Results 10,101-10,120 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: State Banking Sector (16 Apr 2013)

Michael Noonan: I propose to take Questions Nos. 227 and 228 together. Bank of Ireland As at 31 December 2012, there were 1.8bn units of Preference Stock in issue. The shares pay a fixed coupon of 10.25%. On 20 February 2013, the State received a cash dividend of €188m on the Preference Stock. The structure of the Stock includes a provision for a step-up on the principal of 25% if they are not...

Written Answers — Department of Finance: State Banking Sector (16 Apr 2013)

Michael Noonan: As the Deputy will be aware from previous statements I have made the State will seek to exit its various holdings (including the contingent capital instruments in AIB and Permanent TSB) at the appropriate time and when market conditions permit. On the back of the successful sale of the Bank of Ireland contingent capital instruments a number of investment banks and market intermediaries have,...

Written Answers — Department of Finance: Tax Collection (16 Apr 2013)

Michael Noonan: The Deputy’s question represents a variation on requests for a general extension of pre-retirement access to pension savings beyond the provision currently included in Finance Act 2013 which relates solely to Additional Voluntary Contributions (AVCs). In my Budget 2013 speech, I announced that I would make provision in Finance Bill 2013 for persons making AVCs used to supplement their...

Written Answers — Department of Finance: Property Taxation Collection (16 Apr 2013)

Michael Noonan: The enactment of the Finance (Local Property Tax) (Amendment) Act 2013 on 13 March introduced a number of amendments to the original Act, which includes relief for properties adapted for use by disabled persons. I would like to clarify that this relief only applies where the adaptation work increases the market value of the property. Section 15A of the Finance (Local Property Tax) Act 2012...

Written Answers — Department of Finance: Property Taxation Collection (16 Apr 2013)

Michael Noonan: The Finance (Local Property Tax) Act 2012 (as amended) sets out how the tax is to be administered and how a residential property is to be valued for Local Property Tax (LPT) purposes. I am informed by the Revenue Commissioners that 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...

Written Answers — Department of Finance: Property Taxation Exemptions (16 Apr 2013)

Michael Noonan: The Government decided that a universal liability to the Local Property Tax (LPT) should apply to all owners of residential property with a limited number of exemptions. Limiting the exemptions available allows the rate to be kept low for those liable persons who do not qualify for an exemption. The Finance (Local Property Tax) Act 2012, as amended, provides for a number of specific...

Written Answers — Department of Finance: Mortgage Debt (16 Apr 2013)

Michael Noonan: The Bank has informed me that due to data protection rules, AIB is not in a position to discuss details of individual customer circumstances. However, AIB has confirmed that, through its subsidiary EBS, it has been engaging with the particular customer referenced in this Parliamentary Question. The bank’s policy in relation to the charging of interest is that surcharge interest is...

Written Answers — Department of Finance: Tax Code (16 Apr 2013)

Michael Noonan: I am advised by the Revenue Commissioners that the transport of passengers and their accompanying baggage is exempt from VAT in Ireland under paragraph 14(3) of Schedule 1 to the VAT Consolidation Act 2010. In this respect, services provided by the coach and bus sector are exempt from VAT. This means that a person who provides a bus or coach service does not register for VAT and does not...

Written Answers — Department of Finance: Property Taxation Collection (16 Apr 2013)

Michael Noonan: I am informed by the Revenue Commissioners that, based on the information supplied by the Deputy, it appears that the person in question qualifies for a full deferral of LPT. The person can claim full deferral by simply entering “1” in the Box under Option 6 on the back of the LPT 1 Return and sending the completed form to LPT Branch, PO Box 1, Limerick, or alternatively by...

Written Answers — Department of Finance: Economic Growth Rate (16 Apr 2013)

Michael Noonan: The most recent data show that GDP contacted by -0.4 per cent quarter-on-quarter in the third quarter and by -0.0 per cent in the fourth quarter. In relation to the fourth quarter figure, the decline was very modest, and does not show up at the first decimal point. Importantly, the same statistical release shows that domestic demand stabilised in the second half of 2012, with growth in...

Written Answers — Department of Finance: IMF Loan Issues (16 Apr 2013)

Michael Noonan: IMF funding forms part of our EU/IMF programme, and as such cannot be separated out from the funding received from our other programme partners. The possibility of early repayment of IMF loans has not been pursued as an early repayment of IMF funds would trigger automatic mandatory proportional repayments to the EFSF, EFSM, United Kingdom, Kingdom of Sweden and Kingdom of Denmark. In...

Written Answers — Department of Finance: State Banking Sector (16 Apr 2013)

Michael Noonan: The actual amount sold by the NPRF to the American group of investors was 10.5 billion Bank of Ireland (BOI) shares at a price of 10c per share. The disposal of these shares took place in two tranches. The first disposal for €0.24 billion settled on 2 August 2011 with the second, and final, tranche for €0.81 billion settling on 17 October 2011. This stake represents a...

Written Answers — Department of Finance: Banks Recapitalisation (16 Apr 2013)

Michael Noonan: The Deputy may be aware that the rules relating to the correct level of provisioning are determined by the relevant accounting standards. It is the responsibility of the Bank’s Board of Directors to ensure that these rules, including the correct value of the underlying security for provisioning purposes, have been properly applied and that this is subject to independent external audit...

Written Answers — Department of Finance: Banking Sector Issues (16 Apr 2013)

Michael Noonan: As the Deputy will be aware the sale of Bank Zachodni WBK in 2010 reduced the capital injected by the State into AIB. It is unfortunate that the bank was required to sell the asset in 2010, however given the scale of losses incurred by AIB in recent years, the bank was required to generate capital in any way that it could in order to reduce the burden on the State.

Written Answers — Department of Finance: Banking Sector Issues (16 Apr 2013)

Michael Noonan: According to the 2012 Annual Report of Bank of Ireland which was published last month, the pension deficit at 31 December 2012 was €1.2bn, an increase of €0.8bn from 2011. The primary driver of this increase was a reduction in discount rates due to the significant fall in yields on high-quality corporate bonds rather than the underlying scheme assets which actually appreciated...

Written Answers — Department of Finance: Banking Sector Remuneration (16 Apr 2013)

Michael Noonan: As reported in Bank of Ireland’s Annual Reports since 2009 the Chief Executive Officer of Bank of Ireland has waived his remuneration each year by €67,000. Each year, since 2009, all Non-Executive Directors have also reduced their fees by 25%. In 2012 the total director’s remuneration at Bank of Ireland fell to €2,564K from €3,351K in 2011 – a...

Written Answers — Department of Finance: Banks Recapitalisation (16 Apr 2013)

Michael Noonan: Bank of Ireland has not indicated to the market or my Department that it has any intention to raise more capital from shareholders at this time. I can, however, confirm for the Deputy that, should Bank of Ireland decide to do so at some point in the future, I would naturally consider the options open to the State in this regard at that time. If the mechanism chosen was a rights issue, any...

Written Answers — Department of Finance: Savings Clubs (16 Apr 2013)

Michael Noonan: Neither I nor the Central Bank have any role in relation to the supervision of savings clubs. However, I urge consumers to exercise caution when contributing to such clubs over a yearly period. The Deputy may wish to draw his concerns to the attention of the National Consumer Agency. The Agency has responsibility in the area of consumer education.

Written Answers — Department of Finance: Fuel Rebate Scheme (16 Apr 2013)

Michael Noonan: The commercial diesel excise relief that I announced in the Budget was extended in the Finance Bill to cover all licensed passenger transport. Any school bus with a national road passenger transport licence granted under Section 2 of the Road Traffic and Transport Act 2006 will qualify for the relief.

Written Answers — Department of Finance: IBRC Liquidation (16 Apr 2013)

Michael Noonan: I have been advised by the Special Liquidators that, in an insolvency situation, duress payments to unsecured creditors are often required to be made to ensure the on-going provision of services. Such payments are a matter for the Special Liquidators and I have no role in the initiation or authorisation of these payments. As the Deputy is aware, the legislation surrounding liquidation...