Results 19,601-19,620 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Banking Sector Remuneration (7 Nov 2012)

Michael Noonan: I understand that Department of Finance officials have been in contact with AIB in relation to this matter. I am informed that AIB has written to former senior executives at the bank requesting a voluntary contribution or reduction in their pension. This process is ongoing as other individuals are written to including former staff of EBS. I understand that this is a technically complex...

Written Answers — Department of Finance: Pension Provisions (7 Nov 2012)

Michael Noonan: AIB confirmed in August 2012 that it agreed the transfer of €1.1 billion nominal of Irish loan assets to the AIB pension fund. I am informed by the Bank that the transfer of assets to the pension fund was undertaken to facilitate the early retirement component of the voluntary severance program of the bank. If the transfer of assets had not taken place, the early retirement component...

Written Answers — Department of Finance: Banking Sector Remuneration (7 Nov 2012)

Michael Noonan: I am informed that AIB has a number of defined benefit schemes. All retired AIB employees, currently in receipt of an occupational pension from the bank, are paid out of one of these schemes.

Written Answers — Department of Finance: Pension Provisions (7 Nov 2012)

Michael Noonan: AIB Group’s pension deficit as reported at 30 June 2012 in the bank’s interim results was €1,457m. I am informed that this figure includes all of the Group’s pension schemes, including the Irish defined benefit scheme. This figure is disclosed to the market on a semi-annual basis and updated figures will be reported in early 2013 in the bank’s Annual Report...

Written Answers — Department of Finance: Banking Sector Remuneration (7 Nov 2012)

Michael Noonan: I am informed by the bank that staff were advised on the 14th June 2012 of its intention to close the defined benefit schemes to future accrual. Following this announcement the bank commenced a consultation process with unions representing staff in line with agreed procedures. It is currently anticipated that agreement with the unions will be in place before the end of 2012.

Written Answers — Department of Finance: Banking Sector Remuneration (7 Nov 2012)

Michael Noonan: AIB has informed me that it understands that an application under section 50 would not apply to pensions already in payment.

Fiscal Responsibility Bill 2012: Report Stage (6 Nov 2012)

Michael Noonan: That is a very exaggerated presentation of the facts. Let us suppose in the years to come the national finances are out of kilter with the provisions of the treaty. There are only two ways to correct fiscal imbalances, either by increasing taxes or cutting expenditure. For tax increases the Minister of the day must introduce a budget followed by a finance Bill and there will be votes in...

Fiscal Responsibility Bill 2012: Report Stage (6 Nov 2012)

Michael Noonan: Normal Dáil procedures will operate. One does not have to write into everything one does that a debate will be held in the Dáil. That is a job for the Dáil. If a plan is brought forward by a future Government I am sure the Opposition will not be totally witless and will demand a debate. The Taoiseach of the day will have the Whips discuss it and a debate will be held. This...

Fiscal Responsibility Bill 2012: Report Stage (6 Nov 2012)

Michael Noonan: Did they teach any Irish in St. Michael's? I said "Níl".

Fiscal Responsibility Bill 2012: Report Stage (6 Nov 2012)

Michael Noonan: The policy issues which are raised in these amendments are of a wider scope and scheme than the substance of the Bill and the stability treaty. Deputy Doherty has identified some of the issues that any Government would have to consider in preparing a correction or budgetary plan. However, it should be noted that we are talking about a plan and not the actual detailed legislative budgetary...

Fiscal Responsibility Bill 2012: Order for Report Stage (6 Nov 2012)

Michael Noonan: I move : "That Report Stage be taken now."

Written Answers — Department of Finance: Budget 2013 (6 Nov 2012)

Michael Noonan: The final details of the budget are decided by the Government and are not made known to individuals or groups outside the Government system until Budget Day. As the Deputy will be aware, we are in a programme of financial support with the EU and the IMF. The programme documents include a commitment to publish a budget to achieve a specified level of consolidation. The commitment...

Written Answers — Department of Finance: Tax Reliefs (6 Nov 2012)

Michael Noonan: The correspondence referred to in the question is from an individual who is concerned about reductions in the current tax relief available on pension contributions. No decisions have been made in this matter and I will bear in mind the concerns expressed in the context of any decisions that may be made in the future.

Written Answers — Department of Finance: Pension Provisions (6 Nov 2012)

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...

Written Answers — Department of Finance: Tax Code (6 Nov 2012)

Michael Noonan: There are a number of significant challenges currently facing pensions systems across Europe and in Ireland. As the populations of most EU countries are aging, issues around pension sustainability and adequacy mean that effective retirement age and the need for longer working in particular have come to the fore. In Ireland, there are currently six people of working age for every pensioner...

Written Answers — Department of Finance: Tax Credits (6 Nov 2012)

Michael Noonan: As regards tax reliefs currently available, a comprehensive summary of these was provided recently in my reply to Dail Question No. 197 asked on 23rd October 2012. That reply contains details, as advised to me by the Revenue Commissioners, of the total identifiable costs to the Exchequer relating to income tax and corporation tax allowances, reliefs, exemptions and tax credits available and...

Written Answers — Department of Finance: Mortgage Interest Relief (6 Nov 2012)

Michael Noonan: The position is that a residence under construction may have various payments made throughout the course of construction in respect of which money may have been borrowed (e.g. on the purchase of the site and at various stages of the construction). On the understanding that the residence under construction will, when completed, become the individual’s sole or main residence, tax...

Written Answers — Department of Finance: Tax Yield (6 Nov 2012)

Michael Noonan: I propose to take Questions Nos. 191 to 193, inclusive, together. I am informed by the Revenue Commissioners that it is not possible to furnish figures of the VAT take from the goods and services specified, as the information furnished on VAT returns does not require the yield from particular sectors of trade to be identified. I am further advised by the Revenue Commissioners that some...

Written Answers — Department of Finance: Banking Sector Remuneration (6 Nov 2012)

Michael Noonan: A review of remuneration practices and frameworks at the State supported banks – a Programme for Government commitment - is presently underway. I have noted the concerns raised by the Deputy’s constituent in relation to bankers pay in that context.

Written Answers — Department of Finance: Bank Debt Restructuring (6 Nov 2012)

Michael Noonan: The sale of loan portfolios is a commercial matter for the management and the Board of the Bank. I do not have a role in this function. AIB has informed me that EBS Limited has contracted to sell to Vesta Mortgage Investment Limited, (an affiliate of Lone Star), approximately €660m nominal of loan assets as part of its continuing strategy to meet its non-core deleveraging targets....