Results 7,621-7,640 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: IBRC Operations (28 Apr 2015)

Michael Noonan: I propose to take Questions Nos. 125 and 126 together. The Chairman of IBRC provided me with strong assurances that the transaction had been thoroughly assessed by the IBRC Board and that they were satisfied that the transaction had been managed in the best manner possible to achieve the best result for the State. The IBRC Board had a fiduciary responsibility to the bank's...

Written Answers — Department of Finance: IBRC Operations (28 Apr 2015)

Michael Noonan: Following a search of relevant files, there is no record of my Department being furnished with a copy of this report undertaken by the Central Bank into the sale of the company referred to in the question and therefore I am not in a position to release the report.

Written Answers — Department of Finance: IBRC Liquidation (28 Apr 2015)

Michael Noonan: The decision to liquidate IBRC and exchange the Promissory Notes was taken with the expressed purpose of protecting the taxpayer, to end the exposure of the State and the Central Bank to IBRC, to enable the state to re-establish normalised access to the international debt markets, to resolve the debt of IBRC to the Central Bank, to restore confidence in the banking sector more generally and...

Written Answers — Department of Finance: IBRC Operations (28 Apr 2015)

Michael Noonan: On 25 July 2012, I along with officials from my Department, met with IBRC's Chairman and CEO to discuss a number of concerns raised by Department of Finance officials, which included concerns regarding this transaction which were raised to me following engagement with IBRC management.  During this meeting, I sought assurances around the concerns regarding the...

Written Answers — Department of Finance: Banking Sector (28 Apr 2015)

Michael Noonan: The Strategy for Financial Inclusion called for the nationwide launch of a Standard Bank Account as a first step in promoting Financial Inclusion. A pilot project for a Basic Bank Account was run, which finished on 31 March 2013 after a 9-month pilot period. A total of 205 accounts were opened during the Pilot, which the Financial Inclusion Working Group (FIWG) felt was disappointing. ...

Written Answers — Department of Finance: Bank Guarantee Scheme (28 Apr 2015)

Michael Noonan: The information in the table sets out the breakdown of the €375 billion guaranteed under the Credit Institutions (Financial Support) Act 2008, by covered institution. The table represents the instruments covered on the date of the introduction of the guarantee (30th Sept 2008). - AIB Group Bank of Ireland Anglo ILP EBS INBS POSTBANK TOTAL Net of Exclusions ...

Written Answers — Department of Finance: Carbon Tax Yield (28 Apr 2015)

Michael Noonan: The introduction of Carbon Tax was about sending a price signal that there is a cost associated with the consumption of fossil fuels to the detriment of the environment. In this regard solid fuels have the highest carbon content of all fossil fuels. The Revenue Commissioners, who have responsibility for the collection of solid fuel carbon tax, advise me that, since its introduction on 1...

Written Answers — Department of Finance: IBRC Liquidation (28 Apr 2015)

Michael Noonan: The decision to liquidate IBRC and exchange the Promissory Notes was taken with the expressed purpose of protecting the taxpayer, to end the exposure of the State and the Central Bank to IBRC, to enable the state to re-establish normalised access to the international debt markets, to resolve the debt of IBRC to the Central Bank, to restore confidence in the banking sector more generally and...

Written Answers — Department of Finance: Banking Sector Regulation (28 Apr 2015)

Michael Noonan: I have been informed that Permanent TSB has no current plans to sell any Irish residential mortgage loan books.  I have also been informed that they have commenced a sale process for their remaining Irish Commercial Real Estate loan book and are likely to sell their UK mortgage loans in tranches in 2015 and 2016. Both the Irish Commercial Real Estate and the UK loan book sales are...

Written Answers — Department of Finance: Property Tax Collection (28 Apr 2015)

Michael Noonan: I am advised by Revenue that the issue to which the Deputy is referring in his Question has already been resolved through direct discussions between the Local Property Tax (LPT) team and the person in question. During the course of the discussions it was confirmed that the person is in fact entitled to a deferral of both his LPT and Household Charge (HHC) liabilities on foot of his income...

Written Answers — Department of Finance: Film Industry Tax Reliefs (28 Apr 2015)

Michael Noonan: I am advised by the Revenue Commissioners that as the new scheme under Section 481 only came into operation on 12 January 2015 it is too early to say what impact the changes will have.  Prior to 2015 the scheme operated by giving tax relief to individuals investing in the film industry. From 2015 the scheme provides direct support to film producer companies in the form of a tax credit....

Written Answers — Department of Finance: Living City Initiative (28 Apr 2015)

Michael Noonan: The purpose of the Living City Initiative is to provide an urban regeneration incentive to certain areas of six cities, namely Cork, Dublin, Galway, Kilkenny, Limerick and Waterford, which are most in need of regeneration. A number of amendments were made to the Living City Initiative in Finance Act 2014 to ensure that the scheme was in accordance with EU State aid rules. These include the...

Written Answers — Department of Finance: Tax Code (28 Apr 2015)

Michael Noonan: I propose to take Questions Nos. 139 and 141 together. Charitable tax exemption is provided for by Section 207 of the Taxes Consolidation Act (TCA) 1997. Section 3 of the Charities Act 2009, which was commenced on 16 October 2014, introduced definitions of charitable purposes into primary legislation for the first time. The Commissioners now apply these definitions when determining...

Written Answers — Department of Finance: Tax Exemptions (28 Apr 2015)

Michael Noonan: As previously advised to the Deputy in her question of 21 April 2015, for reasons of taxpayer confidentiality Revenue cannot comment on the tax affairs of any individual Body or Trust in receipt of a charitable tax exemption. This includes the disclosure of any information in regard to the timing or outcome of any reviews or audits completed on the Body or Trust. However, Revenue...

Written Answers — Department of Finance: Departmental Staff Remuneration (28 Apr 2015)

Michael Noonan: Interbank Business Banking days, or TARGET Days, are set by the European Central Bank. Annually, the 1st of May is specified as a non-TARGET day and the scheduling of certain transactions must be amended to ensure their timely completion. This issue has potential implications for serving and retired staff who are due payments on that date. The Department of Public Expenditure and...

Written Answers — Department of Finance: Bank Branch Closures (23 Apr 2015)

Michael Noonan: I have referred the Deputy's question to the banks for comment and have received the follow responses: Allied Irish Banks: The bank has confirmed that it has 34 branches in County Cork and has no plans to close any during the remainder of 2015. This response refers to AIB branches and does not include EBS outlets. The bank has further commented that if there are any future plans regarding...

Written Answers — Department of Finance: IBRC Operations (23 Apr 2015)

Michael Noonan: I propose to take Questions Nos. 62, 63 and 65 together. I am advised by the Special Liquidators that they have sought to minimise legal fees to the greatest extent possible. Irish Bank Resolution Corporation Limited (in Special Liquidation) conducted a competitive tender process in order to establish a panel of legal firms. Reduced and/or capped fees were included in the tenders....

Written Answers — Department of Finance: IBRC Operations (23 Apr 2015)

Michael Noonan: I, as Minister for Finance, successfully negotiated a fee rebate directly with KPMG for their role in the Special Liquidation of IBRC. This resulted in a €5m rebate on their professional fees. I was not involved in negotiations around rebates with any other professional or legal firm as part of the Special Liquidation of IBRC. All other negotiation of rebates on...

Written Answers — Department of Finance: Commencement of Legislation (23 Apr 2015)

Michael Noonan: The changes to the stamp duty provisions pertaining to farmland leasing provided for in the Finance Act 2014 are subject to a commencement order pending State Aid approval by the European Commission. I am advised by the Department of Agricultural, Food and the Marine that they have held initial discussions with the Commission in this regard but the Commission has indicated...

Written Answers — Department of Finance: IBRC Liquidation (23 Apr 2015)

Michael Noonan: The ultimate decision to eliminate the Promissory Notes and liquidate IBRC was driven by careful consideration of the totality of costs and benefits to Ireland and the taxpayer of such action. The decision to liquidate IBRC and exchange the Promissory Notes was taken with the expressed purpose of protecting the taxpayer, to end the exposure of...