Results 8,481-8,500 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: NAMA Loans (16 Jan 2013)

Michael Noonan: I am advised by NAMA that its policy in relation to loan sales, as with the sale of properties by its debtors and receivers, is that they should, where practicable, be openly marketed. For this purpose, two panels of loan sale advisors have been approved for loan sales in the US and in Ireland/Britain/Europe. NAMA advises that, to date, it has chosen in a number of cases to sell loans...

Written Answers — Department of Finance: NAMA Loan Book (16 Jan 2013)

Michael Noonan: I am advised by NAMA that the original par value of loans sold from inception to end-December 2012 is €2.4 billion. I am further advised by NAMA that this is not a metric they would typically release in isolation as it does not reflect the true progress of NAMA’s resolution of its portfolio. I would encourage you to read the 2012 year-end review available on NAMA’s...

Written Answers — Department of Finance: NAMA Legal Fees (16 Jan 2013)

Michael Noonan: I am advised by NAMA that costs may be recoverable under the terms of the facility or security documentation and therefore are contractually for the account of the debtor. NAMA further advises that legal costs may also be recoverable because they are made expressly for the account of the debtor in new facility or security documentation or as an express condition of NAMA providing support or...

Written Answers — Department of Finance: Investor Compensation Company Limited (16 Jan 2013)

Michael Noonan: I can confirm the Investor Compensation Company [‘ICCL’] is 100% funded through annual contributions from the financial services industry. In relation to Custom House Capital Limited (in liquidation) [‘CHC’], the total cost of compensation required to be paid under the Investor Compensation Act 1998, as amended, will be met by the ICCL. None of the liability in...

Written Answers — Department of Finance: Seed Capital Scheme Eligibility (16 Jan 2013)

Michael Noonan: The Seed Capital Scheme allows an individual, who makes a qualifying investment in a company, to set off the amount of that investment against his or her taxable income in any of the previous 6 years. The activities of the company are required to constitute a qualifying new venture. The individual is required to take up full-time employment with the company and to hold at least 15% of the...

Written Answers — Department of Finance: VAT Rates (16 Jan 2013)

Michael Noonan: The VAT rating of goods and services is subject to 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%. As you are aware, there is no provision in the EU VAT Directive that would make it possible to exempt from VAT or apply a zero rate to the supply of such products....

Written Answers — Department of Finance: Carbon Tax Collection (16 Jan 2013)

Michael Noonan: I am advised by the Revenue Commissioners that the Air Pollution Act, 1987 (Marketing, Sale and Distribution of Fuels)(Amendment) Regulations 2011 (S.I. No. 270 of 2011), made by the Minister for the Environment, Heritage and Local Government, specifies the standards for coal placed on the market and extends the regulatory framework in relation to the distribution and sale of coal in the...

Written Answers — Department of Finance: Proposed Legislation (16 Jan 2013)

Michael Noonan: I assume that the Deputy’s question refers to the ability of local authority tenants to access funding to cover the VAT-inclusive cost of buying a local authority house where the transaction is liable to VAT. VAT is a European Community wide-tax governed by Council Directive 2006/112/EC and all Member States must ensure their domestic VAT legislation complies with this Directive. VAT...

Written Answers — Department of Finance: Contingent Capital Notes (16 Jan 2013)

Michael Noonan: I propose to answer questions 176, 177 and 208 together. As announced by my Department last week the State was successful in disposing of its entire €1 billion holding of Contingent Capital Notes (CCN’s) in Bank of Ireland. The transaction followed an initial approach by a number of investment banks to the Department late last year which indicated that there was sizeable...

Written Answers — Department of Finance: Tax Yield (16 Jan 2013)

Michael Noonan: As the Deputy has already been advised in Parliamentary Question 190 referred to above, there is no agreed international methodology for calculating the effective rate of corporation tax. In the same answer, to illustrate the debate on the topic, I referred to an estimate from a report produced by the World Bank and PriceWaterhouseCoopers which put the effective rate in Ireland at 11.9%...

Written Answers — Department of Finance: Corporate Tax Compliance (16 Jan 2013)

Michael Noonan: I am informed by the Revenue Commissioners that the relevant information is contained in Tables CTS 1,CTS 2 and CTS 3 of the Statistical Reports published annually by the Commissioners and which can be found on the Revenue website at www.revenue.ie. The latest year for which information is published from that source is for 2009 which is contained in the 2010 report. The corresponding...

Written Answers — Department of Finance: Tax Rebates (16 Jan 2013)

Michael Noonan: I am advised by the Revenue Commissioners that all refunds of income tax in relation to the income earned by the individual concerned in 2009 and paid in 2009 have been repaid to the named individual. I am further advised that all refunds in relation to income applicable to 2009 but paid in 2010 have also been repaid to the named individual.

Written Answers — Department of Finance: Official Engagements (16 Jan 2013)

Michael Noonan: My Officials and I met with three of the covered institutions last week. The Chief Executives were either present or dialled in. Officials from my Department meet with representatives up to and including chief executive officer level of banks operating in Ireland, in relation to a variety of issues, on a regular ongoing basis -including a monthly senior management meeting with each...

Written Answers — Department of Finance: European Banking Sector (16 Jan 2013)

Michael Noonan: As the Deputy will be aware I have responded to a similar question in November 2012. I will therefore limit my response to progress since then. I attended the ECOFIN Council meetings on 13 November and 3 December. At both of these meetings the Cypriot Presidency gave an update on the progress thus far in the negotiations with the European Parliament on the Capital Requirements Directive and...

Written Answers — Department of Finance: European Banking Union (16 Jan 2013)

Michael Noonan: I propose to take Questions Nos. 183, 185 and 187 together. The Deputy will recall that support for the establishment of a Banking Union has been given at the highest political level at Summits of Heads of State & Government of the Euro Area. In September 2012 the European Commission presented legislative proposals for a single supervisory mechanism (SSM) conferring powers on the ECB...

Written Answers — Department of Finance: Banking Sector Regulation (16 Jan 2013)

Michael Noonan: The Central Bank of Ireland is responsible for financial regulation in Ireland. The Irish Financial Services Regulatory Authority (the Financial Regulator) ceased to exist on 1 October 2010 with the commencement of the relevant provisions of the Central Bank Reform Act 2010, which created a single structure within the Central Bank controlled and managed by the Central Bank Commission. The...

Written Answers — Department of Finance: Banking Sector Remuneration (16 Jan 2013)

Michael Noonan: Present Government policy on remuneration, at the Covered Institutions which is a development of previous Government policy, dictates that no employee at any of the four institutions may receive annual aggregate remuneration (excluding pension contributions) of more than €500,000. This policy is being enforced as evidenced by the remuneration packages agreed for the respective...

Written Answers — Department of Finance: Tax Code (16 Jan 2013)

Michael Noonan: My Department is aware of the need to maintain a competitive corporate tax regime and to that end, closely monitors developments in other countries. However, it is not appropriate to single out any particular country or corporate tax system and comment on them in this way. The changes that I announced in Budget 2013 highlight the on-going work by my Department to make sure that the Irish...

Written Answers — Department of Finance: Public Investment Projects (16 Jan 2013)

Michael Noonan: All monies raised through Government borrowing are paid into the Central Fund and used to fund Government spending as approved by the Oireachtas. It has never been the custom to link borrowing to specific projects as to do so would limit flexibility of the Government in managing the State’s finances. The National Treasury Management Agency (NTMA) offers a range of savings products...

Written Answers — Department of Finance: Bank Debt Restructuring (16 Jan 2013)

Michael Noonan: I propose to take Questions Nos. 191 and 192 together. I propose to answer questions 191 and 192 together. The European Council Heads of State summits of 22-23 November and 13-14 December were attended by the Taoiseach and were to discuss the EU Multiannual Financial Framework and economic policy/banking supervision respectively. However, as the Deputy is aware, the Irish Government has...