Results 1,881-1,900 of 27,019 for speaker:Michael Noonan

Written Answers — National Asset Management Agency: National Asset Management Agency (31 May 2011)

Michael Noonan: I am informed by NAMA that it has acquired loans secured by some 83 hotels located within the State, of which 78 are open for business. The total number of rooms in the 83 hotels is estimated to be of the order of 8,500. I am further informed by NAMA that it will be developing a comprehensive strategy to deal with the hotels that are within its portfolio. NAMA has acknowledged that there...

Written Answers — Pension Provisions: Pension Provisions (31 May 2011)

Michael Noonan: There was no formal consultation by me or my Department with the Pensions Board in advance of the Government's decision to introduce the pension levy to fund the Jobs Initiative. Officials of my Department and the Revenue Commissioners have had contact with a wide number of interested parties in both the public and private sector, including the Pensions Board, about the practical, logistical...

Written Answers — Financial Services Regulation: Financial Services Regulation (31 May 2011)

Michael Noonan: The Programme for National Government 2011-2016 sets out the Government's position with regard to the credit union sector. The Government recognises the importance of credit unions as a volunteer cooperative movement and the distinction between them and other financial institutions. In the Programme for Government, it was agreed that a Commission on Credit Unions would be set up to review...

Written Answers — Tax Collection: Tax Collection (31 May 2011)

Michael Noonan: The position is that the person in question may be precluded from receiving a refund of income tax because of the general four-year time limit on claims to repayments of tax imposed by Section 865 of the Taxes Consolidation Act 1997. The effect of this provision is that repayment claims in respect of the 2006 tax year needed to be made by 31 December 2010. I am informed by the Revenue...

Written Answers — National Asset Management Agency: National Asset Management Agency (1 Jun 2011)

Michael Noonan: I propose to take Questions Nos. 79 and 81 together. Within the context of its commercial remit, NAMA has made it known that it is open to considering proposals aimed at contributing to broader social and economic objectives and facilitating public bodies. It has committed to giving first option to such bodies on the purchase of property which is within its control and which may be suitable...

Written Answers — Tax Collection: Tax Collection (1 Jun 2011)

Michael Noonan: The changes to stamp duty rates, reliefs and exemptions, brought into effect by the last Budget, apply to all instruments executed on or after 8 December 2010. Budget 2011 introduced transitional arrangements to be applied where, as a result of these changes, a taxpayer was disadvantaged compared to the stamp duty treatment applicable prior to 8 December 2010. However, the transitional...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (1 Jun 2011)

Michael Noonan: I propose to take Questions Nos. 82 to 85, inclusive, together. As Minister for Finance, I have no direct role in the day-to-day operations of the Central Bank. I have been informed by the Central Bank that on 2 February 2011, the Bank announced appointments to the Consumer Advisory Group (CAG). The members of the CAG are Mr. Michael Culloty, Mr. Dermott Jewell, Ms Elaine Kempson, Mr. Bill...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (1 Jun 2011)

Michael Noonan: I wholeheartedly concur with the Deputy that failure at a board and individual director level of corporate governance standards played a major factor in the banking crisis. This is supported by the findings of the various reports commissioned on the subject. To strengthen oversight in this area, the Central Bank of Ireland has issued a mandatory Corporate Governance Code for Credit...

Written Answers — Tax Code: Tax Code (1 Jun 2011)

Michael Noonan: The previous Minister for Finance, Deputy Lenihan, indicated in his Budget Statement on 7 December 2010 that a review would be undertaken of the excise duty payable for licences for on-trade and off-licence sales of alcohol products during 2011. In that context, it has to be recognised that the main Exchequer receipts for the sale of alcohol arise from excise on alcohol products, which for...

Written Answers — Banking Sector: Banking Sector (1 Jun 2011)

Michael Noonan: I do not have the details requested by the Deputy. It is a matter for the respective individual boards and management to determine and implement operational policy in their organizations including membership of representative organisations such as the Irish Bankers Federation.

Written Answers — Pension Provisions: Pension Provisions (1 Jun 2011)

Michael Noonan: I assume the Deputy's question arises in the context of the pension scheme levy which is being legislated for in the Finance (No. 2) Bill 2011. Section 4(9) of the Finance (No. 2) Bill 2011, as initiated, contains provisions allowing pension scheme trustees or administrators the option of adjusting the benefits payable under a pension scheme on foot of payment of the duty. My Department is...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (1 Jun 2011)

Michael Noonan: As the Deputy will be aware, the results of the stress test exercise in respect of Anglo Irish Bank and Irish Nationwide Building Society were published yesterday and can be accessed at www.centralbank.ie. The overall conclusion is that the previous analytical results were reasonable and that no new capital will be required as a result of these tests. The two institutions have been...

Written Answers — Tax Code: Tax Code (1 Jun 2011)

Michael Noonan: The Deputy's question is hypothetical on a number of fronts. First, while a draft legislative proposal has been tabled by the European Commission, what might emerge for final consideration by the Council of Ministers could be very different. Second, the Government's position on the CCCTB is very clear - we are very sceptical of it. Finally, the Government's position on our corporate tax...

Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (1 Jun 2011)

Michael Noonan: In answer to the Deputy's question, the Central Bank of Ireland has provided me with the following details: Unguaranteed Senior Secured. Unguaranteed Senior Unsecured. Amount repaid since 29 September 2008 €1,298 million €6,029 million Amount outstanding as at 30 May 2011 €19,632 million €16,306 million The above amounts are at current foreign exchange rates and the Deputy will...

Written Answers — Pension Provisions: Pension Provisions (1 Jun 2011)

Michael Noonan: The purpose of approved pension schemes is to provide for an income in retirement. I am advised by the Revenue Commissioners that in some cases, a member's entitlements under a scheme may be too small to justify the pension set-up costs (e.g. purchase of an annuity). The Revenue Commissioners recognise the difficulty this can cause and will allow full commutation of the pension (the payment...

Written Answers — Pension Provisions: Pension Provisions (1 Jun 2011)

Michael Noonan: It is a legal requirement for all construction workers to be a member of a pension scheme that satisfies the Construction Industry Pensions Assurance and Sick Pay Registered Employment Agreement under the Industrial Relations Acts 1946 to 2004. Clause 5 of the Public Works contracts, which were developed by my Department as part of the Construction Procurement Reform Initiative, requires...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (1 Jun 2011)

Michael Noonan: The Deputy will be aware that the Central Bank of Ireland published its Financial Measures Programme Report in March 2011, which included an independent loan loss assessment exercise performed by BlackRock Solutions. The information requested by the Deputy can be found in that Report which is available on the Central Bank's website, www.centralbank.ie. As I said in my Statement on Banking...

Written Answers — Tax Code: Tax Code (1 Jun 2011)

Michael Noonan: Section 825B of the Taxes Consolidation Act 1997 (which has effect for the 2009 tax year onwards) provides relief to certain individuals who are not Irish domiciled and who, before they came to the State, had been living and working in a country with which the State has a double taxation agreement. This is sometimes referred to as the Special Assignment Relief Programme. The provision...

Written Answers — Tax Code: Tax Code (1 Jun 2011)

Michael Noonan: As announced under the Jobs Initiative, a second reduced VAT rate of 9% is to be introduced on a temporary basis in respect of certain services and goods mainly related to tourism for the period 1 July 2011 to the end of 2013. Specifically, the 9% rate will apply to restaurant and catering services; hotel and holiday accommodation; various entertainment services such as admissions to...

Written Answers — Tax Reliefs: Tax Reliefs (1 Jun 2011)

Michael Noonan: Section 8 of Finance Act 2009 terminated, with effect from 31 December 2009, the scheme of capital allowances in respect of capital expenditure on registered nursing homes together with certain other health-related capital allowances schemes, subject to transitional arrangements for pipeline projects. Termination dates beyond 31 December 2009 apply for pipeline projects in the case of...