Results 10,841-10,860 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: NAMA Bonds (9 May 2013)

Michael Noonan: I am advised that NAMA issued senior bonds totalling €12.928 billion as consideration for the Deed of Assignment and Transfer between CBI and NAMA and National Asset Resolution Ltd. Over the next 12 months, assuming current interest rate expectations and no redemptions on these bonds, two coupon payments, totalling approximately €37m, are expected to be paid to the CBI. The...

Written Answers — Department of Finance: NAMA Bonds (9 May 2013)

Michael Noonan: I propose to take Questions Nos. 48 and 49 together. As the Deputy is aware, prior to liquidation, IBRC’s funding profile was primarily reliant on borrowings from the Central Bank of Ireland. The majority of funds were advanced to IBRC under a Special Master Repurchase Agreement (“SMRA”), involving the sale and repurchase of the c. €25bn nominal value...

Written Answers — Department of Finance: IBRC Liquidation (9 May 2013)

Michael Noonan: The special liquidators have confirmed that Irish Bank Resolution Corporation Limited holds an interest (either directly or indirectly) in various entities, some of which are 100% owned, other subsidiaries have equity structures that reflect share ownership by the bank which ranges from minimal ownership up to and including full ownership by the bank. Interests are held in entities...

Written Answers — Department of Finance: Government Bonds (9 May 2013)

Michael Noonan: The Central Bank has confirmed that following the termination of IBRC’s market repo of the 5.4% Irish 2025 bond in the context of the special liquidation of IBRC, this particular bond was acquired by it. As the purchase was carried out on the secondary market, between the Central Bank and Bank of Ireland, the transaction did not breach Article 123 of the Treaty which contains a...

Written Answers — Department of Finance: IBRC Liquidation (9 May 2013)

Michael Noonan: There are various unguaranteed liabilities of IBRC and the final liability will only become known at the conclusion of the liquidation process. The holders of the two ELG scheme guaranteed bonds with an equivalent scheme value of €933.77 million have been fully compensated from the ELG Scheme. The State will become an unsecured creditor in relation to this amount and will be paid...

Written Answers — Department of Finance: Property Taxation Exemptions (9 May 2013)

Michael Noonan: The deferral arrangements in the Finance (Local Property Tax) Act 2012, as amended, are focused on particular categories of householders and enable cases where there is an inability to pay the Local Property Tax (LPT) to be addressed. To qualify for a deferral, the residential property must be occupied as a sole or main residence. The gross income thresholds for a full deferral are...

Written Answers — Department of Finance: Tax Yield (9 May 2013)

Michael Noonan: The information requested by the Deputy is set out in the table showing the amounts received into the Exchequer in respect of Capital Gains Tax (CGT) in the years 2010 to 2012. The figure for 2013 is the current estimate of CGT for the year which is consistent with current forecasts published in the Stability Programme Update on the 30th April 2013. € million 2010 2011 2012 2013...

Written Answers — Department of Finance: Money Advice and Budgeting Service Reports (9 May 2013)

Michael Noonan: The Report referred to by the Deputy was prepared by MABS NDL (National Development Limited). The stated aim of the Report is to provide an analysis of the experience of MABS clients with mortgage difficulties, often in addition to other debts and other issues, as well as the experience of MABS money advice staff working with those clients to come to a resolution that is “mutually...

Written Answers — Department of Finance: State Banking Sector (9 May 2013)

Michael Noonan: As the Deputy will be aware the Relationship Framework with the banks provides that the State will not intervene in the day-to-day operations of the banks or their management decisions. This framework is published on the Department of Finance website. I must ensure that the bank is run on a commercial, cost effective and independent basis to ensure the value of the bank as an asset to the...

Written Answers — Department of Finance: Fuel Rebate Scheme (9 May 2013)

Michael Noonan: Provision has been made in this year's Finance Act for the repayment, to qualifying road haulage and bus operators, of part of the mineral oil tax paid on the auto-diesel used by them in the course of business. This relief will apply to purchases made on or after 1st July this year. The amount to be repaid will vary according to a sliding scale, by reference to the price at which auto-diesel...

Written Answers — Department of Finance: Croke Park Agreement Issues (9 May 2013)

Michael Noonan: As the Deputy is no doubt aware, fiscal consolidation in the form of adjustments to both expenditure and taxation is being implemented in order to reduce the fiscal deficit. In turn this lowers the cost of borrowing, helps to put public debt on a declining path and contributes to increased investor confidence. Having said that I fully recognise that there will be a short term reduction in...

Written Answers — Department of Finance: State Banking Sector Regulation (9 May 2013)

Michael Noonan: As the Deputy will be aware the Asset Management Unit (“AMU”) is a business unit for management reporting purposes but it is not a separate legal entity. All assets and liabilities of Permanent TSB remain in the relevant legal entities of the Permanent TSB group as laid out in the annual report, which is available on Permanent TSB's website. I have been informed by...

Written Answers — Department of Finance: Central Bank of Ireland Issues (9 May 2013)

Michael Noonan: The terms of the Agreement on Net Financial Assets and related issues is a matter for the Central Bank of Ireland and the ECB and not something that I can comment on.

Written Answers — Department of Finance: IBRC Liquidation (9 May 2013)

Michael Noonan: The Special Liquidators will comply with their reporting obligations and as such the liquidation accounts will be filed with the CRO after two years of the liquidation and yearly thereafter. I am advised by NAMA that, until there is clarity as to the type and volume of loans to be transferred to it by the Special Liquidators, it is not in a position to set out the approach that it may adopt.

Written Answers — Department of Finance: IBRC Liquidation (9 May 2013)

Michael Noonan: By reason of the amendment inserted by Section 19(2) of the Irish Bank Resolution Corporation Act 2013, the insolvency initiated under the powers given to me in that Act is an insolvency proceeding within the meaning of section 6 (1) of S.I. No. 131/2003 European Communities (Protection of Employees on Transfer of Undertakings) Regulations 2003 and therefore exempt to the application of...

Written Answers — Department of Finance: Tax Reliefs Application (9 May 2013)

Michael Noonan: Section 14 of Finance Act 2012 introduced the Special Assignee Relief Programme which is designed to reduce the cost to employers of assigning key individuals in their companies from abroad to take up positions in the Irish based operations of their employer. By way of eBrief No. 29/12 (dated 29/6/2012) Revenue advised that they had updated their Tax and Duty manuals to reflect matters...

Written Answers — Department of Finance: Tax Reliefs Application (9 May 2013)

Michael Noonan: Retirement relief applies to a disposal of business or farming assets that have been owned and used for such purposes for a period of 10 years prior to the disposal. In order to qualify for the relief, an individual must be aged 55 years or over. The relief also applies to the disposal by an individual of all or part of the shares of a company which is a trading or farming company and the...

Written Answers — Department of Finance: Tax Yield (9 May 2013)

Michael Noonan: Capital Gains Tax is payable on any “chargeable gain” that arises on the sale of a chargeable asset, i.e. the difference between the sale price less the cost price (or market value in certain cases) and taking account of incidental costs associated with the purchase and the sale as well as any enhancement expenditure that may have been incurred. It would therefore be necessary...

Written Answers — Department of Finance: Tax Yield (9 May 2013)

Michael Noonan: I am conscious of the need to balance the collection of statistical information for Exchequer purposes with the desire to minimise as far as possible the administrative burden placed on individual taxpayers and on the business community to provide such information in tax returns. At this stage I have no plans to establish a database along the lines suggested.

Written Answers — Department of Finance: Tax Credits (9 May 2013)

Michael Noonan: Section 473 of the Taxes Consolidation Act 1997 provides an allowance at the standard rate for a person who proves for a year of assessment that they have paid rent in respect of a certain type of private tenancy which is their main residence. The relief takes the form of a reduction in income tax chargeable on an individual’s income by an amount equal to the lowest of the total of...