Results 22,221-22,240 of 27,019 for speaker:Michael Noonan

Written Answers — Tax Code: Tax Code (22 Feb 2012)

Michael Noonan: As outlined in my previous response to the Deputy, VAT is governed by the EU VAT Directive, with which Irish VAT law must comply. The VAT Directive provides that the supply of goods and services by taxable persons is subject to VAT, unless specifically exempted under its terms. The terms of the Directive do not provide for variations in VAT treatment for specific periods and as such it is...

Written Answers — Tax Reliefs: Tax Reliefs (22 Feb 2012)

Michael Noonan: The position is that tax relief is available, at varying rates and subject to certain ceilings, in respect of interest paid by an individual on a loan used by that individual for the purchase, repair, development or improvement of his/her sole or main residence or the sole or main residence of his/her former or separated spouse (or civil partner). An individual may also claim tax relief on...

Written Answers — Personal Debt: Personal Debt (22 Feb 2012)

Michael Noonan: 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.

Written Answers — National Assets Management Agency: National Assets Management Agency (22 Feb 2012)

Michael Noonan: The providers of property valuation services to NAMA are listed on the Agency's website at www.nama.ie. NAMA informs me that it has recruited its staff largely from the banking, financial and property sectors nationally and internationally and that many of them will have been employed, at some stage in their careers, by one or more of the companies and firms that operate in those sectors....

Written Answers — Tax Code: Tax Code (22 Feb 2012)

Michael Noonan: I propose to take Questions Nos. 79, 80 and 81 together. I am advised by the Revenue Commissioners that VAT is chargeable on the supply of goods and services within the State by a taxable person. The charge to VAT arises regardless of whether the person who is supplied with the goods or services is VAT-registered, exempt from VAT or a private individual. The charging of VAT on supplies of...

Written Answers — Fiscal Policy: Fiscal Policy (22 Feb 2012)

Michael Noonan: This is a matter for each Member State concerned but I have no reason to doubt that all those Member States that sign up to the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union will commit themselves to the principles contained in it. Of course, if a Member State does not comply with its requirements it can be held to account and may, for example, be brought...

Written Answers — Fiscal Policy: Fiscal Policy (22 Feb 2012)

Michael Noonan: The last number of years have been very difficult for the Irish people. The economy contracted in real terms by 10 per cent between 2007 and 2010 and this has been accompanied by severe fiscal and banking crises. Reflecting the substantial improvements in competitiveness which have taken place in recent years the economy returned to growth during 2011. We are also seeing a resumption of...

Written Answers — National Asset Management Agency: National Asset Management Agency (22 Feb 2012)

Michael Noonan: I am informed by NAMA that as part of the process of acquiring land, development and associated loans from the participating institutions it carried out a rigorous due diligence exercise. This included a legal review of title to the property; an evaluation of the value of the property underpinning the loan and other features of the loan agreement such as the level of income that the loan...

Written Answers — National Asset Management Agency: National Asset Management Agency (22 Feb 2012)

Michael Noonan: In its Business Plan published in July 2010, the Board of NAMA set out its debt repayment schedule. This is set out in the following table: Debt Reduction Targets Year % of NAMA debt paid down 2013 25% 2015 40% 2017 80% 2018 95% 2019 100% NAMA ran a number of scenarios which projected the Net Present Value outcome of its activities over its expected lifespan. The baseline Scenario A...

Written Answers — Financial Services Regulation: Financial Services Regulation (22 Feb 2012)

Michael Noonan: The Central Bank has in place a Consumer Protection Code (the Code). This Code applies to all financial institutions regulated by the Central Bank (regulated entities). If a regulated entity is selling a financial product, including a mortgage, to a person who is a "personal consumer" for the purposes of the Code, then the regulated entity may only sell a mortgage product that is suitable...

Written Answers — National Asset Management Agency: National Asset Management Agency (22 Feb 2012)

Michael Noonan: I am informed by NAMA that either directly or through the participating institution operating on its behalf, it has assessed over 600 of the 790 debtor plans that it expects to receive. These cover 95 per cent of the total acquisition value of NAMA debt. In a majority of cases, NAMA expect that its ongoing discussions with debtors will lead to agreements with debtors on asset disposals and...

Written Answers — Financial Services Regulation: Financial Services Regulation (22 Feb 2012)

Michael Noonan: The Office of the Director of Corporate Enforcement is under the aegis of the Minister for Jobs, Enterprise and Innovation and as Minister for Finance I have no role in ensuring compliance by regulated financial service providers with the requirement of that Office The Central Bank's primary regulatory role concerns regulated financial service providers. The Central Bank has informed me...

Written Answers — Fiscal Policy: Fiscal Policy (22 Feb 2012)

Michael Noonan: At present, this country is in receipt of a significant level of financial support from our fellow EU Member States – who are either providing us with bilateral loans directly or are facilitating our financing at favourable interest rates – as well as from the IMF. The ECB is also providing significant liquidity support to the Irish banking system. There is widespread recognition amongst...

Written Answers — Tax Reliefs: Tax Reliefs (22 Feb 2012)

Michael Noonan: I am informed by the Revenue Commissioners that the table included with this reply represents the number of repayments made to PAYE taxpayers for 2007 to 2011. These repayments represent those cases for which a review of taxpayers' details resulted in a PAYE refund following claims from the taxpayer for credits or reliefs to which they are entitled. I am further informed that the total...

Written Answers — Fiscal Policy: Fiscal Policy (22 Feb 2012)

Michael Noonan: The Fiscal Compact requires that fiscal rules – covering targets for the structural balance, automatic correction mechanisms, etc – take effect in national law. This is an important provision as it encompasses greater ownership in ensuring the appropriate conduct of fiscal policies at national level. This is how compliance will be ensured. In terms of the deficit target, the structural...

Written Answers — Currency Circulation: Currency Circulation (22 Feb 2012)

Michael Noonan: The information requested by the Deputy is set out in the tables that follow this reply. The Deputy will note that there has been no decrease in the net issuance of currency over the period shown. The tables show Irish banknote and coin circulation for end-1990, 1995 and 2000 and euro banknote and coin net issuance for 2003 to 2011. As the euro circulates freely throughout the euro system,...

Written Answers — Departmental Staff: Departmental Staff (22 Feb 2012)

Michael Noonan: The recruitment process is ongoing. I intend to make an announcement when the Government decides on the matter.

Written Answers — National Asset Management Agency: National Asset Management Agency (22 Feb 2012)

Michael Noonan: 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 within the next week and, accordingly, I will issue a reply to the Deputy at that stage.

Written Answers — Financial Services Regulation: Financial Services Regulation (22 Feb 2012)

Michael Noonan: Section 68(1) of the Central Bank and Credit Institutions (Resolution) Act 2011 provides that a special manager may perform his functions with the assistance of persons appointed by him or her for that purpose. The Schedule to the Special Management Order in relation to Newbridge Credit Union Ltd. gives an indication of the positions which may be held by the team of Special Manager...

Written Answers — National Asset Management Agency: National Asset Management Agency (22 Feb 2012)

Michael Noonan: The information which the Deputy is seeking is available in the NAMA Annual Accounts for 2010 and the NAMA Quarterly Reports for the first three quarters of 2011. These reports, all of which I have laid before the Houses of the Oireachtas, can be found on the NAMA website at www.nama.ie. It is expected that the NAMA 2011 Annual Accounts will be publicly available by mid-year.