Results 8,701-8,720 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: NAMA Transactions (29 Jan 2013)

Michael Noonan: I wish to reassure the Deputy that there has been no delay in dealing with the final tranches of loans acquired by NAMA. The Deputy may be aware that following the completion of NAMA’s due diligence of acquired loan assets, the Financial Regulator of Ireland carries out its own independent validation of the transfer process. This was also done in the case of the earlier tranches and...

Written Answers — Department of Finance: EU-IMF Agreement (29 Jan 2013)

Michael Noonan: As at 31 December 2012, the nominal liability of EU-IMF Programme loans amounted to €56.4 billion. Of this, loans from EU sources, including the bilaterals, amounted to €37.4 billion and loans from the IMF amounted to €19 billion. After adjustment for below-par issuance, deduction of a prepaid margin of €530 million, and the effect of foreign exchange...

Written Answers — Department of Finance: State Banking Sector (29 Jan 2013)

Michael Noonan: I have been advised that Anglo Irish Bank Corporation plc is the name of the licensed institution on the banking licence used by IBRC.

Written Answers — Department of Finance: State Banking Sector (29 Jan 2013)

Michael Noonan: IBRC has a banking licence and is regulated by the Central Bank of Ireland. I have been advised that as disclosed previously in the Bank’s published accounts, IBRC is not in full compliance with Irish regulatory requirements because it is an organisation in wind-down. Page 14 of the 2012 Interim Report clearly discloses the following under "Regulatory Compliance Risk":Regulatory...

Written Answers — Department of Finance: State Banking Sector (29 Jan 2013)

Michael Noonan: I have been advised that IBRC was subject to the relevant Central Bank of Ireland approval process at the time of the granting of its licence.

Written Answers — Department of Finance: Tax Reliefs (29 Jan 2013)

Michael Noonan: I propose to take Questions Nos. 277 and 278 together. I announced in the recent Budget my intention to simplify the scheme of tax relief for donations to approved bodies. Details of all of the simplification measures, including those set out by the Deputy were provided in Annex E of the Budget book. I am unable to provide a projected cost for this measure as it is not possible to...

Written Answers — Department of Finance: Tax Reliefs (29 Jan 2013)

Michael Noonan: I propose to take Questions Nos. 279 and 280 together. Donations to charities and other approved bodies qualify for tax relief where the amount donated to any one such body is €250 and above. Previously, self-assessed individuals were able to claim the tax relief due on these donations while charities claimed the relief in respect of donations made by PAYE workers. In the recent...

Written Answers — Department of Finance: Tax Code (29 Jan 2013)

Michael Noonan: I am advised by the Revenue Commissioners that under existing tax legislation a tenant paying rent to a non-resident landlord in respect of property located in the State, is obliged to deduct income tax from the gross rent at the standard rate, which is currently 20%, unless the non-resident landlord is assessable and chargeable to income tax here in the name of a representative in the State....

Written Answers — Department of Finance: Property Taxation (29 Jan 2013)

Michael Noonan: The Finance (Local Property Tax) Act 2012 provides that a liability for local property tax will arise where a person owns a residential property on the liability date which will be 1 May 2013 for the year 2013 and for subsequent years, 1 November in the preceding year. Where a property is owned by more than one person, joint owners are to be jointly and severally liable for the payment of...

Written Answers — Department of Finance: European Securities Markets Programme (29 Jan 2013)

Michael Noonan: The recently agreed package of measures for Greece is designed to help put its economy on a path to sustainable growth and its domestic finances on a sound footing. This package was agreed in the context of the statement by Euro Area Heads of State or Government that the scale of the Greek problem is so large that it requires special attention. In this regard, on November 26th euro zone...

Written Answers — Department of Finance: Mortgage Resolution Processes (29 Jan 2013)

Michael Noonan: As the Deputy will be aware write-downs of residential mortgages are agreed on a case by case basis and are not disclosed by the covered banks. However the Deputy will find information on the accounting write-offs of the covered banks in their annual and interim reports. The Deputy should not equate the level of accounting write-offs with actual write-downs of residential mortgages agreed...

Topical Issue Debate: Labour Activation Projects (30 Jan 2013)

Michael Noonan: I thank Deputy Hayes for raising this issue. He has made many interesting points about the eligibility of self-employed persons to participate in certain schemes and I will certainly bring his views to the attention of my colleague, the Minister for Social Protection, Deputy Joan Burton. I will initially read the script provided by her Department to set the matter in context. In the...

Topical Issue Debate: Labour Activation Projects (30 Jan 2013)

Michael Noonan: I have a note which might help the Deputy. Self-employed workers are liable for PRSI at the Class S rate of 4%. Class S contributions provide cover for long-term benefits such as the State pension, contributory pension and widow's or widower's pension. In certain cases a self-employed person who had insurable employment in the relevant year, currently 2008, and has paid sufficient class A...

Topical Issue Debate: Promissory Notes (30 Jan 2013)

Michael Noonan: As the Deputy is aware, the Government has been working extremely hard to secure a deal on the Irish bank debt with our European partners. Detailed work will continue in order to maximise the benefit of any deal to the Irish taxpayer. Negotiations are continuing and I advise the Deputy that conclusions on their outcome are premature at this point. I have stated previously that I am working...

Topical Issue Debate: Promissory Notes (30 Jan 2013)

Michael Noonan: The Deputy asked at least a dozen questions. The underlying position is that Sinn Féin's political strategy is to build a political movement based on the hope that the Government will fail, that the economy will decline into a worse state than it was in when we inherited it and that the people will suddenly turn to Sinn Féin to rescue them from their misery. All of the questions...

Written Answers — Department of Finance: National Debt (30 Jan 2013)

Michael Noonan: I propose to take Questions Nos. 59 and 62 together. State support for the banking sector to end-2012 has amounted to approximately €64 billion gross, which includes Exchequer payments, Promissory Note payments in respect of IBRC and EBS, as well as additional funding from the NPRF. The Deputy should be aware that the Exchequer is funded by tax and non-tax revenue and borrowings. No...

Written Answers — Department of Finance: Bank Guarantee Scheme (30 Jan 2013)

Michael Noonan: I assume that in using the term 'guaranteed bonds', the Deputy is referring to bonds covered by the Eligible Liabilities Guarantee Scheme and which are due to mature at a future date. The total value of such bonds as of 25 January, 2013, is approximately €17.3 billion.

Written Answers — Department of Finance: Tax Code (30 Jan 2013)

Michael Noonan: The existing restriction of reliefs or horizontal measure is activated where individuals have an adjusted income of €125,000 and claim specified reliefs of €80,000 or more. Those subject to the full restriction, at adjusted incomes of €400,000 or greater will pay an effective income tax rate of 30% in addition to PRSI and levies. Broadly, the reliefs restricted are the...

Written Answers — Department of Finance: Fuel Rebate Scheme (30 Jan 2013)

Michael Noonan: The proposal to introduce an auto-diesel excise duty relief for licensed road hauliers that I announced in the Budget is confined to licensed and tax compliant hauliers. However, I have received a number of submissions from, and on behalf of, private coach operators seeking to have this relief extended to them. I will consider these proposals and the level of the rebate in the context of the...

Written Answers — Department of Finance: National Treasury Management Agency (30 Jan 2013)

Michael Noonan: I am advised by the National Treasury Management Agency (NTMA) that the Agency’s remuneration review in respect of 2012 is currently being finalised.