Results 16,021-16,040 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Tax Code (21 May 2013)

Michael Noonan: Section 825B of the Taxes Consolidation Act 1997 (which had 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 incorrectly as the Special Assignment Relief Programme. The...

Written Answers — Department of Finance: NAMA Bonds (21 May 2013)

Michael Noonan: The Central Bank of Ireland (CBI) has confirmed that, in common with other National Central Banks of the Eurosystem, it can hold financial assets only up to particular limits as part of agreements between the various members of the Eurosystem. Furthermore the CBI has confirmed that the terms of such agreements and related issues are a matter for itself and the ECB and not something that I can...

Written Answers — Department of Finance: Tax Yield (21 May 2013)

Michael Noonan: I am informed by the Revenue Commissioners that the Exchequer cost of €138.2 million that was estimated for 2009 in respect of the exemption of interest on savings certificates, national instalment savings and index linked savings bonds was based on applying an average marginal rate of tax to the aggregate amount of interest arising from these sources. This average rate was compiled...

Written Answers — Department of Finance: Tax Code (21 May 2013)

Michael Noonan: Gains arising from the disposal of property, that is land or buildings situated in this country, are chargeable to capital gains tax, irrespective of whether or not an investor is resident in this country. A relief from capital gains tax was introduced in the Finance Act 2012 in respect of properties, that is land or buildings, situated in Ireland or any EEA State, purchased between 7...

Written Answers — Department of Finance: Government Bonds (21 May 2013)

Michael Noonan: The interest costs paid by the State on the newly issued Government bonds will contribute to the surplus income of the Central Bank. As explained in Note 5 in the Explanation of Adjustments in the Pro Forma Transaction Impact Analysis, 80% of Central Bank surplus income is paid to the State as a dividend the following year. So, 80% of the contribution to the Central Banks surplus income...

Written Answers — Department of Finance: European Banking Sector (21 May 2013)

Michael Noonan: As the Deputy will be aware, the ECB is an independent body and I have no role in relation to its internal deliberations. However, I am aware of a number of reports in the media where European Central Bank (ECB) officials, including President, Mr Mario Draghi, indicated that the ECB is considering buying asset-backed securities (ABS), among possible options to support lending to small and...

Written Answers — Department of Finance: NAMA Bonds (21 May 2013)

Michael Noonan: I have been provided with the following information from the banks: AIB All disclosures in relation to AIB's National Assets Management Agency senior and subordinated bond holdings are contained in pages 267 - 268 of AIB's 2012 Annual Financial Report. Disclosures in relation to AIB's regulatory capital can be found on page 44 of the same report. The regulatory changes at a domestic,...

Written Answers — Department of Finance: Government Bonds (21 May 2013)

Michael Noonan: I can inform the Deputy that Allied Irish Banks, Bank of Ireland and Permanent TSB hold zero regulatory capital against their holdings of Irish government bonds as the Central Bank of Ireland has agreed that Irish government bonds which are denominated in the domestic currency and funded in that currency have a 0% risk weighting. As the Deputy will be aware AIB, BOI and PTSB use Irish...

Written Answers — Department of Finance: IBRC Liquidation (21 May 2013)

Michael Noonan: I have been advised by the Special Liquidators that borrowers and third party bidders may be permitted to bid for loans and/or portfolio of loans. However, all bidders will have to meet certain pre-determined criteria which are yet to be finalised by the Special Liquidators.

Written Answers — Department of Finance: Central Bank of Ireland Issues (21 May 2013)

Michael Noonan: The Central Bank is required to pay its surplus income in respect of the preceding year to the Exchequer each year. As such, the promissory note restructuring had no bearing on the amount payable to the Exchequer in 2013. The Bank's surplus income is generally made up of its profit on the investment of its reserves less depreciation and appropriation of profit to its General Reserve. The...

Written Answers — Department of Finance: Central Bank of Ireland Issues (21 May 2013)

Michael Noonan: The Central Bank is required to pay its surplus income in respect of the preceding year to the Exchequer each year. The Bank makes the payment once the audit of its Annual Accounts for the previous year has been completed and the Annual Report and Annual Performance Statement has been published. In 2013, the payment was made in early May. The Central Bank has made the following payments to...

Written Answers — Department of Finance: State Banking Sector (21 May 2013)

Michael Noonan: At its recent results briefing, Bank of Ireland indicated that it was considering a range of options relating to its preference shares issuance. I can confirm to the Deputy that officials in the Department of Finance, as part of their regular interaction with Bank of Ireland management, have discussed options regarding the State’s current holding of €1.8bn of preference shares....

Written Answers — Department of Finance: Budget 2014 Issues (21 May 2013)

Michael Noonan: With regard to Stability Programmes, the procedure is that the Council adopts an opinion on the basis of a recommendation from the European Commission, if one is made. Under the two pack, which is about to be adopted, the procedure will be that the European Commission is responsible for adopting an opinion on the draft budgetary plans supplied by member states. Within the European...

Written Answers — Department of Finance: Fuel Rebate Scheme (21 May 2013)

Michael Noonan: I am informed by the Revenue Commissioners, who have responsibility for the operation of the repayment scheme, that Regulations to provide for the administration of the scheme are being prepared and will be in place before it comes into operation on 1 July this year. Revenue is continuing to consult with road transport operators and other business interests about those administrative...

Written Answers — Department of Finance: Tax Reliefs Cost (21 May 2013)

Michael Noonan: I propose to take Questions Nos. 279 and 280 together as they were previously answered together in the PQ referred to in the question. The first question asks about tax relief for investment in films and I am advised by the Revenue Commissioners that the Section 481 Film Tax relief cost €45.7 million for the 2011 tax year and the number of investors was 2,669. The Film Relief...

Written Answers — Department of Finance: Betting Regulations (21 May 2013)

Michael Noonan: The only tax that currently applies specifically to bets placed in a bookmaker’s premises is betting duty. Bookmakers are liable for this duty at a rate of 1% of the amount of the bet entered into. The Finance Act 2011 provides for the taxation of bets that remote bookmakers enter into with persons in the State and betting duty at the existing rate of 1% will be applied to such bets....

Written Answers — Department of Finance: Government Bonds (21 May 2013)

Michael Noonan: The Central Bank of Ireland (CBI) has confirmed that, in common with other National Central Banks of the Eurosystem, it can hold financial assets only up to particular limits as part of agreements between the various members of the Eurosystem. Furthermore the CBI has confirmed that the terms of such agreements and related issues are a matter for itself and the ECB and not something that I can...

Written Answers — Department of Finance: Government Bonds (21 May 2013)

Michael Noonan: The Central Bank of Ireland (CBI) has confirmed that, in common with other National Central Banks of the Eurosystem, it can hold financial assets only up to particular limits as part of agreements between the various members of the Eurosystem. Furthermore the CBI has confirmed that the terms of such agreements and related issues are a matter for itself and the ECB and not something that I can...

Written Answers — Department of Finance: NAMA Bonds (21 May 2013)

Michael Noonan: As the Deputy may be aware, the Central Bank of Ireland does not disclose the type of assets used to collateralise Eurosystem Operations. The ECB eligible assets securing IBRC’s Main Refinancing Operation with the Eurosystem were realised by the Central Bank of Ireland in consultation with the ECB, with the value of collateral in excess of the borrowings being due back to IBRC. As...

Written Answers — Department of Finance: IBRC Liquidation (21 May 2013)

Michael Noonan: The entities referred to in the answer to Parliamentary Question no 50 of 9 May 2013 do not relate to the IBRC Wealth Management business unit. The reference to entities relates to any entity in which IBRC has an ownership interest. A number of the questions above refer to assets owned by IBRC’s Wealth Management business. I have been advised by the Special Liquidators that IBRC...