Results 7,461-7,480 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: NAMA Transactions (7 May 2015)

Michael Noonan: I am advised that the NAMA Chief Executive, in his opening address to the Public Accounts Committee on 18 December 2014, stated that NAMA is aiming to redeem a cumulative 80% (€24 billion) of its senior debt by the end of 2016 and that it hopes that it will have redeemed all of it by the end of 2018. He stated that those targets were predicated on conditions in the Irish market...

Written Answers — Department of Finance: IBRC Operations (7 May 2015)

Michael Noonan: A record of the briefing note ahead of the former Secretary General of the Department of Finance meeting with the then CEO of IBRC in August 2012 shows that Siteserv was one of a number of topics which was contained in the briefing note. A further record of an email which outlines outputs from this meeting also exists. The main output relating to this issue was the agreement to the secondment...

Written Answers — Department of Finance: Tax Code (7 May 2015)

Michael Noonan: Capital Acquisitions Tax (CAT) is the overall title for both Gift and Inheritance Tax. The tax is charged on the amount gifted to, or inherited by, the beneficiary of the gift or inheritance. For the purposes of CAT, the relationship between the person who provides the gift or inheritance (i.e. the disponer) and the person who receives the gift or inheritance (i.e. the beneficiary),...

Written Answers — Department of Finance: Job Creation Targets (7 May 2015)

Michael Noonan: Since the low-point of the crisis experienced in the second half of 2012, some 95,000 jobs have been created to date. The April 2015 Stability Programme Update, on which the Spring Economic Statement is based, projects that relative to this low-point, some 245,000 net new jobs will be created by the end of 2018. In addition to increases in employment volumes, my Department is forecasting an...

Written Answers — Department of Finance: IBRC Operations (7 May 2015)

Michael Noonan: I am advised by the Special Liquidators (SLs) that the valuation of the residential mortgage assets and/or the prices obtained in their sale will not be disclosed as this information is considered commercially sensitive financial information. It is also important to note that the Department of Finance is not in possession of such information.  In order to...

Written Answers — Department of Finance: IBRC Operations (7 May 2015)

Michael Noonan: There was a professional working relationship between my Department and senior management of IBRC at all times. Given the issues which the bank was dealing with at the time, this may not have always led to agreement on certain matters between my Department and senior management of IBRC, nor should this be expected. I would expect healthy debate on such matters between the parties involved and...

Written Answers — Department of Finance: Loan Books Purchasers (7 May 2015)

Michael Noonan: The banks are independent commercial entities and the relationship between the banks in which we have a shareholding and the Minister for Finance are defined in the relationship framework. I do not intend intervening in any decisions they may make in relation to how they dispose of loans at present. I should add that the borrowers whose loans are sold to unregulated...

Written Answers — Department of Finance: IBRC Operations (7 May 2015)

Michael Noonan: I can confirm that there were various discussions between my Department and IBRC in relation to the disposal of IBRC's US loan book and I was kept informed of the progress being made on this matter. The disposal of Anglo's US loan portfolio is a reserved matter which required my consent under the relationship framework which was in place at that time. On 25 August 2011, I gave my consent...

Written Answers — Department of Finance: Mortgage Arrears Proposals (7 May 2015)

Michael Noonan: As the Deputy is aware, the Government has put in place a broad strategy to address the problem of mortgage arrears and family home repossessions. This has included an extensive suite of interventions designed to address the problem including specific Central Bank targets for the banks through the Mortgage Arrears Resolution Targets (MART), the Code of Conduct on Mortgage Arrears,...

Written Answers — Department of Finance: Tax Code (7 May 2015)

Michael Noonan: I propose to take Questions Nos. 47 and 48 together. The Deputy's questions relate to the tax treatment of landlords. I would highlight that income tax is charged under Schedule D of the Taxes Consolidation Act (TCA) 1997 in respect of a number of sources of income, including rent received by landlords (both individuals and companies) from property in the State. In the case of rental...

Written Answers — Department of Finance: Banking Sector (7 May 2015)

Michael Noonan: The lending institutions in Ireland - including those in which the State has a significant shareholding - are independent commercial entities. I, as Minister for Finance, have no statutory role in relation to regulated financial institutions setting interest rates. This is a commercial matter for the institutions concerned. Equally, the Central Bank has no statutory role in the...

Written Answers — Department of Finance: Pension Provisions (7 May 2015)

Michael Noonan: Finance Act 2014 introduced changes to allow owners of approved minimum retirement funds (AMRFs) to draw-down up to 4% of the assets of such funds on one occasion in each year instead of the facility to draw-down the accrued income and gains of such funds, as had applied prior to the changes. I should explain by way of background, that under the flexible options at retirement...

Written Answers — Department of Finance: Mortgage Resolution Processes (7 May 2015)

Michael Noonan: I propose to take Questions Nos. 51 to 54, inclusive, together. With regard to the data requested by the Deputy, I am informed by the Central Bank of Ireland that the Residential Mortgage Arrears and Repossession Statistics are published quarterly.  These statistics are collected from a large number of reporting institutions and are designed to capture all mortgage...

Written Answers — Department of Finance: Disabled Drivers Grant Appeals (7 May 2015)

Michael Noonan: The Deputy will be aware of the legal provisions governing the Drivers & Passengers with Disabilities Scheme.  As I informed the Deputy in my written answer to him on 4 March 2015, the appeal lodged by the person concerned under Section 145 of the Finance Act 2001 was finalised on 13th February 2015 and the initial decision to refuse the tax relief was upheld. I am advised by...

Written Answers — Department of Finance: Insurance Coverage (7 May 2015)

Michael Noonan: The provision of flood cover is a commercial matter for insurance companies, which is based on an assessment of the risks they are accepting and the need to make adequate provisioning to meet these risks. As a matter of course, insurance companies carry out reviews of the risks against which they are prepared to insure and sometimes make decisions to discontinue certain types of...

Written Answers — Department of Finance: Pensions Levy (7 May 2015)

Michael Noonan: The pension fund levy was introduced in 2011 to fund the Jobs Initiative, which has been very successful in both helping to create and to maintain employment in this economy. The levy applied at a rate of 0.6% for the years 2011 to 2014. An additional levy of 0.15% applied for 2014, bringing the aggregate to 0.75% in that year; the rate of 0.15% applies for this year....

Written Answers — Department of Finance: Tax Exemptions (7 May 2015)

Michael Noonan: I am informed by the Revenue Commissioners that there is no provision in tax law under which an individual can claim a tax deduction in respect of legal fees incurred in family law or criminal cases. For the sake of completeness, I wish to inform you that, in certain circumstances, Revenue will not seek to impose a tax charge where an employer pays legal fees on behalf of a director or...

Written Answers — Department of Finance: Fuel Laundering (7 May 2015)

Michael Noonan: I am advised by the Revenue Commissioners that they have instituted a comprehensive strategy to tackle fuel laundering, through enhanced supply chain controls, the acquisition of a more effective fuel marker and continued robust enforcement action. The supply chain controls are designed to make it difficult for fuel criminals to source marked fuel for laundering and to get laundered product...

Written Answers — Department of Finance: Mortgage Arrears Proposals (7 May 2015)

Michael Noonan: As the Deputy is aware, the Government has put in place a broad strategy to address the problem of mortgage arrears and family home repossessions. A central pillar of this strategy in ensuring fair treatment of borrowers in arrears is the Code of Conduct on Mortgage Arrears (CCMA). The Code was first published in 2009 and has been updated on a number of occasions since.  The...

Written Answers — Department of Finance: Economic Competitiveness (7 May 2015)

Michael Noonan: Substantial progress has been made in improving Ireland's competitiveness in recent years.  There has been a significant improvement in Ireland's economy-wide cost competitiveness. From the European Commission's most recent spring forecasts, it can be estimated that nominal unit labour costs in Ireland fell by nearly 8 percent between 2008...