Results 8,041-8,060 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: State Banking Sector (28 Nov 2012)

Michael Noonan: Unfortunately it is not possible to supply the information which the Deputy has requested at this time. The production of this data is a time consuming task for certain of the covered institutions and the collection of the data has not yet been completed by them. I will write to the Deputy as soon as I am in a position to do so.

Written Answers — Department of Finance: Ministerial Adviser Pay (28 Nov 2012)

Michael Noonan: In my Department, I have appointed Mary Kenny and Eoin Dorgan as special advisors. The salary for both special advisors is €86,604 per annum.

Written Answers — Department of Finance: Credit Unions Regulation (28 Nov 2012)

Michael Noonan: Based on a levy calculation of 0.0511% of the total assets of the credit unions concerned as set out in S.I. 381 of 2012 of the Credit Institutions Resolution Fund Levy Regulations 2012 the estimated levy payable into the Resolution Fund by the credit union sector in the 12 month levy period of 01 October 2012 - 30 September 2013 is €7 million.

Written Answers — Department of Finance: Credit Institutions (28 Nov 2012)

Michael Noonan: The estimated levy payable in the 12 month levy period 1 October 2012-30 September 2013 by credit institutions not being credit unions under the Credit Institutions Resolution Fund Levy Regulations 2012 (S.I. 381 of 2012) as amended by S.I. 443 of 2012 is €2.7 million. It should be noted that the banks that are subject to the Credit Institutions (Stabilisation) Act 2010 are not liable...

Written Answers — Department of Finance: Credit Unions Regulation (28 Nov 2012)

Michael Noonan: The Government recognises the important role of Credit Unions as a volunteer co-operative movement and the distinction between them and other types of financial institutions. The Commission on Credit Unions was established to review the future of the credit union movement and to make recommendations in relation to the most effective regulatory structure for the sector. The Commission took...

Written Answers — Department of Finance: Pension Provisions (28 Nov 2012)

Michael Noonan: I have been advised by IBRC that this is a matter which is for the Board of the company involved and the Trustees of the pension scheme involved. IBRC have no comment to make on this matter.

Written Answers — Department of Finance: Tax Code (29 Nov 2012)

Michael Noonan: I assume that the Deputy’s question relates to the double deduction for carbon tax on farm diesel which I provided for in Finance Act 2012. Under this provision, farmers are allowed a deduction in computing their farming profits or losses for the amount of additional carbon tax they incur on purchases of farm diesel following the proposed increase in the rate of carbon tax on certain...

Written Answers — Department of Finance: Tax Compliance (29 Nov 2012)

Michael Noonan: I am advised by the Revenue Commissioners that it has been engaged with the business in question on an ongoing basis over the past four years to help it meet its tax obligations. In March 2012 Revenue facilitated a four year phased payment arrangement, which is in excess of normal timelines for such agreements, to help the business pay arrears of tax that had accumulated over the previous...

Written Answers — Department of Finance: VAT Rates (29 Nov 2012)

Michael Noonan: VAT is a tax on the value added to a supply of goods and services, and the collection and recovery of VAT takes place at each stage of the distribution chain of supply. In the end, VAT is borne by the final consumer in the form of a percentage addition to the final price of the goods or services. VAT is governed by the EU VAT Directive, with which Irish VAT law must comply. It is not...

Written Answers — Department of Finance: Bank Codes of Conduct (29 Nov 2012)

Michael Noonan: I have been advised by the Central Bank that the ‘Code of Practice on the Transfer of Mortgages’ is a voluntary code. The Code was issued by the Central Bank in 1991 to financial institutions involved in the provision and transfer of mortgage credit. A copy of the Code and a list of regulated financial institutions are available at www.centralbank.ie. As the Code is...

Written Answers — Department of Finance: Bank Debt Restructuring (29 Nov 2012)

Michael Noonan: As at March 2011, when the Central Bank published the Financial Measures Programme (FMP) Report and following the Prudential Liquidity Assessment Review (PLAR), a surplus of some €70bn of loans relative to a sustainable Loan to Deposit Ratio of 122.5% at end-2013 for the aggregate domestic banking system, was identified for deleveraging. De-leveraging is achieved through the separation...

Written Answers — Department of Finance: Mortgage Arrears (29 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 general 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...

Written Answers — Department of Finance: Pension Provisions (29 Nov 2012)

Michael Noonan: The Chief Executives of the NTMA and NAMA are members of the NTMA defined benefit superannuation scheme. Pension benefits for those who were members of the scheme prior to 1 January 2010 are based on final salary. The pension benefits of members who joined the scheme on or after 1 January 2010 are based on career average earnings. Unlike most public pension schemes which are funded on a pay...

Written Answers — Department of Finance: Bank Debt Restructuring (29 Nov 2012)

Michael Noonan: At 30th June 2012, NAMA has generated cash receipts of €8.1 billion since inception, of which €5.2 billion relates to disposal activity and €2.9 billion relates to non-disposal activity. This capturing of this €2.9 billion is an important measure of NAMA’s performance. I am further advised by NAMA that its objective in any loan or asset sales is to...

Written Answers — Department of Finance: National Treasury Management Agency (29 Nov 2012)

Michael Noonan: I propose to take Questions Nos. 62 and 63 together. I am informed by the National Treasury Management Agency, as Manager of the National Pensions Reserve Fund (NPRF), that the Comptroller and Auditor General (C&AG), the NPRF’s external auditor, in Chapter 4 of his 2011 Report (the C&AG Report) examined in considerable detail the overcharging on transition number 14 of the...

Written Answers — Department of Finance: VAT Rates (29 Nov 2012)

Michael Noonan: Bodies supplying educational services, such as play-schools, are exempt from VAT under the EU VAT Directive, with which Irish VAT law must comply. This means they do not charge VAT on the services they provide, but equally they cannot recover VAT incurred on goods and services that they purchase, including equipment for their facilities. Only VAT registered businesses which charge VAT are...

Written Answers — Department of Finance: Pension Provisions (29 Nov 2012)

Michael Noonan: Officials of my Department and of the Department of Public Expenditure and Reform continue to engage with third-party investors on how investment deals could be structured to facilitate the provision of funding for new infrastructure projects. With regard to tax-based incentives for investment in the economy, pension fund investments should be executed at a level of return comparable to...

Written Answers — Department of Finance: Consultancy Contracts (29 Nov 2012)

Michael Noonan: I am advised by the Revenue Commissioners that the costs of consultants hired by the Revenue Commissioners in 2008, 2009, 2010, 2011 and to the end of October 2012 along with the reason hired and the total cost are set out in the table below. The need for consultancy varies from time to time depending on business projects and priorities. As can be seen from the table below Revenue’s...

Written Answers — Department of Finance: Tax Credits (29 Nov 2012)

Michael Noonan: I am informed by the Revenue Commissioners that the person in question received the rent tax credit for the years 2005 – 2010. The Revenue Commissioners have now arranged for the issue of a PAYE balancing statement for the year 2011, granting the rent credit. The refund will be credited to the person’s bank account within 10 days. An amended tax credit certificate for the...

Written Answers — Department of Finance: Banking Sector Remuneration (29 Nov 2012)

Michael Noonan: I have been informed by the covered institutions that there are 9,033 retired employees (or their spouses/dependants) receiving a pension from those institutions. As the Deputy will be aware these retired employees belong to private pension schemes which are overseen by pension trustees. To comply with the provisions of the Data Protection legislation it has been necessary to aggregate the...