Results 8,921-8,940 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Government Bonds (13 Feb 2013)

Michael Noonan: I propose to take Questions Nos. 54, 55, 65 and 68 together. The exchange of Irish Government Bonds for the IBRC Promissory took place on Friday 8 February 2013. The Deputy refers to the substitution of the Promissory Notes provided to Irish Bank Resolution Corporation with National Asset Management Agency bonds however this is not the case. With regard to the question submitted by the...

Written Answers — Department of Finance: Government Bonds (13 Feb 2013)

Michael Noonan: The Central Bank have undertaken that minimum of bonds will be sold in accordance with the following schedule: €0.5bn by the end of 2014, €0.5bn per annum from 2015 to 2018, €1bn per annum from 2019 to 2023 and €2bn per annum from 2024 onwards. This schedule of mandatory sales would exhaust the portfolio in 2032. The bonds will be placed in the Central Bank's...

Written Answers — Department of Finance: IBRC Liquidation (13 Feb 2013)

Michael Noonan: As the Deputy will be aware, on 5 February 2013 the Oireachtas passed legislation (Irish Bank Resolution Corporation Act 2013), appointing joint Special Liquidators to IBRC with immediate effect to wind up its business and operations. At this early stage of the special liquidation Special Liquidators are engaged in intensive processes which involve inter alia, asserting control over the...

Written Answers — Department of Finance: IBRC Liquidation (13 Feb 2013)

Michael Noonan: As the Deputy will be aware, on 5 February 2013 the Oireachtas passed legislation (Irish Bank Resolution Corporation Act 2013), appointing joint Special Liquidators to IBRC with immediate effect to wind up its business and operations. At this early stage of the special liquidation Special Liquidators are engaged in intensive processes which involve inter alia, asserting control over the...

Written Answers — Department of Finance: IBRC Liquidation (13 Feb 2013)

Michael Noonan: Certain bonds outstanding in Irish Bank Resolution Corporation will be covered under the Eligible Liabilities Guarantee Scheme (ELG Scheme) which provides for a State guarantee for eligible liabilities. To the extent other bondholders do not have the right to claim under the ELG Scheme (such as unguaranteed bondholders and subordinated bondholders), they will retain their claims according to...

Written Answers — Department of Finance: IBRC Liquidation (13 Feb 2013)

Michael Noonan: I have been advised that the total deposits held by IBRC was €323 million at 31 January 2013. The Special Liquidator submitted preliminary DGS information to the Central Bank of Ireland on 12 February which estimates eligible deposits of €123 million. If the threshold for DGS qualification is mechanically applied (i.e. €100,000 per person), the payment in respect of...

Written Answers — Department of Finance: IBRC Liquidation (13 Feb 2013)

Michael Noonan: I propose to take Questions Nos. 61 and 62 together. I have been advised by the Special Liquidator that no audited accounts will be required to be published for Irish Bank Resolution Corporation for the year ended 31 December 2012. The Minister for Finance does not intend to lay the unaudited accounts at 31 December 2012 before Dáil Éireann.

Written Answers — Department of Finance: IBRC Liquidation (13 Feb 2013)

Michael Noonan: As the Deputy will be aware, on 5 February 2013 the Oireachtas passed legislation (Irish Bank Resolution Corporation Act 2013), appointing joint Special Liquidators to IBRC (with immediate effect to wind up its business and operations. The normal Companies Act’s priorities will apply in this liquidation process. The proceeds from the disposal of IBRC’s assets will be used to...

Written Answers — Department of Finance: IBRC Liquidation (13 Feb 2013)

Michael Noonan: As the Deputy will be aware, following the passing of the IBRC Act 2013 last week, IBRC has now been put into liquidation with Special Liquidators appointed to manage the process. Upon appointment of the Special Liquidators the Central Bank of Ireland became economic owners of the Promissory Notes which have now been replaced with a portfolio of Irish Government bonds. As such, there is no...

Written Answers — Department of Finance: Government Bonds (13 Feb 2013)

Michael Noonan: As the Deputy will be aware the Irish Government Bonds that have been issued in exchange for the Promissory Notes are floating rate bonds. The coupon on these bonds is 6-month Euribor plus a margin ranging from 2.50% to 2.68%. Given the nature of this floating rate it is impossible to be accurate with regard to the exact interest cost in 2013 to 2015. As part of the explanatory information...

Written Answers — Department of Finance: Government Bonds (13 Feb 2013)

Michael Noonan: As the Deputy will know, the Promissory Notes were replaced with a portfolio of long term non-amortising Irish Government bonds as a result of undertaking last week’s transaction. The net present value of the portfolio of bonds is €25bn which is equal to the par value of the Promissory Notes that they have replaced. With regard to the net present value gain in this...

Written Answers — Department of Finance: Household Charge Collection (14 Feb 2013)

Michael Noonan: I propose to take Questions Nos. 117 and 120 together. I am advised by the Revenue Commissioners that, commencing in March 2013, residential property owners will receive their Local Property Tax (LPT) Return from Revenue together with an LPT booklet, which will provide details of the payment options available to pay the tax. The LPT Return must be submitted and payment details provided...

Written Answers — Department of Finance: Property Taxation Exemptions (14 Feb 2013)

Michael Noonan: I refer the Deputy to my answer to Parliamentary Question No. 291 of 5 February 2013 (6061/13). The Finance (Local Property Tax) Act 2012 sets out in detail how the tax is to be administered and how a residential property is to be valued for LPT purposes. There is no specific exemption from the Local Property Tax for the type of cases outlined in the question from the Deputy. I am...

Written Answers — Department of Finance: Tax Reliefs (14 Feb 2013)

Michael Noonan: Article 4 of Directive 92/83/EEC allows for a lower rate to be applied to beer produced by small breweries. This provision is however specific to beer, and there is no corresponding provision to cover other fermented beverages, including cider. Under EU law (Art 13(2) of Council Directive 92/83/EEC) we are obliged to apply the same rate of excise duty to all other fermented beverages, which...

Written Answers — Department of Finance: Tax Code (14 Feb 2013)

Michael Noonan: Capital gains tax (CGT) is a transaction tax and a liability can only arise following a transaction giving rise to a chargeable gain. Where there is no transaction, there is no tax. Lowering the rate does not guarantee an increase in the number of transactions. The drop in the CGT yield over recent years can be attributed to declining asset values and a reduction in the number of property...

Written Answers — Department of Finance: Pension Provisions (14 Feb 2013)

Michael Noonan: I assume that the question refers to my Budget 2013 speech, when I announced that I would make provision in Finance Bill 2013 for persons making Additional Voluntary Contributions (AVCs) used to supplement their main scheme retirement benefits to withdraw up to 30% of the value of those contributions. Any amounts withdrawn will be subject to tax at the individual’s marginal rate. The...

Written Answers — Department of Finance: Tax Yield (14 Feb 2013)

Michael Noonan: I am informed by the Revenue Commissioners that information in respect of benefits-in-kind arising from payment of medical insurance premia is not captured in such a way as to provide a basis for compiling the information sought by the Deputy. Details of taxable benefits are required to be returned in aggregate form only on the P35 return so it is not possible to separately identify different...

Written Answers — Department of Finance: Tax Rebates (14 Feb 2013)

Michael Noonan: I propose to take Questions Nos. 124, 126 and 153 together. The proposal to introduce an auto-diesel excise duty relief for licensed road hauliers that I announced in the Budget was, initially, confined to licensed and tax compliant hauliers. However having received a number of submissions from, and on behalf of, private coach operators seeking to have this relief extended to them,...

Written Answers — Department of Finance: Personal Public Service Numbers (14 Feb 2013)

Michael Noonan: I am informed by Revenue that they have made contact with the National Transport Authority regarding this case. The taxpayer in question is in possession of a valid PPSN as an employee, but is not recorded as being self-employed. This led to some confusion which has now been resolved, and I understand that a renewed licence has issued to the taxpayer.

Written Answers — Department of Finance: Property Taxation Exemptions (14 Feb 2013)

Michael Noonan: I am informed by the Revenue Commissioners that it is not possible to give a definitive reply based on the information supplied by the Deputy. However, by way of general information, the Finance (Local Property Tax) Act 2012 provides for a number of specific exemptions from the Local Property Tax (LPT) as well as the possibility of deferring the charge in certain cases of inability to pay. ...