Results 9,041-9,060 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: IBRC Liquidation (20 Feb 2013)

Michael Noonan: At this early stage of the special liquidation the Special Liquidators are engaged in intensive processes which involve inter alia, asserting control over the businesses, processes, systems and personnel of IBRC. It is important that focus is placed on assessing, reorganising and restructuring the day–to-day activities of the Bank to meet the primary objective of ensuring the purpose...

Written Answers — Department of Finance: Property Taxation Application (21 Feb 2013)

Michael Noonan: I assume the Deputy is referring to the Finance (Local Property Tax) (Amendment) Bill 2013 which I announced to the House last week. Certain provisions included in the Bill may apply to individuals who are unemployed, senior citizens or disabled. It should be noted that the changes to which I refer are subject to the enactment of the Bill. An exemption from the charge to Local Property Tax...

Written Answers — Department of Finance: Mortgage Arrears Proposals (21 Feb 2013)

Michael Noonan: The Mortgage Arrears Resolution Process (MARP) is not a scheme that a borrower applies for, rather it is a framework and process, set out in the Code of Conduct on Mortgage Arrears (CCMA), under which lenders are to engage with a cooperating borrower in arrears or pre-arrears and which requires a lender to consider viable alternative repayment arrangements to address mortgage difficulty. The...

Written Answers — Department of Finance: Banking Sector Remuneration (21 Feb 2013)

Michael Noonan: I refer the Deputy to PQs 49499/12, 50511/12 and 50513/12 which were answered in November 2012 and which provide information on the basic salaries in Permanent TSB, Allied Irish Bank and Bank of Ireland respectively. Also PQ 51096/12 giving total remuneration package information for staff in the covered institutions. As the Deputy will be aware, officials in my Department and Mercer have...

Written Answers — Department of Finance: Proposed Legislation (21 Feb 2013)

Michael Noonan: I do not have the primary role in relation to amending the law on the "Statue of Limitations". This is a matter which has broader legal application and as such would fall for consideration for my colleague the Minister for Justice and Equality.

Written Answers — Department of Finance: Property Taxation Application (21 Feb 2013)

Michael Noonan: The Government agreed with the recommendation of the “Thornhill Group” (the inter-Departmental Group, chaired by Dr Don Thornhill, which considered the structures and modalities of a property tax) that a universal liability to the Local Property Tax should apply to all owners of residential property with a limited number of exemptions. Limiting the exemptions available allows...

Written Answers — Department of Finance: IBRC Staff (21 Feb 2013)

Michael Noonan: I propose to take Questions Nos. 72, 82, 84 and 86 together. As the Deputy is aware, the legislation surrounding liquidation ranks employees as preferential creditors in respect of certain amounts owing to them on a winding up, including accrued wages and salaries, holiday pay, sick pay, statutory redundancy, pensions contributions and claims for damages arising from accidents. Any claims...

Written Answers — Department of Finance: Property Taxation Application (21 Feb 2013)

Michael Noonan: The primary piece of legislation governing Local Property Tax (LPT) is contained in the Finance (Local Property Tax) Act 2012 which was enacted on 26 December 2012. The legislation sets out in detail how the tax is to be administered and provides how a residential property is to be valued for LPT purposes. I am advised by the Revenue Commissioners that Local Property Tax (LPT) is a...

Written Answers — Department of Finance: Tax Code (21 Feb 2013)

Michael Noonan: Given the very wide range of farming-related tax issues it is not feasible, in the time available, to provide a comprehensive answer. My officials are currently preparing a detailed list which will shortly be forwarded directly to the Deputy.

Written Answers — Department of Finance: IBRC Liquidation (21 Feb 2013)

Michael Noonan: There are currently no plans to amend the IBRC Act 2013, which was signed into law on the 7th February 2013. As the Deputy is aware, this Act puts a stay on all actions against IBRC. I have been advised that the courts are in the process of examining if they have discretion to lift this stay and that some parties will make submissions on the 7th March. It is not possible for me to add...

Written Answers — Department of Finance: IBRC Liquidation (21 Feb 2013)

Michael Noonan: The Department first communicated with KPMG on Friday the 12th October the possibility of their officials being appointed as Special Liquidator of IBRC. I am sure the Deputy will understand that for commercial reasons the estimated cost of the contract cannot be disclosed. It is obvious that in the circumstances, a tender process could not have been entered into for the liquidation of...

Written Answers — Department of Finance: Promissory Note Negotiations (21 Feb 2013)

Michael Noonan: First of all it is important to note that some aspects of the promissory note deal are yet to be finalised. For example, the liquidator is in the process of overseeing a valuation and sales process for the assets of IBRC, while the final payments made under the ELG Scheme have not yet been determined. Nevertheless, as referred to by the Deputy, simulations ran by my Department estimate that...

Written Answers — Department of Finance: Revenue Commissioners Investigations (21 Feb 2013)

Michael Noonan: I propose to take Questions Nos. 78 and 79 together. Firstly, the Revenue Commissioners are charged with responsibility for collection and recovery of a wide range of taxes and duties. I know that Revenue has a strong focus on making sure that everyone complies with their tax and duty responsibilities by paying the right amount and on time. Revenue expects businesses to continue,...

Written Answers — Department of Finance: Government Bonds (21 Feb 2013)

Michael Noonan: The Government bonds now held by the Central Bank following the liquidation of IBRC will be placed in the trading portfolio of the Central Bank, and these bonds will be sold as soon as possible, provided conditions of financial stability permit. The Central Bank has undertaken that minimum of bonds will be sold in accordance with the following schedule: €0.5bn by the end of 2014,...

Written Answers — Department of Finance: IBRC Liquidation (21 Feb 2013)

Michael Noonan: I am advised that the Special Liquidators are still in the process of devising and implementing a sales process in respect of IBRC’s assets. As this sales process has not yet commenced, the Special Liquidators are not in a position to comment or speculate on the impact this may or may not have on the borrowers concerned. There is an obligation on the Special Liquidators to ensure that...

Written Answers — Department of Finance: VAT Rates (21 Feb 2013)

Michael Noonan: I would point out that there is no Exchequer loss as a result of below-cost selling of alcohol. VAT is a tax on the value added to a supply, and the collection and recovery of VAT takes place at each stage of the chain of supply from manufacturing to retailer. Under EU and domestic VAT rules traders who are registered for VAT collect VAT on the goods and services that they sell. In turn...

Written Answers — Department of Finance: Mortgage Arrears Report Implementation (21 Feb 2013)

Michael Noonan: The Government is very 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 real and genuine difficulty. A special Government Sub-Committee is already in place since March last year to address the mortgage arrears problem. This...

Written Answers — Department of Finance: IBRC Liquidation (21 Feb 2013)

Michael Noonan: As the Deputy will be aware €25 billion of Irish Government bonds have been issued in exchange for the Promissory Notes only. The NAMA bonds that were pledged as ELA collateral with the Central Bank of Ireland under the Special Master Repurchase Agreement have been retained by the Central Bank in settlement of the funding provided against them. As such the NAMA bonds are now assets of...

Written Answers — Department of Finance: NAMA Loan Book (21 Feb 2013)

Michael Noonan: I propose to take Questions Nos. 88 and 89 together. I am advised by NAMA that, for the purposes of its financial reporting and compliance with IFRS, it reports on single portfolio of loans and does not distinguish between the performance levels of loans originally transferred from different participating institutions. This reflects the fact that debtors, who may have loans across a number...

Written Answers — Department of Finance: IBRC Liquidation (21 Feb 2013)

Michael Noonan: I have been advised that the Special Liquidators are still in the process of devising and implementing a sales process in respect of IBRC’s assets. Following an independent valuation process, the Special Liquidators will sell the assets of IBRC (which are subject to the floating charge) to third parties at or above their independent valuation and failing that, the Special Liquidators...