Noonan, Michael

Tuesday, 14 February 2012

Dáil Éireann Debate
Vol. 755 No. 2

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Finance Bill 2012: Order for Second Stage

I move: “That Second Stage be taken now.” Question put and agreed to.More Button

Finance Bill 2012: Second Stage

I move: “That the Bill be now read a Second Time.” An empty House when the Finance Bill is being introduced must mean the crisis is over. Ireland is recovering from the most severe downturn in the his...More Button

I will do my best. Sections 57 and 58 modify CGT retirement relief to encourage timely transfers of farms and businesses. Sections 59 and 61 provide for CGT exemptions for State bodies, namely Teagasc...More Button

A Deputy from Dún Laoghaire.More Button

Are you for anything?More Button

Written Answers - Tax Code

Was asked: if it is the case that the total VAT currently being charged on ESB bills is being charged on the total bill including the carbon tax and if this is so the basis for same. More Button

I would point out initially that the carbon tax does not apply to electricity and as such ESB bills do not include a carbon tax element, to which VAT would apply. The amount on which VAT is chargeabl...More Button

Written Answers - International Agreements

Was asked: if the ratification of the European Stability Mechanism Treaty will take place before or after the passing of the European Stability Mechanism Bill; and if he will make a statement on the matter. More Button

The ESM treaty was signed by Euro Area Member States on 2 February 2012. The original version of the treaty was signed on 11 July 2011, but it has been modified to incorporate decisions taken by the ...More Button

Written Answers - Tax Code

Was asked: further to Parliamentary Question No. 84 of 8 February 2012, in terms of State and semi-State commercial companies employing contractors, if Revenue has carried out an investigation into whether so-c...More Button

Unfortunately, it was not possible to collate the information required for this answer in the time allowed. I will provide the Deputy with the answer in writing shortly. More Button

Was asked: his views on a matter (details supplied) regarding excise rate on diesel; and if he will make a statement on the matter. More Button

I am informed by the Revenue Commissioners, who are responsible for the collection of mineral oil tax and for tackling the illicit trade in mineral oil products, that they are acutely aware of the var...More Button

Written Answers - Departmental Staff

Was asked: the overtime cost attributable to staff attendance for the exceptional opening of Revenue’s lo-call service on Saturday, 7 January 2012; and if he will make a statement on the matter. More Button

I am advised by the Revenue Commissioners that the cost of overtime attributable to staff attendance for the exceptional opening of Revenue’s lo-call service on Saturday, 7 January 2012 is €39,080.67.More Button

Written Answers - Tax Code

Was asked: when the return of income form 12 for 2011 will be available from the Revenue in view of the fact that many pensioners are being advised to complete the form and it is not yet available. More Button

I am advised by the Revenue Commissioners that the 2011 version of the Form 12 is currently being finalised and should be available very soon. This is in line with the usual timetable for the product...More Button

Was asked: if he will consider a special higher tax rate for those in receipt of retirement packages greater than €200,000.00. More Button

It is not clear from the question whether the Deputy’s reference to “retirement packages” is to retirement lump sums or to the combination of lump sum and pension. An individual in receipt of pension...More Button

Written Answers - EU Payments

Was asked: the total payments made by the State to the EEC-EU broken down on a year-by-year basis since we joined the Union in 1973; and if he will make a statement on the matter. More Button

Was asked: the total payments received by the State from the EEC-EU broken down year-by-year since Ireland joined the Union in 1973; and if he will make a statement on the matter. More Button

I propose to take Questions Nos. 142 and 143 together. In relation to payments made by the State to the European Union and total payments received by the State from the European Union since 1973, the...More Button

Written Answers - Banking Sector Regulation

Was asked: the cost to AIB from staff overtime including the total overtime bill and total overtime hours worked broken down by month from January 2011 to January 2012; the average number of hours of overtime w...More Button

As the Deputy will be aware, notwithstanding the fact that the State is a significant shareholder in AIB, the bank is run on a commercial arm’s length basis and I do not have a role in the day-to-day ...More Button

Written Answers - Disabled Drivers

Was asked: if there is any assistance for a person wishing to purchase a car for a person with a medical disability; and if he will make a statement on the matter. More Button

The Disabled Drivers and Disabled Passengers (Tax Concessions) Scheme provides relief from VAT and VRT (up to a certain limit) on the purchase of a car adapted for the transport of a person with speci...More Button

Written Answers - Banking Sector Regulation

Was asked: if he will confirm if a retention agreement has been circulated between a company (details supplied) and IBRC and if there was a public procurement process for this agreement; if he will further conf...More Button

While IBRC is wholly State owned, it is not formally covered by public procurement rules as its commercial remit makes it subject to market forces. Under the Relationship Framework the Board of the ba...More Button

Written Answers - State Aid

Was asked: if with respect to the disposal of bank assets in IBRC that a clear model in accordance with EU state aid rules has been formulated in the event IBRC decides to proceed with specific asset sales; if ...More Button

IBRC is bound to adhere to the requirements of the EU Commission state aid decision on the revised restructuring plan for Anglo Irish Bank and Irish Nationwide Building Society. The commitments set o...More Button

Was asked: if he will outline if with respect to disposal of bank assets in Allied Irish Bank that a clear model in accordance with EU state aid rules has been formulated in the event Allied Irish Bank decides ...More Button

As the Deputy will be aware, a key component of the Financial Measures Programme is the establishment of deleveraging plans to reduce the Irish banking system to an appropriate size and to stabilise i...More Button

Written Answers - National Asset Management Agency

Was asked: if the National Asset Management Agency continues to pay salaries to NAMA borrowers when NAMA has appointed receivers over their assets; if NAMA allows the NAMA borrower to recoup any rental income f...More Button

Was asked: the funds made available to NAMA borrowers from assets which are in NAMA to pay for the legal fees incurred by the borrower in attempting to prevent NAMA appoint a receiver over their assets; the num...More Button

Was asked: the number of borrowers in the National Asset Management Agency who have one or more performing assets in NAMA; if these NAMA borrowers are allowed recoup income from the performing NAMA asset as wel...More Button

I propose to take Questions Nos. 149 to 151, inclusive, together. I am informed by NAMA that it does not pay salaries to its debtors. In certain cases, NAMA allows debtors to retain part of the incom...More Button

Was asked: the number of borrowers in NAMA who have one or more assets in NAMA that receives rental income from the State, a State owned entity or semi-State entity; and if he will make a statement on the matte...More Button

I am informed by NAMA that details regarding NAMA borrowers who have assets producing rental income from the State, State entities or semi-State entities are not yet available. However, NAMA informs m...More Button

Was asked: if he will detail the processes and procedures by which loans shall be assigned to any of the 16 loan sale advisers which have already been appointed by the National Asset Management Agency; the numb...More Button

Was asked: if he will detail which month or quarter of 2012 that NAMA has targeted to sell on the US and European loans where they have appointed 16 loan sale advisers; and if he will make a statement on the ma...More Button

I propose to take Questions Nos. 153 and 154 together. NAMA has appointed two panels of Loan Sale Advisors for both Europe (including UK) and the US to assist the agency in selling acquired loans that...More Button

Was asked: the amount the National Asset Management Agency has spent on legal fees in total since its establishment; if he will provide a breakdown of the legal fees spent each year since its establishment; if ...More Button

The details requested by the Deputy are set out hereunder. It should be noted that the details are on a cash paid basis as opposed to the accrual accounting basis that must be used in the Agency’s ann...More Button

Written Answers - Departmental Staff

Was asked: if he will provide an organisational chart detailing officials and their responsibilities within his Department. More Button

An organisational chart detailing the responsibilities of certain officials in my Department is as follows. Department of Finance: Management Chart February 2012 Minister’s Office Press Office Financi...More Button

Written Answers - Tax Code

Was asked: if he will clarify whether the Garda reserve allowance is taxable income or a travel allowance and if it is included in assessment for third level grant applications. More Button

The position is that the annual allowance paid to a Garda Reserve is income for tax purposes. The assessment procedure for third level grant applications is a matter, in the first instance, for the M...More Button

Written Answers - Banking Sector Regulation

Was asked: his views on a matter (details supplied) regarding banking practice; and if he will make a statement on the matter. More Button

Under the Central Bank’s Consumer Protection Code (the Code) if a customer is a “consumer” for the purposes of the Code, a financial institution, regulated by the Central Bank, must gather and record ...More Button

Written Answers - National Asset Management Agency

Was asked: further to his announcement on budget day 6 December 2011, when he intends to formally establish the National Asset Management Agency advisory group; the number of members who will form the advisory ...More Button

Was asked: if he will report on the new National Asset Management Agency advisory group which he announced in December; if the group has been established; the members of the group; the salaries, expenses or oth...More Button

I propose to take Questions Nos. 159 and 164 together. I have appointed Mr Michael Geoghegan to chair a small group of advisors to advise me on the future strategic direction of NAMA. Mr Geoghegan ...More Button

Written Answers - Ministerial Appointments

Was asked: if he will list all appointments to State boards and agencies made by him since he came to power; the persons appointed; the boards and agencies to which they were appointed; the remuneration details...More Button

The information requested by the Deputy is contained in the following table: Appointments made to boards since March 2011 *The Directors of the Irish Bank Resolution Corporation were appointed by the ...More Button

Written Answers - Financial Services Regulation

Was asked: his views on a matter (details supplied) regarding US advisers. More Button

The Central Bank of Ireland has instituted a new Fitness and Probity Regime which came into effect on 1 December 2011 and will be fully implemented by 1 December 2012. The Regulations apply to Pre-Ap...More Button

Written Answers - National Asset Management Agency

Was asked: the recent advertisement by the National Asset Management Agency for a company to provide management services for a qualified investment fund, the estimated size of this fund, in value; the assets, o...More Button

Was asked: the establishment of a qualified investment fund by the National Asset Management Agency, the scale of the funds involved in this fund; which assets will be transferred to the fund; will the establis...More Button

Was asked: the qualified investment fund being set up by the National Asset Management Agency, the type of assets that will be transferred to the fund; how large the funds will be; the way the funds will be mar...More Button

I propose to take Questions Nos. 162, 170 and 172 together. I am informed by NAMA that it is currently tendering for Investment Management, Custodian and Fund Administration services with a view to...More Button

Written Answers - Financial Services Regulation

Was asked: if the Central Bank of Ireland legislation permits a regulated financial institution, without the express permission of the customer, to transfer money out of an account held by one of its customers ...More Button

I have been advised by the Central Bank that the legislation governing the Central Bank does not permit nor does it prevent a financial institution regulated by it (regulated entity), from transferrin...More Button

Written Answers - Tax Code

Was asked: if it is possible for a person that has a savings account designated exempt from deposit interest retention tax to apply for a refund of tax deducted previous to the date the exemption was granted; a...More Button

I am informed by the Revenue Commissioners that an individual who qualifies for exemption from Deposit Interest Retention Tax (DIRT) may apply for a refund of tax deducted prior to the date the exempt...More Button

Was asked: the potential amount that could be raised for the Exchequer by removing the current capital gains tax exemption for disposal of a site to a child. More Button

I am informed by the Revenue Commissioners that, as information on the value of the gain arising from the disposal of a site to a child is not required in capital gains tax returns, there is no dedica...More Button

Was asked: if he has examined the issue of placing a cap on the disposal of a business or farm on retirement and within families. More Button

In Budget 2012 I announced a modification of retirement relief from Capital Gains Tax (CGT) to encourage timely transfer of farms and businesses. Disposals of farm or business assets within families ...More Button

Written Answers - Departmental Expenditure

Was asked: the total number of contracts awarded for legal, professional and consultancy services in his Department, National Treasury Management Agency, National Asset Management Asset, any agency that falls u...More Button

The table details the information requested by the Deputy in relation to my Department and the Agencies under the remit of my Department. As the Deputy is aware, I do not have a role in the day to da...More Button

Written Answers - Banking Sector Regulation

Was asked: the reason KBC bank refused to say if it would pass on the European Central Bank interest rate cut of 14 December to variable mortgage rate holders; the steps he proposes to take to ensure that they ...More Button

Neither I nor officials from the Department of Finance have responsibility for the decisions of KBC Bank regarding the passing on of the ECB interest rate reductions to mortgage customers, nor have I ...More Button

Written Answers - Tax Code

Was asked: if the activity in commercial property transfers has been monitored since budget 2012 was announced; and if the reduction in the higher rate of stamp duty has any noticeable impact on that activity. More Button

As I announced in the Budget, a single Stamp Duty rate of 2 per cent will apply to non-residential property transactions executed on or after Budget night 6 December 2011. A significant proportion of...More Button

Was asked: if provision was made in the 2011 Finance Act for tax relief to be claimed for home energy improvements; if so, the way a person may make an application; if not, the reason there is a delay in introd...More Button

Section 13 of Finance Act 2011 provided for income tax relief at the standard rate for expenditure incurred by individuals on a range of works carried out to improve the energy efficiency of residenti...More Button

Written Answers - Liquor Licences

Was asked: the number of beer, wine and spirits off licences issued in 2008, 2009, 2010, 2011 and to date in 2012; and if he will make a statement on the matter. More Button

I am advised by the Revenue Commissioners that the numbers of beer, wine and spirits off licences issued for the calendar years 2008, 2009, 2010, 2011 and to date in 2012 are as follows: These licence...More Button

Written Answers - Tax Code

Was asked: his views on the belief that there are 270,000 persons awaiting mortgage relief as announced in budget 2012; and if he will make a statement on the matter. More Button

As announced in the Budget, the proposed new 30% rate of tax relief in respect of interest paid on qualifying homes for first time buyers who took out their first qualifying home loan in the period be...More Button

Was asked: the rate of deemed disposal tax and when it is due; the persons liable for this tax on investments or managed funds; and if he will make a statement on the matter. More Button

The Finance Act 2006 introduced a new chargeable event for investment undertakings and life office investment products, which are subject to the “gross roll-up” regime introduced in Finance Act 2000. ...More Button

Written Answers - Departmental Staff

Was asked: if any remuneration, stipend, expense facility, financial facility or similar payment is being made from the Exchequer to any senior public servant who has retired from his Department beyond any accr...More Button

Was asked: if he will outline on a yearly basis from 2008 to 2015 in respect of staff leaving the public service in his Department; the cost of lump sums; the cost of severance payments; the cost of pensions of...More Button

I propose to take Questions Nos. 177 and 183 together. In the time allowed it is not possible to provide a detailed response to the Deputy. The information will be provided directly to the Deputy a...More Button

Written Answers - Job Losses

Was asked: his plans in relation to the redundancies for staff in AIB which were announced in 2011; and if he will make a statement on the matter. More Button

I refer the Deputy to my reply to a recent Parliamentary Question (ref: 5664/12 of 1 February 2012) on this subject which set out the position in relation to the issues raised in his question.More Button

Written Answers - National Asset Management Agency

Was asked: if he will provide a full breakdown of the firms paid professional fees such as accountants, solicitors and other advisors of the National Asset Management Agency since the date of NAMA’s inception; ...More Button

NAMA informs me that it cannot provide all the details requested by the Deputy in the time available. NAMA has undertaken to provide me with this information before the end of the week and, accordingl...More Button

Written Answers - Tax Yield

Was asked: the value of legitimate green diesel fuel transactions recorded for the years 2010 and 2011; the current monitoring system for the sale of green fuel; if there is any record or database of purchasers...More Button

I am informed by the Revenue Commissioners that the quantities of marked diesel for which mineral oil tax was paid in 2010 and 2011 were 1.226 billion litres and 1.155 billion litres respectively, and...More Button

Written Answers - Tax Code

Was asked: the financial difficulties arising from the extraordinary economic and financial situation being experienced by persons who purchased a second residential property as a means of securing funds for re...More Button

As the Deputy notes an individual who rents out their residential property may be allowed a deduction (subject to certain conditions) in computing the taxable rents from that letting of 75% of the int...More Button

Written Answers - Sovereign Debt

Was asked: the amount of Irish sovereign debt purchased in the secondary market which is held by the European Central Bank; if he will provide a breakdown by purchase date and the rate that was paid; the amount...More Button

There has been much speculation in recent months about the extent of the European Central Bank’s (ECB) purchases of sovereign debt on the secondary markets. The Central Bank and Financial Services Au...More Button

Written Answers - Crime Prevention

Was asked: if, in the context of correspondence (details supplied), which was submitted to his Department, he will take steps to deal with the issue outlined therein; and if he will make a statement on the matt...More Button

I am informed by the Revenue Commissioners, who are responsible for the collection of mineral oil tax and for tackling the illicit trade in mineral oil products, that they are acutely aware of the var...More Button

Written Answers - Bank Guarantee Scheme

Was asked: the extent to which he understands contractual and non-contractual bonuses continue to be paid by institutions covered by the eligible liabilities guarantee; and if he will make a statement on the ma...More Button

I refer the Deputy to my reply (ref: 41005/11 of 11 January 2012) on this subject when he last raised this issue. The respective operating agreements with the covered institutions, which underpin the...More Button

Written Answers - State Savings Products

Was asked: if he will confirm the overall amount of money currently managed by the National Treasury Management Agency through the various State savings products; if he will provide a breakdown of the overall a...More Button

I am advised by the National Treasury Management Agency (NTMA) that at end-2011 the amount of State Savings was €14 billion which represented 12% of the national debt of €119 billion. The breakdown o...More Button


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