Results 12,101-12,120 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Tax Yield (18 Jul 2013)

Michael Noonan: I am advised by the Revenue Commissioners that the full year yield, estimated by reference to 2013 incomes, of increasing the universal social charge by either 1 percentage point, 2 percentage points or 3 percentage points for all income earners with incomes in excess of €150,000 is set out in the table. Rate increase Full Year Yield From PAYE Income Earners earning in excess of...

Written Answers — Department of Finance: Tax Yield (18 Jul 2013)

Michael Noonan: I am advised by the Revenue Commissioners that the full year yield, estimated by reference to 2013 incomes, of increasing the universal social charge by either 1 percentage point, 2 percentage points or 3 percentage points for all income earners with incomes in excess of €200,000 is set out in the table. Rate increase Full Year Yield From PAYE Income Earners earning in excess of...

Written Answers — Department of Finance: Tax Yield (18 Jul 2013)

Michael Noonan: I assume that the Deputy is referring to the current annual earnings cap of €115,000 which operates to limit the level of tax-relieved personal pension contributions in any one year. The annual earnings cap acts, in conjunction with age-related percentage limits of annual earnings, to put a ceiling on the annual amount of tax relief an individual taxpayer can obtain on pension...

Written Answers — Department of Finance: Tax Yield (18 Jul 2013)

Michael Noonan: I am advised by the Revenue Commissioners that the estimated additional yield to the Exchequer from increasing the Deposit Interest Retention Tax (DIRT) rate from 33% by 2% to 35% would be of the order of €35 million in a full year. This projection assumes no significant behavioural change by depositors or a change in interest rates applied by financial institutions to savings. It...

Written Answers — Department of Finance: Tax Yield (18 Jul 2013)

Michael Noonan: I am advised by the Revenue Commissioners that the full year yield to the Exchequer, estimated in terms of expected 2013 gains, from increasing the CGT tax rate from 33% to 35% could be in the region of €31 million. This figure includes corporate gains. However, this estimate assumes no behavioural changes on the part of taxpayers, and increases in rates may have a significant...

Written Answers — Department of Finance: Tax Yield (18 Jul 2013)

Michael Noonan: I am advised by the Revenue Commissioners that the estimated full year yield to the Exchequer from increasing the Capital Acquisitions Tax rate by 2% to 35 %, based on the expected outturn in 2013, could be in the region of €18 million, assuming no change in the existing thresholds. This estimate is provisional and subject to revision. It should be noted that this estimate is based...

Written Answers — Department of Finance: Tax Yield (18 Jul 2013)

Michael Noonan: I am advised by the National Lottery that the total winnings over €1,000 in 2011 was of the order of €190 million. On this basis a tax or levy of 5% on National Lottery winnings over €1,000 would yield € 9.5 million. It was not possible to obtain the comparable figures for 2012 in the time available. For reasons of equity, a levy such as is proposed in the...

Written Answers — Department of Finance: Mortgage Arrears Proposals (18 Jul 2013)

Michael Noonan: I can inform the Deputy that the State supported banks have provided me with the following information in relation to their split mortgage offerings. AIB I have been informed by AIB that split mortgage arrangements are one of the options in AIB's advanced forbearance solutions. All disclosures in relation to forbearance are available on pages 101-103 of AIB's 2012 Annual Financial Report....

Written Answers — Department of Finance: Mortgage Arrears Proposals (18 Jul 2013)

Michael Noonan: I have received the following information from the State supported banks in answer to your query: AIB AIB has informed me that the bank only initiates a legal solution, which may ultimately lead to the bank taking possession of a property, when a customer in difficulty is not cooperating with the bank or making a genuine effort to engage or resolve arrears on the mortgage account. It is...

Written Answers — Department of Finance: IBRC Liquidation (18 Jul 2013)

Michael Noonan: I am advised that due to commercial confidentiality and sensitivities the Special Liquidators are unable to provide a breakdown of the type requested. All relevant disclosures in respect of legal cases involving IBRC are publically available through the Courts Services website. I have been advised by the Special Liquidators that there were 120 cases being taken against IBRC at the date of...

Written Answers — Department of Finance: Banking Sector Regulation (18 Jul 2013)

Michael Noonan: The Central Bank's Strategic Plan 2013 - 2015 sets out a strategy of assertive risk-based supervision underpinned by a credible threat of enforcement. Enforcement is an important tool to effect deterrence, achieve compliance and promote positive behaviour. The Central Bank will take enforcement action against regulated entities under its Probability Risk Impact Supervisory System (PRISM)...

Written Answers — Department of Finance: Central Bank of Ireland Expenditure (18 Jul 2013)

Michael Noonan: I have been advised by the Central Bank of the following professional fees for 2011, 2012 and up to 17 June 2013, broken down by category. I am informed by the Central Bank that, for reasons of commercial confidentiality, the Central Bank cannot provide information on individual firms. Categorised Professional Fees incurred in 2011 Euros Legal 2.919m Accountancy 2.771m Financial...

Written Answers — Department of Finance: NAMA Operations (18 Jul 2013)

Michael Noonan: NAMA has engaged positively and proactively on this issue. To end-June 2013 NAMA had received 296 eligible applications from its debtors for rent abatement. 234 applications had been approved, 10 were refused and the remaining 52 are under review. The value of such rent reductions by NAMA is in excess of €14m per annum. NAMA issued a Guidance Note on Upward Only Commercial Leases...

Written Answers — Department of Finance: IBRC Legal Cases (18 Jul 2013)

Michael Noonan: Unfortunately I am not in a position to comment directly on cases currently in before the Courts. I have been advised by the Special Liquidators that in the Republic of Ireland any claims made in relation to the potential overcharging of interest would likely rank as unsecured creditors in the liquidation.

Written Answers — Department of Finance: General Government Debt (18 Jul 2013)

Michael Noonan: Our most recent fiscal forecasts and technical assumptions were contained in the Stability Programme Update. As the Deputy will be aware, there has been considerable data flow in the intervening period, including the recent Q1 Quarterly National Accounts, which will impact the deficit ratios in 2014. These and other relevant data, such as up to date revenue and expenditure figures, will...

Written Answers — Department of Finance: Budget 2014 Issues (18 Jul 2013)

Michael Noonan: As the Deputy will be aware review missions to Ireland by the three external partners, the EU, the ECB and the IMF (the Troika) take place each quarter as part of the regular review process of our EU-IMF Programme of Financial Support for Ireland. My colleague, the Minister for Public Expenditure and Reform, Mr Brendan Howlin T.D., and I met with the EU-IMF delegation during the 11th Review...

Written Answers — Department of Finance: Ministerial Meetings (18 Jul 2013)

Michael Noonan: The table outlines previous meeting that have taken place between with each CEO or Chairperson of the State supported banks and I am also scheduled to meet the boards of the three banks again tomorrow 19 July 2013. A variety of issues were discussed at these meetings and it would be inappropriate for me to detail the specifics. Officials from my Department also meet with representatives of...

Written Answers — Department of Finance: Banking Operations (18 Jul 2013)

Michael Noonan: I can inform the Deputy that the State supported banks have provided me with the following information on their treatment of the warehoused portion of a split mortgage. The treatment of the warehouse portion of a split mortgage is a matter for the Central Bank. AIB I am informed by AIB that the warehoused portion of the split mortgage is deferred - i.e. no repayments are made for an...

Written Answers — Department of Finance: Pension Provisions (18 Jul 2013)

Michael Noonan: The legal name of the Central Bank of Ireland Superannuation Scheme is the ‘Central Bank and Financial Services Authority of Ireland Superannuation Scheme 2008’. The scheme is a defined benefit funded scheme and has met the Pensions Board minimum funding standard every year since it was established in 2008. The Scheme is not Exchequer funded. Details of the Scheme are set out...

Written Answers — Department of Finance: Banking Sector Issues (18 Jul 2013)

Michael Noonan: In his Mansion House speech of 19 June 2013, the UK Chancellor of the Exchequer announced a review of Royal Bank of Scotland. The purpose of the review is to assess the merits of creating a “bad bank” for some RBS assets and it is due to conclude in the autumn of 2013. The Chancellor made some references to Ulster Bank in the context of the future orientation of RBS in dealing...