Results 18,361-18,380 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Mortgage Resolution Processes (29 Jan 2013)

Michael Noonan: As the Deputy will be aware write-downs of residential mortgages are agreed on a case by case basis and are not disclosed by the covered banks. However the Deputy will find information on the accounting write-offs of the covered banks in their annual and interim reports. The Deputy should not equate the level of accounting write-offs with actual write-downs of residential mortgages agreed...

Written Answers — Department of Finance: Banks Recapitalisation (24 Jan 2013)

Michael Noonan: As announced by my Department last week the State was successful in disposing of its entire €1 billion holding of Contingent Capital Notes in Bank of Ireland. In the end, the book build process generated significant excess demand to enable the State to dispose of its entire holding in the CCNs at a price of 101% of their par value plus accrued interest. This generated a profit for...

Written Answers — Department of Finance: Banking Sector Remuneration (24 Jan 2013)

Michael Noonan: The position is as outlined in my reply of 17 January 2013 to the Deputy on the matter, namely that I expect the consultant’s final report on bankers’ remuneration to be submitted shortly. I fully recognise that there is a real public interest in the levels of remuneration at the covered institutions and I will endeavour to have the details underpinning the review published in...

Written Answers — Department of Finance: Additional Voluntary Contributions (24 Jan 2013)

Michael Noonan: In my Budget 2013 speech, I announced that I would make provision in Finance Bill 2013 for persons making additional voluntary contributions used to supplement their main scheme retirement benefits to withdraw up to 30% of the value of those contributions. Any amounts withdrawn will be subject to tax at the individual’s marginal rate. The option will be available for three years from...

Written Answers — Department of Finance: Ministerial Meetings (24 Jan 2013)

Michael Noonan: I propose to take Questions Nos. 67 and 69 together. Since 2010 with the amalgamation of the Financial Regulator and the Central Bank into a single unitary body, the Governor, Professor Patrick Honohan, has overall responsibility for Central Bank policies and in this context I meet with him on a regular basis. I meet with the Deputy Governor of the Central Bank, Mr. Elderfield, routinely...

Written Answers — Department of Finance: Ministerial Meetings (24 Jan 2013)

Michael Noonan: The Chief Executive of the National Treasury Management Agency (NMTA), Mr. John Corrigan, reports directly to me and I am in regular contact with him to discuss matters relating to its functions both by phone as well as meeting him. According to my office diary, I had meetings scheduled with Mr. Corrigan on 16 occasions since taking office. Discussions at these meetings related to the...

Written Answers — Department of Finance: National Treasury Management Agency (24 Jan 2013)

Michael Noonan: I have been advised by the National Treasury Management Agency, NTMA, that twenty-four of its five hundred employees, including staff employed on work relating to the State Claims Agency, NAMA and the National Development Finance Agency, are provided with company cars as part of their overall remuneration package. Company cars are a taxable benefit and no pension entitlement accrues in...

Written Answers — Department of Finance: Ministerial Meetings (24 Jan 2013)

Michael Noonan: I propose to take Questions Nos. 71 and 72 together. I met with Mr David Begg, ICTU, on two separate occasions, 03 November 2011 and 31 October 2012 to discuss Pre-Budget issues. I also met with Mr Danny McCoy, IBEC on 19 October 2011 and 31 October 2012 to discuss Pre-Budget issues. I have also attended a number of conferences hosted by IBEC including Property Industry Ireland...

Written Answers — Department of Finance: Ministerial Meetings (24 Jan 2013)

Michael Noonan: Since taking Office, I have not met with representatives of the tobacco industry. Such meetings have been attended by my officials. Officials from my Department held meetings with representatives of John Player, Philip Morris International and the Irish Tobacco Manufacturers Advisory Committee, ITMAC, prior to Budget 2013. In addition, one meeting took place between tobacco industry...

Written Answers — Department of Finance: Pension Provisions (24 Jan 2013)

Michael Noonan: The pension fund levy imposes an annual stamp duty of 0.6% on the market value of assets under management in pension schemes approved by the Revenue Commissioners under Irish tax legislation for each of the years 2011 to 2014. The valuation date for determining the market value of the assets is, in general, 30 June of each year and the due date for payment is 25 September. I confirmed in my...

Written Answers — Department of Finance: Disabled Drivers (23 Jan 2013)

Michael Noonan: I am informed by the Revenue Commissioners that Section 134(3) of the Finance Act 1992 (as amended) and Statutory Instrument No: 353 of 1994 (Disabled Drivers and Disabled Passengers (Tax Concessions) Regulations, 1994 (as amended) provide for permanent relief from the payment of specified maximum amounts of VAT and VRT for persons registered under the scheme. The number of persons that...

Written Answers — Department of Finance: Land Repossessions (23 Jan 2013)

Michael Noonan: The Central Bank of Ireland has advised me that it does not collate statistics on the amount of land repossessed by financial institutions. The Central Bank publishes mortgage arrears and repossession statistics in respect of houses only. The latest figures for end Quarter 3 2012 are available on the Central Bank’s website. Policy and information in relation to mineral rights on...

Written Answers — Department of Finance: Property Taxation (23 Jan 2013)

Michael Noonan: I have been informed by the Revenue Commissioners that the owner of a residential property is generally the liable person for the purposes of the charge to Local Property Tax. This is on the basis that he or she has the right to immediate possession of the property or is entitled to receive the rent if the property is rented rather than occupied by the owner. It is also on condition that no...

Written Answers — Department of Finance: Property Taxation (23 Jan 2013)

Michael Noonan: Section 7 of the Finance (Local Property Tax) Act 2012 provides an exemption for residential properties that are used to accommodate people with special housing needs where the properties in question are owned by a tax-exempt charity or a public body. “Special accommodation needs” refers to the provision of housing and support for people who have a particular need in addition...

Written Answers — Department of Finance: Pension Provisions (23 Jan 2013)

Michael Noonan: In my Budget 2013 speech, I announced that I would make provision in Finance Bill 2013 for persons making Additional Voluntary Contributions (AVCs) used to supplement their main scheme retirement benefits to withdraw up to 30% of the value of those contributions. Any amounts withdrawn will be subject to tax at the individual’s marginal rate. The option will be available for 3 years...

Written Answers — Department of Finance: Exchequer Revenue (23 Jan 2013)

Michael Noonan: I propose to take Questions Nos. 71, 73 and 75 together. At end 2012, the Exchequer had €19.3bn on hand in cash and deposits. As the proceeds of all borrowing, including borrowing under the EU-IMF Programme, as well as revenues including tax and non-tax, are lodged to the Exchequer account to fund general expenditure, it is not possible to disaggregate the balance on that account...

Written Answers — Department of Finance: Greek Government Bonds (23 Jan 2013)

Michael Noonan: At end-November last year, Finance Ministers of euro area Member States – the Eurogroup – agreed to a number of measures to reduce the ratio of public debt to GDP in Greece. One of the measures was a commitment by Member States to pass on to Greece an amount equivalent to the income on the Securities Markets Programme holdings of Greek Government bonds accruing to their...

Written Answers — Department of Finance: Departmental Staff Promotions (23 Jan 2013)

Michael Noonan: The Revenue Commissioners have provided me with the information in the following table in response to the Deputy’s question. Table: Revenue Commissioners - Internal Promotions Grade Level 2011 2012 Principal 2 13 Assistant Principal 1 33 Higher Executive Officer 25 33 Executive Officer 25 32 Staff Officer 13 16 Clerical Officer 0 1 The limited number of...

Written Answers — Department of Finance: Tax Code (23 Jan 2013)

Michael Noonan: Revenue has a strong focus on making sure that every individual and business complies with the responsibility to pay the right amount of tax or duty including interest and penalties, which are due, in full and on time. That is an appropriate and correct focus for Revenue and one that I fully endorse. Delays in the collection of tax revenues properly due, adds to the level of Government...

Written Answers — Department of Finance: Departmental Staff (23 Jan 2013)

Michael Noonan: No officials from my Department have moved into jobs in the financial sector. I understand that three members of my Department’s Shareholder Management Unit, seconded to my Department from the NTMA, who resigned from the NTMA subsequently took up employment in the financial sector. The position in respect of the Head of the Shareholder Management Unit is as I set out to the Deputy in...