Results 8,961-8,980 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Tax Code (11 Dec 2014)

Michael Noonan: I assume that the Deputy wishes to establish at what level the standard and marginal Income Tax rates alone would need to be set to yield to the Exchequer the receipts currently delivered through the combination of both Income Tax and Universal Social Charge (USC). These combined receipts totalled just under €16 billion in 2013. I am informed by the Revenue Commissioners that, with...

Written Answers — Department of Finance: IBRC Liquidation (11 Dec 2014)

Michael Noonan: Kieran Wallace and Eamonn Richardson are independent in their duties as Special Liquidators of IBRC and have a statutory responsibility to act in the interests of all the creditors of IBRC including the State. I am advised by the Special Liquidators that there are 7 instances where KPMG have been appointed as receiver over assets connected to loans disposed by IBRC. All insolvency...

Written Answers — Department of Finance: Insurance Coverage (11 Dec 2014)

Michael Noonan: In my role as Minister for Finance I have responsibility for the development of the legal framework governing financial regulation. Neither I nor the Central Bank of Ireland, as regulator, interfere in the pricing of insurance products.  The provision of insurance cover and the price at which it is offered is a commercial matter for insurance companies and is...

Written Answers — Department of Finance: Universal Social Charge Exemptions (11 Dec 2014)

Michael Noonan: The Universal Social Charge (USC) was introduced from 1 January 2011 and replaced the Income and Health Levies.  The USC is an annual tax payable on an individual's total income in a year, subject to a small number of exemptions and reliefs.  In particular, an individual is not liable to pay USC where his or her total income in the current tax year does not exceed...

Written Answers — Department of Finance: Bank Guarantee Scheme Bond Repayments (11 Dec 2014)

Michael Noonan: I propose to take Questions Nos. 69 and 73 together. 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 . In April 2014, the Special Liquidators announced that the loan sales process had...

Written Answers — Department of Finance: Banks Recapitalisation (11 Dec 2014)

Michael Noonan: In  the period since 2008, significant burden-sharing has been achieved through Liability Management Exercise (LME) transactions completed by the Covered Banks. The purpose of the LMEs was to create additional core tier 1 capital and to strength en the quality of the capital base of the Banks. Prior to the Central Bank's PCAR, burden sharing with subordinated bondholders raised c....

Written Answers — Department of Finance: Tax Code (11 Dec 2014)

Michael Noonan: I am advised by the Revenue Commissioners that the general rule that applies to sole traders is that income tax is charged on the full amount of the profits of the person's trade or profession arising in the tax year in question.  The exact calculation of the income tax that a sole trader may be liable for in any tax year is based on the total amount of income received for the...

Written Answers — Department of Finance: IBRC Liquidation (11 Dec 2014)

Michael Noonan: As a result of The European System of National and Regional Accounts (ESA 2010), IBRC is classified in government. Any payment from the Special Liquidators of IBRC to the State would be considered an intra-government payment with no impact on the deficit. It would however improve the exchequer borrowing requirement as the cash received would increase the cash balances in the...

Written Answers — Department of Finance: Banks Recapitalisation (11 Dec 2014)

Michael Noonan: In 2009 and 2010 Anglo Irish Bank repurchased subordinated bonds with a nominal value of €4.4bn and recognised gains as a result of these liability management exercises totalling €3.3bn. Irish Nationwide Building Society in 2009 and 2011 exchanged or repurchased bonds totalling €1.1bn as part of liability management exercises and recognised gains of €0.4bn.

Written Answers — Department of Finance: European Central Bank (11 Dec 2014)

Michael Noonan: In general, a programme of quantitative easing (QE) would be expected to lower borrowing costs and increase the supply of credit to the real economy. In this way, real economic activity in the euro area would be expected to increase and inflation in the euro area as a whole would move back towards target. The Irish economy would therefore benefit from both the reduction in...

Written Answers — Department of Finance: Financial Services Regulation (11 Dec 2014)

Michael Noonan: My Department recently made a submission to the Central Bank of Ireland regarding its macro-prudential proposals for mortgage lending. This submission has now been published on the Department's website and is available at: The Deputy may wish to note that it is also the intention of the Central Bank of Ireland to publish all the submissions it has received in response to the public...

Written Answers — Department of Finance: Banking Sector (11 Dec 2014)

Michael Noonan: As the Deputy will be aware, now that the bank has returned to profit, is on a stable path and has passed the ECB's Comprehensive Assessment, my officials intend to engage with the management team to explore how we can reconfigure the bank's capital structure to make it fit for purpose as the regulatory rules and expectations have changed dramatically in the past...

Written Answers — Department of Finance: National Pensions Reserve Fund Investments (11 Dec 2014)

Michael Noonan: Since 2009, the Minister for Finance has directed the NPRF Commission to invest €4.7bn in Bank of Ireland. Since the first investment was made, €4.2 billion of dividends and sale proceeds has been received from these investments; €1.3bn of the proceeds has been transferred to the NPRF Discretionary Portfolio (and will be available for investment by the Ireland Strategic...

Written Answers — Department of Finance: Pensions Levy (11 Dec 2014)

Michael Noonan: In Budget 2014 and in the Finance (No 2) Act 2013, I introduced an additional levy on pension funds at 0.15% for 2014 and 2015 to help fund the Jobs Initiative and to make provision for potential State liabilities emerging from pre-existing or future pension fund difficulties. The yield from the additional levy in these years forms part of general tax revenue of the Central Fund and is not...

Written Answers — Department of Finance: Betting Legislation (11 Dec 2014)

Michael Noonan: The Betting (Amendment) Bill 2013 provides the regulatory framework for remote betting operators and when enacted will allow for the taxation of remote operators thus levelling the playing field with traditional bookmakers. The Betting (Amendment) Bill 2013 has been the subject of a number of delays. The Bill was first published in July 2012 but further work was required around the area of...

Written Answers — Department of Finance: Tax Reliefs Cost (11 Dec 2014)

Michael Noonan: The capital gains tax relief introduced by Section 604A of the Taxes Consolidation Act 1997 (enacted in Finance Act 2012 and extended by Finance (No 2) Act 2013) with effect from 7 December 2011 to 31 December 2014 will have no cost, in terms of capital gains tax forgone, for a period of seven years from the time any properties to which the relief applies were acquired. Any such properties...

Written Answers — Department of Finance: Mortgage Schemes (11 Dec 2014)

Michael Noonan: The approval of the Department of Finance is not required in order to introduce a Mortgage to Rent Scheme (MTR).  All MTR operators are bound by the existing Mortgage to Rent Scheme, which was introduced by the Minister for the Environment, Community and Local Government, in response to a recommendation in the Keane Report of 2011. The Housing Agency, which administers...

Written Answers — Department of Finance: Financial Services Regulation (10 Dec 2014)

Michael Noonan: Due to the confidentiality requirements imposed by domestic and EU legislation which provides for confidentiality of information and limits disclosure to circumstances specifically provided for in the Central Bank Act 1942, the Central Bank advise me that it cannot comment on its engagement with specific entities. If the individual concerned has not already done so, they may wish...

Written Answers — Department of Finance: Tax Compliance (10 Dec 2014)

Michael Noonan: I am advised by the Revenue Commissioners that where an individual or a company file their tax return late, a surcharge known as a late filing surcharge applies.  The current rate of surcharge for late filing of Income Tax and Corporation Tax returns is:- - 5% of the tax due  subject to a maximum of €12,695 where the return of income is delivered  before the expiry of...

Written Answers — Department of Finance: Property Taxation Administration (10 Dec 2014)

Michael Noonan: In designing the Local Property Tax (LPT), due regard was given to issues such as ability to pay. The Finance (Local Property Tax) Act 2012, as amended, provides for the possibility of deferring the charge to LPT in certain circumstances to assist individuals who may have difficulty paying the tax.  To qualify for a deferral, the residential property must be occupied as a sole or main...