Results 7,741-7,760 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Banking Sector Remuneration (20 Nov 2012)

Michael Noonan: The covered institutions have supplied me with the following information in relation to total remuneration: AIB BOI IBRC PTSB Number of staff on total remuneration package (including pension payments, allowances, expenses and benefits of between €100,000- €200,000 1,159 1,110 190 164 Number of staff on total remuneration package (including pension payments, allowances,...

Written Answers — Department of Finance: VAT Rates (20 Nov 2012)

Michael Noonan: The VAT rating of goods and services is constrained by the requirements of EU VAT law with which Irish VAT law must comply. For tax neutrality purposes the same VAT rate must apply to beverages such as soft drinks, fruit juices, smoothies and bottled water, regardless of their sugar content. While it is possible to apply a reduced VAT rate to soft drinks, this would have to apply to all...

Written Answers — Department of Finance: National Pensions Reserve Fund (20 Nov 2012)

Michael Noonan: I invested on behalf of the State €2.3 billion in Permanent TSB Group Holdings (formerly Irish Life & Permanent Group Holdings) in July 2011 in return for 36,249,014,972 ordinary shares (at an issue price of €0.06345 per share), amounting to 99.24% of the shares in issue. The shares are held at their nominal value in the Finance Accounts. Permanent TSB plc also issued...

Written Answers — Department of Finance: National Pensions Reserve Fund (20 Nov 2012)

Michael Noonan: I am informed by the National Treasury Management Agency (NTMA), as Manager of the National Pensions Reserve Fund (NPRF), that no valuation of the shareholdings in Allied Irish Banks and preference share holdings in Bank of Ireland held by the National Pensions Reserve Fund in Allied Irish Banks and Bank of Ireland has been undertaken since the Goodbody valuation as at 31 December 2011, which...

Written Answers — Department of Finance: National Asset Management Agency (20 Nov 2012)

Michael Noonan: The National Asset Management Agency approves requests for rent easement or abatement from its debtors where a tenant demonstrates that the rent payable under a lease is in excess of current market levels and that the viability of a business is, as a consequence, threatened. By the end of October 2012, the Agency had received 273 rent abatement applications through debtors/receivers: 210 had...

Written Answers — Department of Finance: Commercial Rent Reviews (20 Nov 2012)

Michael Noonan: The overriding mandate of IBRC is to maximise the recovery of loans on behalf of the State and to wind down over time. The underlying approach of the Bank is to work constructively with each borrower on an individual basis. I have been advised that the tenancy arrangements for commercial properties, financed by IBRC, are principally governed by contractual lease agreements between the...

Written Answers — Department of Finance: Commercial Rent Reviews (20 Nov 2012)

Michael Noonan: I am informed by AIB that it is committed to operating its business activities on a commercial basis as it seeks to protect its economic interests. As such, the bank approaches each particular situation on a case-by-case basis to ensure the appropriate outcome is achieved. In the case of commercial properties, the legal relationship that exists is typically between the borrower and the...

Written Answers — Department of Finance: Fiscal Policy (20 Nov 2012)

Michael Noonan: As the Deputy will be aware, review missions to Ireland by the three external partners - the EU, the ECB and the IMF (the Troika) - take place each quarter as part of the regular review process of our EU-IMF programme. The eighth review mission took place from Tuesday, 16 October to Thursday, 25 October last. In line with each of the previous quarterly reviews, Ireland has met all of the...

Written Answers — Department of Finance: Banking Sector Remuneration (20 Nov 2012)

Michael Noonan: I propose to take Questions Nos. 200 to 202, inclusive, together. I am informed by NAMA that the remuneration packages of the NAMA chief executive is published in NAMA’s Financial Statements and included in its Annual Report which is available at www.nama.ie. It is summarised in the following table: 2011 2010 Salary €430,000 €430,000 Taxable benefits (car and...

Written Answers — Department of Finance: Employment Investment Incentive Scheme (20 Nov 2012)

Michael Noonan: I assume the Deputy is referring to the provision of a tax incentive to micro businesses which would be more attractive than that available under the Employment and Investment Incentive. As indicated in my previous response to the Deputy on this topic, EII is already available to the majority of SMEs including micro businesses. My concern in relation to providing a more attractive tax...

Written Answers — Department of Finance: Universal Social Charge (20 Nov 2012)

Michael Noonan: I assume the Deputy is referring to contractors engaged under contracts for services; i.e. who are self-employed. The position is that the tax and USC status of contractors from outside the State who are on contracts with State agencies and Departments, is dependent on whether they are resident in the State and the place where the trade or profession is exercised. An individual who is...

Written Answers — Department of Finance: Banking Sector Remuneration (20 Nov 2012)

Michael Noonan: I have been provided with the following information of current remuneration packages for the Chief Executives of Allied Irish Banks, Bank of Ireland, Permanent TSB, IBRC, National Treasury Management Agency and the National Assets Management Agency: . Salary € (‘000) Pension €(‘000) Other benefits/ remuneration €(‘000) Amount Waived Total...

Written Answers — Department of Finance: Banking Sector Remuneration (20 Nov 2012)

Michael Noonan: The annual report & accounts of IBRC outlines in detail the remuneration of its individual directors and the aggregate compensation details of its key management personnel. Mr Kevin Blake, in his capacity as the Bank’s CRO, is included in key management personnel and therefore details of his individual remuneration package are not disclosed. I have been advised by IBRC that there...

Written Answers — Department of Finance: Banking Sector Remuneration (20 Nov 2012)

Michael Noonan: I am informed by AIB that the terms and conditions of all new staff appointments made by AIB are completed in strict accordance with the various agreements on pay and remuneration between AIB and the Minister for Finance entered into as part of the recapitalisation process of the bank. These agreements include a total remuneration limit of €500,000 annually for an individual, excluding...

Written Answers — Department of Finance: Departmental Expenditure (20 Nov 2012)

Michael Noonan: I am advised by the Revenue Commissioners that no expenditure was incurred by Revenue on hospitality during the recent Volvo Ocean Race in Galway.

Written Answers — Department of Finance: Credit Unions Regulation (20 Nov 2012)

Michael Noonan: The Deputy will appreciate that this is a highly complex legal area involving possible interference with an individual’s constitutional rights. Pensions are generally taken to be deferred income and any action to reduce a pension in payment needs to be comprehensively founded lest it run the risk of being considered an unjust attack by the State on the property rights of individuals...

Written Answers — Department of Finance: Mortgage Debt (20 Nov 2012)

Michael Noonan: I would like to advise the Deputy that Bank of Ireland have supplied me with the following statement in response to your PQ. Included in the response is an additional disclosure to its Interim accounts, stating that the Group now advises that it recorded an accounting write off amounting to €2.3 million of its impairment provisions in respect of Residential Mortgages in the Republic of...

Written Answers — Department of Finance: Tax Code (20 Nov 2012)

Michael Noonan: I propose to take Questions Nos. 211 and 223 together. I am informed by the Revenue Commissioners that, from the time Deposit Interest Retention Tax (DIRT) was first introduced in the tax year ended 5 April 1987, where an individual or their spouse was aged over 65, they were exempt from DIRT where their total annual income did not exceed the exemption limit. In such cases the individual...

Written Answers — Department of Finance: Credit Unions Regulation (20 Nov 2012)

Michael Noonan: I propose to take Questions Nos. 212 to 216, inclusive, together. The Credit Union Bill 2012 is consistent with the Final Report of the Commission on Credit Unions, which was agreed over a nine-month period by all Commission members, including the Irish League of Credit Unions. The Credit Union Bill delivers on over 60 of the recommendations in the Commission Report. I am aware of the...

Written Answers — Department of Finance: Succession Act 1965 (20 Nov 2012)

Michael Noonan: Gross amounts totalling €0.39 million have been paid into the Intestate Estates Fund Deposit Account in the period covered by the Deputy's question. This sum includes an amount of €0.038 million which was not included in my reply of 13 November 2012. During this period costs amounting to €7,584 were paid out representing advertising and legal costs. An audit fee of...