Results 8,321-8,340 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Banking Sector Remuneration (18 Dec 2012)

Michael Noonan: Following the appointment of the current CEO of IBRC in September 2009, the entire executive of the Bank was replaced with an appropriately skilled senior management team, to lead the newly formed IBRC (the combined former Anglo Irish Bank and former INBS) through the process of wind down. I have been informed that external search consultants were utilised in open and transparent recruitment...

Written Answers — Department of Finance: National Asset Management Agency (18 Dec 2012)

Michael Noonan: I am advised by NAMA that the financial quantum of loans net of provisions managed by it is disclosed in the Section 55 accounts to 30th June, which are published on the NAMA website, www.nama.ie. IBRC’s 2012 Interim Report, which covers the period from January to June 2012, discloses the information sought. The IBRC Interim Accounts can be found at: .

Written Answers — Department of Finance: Banks Recapitalisation (18 Dec 2012)

Michael Noonan: IBRC is working in accordance with a plan which has been approved by the EU for the work out of the organisation by 2020. It is important in this context to be clear the interim accounts produced by the bank refer to “winding up of the loan book in an orderly manner by 2020” as opposed to a winding up of the bank. This difference is important for technical reasons and also to...

Written Answers — Department of Finance: National Asset Management Agency (18 Dec 2012)

Michael Noonan: I am advised by NAMA that profit after tax was disclosed in the Section 55 accounts to 30th June 2012, which are published on the NAMA website, www.nama.ie. IBRC’s 2012 Interim Report, which covers the period from January to June 2012, discloses the information sought. The IBRC Interim Accounts can be found at: .

Written Answers — Department of Finance: Banks Recapitalisation (18 Dec 2012)

Michael Noonan: The Shareholding Management Unit of my Department monitors the performance of IBRC on a regular basis. The Unit fulfils this duty through a number of instruments including a Monthly Operating Plan Report, agreed between my Department and IBRC, which provides a detailed analysis of the financial performance of IBRC including its capital position, balance sheet deleveraging, asset quality and...

Written Answers — Department of Finance: Banks Recapitalisation (18 Dec 2012)

Michael Noonan: Many financial institutions will compete for suitably experienced staff in the Irish market, whether it is with the Irish covered banks, non-Irish banks or specialist financial services platforms. However I would not characterise the level of competition for resources between IBRC and NAMA as anything other than normal market competition.

Written Answers — Department of Finance: Property Taxation (18 Dec 2012)

Michael Noonan: I propose to take Questions Nos. 183 and 186 together. Under the Finance (Local Property Tax) Bill 2012, unpaid Local Property Tax together with any accrued interest will be a charge on the property to which it relates. The Bill does not confer any preferential creditor status on the Revenue Commissioners other than that which they would have in the normal course of events. The usual rule...

Written Answers — Department of Finance: Tax Code (18 Dec 2012)

Michael Noonan: I wish to advise the deputy that, under the terms of the double taxation agreement (DTA) between Ireland and the United States, the rules provide that one or other of the countries has exclusive rights to tax pensions. Broadly, private (i.e. non-government service) occupational pensions are taxable only in the country of residence of the pensioner. Government pensions are generally taxable...

Written Answers — Department of Finance: Property Taxation (18 Dec 2012)

Michael Noonan: The yield from the local property tax is estimated to be €250m in 2013 (half year charge) and €500 m in a full year. This projected yield takes into account deferrals by those for whom provision has been made. As I announced in the Budget, any arrears of Household Charge remaining unpaid at 1 July 2013 will be increased to €200 and added to Local Property Tax due on the...

Written Answers — Department of Finance: Universal Social Charge (18 Dec 2012)

Michael Noonan: I am advised by the Revenue Commissioners that the full year yield, estimated by reference to 2013 incomes, of a 3 percentage point increase in the rate of Universal Social Charge (USC) applying to the incomes of all income earners exceeding €70,000 but not exceeding €120,000 would be of the order of €41 million. If the increased rate is also assumed to apply to income...

Written Answers — Department of Finance: Tax Code (18 Dec 2012)

Michael Noonan: I am informed by the Revenue Commissioners that the information requested regarding a 1% levy on each unit of alcohol is not available. EU Directive 92/83, which governs the structure of alcohol taxation, requires that such taxes are applied by reference to the nature and strength of the product. Therefore, it does not allow for the introduction of such a levy.

Written Answers — Department of Finance: National Asset Management Agency (18 Dec 2012)

Michael Noonan: As the Deputy is aware NAMA has acquired loans from five Irish financial institutions and is not the owner/operator of properties. The Agency’s role is that of a secured lender. Other than properties that have been enforced, all of which are listed on NAMA’s website and which are managed by the appointed receivers/administrators, properties continue to be managed by their...

Written Answers — Department of Finance: Revenue Commissioners Investigations (18 Dec 2012)

Michael Noonan: The Deputy will be aware that the level of a person’s annual income is one of the criteria that is taken into account in the means assessment process. I am advised by the Revenue Commissioners that they have been examining the feasibility of putting in place arrangements for verifying the annual income details of individuals electronically in the context of a means assessment. Such...

Written Answers — Department of Finance: Universal Social Charge (18 Dec 2012)

Michael Noonan: The position is that, in order to ensure equity between all citizens based on their level of income, the reduced rate of Universal Social Charge (USC) will be discontinued from the 1 January 2013, and the standard rates of USC will apply to the following two groups: those aged 70 years and over with incomes of €60,000 and above; medical card holders with incomes of €60,000 and...

Written Answers — Department of Finance: Mortgage Arrears (18 Dec 2012)

Michael Noonan: I can assure the Deputy that the Government is aware of the significant difficulties some homeowners are facing in meeting their mortgage obligations and it is committed to advancing appropriate measures to assist those mortgage holders who are experiencing genuine difficulty. From an overall public policy perspective, a number of steps have been taken to protect all homeowners experiencing...

Written Answers — Department of Finance: Property Taxation (19 Dec 2012)

Michael Noonan: The Government is conscious of the very real costs and difficulties faced by people whose homes have been affected by pyrite. My colleague the Minister for Environment, Community and Local Government, Deputy Hogan, has indicated that he considers that houses demonstrated to be subject to a certifiable level of pyritic heave should be exempt from the Local Property Tax. I propose to address...

Written Answers — Department of Finance: Revenue Documents (19 Dec 2012)

Michael Noonan: The Revenue Commissioners advise that they have extensive data exchange arrangements in place with the Department of Social Protection (DSP) and that these are under constant review by the two organisations. The arrangements have been significantly enhanced in recent times and following an exchange with the DSP in relation to DSP pension payments in late 2011, Revenue undertook to amend DSP...

Written Answers — Department of Finance: Property Taxation (19 Dec 2012)

Michael Noonan: Where the owner of a residential property is a charity or a body established by statute and the property is used solely or primarily to provide special needs accommodation – that is accommodation provided to persons who by reason of old age, physical or mental disability or other cause require special accommodation and support to enable them to live in the community – that...

Written Answers — Department of Finance: Illicit Trade in Tobacco (19 Dec 2012)

Michael Noonan: I am advised by the Revenue Commissioners that the process of embossing secure tax stamps on cigarette packaging is the method currently used to assist in the detection of illicit cigarettes. Tax stamps are examined using a range of hand held devices that are available to all Revenue enforcement staff. The Revenue Commissioners advise that in 2009 the technical specification for tax stamps...

Written Answers — Department of Finance: Tax Collection (19 Dec 2012)

Michael Noonan: An individual who is tax resident in the State is taxable here on his or her worldwide income. Section 825A Taxes Consolidation Act 1997 (as inserted by section 13 Finance Act 1998) provides that where an employee, who is resident in the State for tax purposes, holds a qualifying employment in another jurisdiction and – (a) the income from that employment is taxed by that...