Results 5,001-5,020 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Credit Unions (8 Dec 2015)

Michael Noonan: The Credit Union and Co-operation with Overseas Regulators Act 2012 (2012 Act) was signed into law by the President in December 2012. It was agreed at that time that it would be neither practical nor feasible to commence the 2012 Act in its entirety in one fell swoop. Following on from that, an implementation timetable for the 2012 Act was devised in consultation with...

Written Answers — Department of Finance: Home Renovation Incentive Scheme Eligibility (8 Dec 2015)

Michael Noonan: The Home Renovation Incentive (HRI) came into operation on 25 October 2013 and will run until 31 December 2016. The incentive provides tax relief for homeowners by way of a tax credit at 13.5% of qualifying expenditure incurred on repair, renovation or improvement work carried out on a principal private residence. Qualifying expenditure is that which is subject to the 13.5% VAT rate. The...

Written Answers — Department of Finance: State Debt (8 Dec 2015)

Michael Noonan: In Chapter 3 of his Annual Report for 2014, The C&AG included his estimate of the opportunity cost to date of servicing the debt to fund the bank investments. In addition, he also included his estimate of the future cost in this regard, under certain scenarios e.g. the amount the State receives from any future disposals of its remaining banking investments, and market interest rates in...

Written Answers — Department of Finance: Housing Provision (8 Dec 2015)

Michael Noonan: I welcome the announcement by NAMA that, subject to commercial viability, it expects to be in a position to fund the construction of up to 20,000 new residential units, predominantly located in Dublin and the neighbouring counties of Wicklow, Kildare and Meath, over the next five years. NAMA will in this way make an important contribution, on a strictly commercial basis, to increased supply...

Written Answers — Department of Finance: Tax Code (8 Dec 2015)

Michael Noonan: I am advised by the Revenue Commissioners that additional revenue of €4 million is estimated to be generated in a year from introducing the proposed rates of VRT for Categories E, F, and G, assuming a similar pattern of new and used car registrations in 2016 as in 2015. In the first eleven months of 2015 these categories accounted for 0.7% of the new car registrations and 6.5%...

Written Answers — Department of Finance: Tax Code (8 Dec 2015)

Michael Noonan: I assume that the Deputy's reference to a pension fund allowance is meant to refer to the Standard Fund Threshold or SFT. The SFT is the maximum allowable pension fund on retirement for tax purposes which was introduced in Budget and Finance Act 2006 to prevent over-funding of pensions through tax-relieved arrangements. The threshold was initially set at €5 million, which was...

Written Answers — Department of Finance: Tax Code (8 Dec 2015)

Michael Noonan: When calculating rental income for tax purposes, an individual may be allowed a deduction of 75% of the interest paid on borrowed money used to purchase, improve or repair rented premises when calculating rental income. There are also a number of other allowances and deductions available to reduce the tax on rental income paid. These include, for example, the cost to the landlord of...

Written Answers — Department of Finance: Departmental Legal Costs (8 Dec 2015)

Michael Noonan: The information requested by the Deputy in relation to the cost of procurement of legal services is set out in the following tables: Department of Finance: 2011  2012  2013  2014  2015 (to date) €1,434,119 €3,169,031 €2,529,183 €1,349,737 €1,680,311 Agencies: Agency 2011 2012  2013 2014  2015 (to date) Office of the...

Seanad: Finance Bill 2015: Second Stage (3 Dec 2015)

Michael Noonan: As we begin our debate, it is encouraging for me as Minister for Finance to be speaking in the context of a growing economy in which more people are now at work. The end-November Exchequer returns show very robust tax figures, reflective of the continued recovery in the real economy. While corporation tax is the stand-out performer against profile, the year-on-year increase in taxes is...

Written Answers — Department of Finance: NAMA Assets Sale (3 Dec 2015)

Michael Noonan: As Minister for Finance, I do not have details on who has responsibility for the properties you reference in your question. I am advised that loans secured by a number of the properties in this development were sold as part of NAMA's Project Eagle portfolio. However, once this transaction was completed, NAMA no longer had a role regarding those properties. I would...

Written Answers — Department of Finance: Financial Services Regulation (3 Dec 2015)

Michael Noonan: In recent years and in response to G20 commitments on commodity derivative trading, the European Commission introduced a number of legislative measures aimed at improving the regulation, functioning and transparency of financial and commodity markets to address excessive commodity price volatility. The Markets in Financial Instruments Directive (MiFID 2) and Regulation (MiFIR) forms...

Written Answers — Department of Finance: Commencement of Legislation (3 Dec 2015)

Michael Noonan: The Credit Union and Co-operation with Overseas Regulators Act 2012 (the "2012 Act" ) was signed into law by the President in December 2012. It was agreed at that time that it would be neither practical nor feasible to commence the 2012 Act in its entirety in one fell swoop. Following on from that, an implementation timetable for the 2012 Act was devised in consultation...

Written Answers — Department of Finance: Departmental Agencies Staff Remuneration (3 Dec 2015)

Michael Noonan: In response to the Deputy's query please find, in tabular form details of retention and bonus payments if any paid to staff; the bonuses or retention payments made in 2014 and in 2015 to date; the numbers of staff receiving these payments; the highest individual payment received at each agency, by Bodies under the Aegis of the Department of Finance in 2014/2015. I would ask the Deputy to note...

Written Answers — Department of Finance: Ireland Strategic Investment Fund Management (3 Dec 2015)

Michael Noonan: As the Deputy will know, Activate Capital (Activate) is a new innovative non-bank financing platform that has been established by the Ireland Strategic Investment Fund (ISIF) and global investment group KKR to invest on a commercial basis in residential development projects in Ireland to help address the current supply shortages in the main urban centres.  Activate is focused exclusively...

Written Answers — Department of Finance: Strategic Banking Corporation of Ireland Expenditure (3 Dec 2015)

Michael Noonan: The Strategic Banking Corporation of Ireland (SBCI) was incorporated in September 2014 and since then the SBCI has made considerable progress in building relations with lending partners and in constructing the complex operational capability required to bring products to market. These include establishing operational capability with funders and lending partners, building internal systems and...

Written Answers — Department of Finance: Central Bank of Ireland (3 Dec 2015)

Michael Noonan: Every year, in order to cover the costs of financial regulation, the Central Bank prescribes levies to be paid by entities subject to such regulation. The Central Bank had briefed industry representatives in August that it was proposing significant increases in those levies in 2015. The proposed increases were driven by a proliferation of legislative regulation and...

Written Answers — Department of Finance: Small and Medium Enterprises Debt (3 Dec 2015)

Michael Noonan: I am informed by the Central Bank that they do not publish statistics on SME debt as part of any of their statistical series. However, the Central Bank does publish the level of outstanding debt, through the statistical release "Trends in Business Credit and Deposits: Q2 2015", which indicates that total loans by resident credit institutions to Irish resident SMEs was...

Written Answers — Department of Finance: Ireland Strategic Investment Fund Investments (3 Dec 2015)

Michael Noonan: The Ireland Strategic Investment Fund (ISIF) published its first Baseline Economic Impact Report at the end of Q2 2015. Key figures show that as at 31 December 2014: - ISIF had committed €1.4 billion to investments in Ireland, with €726 million already drawn down. - 79 Irish companies and projects with a combined annual turnover of €472 million are benefitting from ISIF...

Written Answers — Department of Finance: Tax Residency (3 Dec 2015)

Michael Noonan: I am informed by the Revenue Commissioners that they have been advised of companies that will be affected by the change in residence rules arising from Section 39 of the Finance (No. 2) Act 2013.  However, because of the small number of companies involved the Revenue Commissioners' obligation in relation to confidentiality of taxpayer information precludes them from providing the...

Written Answers — Department of Finance: Mortgage Arrears Rate (3 Dec 2015)

Michael Noonan: I am informed by the Central Bank that it does not publish statistics in relation to the number of non-cooperating borrowers under the Code of Conduct on Mortgage arrears.  Furthermore, while my Department publishes monthly data on mortgage arrears in the six main banks it does not have data on non-cooperating borrowers. As the Deputy will be aware, the Central Bank publishes Quarterly...