Results 7,761-7,780 of 27,019 for speaker:Michael Noonan

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

Michael Noonan: AIB has informed me that the transfer of the €1.1bn portfolio of loan assets was made using arm’s length valuations by two independent external parties and was agreed by both the Trustee and the Board of the Bank. There was a very significant discount applied to the nominal value of the €1.1bn loan assets. AIB has not publicly disclosed the discount applied to the loan...

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

Michael Noonan: I have been informed by AIB that the transfer of the €1.1bn portfolio of loan assets was made using arm’s length valuations by two independent external parties and was agreed by both the Trustee and the Board of the Bank. There was a very significant discount to the nominal value of €1.1bn. The transfer of these assets to the pension fund was needed in order to...

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

Michael Noonan: I have been informed by the bank that the terms of its voluntary severance programme agreed up to 31st March 2014 were a severance payment of four week’s pay per year of service including statutory entitlement or, three week’s pay per year of service plus statutory entitlement. The individual staff member, if accepted to leave the organisation under the scheme, is able to choose...

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

Michael Noonan: I am informed by the Revenue Commissioners that in the absence of details of a specific case it is only possible to reply in general terms. The assets in a Discretionary Trust are chargeable to Discretionary Trust Tax when the settlor dies or when the youngest “Principal Object” of the trust attains the age of 21 years. In this context, “Principal Object” is...

Written Answers — Department of Finance: Central Bank Properties (20 Nov 2012)

Michael Noonan: Under section 6B of the Central Bank Act 1942, the Central Bank may sell, lease or otherwise dispose of land held by the Bank whenever the Central Bank Commission considers that the land is no longer required for the purpose of enabling the Bank to perform its functions. I would advise the Deputy that I have no function in the matter of accommodation arrangements at the Central Bank. ...

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

Michael Noonan: I have been informed by the Central Bank of Ireland that it is unable to disclose this information due to the provisions of Section 33AK of the Central Bank Act 1942.

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

Michael Noonan: I propose to take Questions Nos. 225 and 226 together. On the basis of the information provided; it is possible to answer these questions only in general terms. I am informed by the Revenue Commissioners that requests for documentary supporting evidence is an ongoing feature of their compliance programmes that seek to ensure that only those properly entitled to make a claim for tax credits,...

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. Defibrillators, other than implantable defibrillators, are liable to VAT at the standard rate, currently 23%. There is no provision in VAT law that would make it possible to exempt from VAT or apply a zero rate to the supply of such products. Under the EU VAT...

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

Michael Noonan: The Deputy will appreciate that it would not be appropriate for me to advise or comment on individual cases, however the key advice for any mortgage holder experiencing difficulties with their mortgage is to engage at an early stage with their bank. From an overall public policy perspective, a number of steps have been taken to protect all homeowners experiencing mortgage difficulty....

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

Michael Noonan: The National Asset Management Agency (NAMA) has no employees. Rather, under Section 42 of the NAMA Act 2009, the National Treasury Management Agency (NTMA) assigns staff to NAMA. I am informed by the NTMA that a company car and health insurance are included in the remuneration package of the NAMA CEO. The value of these benefits (€24,483 in 2011) is published in NAMA’s...

Written Answers — Department of Finance: Bank Charges (20 Nov 2012)

Michael Noonan: I am informed by AIB that as a result of its review of mortgage and loan repayments which fall due on non-calendar date’s 27,894 accounts were impacted with €117,502 of bank fees and interest refunded to customers. The issue related to loan repayments falling due on the 29th, 30th or 31st of a month which did not include those calendar days. The Terms & Conditions on...

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

Michael Noonan: All fifteen NTMA employees whose salaries exceed €200,000 agreed to my request of December 2011 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. This reduction is being effected through the gifting of a proportion of salary to the Exchequer under Section 483 of...

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

Michael Noonan: I am informed by the Revenue Commissioners that, in accordance with the provisions of Section 886 of the Taxes Consolidation Act 1997, taxpayers must keep their records (which includes accounts) for a period of 6 years after the completion of the transactions to which the records relate or, in the case of a person who fails to file a timely tax return, until the expiry of a period of 6 years...

Written Answers — Department of Finance: Tax Collection (21 Nov 2012)

Michael Noonan: The Domicile Levy was introduced by section 150 of the Finance Act 2010. Returns and payments in respect of the Domicile Levy for any tax year are made in the following year. I am advised by the Revenue Commissioners that 11 persons submitted returns declaring a liability in respect of the Domicile Levy for the tax year 2010 (the first year for which the levy applied) and these persons paid...

Written Answers — Department of Finance: Organised Crime (21 Nov 2012)

Michael Noonan: I propose to take Questions Nos. 55 and 56 together. I am informed by the Revenue Commissioners, who are responsible for the collection of tobacco products tax and mineral oil tax and for tackling the illicit trade in tobacco and oil products, that they attach a high priority to dealing with these criminal activities. I am also advised by the Commissioners that in general claims about the...

Written Answers — Department of Finance: Tax Code (21 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. Defibrillators, other than implantable defibrillators, are liable to VAT at the standard rate, currently 23%. There is no provision in VAT law that would make it possible to exempt from VAT or apply a zero rate to the supply of such products. Under the EU VAT...

Written Answers — Department of Finance: Banking Sector Remuneration (21 Nov 2012)

Michael Noonan: The Deputy will be aware that I wrote to the Chairman of Irish Bank Resolution Corporation (IBRC) in April this year asking that the board of the bank consider a reduction of 15% in senior management salaries. He advised me that the board were of the opinion that it would not recommend implementing reductions at this time citing difficulties faced by the bank in retaining and attracting...

Written Answers — Department of Finance: Departmental Agencies (21 Nov 2012)

Michael Noonan: I propose to take Questions Nos. 59 and 60 together. I wrote to Mr John Corrigan, Chief Executive of the National Treasury Management Agency (NTMA), on 21 December 2011 asking him to draw the provisions of section 483 of the Taxes Consolidation Act 1997 to the attention of all NTMA employees whose salary exceeded €200,000. That section allows an individual to waive part of his or her...

Written Answers — Department of Finance: Tax Yield (21 Nov 2012)

Michael Noonan: I am informed by the Revenue Commissioners that the yield of Stamp Duties from the Life Insurance Levy, from introduction in 2009 to date in 2012, is as set out in the following table. Year €m 2009 8.7 2010 45.03 2011 31.6 2012 (to end October) 18.89 (provisional) The Life Insurance Levy is a Stamp Duty paid into the Exchequer.

Written Answers — Department of Finance: Tax Rebates (21 Nov 2012)

Michael Noonan: I have been advised by the Revenue Commissioners that the person concerned submitted an application in August 2012 for a refund of Exit Tax, not DIRT. The Exit Tax was deducted by a life assurance company from a payment made on the maturity of a life policy held by the person and his wife. In accordance with the provisions of section 730GA of the Taxes Consolidation Act 1997, for the...