Results 10,021-10,040 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Banking Sector Remuneration (26 Mar 2013)

Michael Noonan: I had noted the actions taken in Spain for the demand of the return of certain incentive payments already made from a cadre of executives of the Spanish bank, Bankia, as part of its recapitalisation late last year. The situation while analogous in some respects to our banking recapitalisations would not appear to be similar in all respects to the domestic circumstances underpinning our...

Written Answers — Department of Finance: Banking Sector Remuneration (26 Mar 2013)

Michael Noonan: The Review of Remuneration and Practices and Frameworks at the covered institutions revealed that salaries for continuing employees has increased within a range of 4% to 6% due to pay increases awarded in 2009 and individual promotions across the remaining three covered institutions. No pay increases have been provided to the generality of the employees since that time and the Review states...

Written Answers — Department of Finance: Financial Services Ombudsman (26 Mar 2013)

Michael Noonan: Firstly, I must point out that the Financial Services Ombudsman is independent in the performance of his statutory functions and it would not be appropriate for me to comment on how he performs those duties. The Irish Bank Resolution Corporation Act 2013 was passed on 7 February 2013. Pursuant to the provisions of the Act, I made a Special Liquidation Order for the purpose of winding up...

Written Answers — Department of Finance: IBRC Liquidation (26 Mar 2013)

Michael Noonan: As the Deputy is aware, following the appointment of the Special Liquidator IBRC employee contracts were terminated in the Republic of Ireland. As a result of the termination of the employment contracts, employees are entitled to apply for a statutory redundancy payment and a statutory notice payment, subject to the limits prescribed by statute. Claim forms for statutory entitlements have now...

Written Answers — Department of Finance: Property Taxation Application (26 Mar 2013)

Michael Noonan: I propose to take Questions Nos. 203 and 205 together. Local Property Tax (LPT) is a self-assessed tax so in the first instance it is a matter for the liable person to determine the valuation band that their residential property falls into and then to calculate and pay over the amount of tax due. I am advised by the Revenue Commissioners that, in common with the procedures for other taxes,...

Written Answers — Department of Finance: State Banking Sector (26 Mar 2013)

Michael Noonan: As the Deputy will be aware the Bank of Ireland has only issued the documentation for the Annual General Court on 24 April in the last couple of days. My Department will fully peruse all the documentation before deciding the appropriate vote for each of the resolutions and as always, will vote in the best interest of the State and to maximise the return to the taxpayer of the funds invested...

Written Answers — Department of Finance: Bank Codes of Conduct (26 Mar 2013)

Michael Noonan: My Department has no responsibility in relation to the seizure of farm equipment. I would expect that such seizures are carried out in accordance with the law and that proper notice was given to the person affected regarding alleged outstanding debts on the equipment. However, if that was not the case and the Deputy suspects that an illegal action took place in relation to this particular...

Written Answers — Department of Finance: Tax Code (26 Mar 2013)

Michael Noonan: The precise number of recipients that will be liable to income tax on their maternity benefit payment is not available. However, I understand that the Department of Social Protection have estimated that the average weekly maternity benefit recipients in 2013 to be 22,800, including those who will not have an increased liability to income tax. As a result of maternity benefit payments...

Written Answers — Department of Finance: Departmental Agencies Board Remuneration (26 Mar 2013)

Michael Noonan: Information in respect of the total remuneration paid to members of the National Treasury Management Agency (NTMA) Advisory Committee, the National Development Finance Agency Board, the National Pensions Reserve Fund (NPRF) Commission and the State Claims Agency Policy Committee are given below. The amounts below are based on actual remuneration payments made in 2012. Board/Body Name No...

Written Answers — Department of Finance: Black Economy Issues (26 Mar 2013)

Michael Noonan: I propose to take Questions Nos. 210 and 211 together. I receive regular representations from individuals and representative groups in relation to various aspects of the shadow economy and it is a topic which was mentioned frequently in the Pre-Budget Submissions sent in to my Department. Most correspondents would suggest measures which could be taken and all suggestions are reviewed by...

Written Answers — Department of Finance: Tax Code (26 Mar 2013)

Michael Noonan: My Department has not conducted a cost-benefit analysis on the introduction of tax breaks to support micro-breweries and distilleries. The provision of other types of incentives for this industry would be a matter for the Minister for Jobs, Enterprise and Innovation in the first instance. Generally speaking, it is not permitted under EU State Aid rules to have preferential tax regimes for...

Written Answers — Department of Finance: Office of the Ombudsman (26 Mar 2013)

Michael Noonan: The First Schedule to the Ombudsman Act 1980, which shows Departments of State and other persons subject to investigation, lists the Department of Finance and the Revenue Commissioners as such bodies. In that regard, therefore, the scheme you refer to is already within the remit of the Ombudsman.

Written Answers — Department of Finance: National Pensions Reserve Fund (26 Mar 2013)

Michael Noonan: The NPRF is classified within the general government sector. Its contribution to the general government balance (GGB) is shown in table 21a of the National Income and Expenditure 2011 published by the CSO. The table below sets out the net lending/borrowing of the NPRF; the amounts transferred to the NPRF from the Exchequer; the amount transferred from the NPRF to the Exchequer in 2011...

Written Answers — Department of Finance: VAT Rates (26 Mar 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. In Ireland the zero rate applies to printed books, including atlases, children’s picture, drawing and colouring books and books of music. It is possible for Ireland to apply the zero rate to printed books because Ireland applied the zero rate to these books on and...

Written Answers — Department of Finance: European Central Bank (26 Mar 2013)

Michael Noonan: The mandate of the ECB is set down in the European Treaties and the ECB is independent in the exercise of its functions. I am not aware of any proposal for Treaty change to broaden the mandate of the European Central Bank into the area of aiding and promoting growth. The proposal for a Single Supervisory Mechanism (SSM) does not include any such proposal.

Written Answers — Department of Finance: VAT Rates (26 Mar 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. In Ireland the zero rate applies to printed books, including atlases, children’s picture, drawing and colouring books and books of music. It is possible for Ireland to apply the zero rate to printed books because Ireland applied the zero rate to these books on and...

Written Answers — Department of Finance: Cypriot Financial System (26 Mar 2013)

Michael Noonan: I propose to take Questions Nos. 218 to 220, inclusive, together. I am informed by the Central Bank of Ireland that the exposure of the covered banks to Cypriot sovereign bonds is zero. I have no information on the exposure of Irish households to Cypriot sovereign bonds and businesses to the Cypriot financial system. The Central Bank does not disclose details of specific exposures...

Written Answers — Department of Finance: State Banking Sector (26 Mar 2013)

Michael Noonan: Firstly, I would like to point out that since the Irish covered banks were recapitalised in July 2011 they’ve experienced deposit inflows of c.€14.8 billion. Deposits have increased by €7.7bn year on year to the end of February 2013. It is also important to note that the covered banks have raised significant funding on international capital markets, both through public...

Written Answers — Department of Finance: State Debt (26 Mar 2013)

Michael Noonan: As of end-February 2013, the nominal United Kingdom (UK) bilateral loan sterling amount under the EU/IMF Programme was £2.02 billion. The end-February euro equivalent amount, taking account of the effect of currency hedging transactions, was €2.45 billion. Taking account of the latest £0.4 billion disbursement on 6 March, the overall nominal total now stands at £2.42...

Written Answers — Department of Finance: Tax Compliance (26 Mar 2013)

Michael Noonan: I understand that the UK Chancellor of the Exchequer, in the context of a range of anti-avoidance measures announced in his recent Budget Statement, indicated that it is the intention of the Government to undertake, through HMRC, a consultation process during the summer in respect of a package of information powers, penalties and other measures including the possible use of “naming and...