Results 24,181-24,200 of 27,019 for speaker:Michael Noonan

Written Answers — Credit Unions: Credit Unions (14 Sep 2011)

Michael Noonan: The Programme for Government sets out the Government's position with regard to the credit union sector. The Government recognises the importance of credit unions as a volunteer cooperative movement and the distinction between them and other financial institutions. The Government has established the Commission on Credit Unions to review the future of the movement and make recommendations in...

Written Answers — Legislative Programme: Legislative Programme (14 Sep 2011)

Michael Noonan: 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 residential premises situated in the State. The underpinning legislation for the scheme was subject to Commencement Order. However, that legislation, on review, was found to have flaws and would have...

Written Answers — National Asset Management Agency: National Asset Management Agency (14 Sep 2011)

Michael Noonan: I am informed by NAMA that the person concerned is Mr. John Mulcahy, Head of Portfolio Management, NAMA.

Written Answers — Insurance Industry: Insurance Industry (14 Sep 2011)

Michael Noonan: Consumer issues relating to insurance matters are covered by the Central Bank's Consumer Protection Code. The Central Bank has informed me that there are life assurance products for which the benefits and premiums can vary over the life of the product. These are called 'Unit Linked Whole of Life Policies'. Each life protection policy is intended to pay out a sum of money to the beneficiary...

Written Answers — Tax Code: Tax Code (14 Sep 2011)

Michael Noonan: As the Deputy is aware, there is a commitment in the Programme for Government to help homeowners in distress. The Government is examining a number of proposals in relation to this commitment. One of these proposals relates to increasing mortgage interest relief to 30% for First Time Buyers who bought between 2004 and 2008 and to finance this in part by abolishing mortgage interest relief...

Written Answers — Mortgage Products: Mortgage Products (14 Sep 2011)

Michael Noonan: The Central Bank has advised me that they wrote to all mortgage lenders 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. The Central Bank was concerned as to whether such a product was in the long term interest of consumers...

Written Answers — Proposed Legislation: Proposed Legislation (14 Sep 2011)

Michael Noonan: I propose to take Questions Nos. 58, 63 and 113 together. The proposed Betting (Amendment) Bill, which is being drafted at present, will amend the 1931 Betting Act to inter alia establish the regulatory framework for the licensing of remote bookmakers and betting exchanges, including measures to enforce the regulatory framework. The extension of the opening hours of retail betting shops...

Written Answers — Tax Code: Tax Code (14 Sep 2011)

Michael Noonan: The Deputy will appreciate that the Revenue Commissioners cannot comment on any particular individual's tax affairs. However, I understand that the details supplied in connection with the Deputy's question, which appears to be based on a newspaper report of 25 February 2011, may not have taken account of a subsequent report concerning the same matter that was published on the following day...

Written Answers — State Banking Sector: State Banking Sector (14 Sep 2011)

Michael Noonan: Anglo Irish Bank has filed proofs of claim in the US on 14 February 2011, which are a matter of public record, showing a debt owed to the bank by the person, to which the Parliamentary Question refers, of €8,454,779.27. As the Deputy is aware the individual filed for US bankruptcy on 14 October 2010 and since that time the bank has been engaged and participating in the US bankruptcy...

Written Answers — Tax Code: Tax Code (14 Sep 2011)

Michael Noonan: I propose to take Questions Nos. 61 and 80 together. The Universal Social Charge (USC) is a tax which replaces the income and health levies. It is intended to broaden the tax base in an equitable manner and applies to approximately 500,000 more income earners than the income and health levies. USC receipts are collected as part of income tax. The Budget 2011 projections for receipts are...

Written Answers — Tax Code: Tax Code (14 Sep 2011)

Michael Noonan: I propose to take Questions Nos. 62 and 108 together. As I outlined in my reply of 30 June 2011, a review of the Universal Social Charge is a commitment in the Programme for Government. This review has commenced. The Terms of Reference of the review are broad and wide-ranging and include, but are not limited to, the following areas: · Low paid income earners; · Persons over 65; · Medical...

Written Answers — Pension Provisions: Pension Provisions (14 Sep 2011)

Michael Noonan: I propose to take Questions Nos. 64 and 65 together. Pensions policy falls within the remit of my colleague, the Minister for Social Protection. I have no role in relation to the regulation of pensions in Ireland, a role which is fulfilled by the Irish Pensions Board. Any proposals for a compensation fund for pensions would be a matter for that Minister and the Pensions Board. However, in...

Written Answers — Tax Reliefs: Tax Reliefs (14 Sep 2011)

Michael Noonan: The gradual reduction from marginal to standard rate tax relief on pension contributions commencing in 2012 forms part of the fiscal consolidation measures in the agreement with the EU, IMF and the ECB over the period 2011 to 2014. When introducing the temporary pension scheme levy to pay for the Jobs Initiative on 10 May last, I gave a commitment to examine the issue of reducing the tax...

Written Answers — State Banking Sector: State Banking Sector (14 Sep 2011)

Michael Noonan: As the Deputy is aware the Quinn Group and Quinn family are substantially indebted to Anglo Irish Bank Corporation Limited ('the bank') and by direct extension to the Irish taxpayer. The bank is obliged to take whatever steps are necessary to protect the bank's Quinn-related assets/investments from a diminution of value and the bank's involvement in a joint venture to acquire the Quinn...

Written Answers — Tax Code: Tax Code (14 Sep 2011)

Michael Noonan: As noted in the proposals, which the Deputy has submitted, the level of tax relief investors can claim on the interest for mortgages and loans on residential rental properties was reduced to 75% of the interest accrued from 7th April 2009 under Section 5 of the Finance Act 2009. The proposals submitted, will be examined in tandem with the normal process of reviewing and considering taxation...

Written Answers — Financial Institutions Remuneration: Financial Institutions Remuneration (14 Sep 2011)

Michael Noonan: The outgoing Board of Irish Nationwide Building Society made many efforts to recoup the bonus paid in 2008 to the individual to whom the Parliamentary Question refers. Now that INBS has merged with Anglo Irish Bank, I regard the commitment of the former CEO to return the bonus to the Society as one that remains outstanding to the new merged entity. Therefore, I have asked the Board of the...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (14 Sep 2011)

Michael Noonan: I propose to take Questions Nos. 70 and 73 together. The Deputy will recall that the previous Government in January 2010 set out a framework to the Oireachtas for investigation into the banking sector. This investigation consisted of two distinct stages. The preliminary reports published in June 2010 by the Governor of the Central Bank, Professor Patrick Honohan, on The Irish Banking...

Written Answers — Tax Code: Tax Code (14 Sep 2011)

Michael Noonan: I propose to take Questions Nos. 71 and 93 together. The Government acknowledges the continuing cost pressures on parents, particularly those with young children. Childcare is one of the biggest issues facing working parents today. For this reason a number of support measures have been introduced. These include, (i) the Community Childcare Subvention (CCS) programme, which funds...

Written Answers — Tax Code: Tax Code (14 Sep 2011)

Michael Noonan: As I explained in my speech introducing the "Jobs Initiative" in May last, the decision to fund the Initiative by way of a levy on pension funds over the 4 year period was taken because the alternatives for increases in taxation elsewhere at this time would be more damaging to the economy. I do not have any plans for alternative sources of revenue to the fund the Jobs Initiative.

Written Answers — Tax Code: Tax Code (14 Sep 2011)

Michael Noonan: I am not privy to the full details of the agreement to which the Deputy has referred and accordingly it would be inappropriate for me to comment on it. Initial reports would suggest that any such agreement may provide for a one-off deduction from funds on deposit to settle past liabilities and a withholding tax from 2013 in place of the actual liability due in respect of investment income...