Results 7,961-7,980 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Irish Bank Resolution Corporation (27 Nov 2012)

Michael Noonan: I propose to take Questions Nos. 204 and 205 together. I have been advised that IBRC considered numerous alternative recovery strategies for all of the Quinn International Property Group assets in Russia and one asset in the Ukraine. This included the consideration of a number of acceptable business partners for this purpose. The Bank received many expressions of interest from both...

Written Answers — Department of Finance: Mortgage Interest Relief (27 Nov 2012)

Michael Noonan: This is a matter for the Revenue Commissioners who are responsible for the administration of mortgage interest relief through the tax relief at source (TRS) system. I am informed by the Revenue Commissioners that an application for mortgage interest relief was received from the person concerned on 30 April 2012. The application was processed by Revenue on 1 May and forwarded to the lender...

Written Answers — Department of Finance: National Asset Management Agency (27 Nov 2012)

Michael Noonan: NAMA advises that to date the sale of 81 houses with a combined value of over €15 million have been sold under the 80:20 Deferred Payment Initiative, which was launched on a pilot basis on 8th May in respect to 115 houses and extended on 15th October to an additional 180 houses.

Written Answers — Department of Finance: National Asset Management Agency (27 Nov 2012)

Michael Noonan: This is an operational matter for NAMA but I am advised by NAMA that no investigations are currently underway.

Written Answers — Department of Finance: Tax Code (27 Nov 2012)

Michael Noonan: I am aware of the recently published report referred to by the Deputy. I assume that in his question the Deputy is referring to the annual earnings cap which operates in conjunction with age-related percentage limits to determine the annual amount of tax-relievable contributions that can be made by an employee or individual to pension savings and to the maximum allowable pension fund for tax...

Written Answers — Department of Finance: Budget 2013 (27 Nov 2012)

Michael Noonan: The fiscal forecasts contained in the recent Medium-Term Fiscal Statement (MTFS), published on 14 November, assumed Exchequer cash payments of €3,060 million and €25 million respectively for the IBRC and EBS Promissory Notes in each of the years 2013 – 2015. These payments are accounted for as part of non-voted capital expenditure in Table 3.3 on page 26 of the MTFS. ...

Written Answers — Department of Finance: Banking Sector Regulation (27 Nov 2012)

Michael Noonan: Support for the establishment of Banking Union was given at the highest political level at the Summit of Heads of State & Government of the Euro Area. The principle of breaking the link between the sovereigns and banks has been agreed by Heads of State and Government. In September the Commission presented legislative proposals for a single supervisory mechanism conferring powers on the...

Written Answers — Department of Finance: Tax Code (27 Nov 2012)

Michael Noonan: Relevant Contracts Tax (RCT) is a withholding tax system that operates in the construction, forestry and meat processing sectors. Principal contractors are defined in section 530A of the Taxes Consolidation Act 1997 as including “any board or body established by or under statute ... and funded wholly or mainly out of funds provided by the Oireachtas”. As such, school Boards of...

Written Answers — Department of Finance: Tax Compliance (27 Nov 2012)

Michael Noonan: I propose to take Questions Nos. 213 and 214 together. There has been increased interest in recent years from civic society groups, the EU and the OECD etc, on how to improve the transparency and tax compliance of multinational companies operating in developing countries, with a particular focus on the extractive industries. In support of these objectives it has been proposed that...

Written Answers — Department of Finance: Financial Institutions Support Scheme (27 Nov 2012)

Michael Noonan: The legal position is that any director appointed to the board of the covered institutions whether under the Credit Institutions (Financial Support) Scheme 2008 or otherwise is subject to the requirements of company law in relation to the discharge of their responsibilities as a company director. As such, the director is legally bound to act in what he or she believes are the interests of the...

Written Answers — Department of Finance: National Asset Management Agency (27 Nov 2012)

Michael Noonan: I propose to take Questions Nos. 216 to 219, inclusive, together. The National Asset Management Agency (NAMA) announced on 23rd May that it plans to invest, given the right opportunities, at least €2 billion in development capital in order to preserve, enhance and complete commercial and residential projects in Ireland over the period to 2016. NAMA stated at the time that this...

Written Answers — Department of Finance: Irish Bank Resolution Corporation (27 Nov 2012)

Michael Noonan: I have been advised that IBRC adheres to a structured procurement process for the appointment of all its advisors. This procurement process is open, objective and transparent and is subject to the Bank’s governance processes including oversight through a regular reporting process by the main Board of the Bank. The Bank have a responsibility to make commercial decisions in the ordinary...

Written Answers — Department of Finance: National Asset Management Agency (27 Nov 2012)

Michael Noonan: I am advised that NAMA has no such policy in place and deals with all genuine counterparties in a professional manner.

Written Answers — Department of Finance: National Asset Management Agency (27 Nov 2012)

Michael Noonan: I propose to take Questions Nos. 222 and 223 together. I am advised by the National Asset Management Agency (NAMA) that information relating to its debtors and properties within their control is, within the meaning of Sections 99 and 202 of the NAMA Act 2009, confidential and that it is therefore precluded from discussing such matters. As detailed in a response to the Deputy Gerry...

Written Answers — Department of Finance: Irish Bank Resolution Corporation (27 Nov 2012)

Michael Noonan: The overriding mandate of IBRC is to maximise the recovery of loans on behalf of the State. I have been advised that the Bank seeks to work constructively and consensually with each borrower to identify the most appropriate approach available to it in order to maximise the repayment of the loan. The process followed in managing the recovery process is to assess fully all aspects of a...

Written Answers — Department of Finance: Banking Sector Remuneration (27 Nov 2012)

Michael Noonan: I propose to take Questions Nos. 225 and 226 together. The Deputy should note that I have already provided the information he seeks when responding to his parliamentary questions of 15th November 2012 (Ref No. 50509/12) & 20th November 2012 (Ref No. 51025/12). For his convenience I am including the information below. “The Deputies will be aware that my Department is...

Written Answers — Department of Finance: EU Budget (27 Nov 2012)

Michael Noonan: The level of Ireland’s contribution to the EU Budget is determined by the 7 year Multiannual Financial Framework, each individual annual EU Budget negotiation between Council and the European Parliament and our economic performance relative to other Member States. It is currently estimated that Ireland’s contribution to the EU Budget will amount to approximately €1,400...

Written Answers — Department of Finance: Bank Debt Restructuring (27 Nov 2012)

Michael Noonan: I propose to answer Questions Nos. 228 and 229 together. I have been advised that it is not the Bank’s practice to disclose the specific information requested as it is commercially sensitive. It is however the Bank’s clear preference to work constructively with its borrowers on a case by case basis to maximise the recovery of loans. Any proposed restructuring of debt...

Written Answers — Department of Finance: Banks Recapitalisation (27 Nov 2012)

Michael Noonan: The primary duty and responsibility of the public interest directors as well as all the other directors is to ensure that the institution on whose board they serve is run properly and appropriately. The responsibility of public interest directors under company law is to the institution on whose board they serve. Public interest directors do not have a formal reporting relationship to the...

Written Answers — Department of Finance: Universal Social Charge (27 Nov 2012)

Michael Noonan: The Universal Social Charge (USC) was introduced on 1 January 2011. It is charged at rates of 2% on the first €10,036 of income, 4% on the next €5,980 and 7% on the balance. In certain circumstances different rates are applied. Full eligibility for services under Part IV of the Health Act 1970, by virtue of sections 45 and 45A of that Act or Council Regulation (EC) No....