Results 7,981-8,000 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Tax Compliance (12 Mar 2015)

Michael Noonan: I am advised by the Revenue Commissioners that of the almost €19.2 million in settlements to date, some €16.4 million relates to tax, €1.7 million relates to interest and €1.1 million relates to penalties. A key focus of the Revenue enquiries in relation to the tax affairs of medical consultants is the tax issues arising from the incorporation of medical...

Written Answers — Department of Finance: IBRC Mortgage Loan Book (12 Mar 2015)

Michael Noonan: As the Deputy is aware, for operational reasons the loan assets of Irish Bank Resolution Corporation Limited (in Special Liquidation) ( IBRC ) were divided into eight portfolios: Evergreen, Rock, Salt, Sand/Pearl, Stone, Pebble, Quartz and Amber. The Sand portfolio originally comprised 12,702 Irish originated residential mortgages with a par value of €1.8bn, most of...

Written Answers — Department of Finance: Mortgage Protection Policies (12 Mar 2015)

Michael Noonan: I propose to take Questions Nos. 95 and 96 together. The Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015 was published in January 2015 following a commitment by this Government to protect consumers whose loans are sold by regulated financial service providers to unregulated firms. The Bill protects borrowers by requiring the entities dealing with the borrower to...

Written Answers — Department of Finance: EU-IMF Programme of Support (12 Mar 2015)

Michael Noonan: As part of Ireland's third review under the EU/IMF Programme of Financial Support, a report on which was published in September 2011 and is available on the Department of Finance website, there were a number of conditions/actions which Ireland committed to. One of which was to develop a framework to govern the exercise of the State's ownership rights in the banks resulting from the...

Written Answers — Department of Finance: IBRC Operations (12 Mar 2015)

Michael Noonan: I refer to my response to Question No. 67 answered on 11 March 2015 from which I have drawn in responding to this question. As set out in the reponse to Question No. 67 answered on 11 March 2015, under the then existing relationship framework the bank was not obligated to consult with me before approving the sale of the company referred to by the Deputy. Upon the...

Written Answers — Department of Finance: Tax Yield (12 Mar 2015)

Michael Noonan: I proposed to take Questions Nos. 99 to 105, inclusive, together. In relation to the questions regarding the cost of reducing the standard rate of income tax and increasing the entry point to the higher rate, I am informed by the Revenue Commissioners that the estimated first and full year cost to the Exchequer of decreasing the standard rate of income tax to 19% and increasing the...

Written Answers — Department of Finance: Insurance Industry (12 Mar 2015)

Michael Noonan: In my role as Minister for Finance I have responsibility for the development of the legal framework governing financial regulation. The day to day responsibility for the supervision of the solvency of Irish authorised financial institutions is a matter for the Central Bank of Ireland which is statutorily independent in the exercise of its regulatory and supervisory functions. ...

Written Answers — Department of Finance: NAMA Staff Data (12 Mar 2015)

Michael Noonan: To date no staff member assigned to NAMA has left due to redundancy. A communication to NAMA Officers in January 2015 presented an outline of a possible redundancy programme. The total number of staff assigned to NAMA was 363 at the start of March 2015. Numbers assigned to NAMA are projected to reduce to 292 by end December 2015 and to 125 by end December 2016 subject to the achievement...

Written Answers — Department of Finance: IBRC Bond Issues (12 Mar 2015)

Michael Noonan: The Special Liquidators continue to implement the orderly and efficient wind down of Irish Bank Resolution Corporation Limited (in Special Liquidation) in accordance with the provisions of the IBRC Act and the instructions issued by me under the IBRC Act.By February 2015, loans with a par value of €21.7bn had been prepared, brought to market and ultimately sold through a series of...

Written Answers — Department of Finance: Insurance Compensation Fund (12 Mar 2015)

Michael Noonan: Setanta Insurance Company Limited is a Maltese incorporated company.   Setanta was formally placed into liquidation by the Maltese Financial Services Authority on 30th April 2014 when a Liquidator was appointed under the provisions of the Maltese Companies Acts 1995.  The liquidation is proceeding according to Maltese law.  The liquidation of an...

Written Answers — Department of Finance: Mortgage Data (12 Mar 2015)

Michael Noonan: It is important to note that there is no such regulated category as "sub-prime lender".  However, Retail Credit Firms are authorised to provide credit, in the form of cash loans, directly to individuals (these firms are not licensed to accept deposits).  Some firms authorised in this category are mortgage lenders.  Retail Credit Firms have been subject to regulation by the...

Written Answers — Department of Finance: Mortgage Data (12 Mar 2015)

Michael Noonan: I am informed by the Central Bank that it does not publish statistics in relation to the number complaints against banks for non-compliance with the CCMA. The Central Bank monitors compliance with the statutory consumer protection requirements through its on-going engagement with firms; reviews and research; themed inspections; mystery shopping; and advertising monitoring.  The Central...

Written Answers — Department of Finance: Promissory Notes (12 Mar 2015)

Michael Noonan: As part of the liquidation of the Irish Bank Resolution Corporation (IBRC) on 6 February 2013, the Central Bank of Ireland (CBI) acquired €25.034 billion ofFloating Rate Notes (FRNs) and €3.461 billion of the fixed rate 5.40% Treasury Bond 2025. The table below sets out the details in respect of each of the eight FRNs and the fixed rate bond, including the applicable interest...

Written Answers — Department of Finance: Tax Credits (12 Mar 2015)

Michael Noonan: I am advised by the Revenue Commissioners the information available to Revenue had indicated that the person concerned and her spouse were in receipt of separate pensions from the Department of Social Protection (DSP). On that basis the spouse of the person concerned would have been entitled to an additional PAYE Tax Credit or an additional Standard Rate Band in respect of the Qualified Adult...

Written Answers — Department of Finance: European Central Bank (12 Mar 2015)

Michael Noonan: The European Central Bank's mandate is price stability, which it defines as an annual rate of inflation close to, but below, 2 per cent. Inflation in the euro area has been below levels consistent with price stability for some time and, in fact, became negative last December and remained negative in January and February. The fall in inflation, combined with the fact that inflationary...

Written Answers — Department of Finance: Property Tax Collection (12 Mar 2015)

Michael Noonan: I am advised by Revenue that there are eight different payment methods available to assist property owners in meeting their Local Property Tax (LPT) obligations in a way that best suits individual circumstances. The payment methods include a number of phased options that facilitate payment of LPT in equal amounts over the course of the year rather than having to meet the liability in a...

Written Answers — Department of Finance: Tax Compliance (12 Mar 2015)

Michael Noonan: The Deputy will be aware from my reply to Question No. 121 on 19 December 2013 that the Revenue Commissioners have previously confirmed that approximately €65 million in extra tax has been secured for the Exchequer from the taxpayers concerned for the year 2012.    By way of update, I am also advised by the Commissioners that as a result of their compliance programme on...

Written Answers — Department of Finance: Economic Data (12 Mar 2015)

Michael Noonan: I am aware of the recently released Purchasers Managers Index (PMI) figures for February. The PMI for February 2015 reported a figure of 52.0 for total activity in the construction sector. As any reading in excess of 50 indicates expansion, the index points towards a slight increase in activity compared to January 2015. However, while the index indicates that the sector is...

Written Answers — Department of Finance: Tax Yield (12 Mar 2015)

Michael Noonan: I am advised by the Revenue Commissioners that a wide range of statistical information is available on the Commissioners' new, enhanced, Statistics webpage: . In relation to the Deputy's question, detailed information on Excise receipts by commodity can be found at . Data for 2014 will be published in due course, 2013 is the most recent for which detailed data are available. I am further...

Written Answers — Department of Finance: Mortgage Interest Rates (12 Mar 2015)

Michael Noonan: The decision to advance credit, and the terms on which such credit is advanced, is a commercial decision for individual lenders. In that regard, there are no particular requirements to allow or prevent banks from allowing borrowers who are moving to keep their tracker mortgage rate. I am informed by the Central Bank that a number of banks currently offer various tracker mover...