Results 18,301-18,320 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Banking Sector (21 Jan 2015)

Michael Noonan: As the Deputy is aware, I have recently awarded a contract to Goldman Sachs International, a U.K. subsidiary of the Goldman Sachs group, to provide financial advice to the Department of Finance in relation to capital restructuring actions (and related matters) with respect to the State's investments in AIB. The purpose of awarding the contract is to engage a firm with the...

Written Answers — Department of Finance: Tax Code (21 Jan 2015)

Michael Noonan: Under Section 257 of the Taxes Consolidation Act 1997 all deposit takers are obliged to deduct Deposit Interest Retention Tax (DIRT) from payments of interest made to an account unless the account qualifies as an exempt account. There is no specific exemption in the case of interest paid on deposit accounts held by children. The wider tax code does not provide for an exemption from tax for...

Written Answers — Department of Finance: Tax Collection (21 Jan 2015)

Michael Noonan: I am informed by the Revenue Commissioners that the procedures around corresponding with TAIN registered agents/representatives have not changed. However, the Deputy will appreciate that the process of authorising an agent to act on behalf of a taxpayer, and to receive confidential, personal information on their behalf, has to be extremely robust, so as to ensure that there is no...

Topical Issue Debate: Disabled Drivers and Passengers Scheme (22 Jan 2015)

Michael Noonan: I thank the Deputy for raising this matter. As he will be aware, the primary medical certificate is required to access the disabled drivers and disabled passengers scheme. An applicant must satisfy one of six medical criteria to receive a primary medical certificate. I will set out a brief description of the scheme, as it stands. It provides relief from vehicle registration tax and VAT...

Topical Issue Debate: Disabled Drivers and Passengers Scheme (22 Jan 2015)

Michael Noonan: As I said, it was only with difficulty and pressure from home and abroad that I was able to avoid reducing the benefits during the bad times we had come through. The figures I gave were for the numbers who had benefited from the scheme in 2014. I cannot give the Deputy a commitment that the the scheme will be reviewed. However, we receive submissions from the organisations that have been...

Topical Issue Debate: Bank Branch Closures (22 Jan 2015)

Michael Noonan: I thank the Deputy for raising this important topic. I am aware of the concerns of Deputy Cowen and other Deputies as Ulster Bank moves to implement the closure of a number of branches and sub offices around the country. Indeed, this was the subject of a previous topical issues debate last summer when the bank announced these closures. A number of representatives have been in contact with...

Topical Issue Debate: Bank Branch Closures (22 Jan 2015)

Michael Noonan: I again thank the Deputy for raising this issue. As with other banks on the island, Ulster Bank experienced insolvency problems. Its parent, the Royal Bank of Scotland Group, is under the regulatory control of the Bank of England rather than the Irish banking system. The bank had its problems and at one point some years ago, it looked as if it would pull out of Ireland completely. Such a...

Written Answers — Department of Finance: Tax Code (22 Jan 2015)

Michael Noonan: I have been advised by the Revenue Commissioners that as the person concerned paid no tax for the first two pay days in 2015, the employer deducted the tax payable to date for 2015 from the person's pay on the third pay day in 2015. The amount of tax payable was based on the tax credits as notified to the employer on 9 January 2015. Since that date the taxpayer has requested that his tax...

Written Answers — Department of Finance: Disabled Drivers and Passengers Scheme (22 Jan 2015)

Michael Noonan: As the Deputy is aware, a holder of a Primary Medical Certificate may access the Disabled Drivers and Disabled Passengers (Tax Concessions) Scheme. I am advised by the Revenue Commissioners that the table below indicates the number of claims for VRT and VAT relief and excise duty relief in respect of drivers, passengers and organisations and the cost to the...

Written Answers — Department of Finance: Banking Sector Recruitment (22 Jan 2015)

Michael Noonan: Following the announcement of the resignation of Mr. David Duffy on Monday, the attention and focus of AIB must now turn to recruiting a new Chief Executive Officer. With that in mind, I agreed  at a meeting with the Bank's Chairman Mr. Pym yesterday, that it is in AIB's best interest that the process to recruit a new Chief Executive would begin without delay with a view to having...

Written Answers — Department of Finance: Banking Sector Remuneration (22 Jan 2015)

Michael Noonan: As the Deputy will be aware, this Government's policy with respect to banking remuneration has been in place since mid-2011. In summary, remuneration is capped at €500,000 (excluding normal pension entitlements) and variable rate pay such as bonuses are not permitted. AIB has not requested a review of the salary cap or bonus restrictions.

Written Answers — Department of Finance: NAMA Receivers (22 Jan 2015)

Michael Noonan: I am advised that NAMA is extremely proactive in ensuring value for money in the way in which it procures and manages receivership appointments.  Receivers have been appointed to NAMA's insolvency service provider panel following a competitive, fixed-fee public procurement process through which extremely competitive fee rates have been achieved relative to market norms.  All...

Written Answers — Department of Finance: NAMA Staff Numbers (22 Jan 2015)

Michael Noonan: Staffing levels at NAMA are determined by the NAMA Board with reference to the existing and projected future business needs of the Agency.  Based on its end-2016 80% senior debt redemption target and its ongoing ancillary funding and co-ordination role in the Dublin Dockland's Strategic Development Zone (SDZ) and in respect of residential development, the NAMA Board estimates that...

Written Answers — Department of Finance: NAMA Court Cases (22 Jan 2015)

Michael Noonan: I am advised by NAMA that it is currently involved in 174 active litigation cases, including 31 cases in which NAMA is the defendant and 143 cases initiated by NAMA.  Given that these cases are within the jurisdiction of the Courts, it would not be appropriate to make any further comment.

Written Answers — Department of Finance: IBRC Liquidation (22 Jan 2015)

Michael Noonan: I propose to take Questions Nos. 67 and 68 together. As the Deputy is aware, the Special Liquidators have advertised for creditor claims and are currently adjudicating on creditor claims as they are being received. Irish and UK creditors have up until 31 March 2015 and US creditors have until 31 May 2015 to make a claim. Once all claims have been submitted, they will be reviewed in detail...

Written Answers — Department of Finance: EU Meetings (22 Jan 2015)

Michael Noonan: The issue of a European Debt Conference has not been formally discussed at an EU level.  My recent comments simply reflect my view that when countries have difficulties, a process of negotiation is always better than one of conflict.

Written Answers — Department of Finance: Financial Services Regulation (22 Jan 2015)

Michael Noonan: As the Deputy will be aware, in March 2013, the Central Bank published the Mortgage Arrears Resolution Targets (MART) framework, which set out performance targets for mortgage arrears resolution at six Irish mortgage lenders. The six lenders, Allied Irish Banks, Bank of Ireland, Permanent tsb, Ulster Bank, ACC Bank and KBC Bank are required to meet targets at quarterly intervals. The...

Written Answers — Department of Finance: Tax Collection (22 Jan 2015)

Michael Noonan: I am informed by the Revenue Commissioners that the breakdown of numbers who paid Inheritance Tax in 2014, and other Capital Acquisitions Tax (primarily gift tax and discretionary trust tax), is as follows. These figures are provisional. Tax Numbers Paying Tax Average Tax Paid € Inheritance Tax 11,651 27,722 Other Capital Acquisitions Tax 1,252 26,661 Total 12,903 27,605

Written Answers — Department of Finance: Tax Collection (22 Jan 2015)

Michael Noonan: I am advised by the Revenue Commissioners that a total of 19 persons made domicile levy payments in 2014 totalling €3,656,073. Some individuals' payments were for more than one year. An additional amount of €127,667 was collected in interest on late payment of the levy.

Written Answers — Department of Finance: Tax Reliefs Application (22 Jan 2015)

Michael Noonan: I am aware that the Department of the Environment and the PRTB have been examining the issue of the private rental market and looking at possible reforms for this sector. In 2014, the Private Residential Tenancies Board (PRTB) commissioned two research reports to explore the policy options required to ensure a sustainable private rented sector into the future. The main report, entitled...