 2012)

Michael Noonan: I propose to take Questions Nos. 229 and 230 together. NAMA informs me that it cannot provide all the details requested by the Deputy in the time available. NAMA has undertaken to provide me with this information within the next week and, accordingly, I will issue a reply to the Deputy at that stage.

Written Answers — Department of Finance: Irish Bank Resolution Corporation (13 Nov 2012)

Michael Noonan: I have been advised by IBRC that disclosure of this information is commercially sensitive. However, legal fees incurred by IBRC are included as part of Other Administrative Costs, or where applicable Exceptional Costs, as published in the Bank’s Annual Report & Accounts and Interim Report. The 2011 Annual Report & Accounts for IBRC show Other Administrative Costs of...

Written Answers — Department of Finance: Departmental Agencies (13 Nov 2012)

Michael Noonan: The information requested by the Deputy could not be collated in the time available. My Department will respond directly to the Deputy as soon as possible.

Written Answers — Department of Finance: Fuel Trader's Licence (13 Nov 2012)

Michael Noonan: I am informed by the Revenue Commissioners, who have responsibility for mineral oil product taxation, that the introduction of the fuel traders’ license is a key component in combating non-compliance in the fuel sector. Illegal activity in this area, particularly the criminal activity associated with laundering marked fuel, imposes significant costs on the community and poses a serious...