Results 19,481-19,500 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Tax Code (6 May 2015)

Michael Noonan: I understand that the UK company, Standard Life plc, has offered its shareholders the option of having "return of value" payments due to them treated as income or capital, with treatment as income being the default position in the absence of shareholders choosing an option within a specified time which has now elapsed. From an Irish tax perspective, the position is that if the Standard Life...

Written Answers — Department of Finance: Banking Sector (6 May 2015)

Michael Noonan: I have been informed by Permanent TSB that it has not engaged or retained Deutsche Bank to act as its advisor in relation to either of its recently announced or pipeline deleveraging transactions. For completeness Permanent TSB has informed me that Morgan Stanley were appointed as advisor in relation to the sale of Springboard Mortgages, UK loan assets and Irish...

Written Answers — Department of Finance: State Banking Sector (6 May 2015)

Michael Noonan: Officials in my Department have received the following confirmation from the banks in response to the Deputy's question. AIB: AIB has a policy in place with regards to appointment of advisors. Advisors are selected based on their knowledge and experience in relation to the type of disposal. As part of the appointment process advisors are required to declare upfront any conflict of...

Written Answers — Department of Finance: Tax Code (6 May 2015)

Michael Noonan: I am advised by the Revenue Commissioners that there are no specific tax reliefs for the aircraft leasing industry. However, information is available on tax payments from the industry for 2005 to 2014. (See table). The following tax treatment applies to the industry: Corporation Tax A company carrying on a trade of aircraft leasing would, similarly to any other company carrying on a trade, be...

Written Answers — Department of Finance: IBRC Operations (6 May 2015)

Michael Noonan: Neither I nor officials in my Department hold a record of the list of shareholders in Siteserv at the time of the transaction (other than the partial summary of the top 10 shareholders of Siteserv as at December 9, 2011, already released under Freedom of Information and available on the Department of Finance website) nor the details of the payment made to shareholders in cents per...

Written Answers — Department of Finance: Universal Social Charge Application (6 May 2015)

Michael Noonan: I propose to take Questions Nos. 132, 170 and 171 together. In relation to the first and second questions, I am informed by the Revenue Commissioners that they have published a post-Budget 2015 Ready Reckoner on the their statistics website at www.revenue.ie/en/about/statistics/. The Ready Reckoner, accessible at http://www.revenue.ie/en/about/statistics/ready-reckoners.pd f, ...

Written Answers — Department of Finance: Tax Code (6 May 2015)

Michael Noonan: I am informed by the Revenue Commissioners that the retirement benefits that may be provided by Revenue approved retirement arrangements cannot exceed certain maximum levels as set out in Part 30 of the Taxes Consolidation Act 1997 and in the Revenue Pensions Manual. In the case of retirement lump sums, the maximum amount that may be taken depends on both the nature of the pension...

Written Answers — Department of Finance: Ireland Strategic Investment Fund Management (6 May 2015)

Michael Noonan: The Ireland Strategic Investment Fund (the "ISIF") was commenced on 22 December 2014 and the NTMA is required to report each year on the ISIF. Subject to preserving confidentiality in regard to commercially sensitive information, this report is required to include the following information: investment strategy, investment return, assets valuation, detailed listing of assets, investment...

Written Answers — Department of Finance: Ireland Strategic Investment Fund Investments (6 May 2015)

Michael Noonan: The position is that the assets of the Ireland Strategic Investment Fund will be invested on a commercial basis in a manner designed to support economic activity and employment in the State. All returns on investments are to be paid into the fund. Once the returns are paid into the fund they become part of the assets of the fund and are accordingly available for investment by the Agency in...

Written Answers — Department of Finance: Ireland Strategic Investment Fund Management (6 May 2015)

Michael Noonan: An Investment Committee, appointed by the NTMA, will decide on the investments of the Ireland Strategic Investment Fund, within the parameters of the investment strategy set by the new Board of the National Treasury Management Agency (NTMA).  This investment strategy is subject to my consent and the consent of my colleague, the Minister for Public Expenditure and Reform. It is...

Written Answers — Department of Finance: Mortgage Arrears Proposals (6 May 2015)

Michael Noonan: As the Deputy is aware, the Government has put in place a broad strategy to address the problem of mortgage arrears and family home repossessions. This has included an extensive suite of interventions designed to address the problem including specific Central Bank targets for the banks through the Mortgage Arrears Resolution Targets (MART), the Code of Conduct on Mortgage Arrears,...

Written Answers — Department of Finance: Mortgage Arrears Proposals (6 May 2015)

Michael Noonan: The Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015 will require entities dealing with the consumer to be authorised by the Central Bank and subject to its Codes of Conduct. Dealing with the consumer is credit servicing and the definition of credit servicing is broad. Owners of loan books who deal directly with consumers, that is, who are servicing their own loan books,...

Written Answers — Department of Finance: Irish Water Administration (6 May 2015)

Michael Noonan: I am advised by the Revenue Commissioners that section 26 of the Water Services Act 2013 provides that Irish Water may request information from relevant persons, including the Revenue Commissioners, in order to allow it perform its functions.  Section 851A Taxes Consolidation Act 1997 enshrines the concept of taxpayer confidentiality in the law. However, subsection 8 permits a...

Written Answers — Department of Finance: Mortgage Interest Rates (6 May 2015)

Michael Noonan: I have been informed by Permanent TSB that this relates to the situation of certain mortgage customers of the bank and their right to avail of a mortgage tracker product from the bank in circumstances where they broke early from a fixed rate tracker period.   Earlier this year the bank confirmed that it would be withdrawing appeals it had submitted to the Supreme Court in...

Written Answers — Department of Finance: Departmental Meetings (6 May 2015)

Michael Noonan: As per the then Secretary General of the Department of Finance's diary for August 2012, he was scheduled to meet the former CEO of IBRC on 1 August 2012 and 2 August 2012. From the records of the meetings, it appears that it was only the two individuals mentioned that were present and there was no other official from my Department present to take minutes of the meetings. While no formal...

Written Answers — Department of Finance: European Council Meetings (6 May 2015)

Michael Noonan: I propose to take Questions Nos. 142 and 143 together. In terms of my on-going engagement with the Oireachtas on EU related matters, I submit a report for every formal Ecofin Council to the Joint Oireachtas Committee on Finance and Public Expenditure on the respective agenda items of each Council.  As is customary, and in respect to the Joint Committee, I will provide the...

Written Answers — Department of Finance: Banking Sector Staff (6 May 2015)

Michael Noonan: I have been informed that AIB has not announced 1,500 job losses in its Financial Solutions Group (FSG) nor has it announced any outsourcing of work being done in FSG. AIB has recently opened up applications for participation in a voluntary severance scheme in FSG for those staff who have expressed an interest. However, FSG will continue to ensure it has sufficient skilled resources to...

Written Answers — Department of Finance: Banking Sector (6 May 2015)

Michael Noonan: I can confirm for the Deputy that the decision to remove Section 396c of the NAMA Act 2009 did not require the approval of the European Commission. Removal of the provision served to place the Covered Banks back in the same position as other Irish corporates.

Written Answers — Department of Finance: Banking Sector Remuneration (6 May 2015)

Michael Noonan: As the Deputy will be aware Ulster Bank was never part of the State's bank guarantee schemes (CIFS and ELG) and never received any recapitalisation funds from the Irish taxpayer. As such I have no control over the remuneration package awarded to the CEO of Ulster Bank or indeed any other foreign owned bank operating in the State. Remuneration of the remaining three Irish...

Written Answers — Department of Finance: Job Losses (6 May 2015)

Michael Noonan: Total gross voted expenditure has been reduced from €63.1 billion in 2009 to €54 billion in 2014, with the contraction in current spending accounting for nearly 60 per cent of this fall. As a result of the Moratorium on Recruitment and Promotion introduced in 2009 as an emergency policy response to the crisis in the public finances, public service numbers have been reduced by...