Results 18,241-18,260 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Sale of State Assets (5 Feb 2013)

Michael Noonan: As the Deputy will be aware Goldman Sachs has been retained to advise the State on matters relating to the sale of Irish Life since April 2011 and this engagement, details of which have already been disclosed, is continuing. As I have stated previously the State intends to dispose of its holding in Irish Life as soon as market conditions permit. If a sale was to arise I would expect to be...

Written Answers — Department of Finance: State Banking Sector (5 Feb 2013)

Michael Noonan: As I stated in response to PQ 51139/12, the State paid consideration of €1.3 billion to acquire a 100% interest in Irish Life in June 2012. The shares are held at this value in the Finance Accounts and do not get revalued on a regular basis. In arriving at the consideration agreed in March 2012, information available to us from the sale process which was postponed in late 2011 was...

Written Answers — Department of Finance: Sale of State Assets (5 Feb 2013)

Michael Noonan: I will not refer to specific personnel but I can confirm that the State’s investment in Irish Life is managed by officials within my Department.

Written Answers — Department of Finance: Departmental Staff Redeployment (5 Feb 2013)

Michael Noonan: In accordance with the Ethics Acts (i.e. Ethics in Public Office Act 1995, Standards in Public Office Act 2001), any civil servant intending to be engaged in or connected with (i) any outside business with which he or she had official dealings or (ii) any outside business that might gain an unfair advantage over its competitors by employing him or her, must inform the appropriate authority of...

Written Answers — Department of Finance: Bank Guarantee Scheme (5 Feb 2013)

Michael Noonan: The covered institutions have supplied the following information in response to the Deputy's questions: PTSB has informed me that no legal actions have been initiated by the holders of subordinated or senior bonds in respect of PTSB. AIB has informed me that one claim has been initiated by a New York based entity. It commenced litigation in the United States District Court for the Eastern...

Written Answers — Department of Finance: European Financial Stability Facility (5 Feb 2013)

Michael Noonan: I refer the Deputy to the answer I gave to Question No. 73 of 30 January 2013 in which I outlined the background to the proposals to which he refers. I also set out the assumptions underpinning my assertion that an extension of our EFSF and EFSM loans could yield significant further savings, over time. In my answer on 30 January I noted that the savings arising will depend on a number of...

Written Answers — Department of Finance: NAMA Transactions (5 Feb 2013)

Michael Noonan: I would like to draw the Deputy’s attention to Table 3 on page 33 of the 2011 Annual Report. This table details NAMA's loan acquisitions by institution. It shows that NAMA paid a consideration of €5.6 billion for loan balances of €9.9 billion in the case of BOI. I am advised that, when it granted its approval to the NAMA scheme in February 2010, the European Commission...

Written Answers — Department of Finance: Hidden Economy Monitoring Group Issues (5 Feb 2013)

Michael Noonan: I propose to take Questions Nos. 251 to 253, inclusive, together. I am advised by the Revenue Commissioners that the Hidden Economy Monitoring Group (HEMG) was set up in 1990 at the request of the Central Review Committee of the Programme for National Recovery. Chaired by Revenue, it is a multilateral group comprising of representatives of IBEC, SFA, CIF, ICTU and SIPTU, Government...

Written Answers — Department of Finance: Property Taxation Application (5 Feb 2013)

Michael Noonan: The Government is aware of the important role played by the approved housing bodies in the provision of housing for those who face difficulty in living in our communities. To the extent that such groups are charities and are engaged in the provision of special needs housing, they should be eligible for the exemption for such housing which is provided for in the Finance (Local Property Tax)...

Written Answers — Department of Finance: Tax Yield (5 Feb 2013)

Michael Noonan: The Standard Fund Threshold (SFT) is the maximum allowable pension fund on retirement for tax purposes which was introduced in the Budget and Finance Act 2006 to prevent over-funding of pensions through tax-relieved arrangements. The SFT was reduced in Budget and Finance Act 2011 by over 50% to a level of €2.3 million with effect from 7 December 2010 with transitional arrangements to...

Written Answers — Department of Finance: Credit Unions Issues (5 Feb 2013)

Michael Noonan: I propose to take Questions Nos. 257 and 258 together. Statutory Instrument No. 546 of 2006 increased the amount of property in a credit union which a member can nominate on his or her death, from a maximum of €13,000 to a maximum of €23,000. This change came into effect on 17 October 2006. It would not be appropriate for me to comment on the other issues raised in the...

Written Answers — Department of Finance: Departmental Funding (5 Feb 2013)

Michael Noonan: My Department does not operate any funding programmes for community, voluntary and sporting organisations.

Written Answers — Department of Finance: Private Pension Levy Abolition (5 Feb 2013)

Michael Noonan: The pension fund levy applies at a rate of 0.6% per annum to the market value, on the valuation date, of assets under management in pension funds and pension plans approved under Irish tax legislation. The levy will operate for a period of 4 years only (2011 to 2014) and the legislative provisions giving effect to the levy (section 4 of Finance (No 2) Act 2011) were specifically drafted to...

Written Answers — Department of Finance: State Savings Scheme (5 Feb 2013)

Michael Noonan: I am informed by the National Treasury Management Agency (NTMA), that reductions in the interest rates across the full range of State Savings products were announced in December 2012. This was done at a time when rates in the deposit market generally were coming down with the objective of remaining competitive while not incurring interest costs above the levels generally prevailing in the...

Written Answers — Department of Finance: Tax Reliefs (5 Feb 2013)

Michael Noonan: Budget and Finance Act 2006 introduced a limit on the total capital value of pension benefits that an individual can draw down in their life-time from tax-relieved products where those benefits came into payment for the first time on or after 7 December 2005. The limit was introduced at a level of €5 million and is referred to in the legislation as the Standard Fund Threshold (SFT). A...

Written Answers — Department of Finance: Tax Code (5 Feb 2013)

Michael Noonan: Chapter 2C of Part 30 of the Taxes Consolidation Act 1997 (TCA), incorporating sections 787O to 787U, and the associated Schedule 23B provide for a maximum allowable pension fund on retirement for tax purposes. The Chapter imposes a limit or ceiling on the total capital value of pension benefits that an individual can draw upon in their lifetime from tax-relieved pension products where those...

Written Answers — Department of Finance: Tax Collection (5 Feb 2013)

Michael Noonan: The Revenue Commissioners are charged with responsibility for the timely collection and recovery of a range of taxes and duties due to the Exchequer. Revenue has a clear focus on making sure that every person and business complies with the requirement to file the relevant returns and to pay the appropriate tax or duty on a timely basis. That is an appropriate and correct focus for Revenue and...

Written Answers — Department of Finance: Tax Collection (5 Feb 2013)

Michael Noonan: I am advised by the Revenue Commissioners that they are not in a position to provide a full reply to the question in the time available. However, having received additional information from the Deputy, they will respond directly to him as soon as possible.

Written Answers — Department of Finance: Credit Unions Issues (5 Feb 2013)

Michael Noonan: I am advised by the National Treasury Management Agency (NTMA) that it has not been possible to compile the information requested by the Deputy in the time available. However, I will be in contact with the Deputy when the information has been compiled.

Written Answers — Department of Finance: Local Authority Finances (5 Feb 2013)

Michael Noonan: Sections 19 to 21 of the Finance (Local Property Tax) Act 2012, which deal with the local adjustment factor, do not come into operation until 1 July 2014. The first liability date for which the local adjustment factor will be operational is 1 November 2014. The local adjustment factor will be decided as part of the local authorities’ budgetary process. The 30 September deadline will...