Results 11,881-11,900 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Banking Sector Remuneration (15 Apr 2014)

Michael Noonan: I propose to take Questions Nos. 172 to 174, inclusive, together. As the Deputy will be aware the Review of Remuneration Practices & Frameworks at the Covered Institutions (the "Mercer Report") was published by my Department on 12thMarch 2013. The following breakdown of total salary and remuneration appears on page 43 of that review. AIB AIB BOI BOI Number of staff Salary...

Written Answers — Department of Finance: Departmental Staff Remuneration (15 Apr 2014)

Michael Noonan: No employee in my Deparment has received a performance related bonus in any of the past three years.

Written Answers — Department of Finance: Living City Initiative (15 Apr 2014)

Michael Noonan: The Deputy will be aware that the Living City Initiative was enacted in Finance Act 2013, in April 2013. I made it clear at that time that this was a pilot scheme that would be subject to an independent ex ante cost benefit analysis, consultation with the relevant local authorities and EU State Aid approval. When the scheme was being launched it was announced that the pilot would only...

Written Answers — Department of Finance: NAMA Portfolio (15 Apr 2014)

Michael Noonan: The sale of the Project Eagle portfolio of loans related to Northern Ireland debtors was conducted on NAMA s behalf by the corporate finance advisor Lazard. The sales process commenced in January 2014 and the decision to dispose of the portfolio was taken by NAMA in response to an improvement in market conditions. As part of the process, Lazard identified and engaged with those...

Written Answers — Department of Finance: IBRC Liquidation (15 Apr 2014)

Michael Noonan: I propose to take Questions Nos. 178 and 179 together. I have been advised by the Special Liquidators that they are not in a position to comment on individual cases. However, it should be noted that the Special Liquidators are managing a sales process for the loans of IBRC with the objective of ensuring that maximum value is extracted from that process for the benefit of all...

Written Answers — Department of Finance: IBRC Loans (15 Apr 2014)

Michael Noonan: I propose to take Questions Nos. 180 and 181 together. The Special Liquidators are winding up IBRC in accordance with the IBRC Act, 2013 and the Companies Acts, although the IBRC Act has modified or disapplied some provisions of the Companies Acts. I have been advised by the Special Liquidators that the total par value of the Borrower Groups which were offered for sale on a standalone...

Written Answers — Department of Finance: IBRC Loans (15 Apr 2014)

Michael Noonan: I propose to take Questions Nos. 182 and 183 together. Section 172 of the NAMA Act prevents the sale of assets to defaulting debtors. Prospective purchasers of assets controlled by NAMA debtors and receivers are required to sign a declaration under Section 172 confirming that they are not a connected party within the meaning of that section and of the NAMA Board's Guidance Note on the...

Written Answers — Department of Finance: Banking Operations (15 Apr 2014)

Michael Noonan: I have been informed by the Central Bank that as of end-March some 96% of credit transfers and direct debits have migrated from the domestic payment system to the new SEPA credit transfer and SEPA direct debit schemes. Ireland is one of the leading countries in Europe in terms of its compliance with SEPA regulation 260/2012. During the peak migration period of January to March a number of...

Written Answers — Department of Finance: IBRC Bond Issues (15 Apr 2014)

Michael Noonan: The National Treasury Management Agency (NTMA) issued eight new Floating Rate Treasury Bonds to the Central Bank of Ireland (CBI) on 8 February 2013 to replace the Promissory Notes previously held by Irish Bank Resolution Corporation (IBRC). The bonds have maturities ranging from 25 to 40 years and pay interest every six months, in mid-June and in mid-December, based on the six-month Euribor...

Written Answers — Department of Finance: Property Taxation Data (15 Apr 2014)

Michael Noonan: I am advised by Revenue that it received in excess of 380,000  Single Debit Authority (SDA) payment instructions in respect of 2014 Local Property Tax (LPT) liabilities. In the vast majority of cases the SDA deductions took place as scheduled on 21 March 2014 without any difficulties. However in approximately 7,000 cases, which is less than 2% of the total amount of mandates received,...

Written Answers — Department of Finance: Revenue Commissioners Telephone Call Recordings (15 Apr 2014)

Michael Noonan: I am advised by the Revenue Commissioners that the recording of incoming calls to high volume Revenue call centres (i.e. LoCall 1890 numbers and helpdesks) for security and quality assurance purposes has been a standard feature of Revenue s public telephone service since 2006. Where calls are being recorded the callers are made aware of this fact when they contact Revenue. The recording of...

Written Answers — Department of Finance: Tax Collection (15 Apr 2014)

Michael Noonan: I propose to take Questions Nos. 188 to 193, inclusive, together. The Revenue Commissioners are charged with responsibility for collection and recovery of a wide range of taxes and duties. I know that Revenue has a strong focus on making sure that everyone complies with their tax and duty responsibilities by paying the right amount and on time. Revenue expects businesses to continue,...

Written Answers — Department of Finance: Tax Code (15 Apr 2014)

Michael Noonan: An exchange of land constitutes a disposal of an asset for capital gains tax purposes. Each party to the exchange is ordinarily liable to capital gains tax on any chargeable gain in respect of the disposal. Land which is exchanged for no financial compensation, is treated as if it has been disposed of for its market value on the date of the disposal. The first €1,270 of chargeable...

Written Answers — Department of Finance: Carbon Tax Implementation (15 Apr 2014)

Michael Noonan: I propose to take Questions Nos. 195 and 210 together. Although Carbon Tax was introduced in Budget 2010 for fossil fuels, its application  to solid fuels was delayed to allow for the development of a robust mechanism to counter the large scale sourcing of coal from Northern Ireland where lower sulphur standards apply. The Department of the Environment undertook to provide such a...

Written Answers — Department of Finance: Nursing Homes Support Scheme Eligibility (15 Apr 2014)

Michael Noonan: I am advised by Revenue that it acts as the collection agent for the Health Service Executive (HSE) in respect of outstanding liabilities arising from the Ancillary State Support Scheme. This role is provided for by Section 26(2)(b) of the Nursing Home Support Scheme Act 2009. Where the HSE has advanced monies by way of ancillary State support it calculates the amount due in relation to...

Written Answers — Department of Finance: Tax Code (15 Apr 2014)

Michael Noonan: It would appear that the net point being suggested in the correspondence is that capital gains tax relief be introduced for farmers in respect of the sale by them of certain shares in a food company, where the proceeds of sale are used to make capital investments in their farms. The current rate of capital gains tax was set in Budget 2013 as part of an overall budgetary strategy to generate...

Written Answers — Department of Finance: Payment Protection Insurance Policies (15 Apr 2014)

Michael Noonan: The Central Bank has informed me that, in accordance with section 33AK of the Central Bank Act 1942, the Central Bank is prohibited from disclosing confidential information concerning the business of a credit institution otherwise than in accordance with the Supervisory Directives (which include the Directive 2013/36/EU). On the issue more generally, the Central Bank issued a report on 7...

Written Answers — Department of Finance: IBRC Staff (15 Apr 2014)

Michael Noonan: I have been advised by the Special Liquidators that, as in any liquidation, the employees of IBRC were entitled to apply for a statutory redundancy payment, a payment in respect of accrued but unused annual leave and a statutory notice payment, subject to the limits prescribed by statute. The Special Liquidators confirm that employees have now received these payments. The option to support...

Written Answers — Department of Finance: Financial Services Ombudsman Issues (15 Apr 2014)

Michael Noonan: Firstly, I must point out that the Financial Services Ombudsman (FSO) is independent in the carrying out of his duties.  It would not be appropriate for me to comment on how he performs his duties. Where the FSO has issued findings including a direction requiring action by the Financial Services Provider (FSP), the FSO has informed me that, to date, there has been a very high...

Written Answers — Department of Finance: Motor Industry Issues (15 Apr 2014)

Michael Noonan: In their 2014 pre-Budget submissions, SIMI called for the introduction of a "swappage scheme" to support the car industry. The proposal was considered at the time but given budgetary constraints was not proceeded with. It is open to the industry to bring forward such proposals for consideration in Budget 2015. However, in this context, the Deputy will be aware...