Results 9,241-9,260 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: IBRC Staff (28 Feb 2013)

Michael Noonan: I have been informed that in addition to the policies and procedures that have been put in place by the Special Liquidators to ensure that no privileged information leaves IBRC (in Special Liquidation), employees owe a common law duty of confidentiality such that they cannot use confidential information obtained during the course of their employment to the detriment of their (former)...

Written Answers — Department of Finance: Credit Review Office Appeal Numbers (28 Feb 2013)

Michael Noonan: I am concerned at the low level of numbers of SMEs seeking reviews by the Credit Review Office. The most recent report by the Credit Reviewer shows that the Credit Review Office upheld the credit appeal in 118 cases or 55.9% of cases decided. The upheld appeals have resulted in €13M credit being made available to SMEs and farms, protecting 1,102 jobs. This shows that there is a strong...

Written Answers — Department of Finance: IBRC Liquidation (28 Feb 2013)

Michael Noonan: I am advised that the issue of unallocated NAMA bonds was discussed with the ECB and EU Commission as part of the proposal on the IBRC liquidation. To be clear, the issuance of NAMA bonds will be used to purchase the CBI’s remaining lending to IBRC in the form of the ELA facility deed backed by a floating charge on the otherwise unencumbered assets of IBRC and supported by the...

Written Answers — Department of Finance: Property Taxation Application (28 Feb 2013)

Michael Noonan: I understand the Deputy is referring to the effect of the Local Property Tax (LPT) on homeowners dependant on payments from the Department of Social Protection. A Poverty Impact Assessment is connected with the Regulatory Impact Analysis (RIA) process. There was no requirement to carry out a RIA for the Finance (Local Property Tax) Act 2012 or the Finance (Local Property Tax) (Amendment)...

Written Answers — Department of Finance: Banking Sector Remuneration (28 Feb 2013)

Michael Noonan: As I indicated in my last reply (Ref No. 9232/13 of 20 February, 2013) my Department is in final discussions with the consultants on the report. I expect to bring it to Government imminently for decision. The estimated total cost of the Remuneration Review is €119,000(ex VAT) – 50% of which has been paid to date.

Written Answers — Department of Finance: Credit Availability (28 Feb 2013)

Michael Noonan: I propose to take Questions Nos. 68 and 100 together. The Government recognises that SMEs are the lifeblood of the economy and will play a vital role in the recovery of employment growth in our country. One of the key priorities of the Programme for Government is to ensure that an adequate pool of credit is available to fund SMEs in the real economy during the restructuring and downsizing...

Written Answers — Department of Finance: IBRC Staff (28 Feb 2013)

Michael Noonan: I am informed that following the appointment of the Special Liquidator, 809 employee contracts were terminated in the Republic of Ireland. 802 employees were re-hired by the Special Liquidators on short term contracts to assist with the liquidation of Irish Bank Resolution Corporation Limited. The 7 employees who were not re-hired held senior positions within the Bank. The Special...

Written Answers — Department of Finance: Sale of State Assets (28 Feb 2013)

Michael Noonan: I propose to take Questions Nos. 70 and 71 together. Where requested by Government, NewERA (a business unit in the NTMA) is carrying out advisory and oversight roles in relation to the possible restructuring or disposal of commercial State company assets. NewERA’s role in these disposal processes is to assist and advise the relevant Government Departments in representing the...

Written Answers — Department of Finance: Tax Code (28 Feb 2013)

Michael Noonan: The inter-Departmental Group chaired by Dr Don Thornhill on the design of a property tax (the “Thornhill Group”) recommended that the Non-Principal Private Residence charge (NPPR) should be absorbed into the Local Property Tax (LPT) as a separate (supplemental) tax, in addition to the LPT, at the existing level (currently €200) applying to non-principal private...

Written Answers — Department of Finance: Property Valuations (28 Feb 2013)

Michael Noonan: The Finance (Local Property Tax) Act 2012 sets out how the tax is to be administered and how a residential property is to be valued for LPT purposes. I am informed by the Revenue Commissioners that Local Property Tax (LPT) is a self-assessed tax so in the first instance it is a matter for the property owner to calculate the tax due based on his or her assessment of the chargeable value of...

Written Answers — Department of Finance: NAMA Property Leases (28 Feb 2013)

Michael Noonan: I propose to take Questions Nos. 79 and 80 together. As the deputy is aware NAMA has acquired loans from the five participating institutions and is not the owner/operator of properties. The Agency’s role is that of a secured lender. Properties securing NAMA’s loans continue to be owned and managed by their existing owners or, in the case of enforcement, on their behalf by...

Written Answers — Department of Finance: NAMA Property Leases (28 Feb 2013)

Michael Noonan: As the deputy is aware NAMA has acquired loans from the five participating institutions and is not the owner of properties. The Agency’s role is that of a secured lender. Properties securing NAMA’s loans continue to be owned and managed by their existing owners or, in the case of enforcement, on their behalf by the duly appointed receiver/administrator. The scenario referenced...

Written Answers — Department of Finance: NAMA Property Sales (28 Feb 2013)

Michael Noonan: It would be inappropriate for me, as Minister for Finance, to comment on any individual property.

Written Answers — Department of Finance: Disabled Drivers (28 Feb 2013)

Michael Noonan: I understand that the Deputy has clarified that his question related to used vehicles. I am informed by the Revenue Commissioners that Section 134(3) of the Finance Act 1992 (as amended) and Statutory Instrument No. 353 of 1994 (Disabled Drivers and Disabled Passengers (Tax Concessions) Regulations, 1994 (as amended) provide for permanent relief from the payment of specified maximum amounts...

Written Answers — Department of Finance: Tax Code (28 Feb 2013)

Michael Noonan: I propose to take Questions Nos. 84 and 85 together. The provision of domestic coach touring services is exempt from VAT. This means that a person who provides a coach tour service does not register for VAT and cannot recover VAT incurred on goods and services, such as tyres and mechanic charges, used for the purposes of the person’s tour service. However, there is a VAT Refund...

Written Answers — Department of Finance: Banking Sector Remuneration (28 Feb 2013)

Michael Noonan: I refer the Deputy to PQ 43 of 7 November 2012, PQ 211 of 13 November 2012, PQ 65 of 15 November 2012 and PQ 9 of 15 November 2012 which provide information on the basic salaries in IBRC, Permanent TSB, Allied Irish Bank and Bank of Ireland respectively and also PQ 192 of 20 November 2012 giving total remuneration package information for staff in the covered institutions. As the Deputy will...

Written Answers — Department of Finance: Tax Code (28 Feb 2013)

Michael Noonan: I am informed by the Revenue Commissioners that where an individual or their spouse or civil partner is aged over 65, and their income does not exceed the appropriate income tax exemption limit, they are exempt from Deposit Interest Retention Tax (DIRT) arising on credit union special share dividends. The current exemption limits are €18,000 in the case of a single person and...

Written Answers — Department of Finance: IBRC Staff (28 Feb 2013)

Michael Noonan: I am advised by the Special Liquidators that they will pay pension contributions that were due in respect of January and February and that all on-going contributions will be paid in line with the contribution rates pre-liquidation. I am further advised that the vast majority of IBRC staff (>98%) were members of defined contribution schemes (or no pension scheme) as opposed to a defined...

Written Answers — Department of Finance: Departmental Bodies (28 Feb 2013)

Michael Noonan: The information requested by the Deputy in relation to bodies under the aegis of my Department is as follows: Justice Francis D Murphy retired Judge of the High Court and Supreme Court has served as chairperson of the Financial Services Appeals Tribunal for the past six years. The Appeals Tribunal has jurisdiction to hear and determine appeals made by affected persons against appealable...

Written Answers — Department of Finance: Government Bonds (28 Feb 2013)

Michael Noonan: A recent ECB statement published details in relation to their securities holdings acquired under the Securities Markets Programme. This reports nominal SMP Irish bond holdings of €14.2bn at 31 December 2012, valued by the ECB on an amortised cost basis at €13.6bn. However, a detailed breakdown of the particular bonds these relate to, the coupon payments due and the maturity...