Results 19,621-19,640 of 27,019 for speaker:Michael Noonan

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 de-leveraging targets....

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 de-leveraging targets. The...

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

Michael Noonan: The sale of loan portfolios and the appointment of advisors is a commercial matter for the management and the Board of the Bank. I do not have a role in this function. However, 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...

Written Answers — Department of Finance: Customs and Excise Protocols (6 Nov 2012)

Michael Noonan: I propose to take Questions Nos. 199 and 200 together. I have been informed by the Revenue Commissioners who have responsibility for mineral oil tax that they do assign a separate code to marked gas oil imports in their regular return of data to the Central Statistics Office. In addition, details of all hydrocarbon oils, including marked gas oil, retained for home use are included in...

Written Answers — Department of Finance: Departmental Staff (6 Nov 2012)

Michael Noonan: Information regarding the number of retired public servants who have been re-hired is detailed in the Appropriation Accounts. The Appropriation Accounts are available online at www.audgen.gov.ie. During the period January 2012 to date, no staff member was rehired. However, one former staff member provided contractual services to this Department for 1.5 days and was paid at a per diem rate.

Written Answers — Department of Finance: Exchequer Revenue (6 Nov 2012)

Michael Noonan: It has been clarified with the Deputy that the question refers to the cash balances held in the Exchequer account and the use to which these will be put. The Exchequer had available cash balances of €22.5 billion at end-October 2012. Funds in the Exchequer are used for the ongoing payments necessary for running the State. The April Stability Programme Update (SPU) estimated that the...

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

Michael Noonan: An annual imputed distribution rate of 5% applies to approved retirement funds (ARFs) with asset values of €2 million or less and, from this tax year, to ‘vested’ Personal Retirement Savings Accounts (PRSAs where benefits have commenced) on the same basis. A higher imputed distribution rate of 6% applies from this tax year to ARFs and/or ‘vested’ PRSAs with...

Written Answers — Department of Finance: Fiscal Policy (6 Nov 2012)

Michael Noonan: At the outset, I want to stress that the Government’s key objective of supporting economic growth that delivers jobs remains to the forefront in framing fiscal and economic policy. Fiscal consolidation reduces the fiscal deficit and increases investor confidence which in turn lowers the cost of borrowing and helps to put public debt on a declining path. Having said that I fully...

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

Michael Noonan: The following arrangements currently apply to retirement lump sums paid under pension arrangements approved by the Revenue Commissioners. Lump sum amounts up to €200,000 are paid free of tax. They are also paid free of USC. The portion of a lump sum between €200,001 and €575,000 is taxed on a ring-fenced basis at 20%. This means that no tax credits or other tax reliefs...

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

Michael Noonan: The following arrangements currently apply to retirement lump sums paid under pension arrangements approved by the Revenue Commissioners. Lump sum amounts up to €200,000 are paid free of tax. They are also paid free of USC. The portion of a lump sum between €200,001 and €575,000 is taxed on a ring-fenced basis at 20%. This means that no tax credits or other tax reliefs...

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

Michael Noonan: I propose to take Questions Nos. 207 to 212, inclusive, together. I can confirm that the transaction recently completed was not the transaction referred to in the Dail in April 2012 as a decision was subsequently taken, that Irish Life would engage a financial adviser to perform a wider marketing of the stake to Irish and international investors. Irish Life appointed Davy Corporate Finance...

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

Michael Noonan: The position is as I stated in my Budget day speech and on many occasions in this House that mortgage interest relief for principal private residences will no longer be available to house purchasers who purchase after the end of 2012 and will be fully abolished from 2018. This means that the qualifying loan will have to be drawn down on or before 31 December 2012 in order to qualify for this...

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

Michael Noonan: I assume that the Deputy is referring to the current annual earnings cap of €115,000 which operates to limit the level of tax-relieved personal pension contributions in any one year. The annual earnings cap acts, in conjunction with age-related percentage limits of annual earnings, to put a ceiling on the annual amount of tax relief an individual taxpayer can obtain on pension...

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

Michael Noonan: I propose to take Questions Nos. 215 and 221 together. Officials of my Department and the Revenue Commissioners have for some time been engaged in a process with representatives of certain of the professional stakeholders in the pensions sector, including the Irish Association of Pension Funds, about the potential for securing savings in the area of supplementary pension reliefs implicit...

Written Answers — Department of Finance: Customs and Excise Controls (6 Nov 2012)

Michael Noonan: I am informed by the Revenue Commissioners that their Customs Service currently deploys 13 detector dog teams at strategic locations throughout the country. The dogs are used to detect drugs, tobacco and cash and are used at ports, airports, mail centres, express courier depots and are also used to assist in the course of certain investigations. “Passive dogs” are used as this...

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

Michael Noonan: As regards tax reliefs currently available, a comprehensive summary of these was provided recently in my reply to PQ 197 of 23rd October. As the Deputy will be aware, virtually all of the area-based and property tax incentive schemes have ended and this year’s Finance Act provided for a cap on property-based Accelerated Schemes (in line with the tax life of the particular scheme) to be...

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. The present cap on remuneration remains in place. In relation to the suggestion of a tax on bonuses I would point out that...

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

Michael Noonan: Under EU law (Art 13(2) of Council Directive 92/83/EEC) we are obliged to apply the same rate of excise duty to all other fermented beverages, which include cider. Ireland has however used the option under paragraph (3) of that article, to apply two lower rates to cider below 8.5% vol and 6% vol. In addition, a further reduced rate of tax for low strength cider was introduced, with effect...

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

Michael Noonan: I have been advised by the Revenue Commissioners that a refund is due to the person concerned for the tax year 2011. PAYE Balancing statement (P21) and refund will issue shortly.

Written Answers — Department of Finance: Mortgage Resolution Processes (6 Nov 2012)

Michael Noonan: The Central Bank has advised me that they wrote to all mortgage lenders in 2010 to ascertain whether they were offering, or intended to offer, a mortgage product that would allow home owners to sell their existing home and transfer the negative equity portion of the original loan to the new loan. In order to ensure that proposals in relation to such mortgages were consistent with the Central...