Results 9,521-9,540 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Financial Services Ombudsman (11 Nov 2014)

Michael Noonan: Firstly, I must point out that the Financial Services Ombudsman is independent in the performance of his statutory functions.  However, I have been informed by the Financial Services Ombudsman's Bureau (FSOB) that it acts in an impartial manner and when dealing with unresolved disputes between a consumer and a financial service provider the FSOB does not advise either party. I...

Written Answers — Department of Finance: Financial Services Ombudsman Data (11 Nov 2014)

Michael Noonan: At the outset, I must point out that the Financial Services Ombudsman is independent in the performance of his statutory functions. However, the Financial Services Ombudsman has informed me that the information requested by the Deputy is as follows (I have assumed that the Deputy wishes to refer to complaints closed during the particular years):- Total Complaints closed Oral Hearings...

Written Answers — Department of Finance: Mortgage Data (11 Nov 2014)

Michael Noonan: The Deputy will be aware that the Central Bank's Code of Conduct on Mortgage Arrears (CCMA) is a statutory Code issued under Section 117 of the Central Bank Act 1989 and lenders are required to comply with the CCMA as a matter of law.  The CCMA applies to the mortgage lending activities of all regulated entities, with the exception of credit unions, operating in the...

Written Answers — Department of Finance: Mortgage Data (11 Nov 2014)

Michael Noonan: The Central Bank has advised that there is no such regulated category as 'sub-prime' lender but that phrase is sometimes used to refer to some non-deposit taking 'retail credit firms'. Retail credit firms are a regulated category of entities which are authorised to provide credit (in the form of cash loans) directly to individuals. Some firms authorised in this category are mortgage...

Written Answers — Department of Finance: Mortgage Resolution Processes (11 Nov 2014)

Michael Noonan: The Central Bank's Code of Conduct on Mortgage Arrears (CCMA) is a statutory Code issued under Section 117 of the Central Bank Act 1989 and lenders are required to comply with the CCMA as a matter of law. The Central Bank has advised that it does not publish statistics in relation to the number of complaints against banks for non-compliance with the CCMA. However, it is planning to test...

Written Answers — Department of Finance: Infrastructure and Capital Investment Programme (6 Nov 2014)

Michael Noonan: The proceeds of all borrowings by the Exchequer, as well as tax revenues, non-tax revenues and other receipts are lodged to the Exchequer account at the Central Bank of Ireland to fund on-going Government expenditure. The National Treasury Management Agency (NTMA) has advised that project-specific bonds issued by the State which are linked to a specific project and which are serviced and...

Written Answers — Department of Finance: Budget 2015 (6 Nov 2014)

Michael Noonan: The Government's principal strategy for economic and budgetary policy for the last number of years, has been to put the economy and the public finances on a more stable footing.  Through the implementation of substantial adjustments, significant progress has been made in restoring fiscal stability and economic growth. The economy is on a firm recovery path and a steady...

Written Answers — Department of Finance: Financial Vehicle Corporations (6 Nov 2014)

Michael Noonan: The Central Bank collects and publishes data on Financial Vehicle Corporations (FVCs) as defined in Regulation (EC) No. 24/2009 of the European Central Bank of 19 December 2008 concerning statistics on the assets and liabilities of financial vehicle corporations engaged in securitisation transactions. The full data series for Ireland is available in the Economic Policy & Statistics...

Written Answers — Department of Finance: Bank Stress Tests (6 Nov 2014)

Michael Noonan: The Central Bank of Ireland ("CBI") has informed me that seven banks in Ireland will have to pay €17.6 million between them to meet the costs of the Comprehensive Assessment conducted by the ECB and the CBI to review their assets and test the resilience of their balance sheets to certain stress situations. The CBI also notes the following: - Whilst, the Irish Banking system...

Written Answers — Department of Finance: Tax Code (6 Nov 2014)

Michael Noonan: I am informed by the Revenue Commissioners that the estimated €53m to be generated by the additional duty placed on tobacco products in Budget 2015 is €44m additional Excise and €9m additional VAT. The calculation is based broadly on a "no change" basis but does incorporate a small projected fall in consumption of tobacco products resulting from the increase in prices....

Written Answers — Department of Finance: Property Taxation Assessments (6 Nov 2014)

Michael Noonan: The valuation of a property for LPT purposes on 1 May 2013 will remain the assessable value for 2013, 2014, 2015 and 2016. Therefore any increase in property values between now and 2016 will not have any impact on LPT for those years. As I have previously stated, the central national rate for Local Property Tax will not vary for the lifetime of this Government. Any consideration of the...

Written Answers — Department of Finance: Insurance Compensation Fund (6 Nov 2014)

Michael Noonan: At the outset I would like to say that I am aware of the difficulties that the liquidation of Setanta Insurance Company Limited has caused for Setanta policyholders and those claiming compensation under Setanta insurance policies.    You will appreciate that a liquidation of an insurance company is a legally complex and time consuming process.  The...

Written Answers — Department of Finance: Tax Reliefs Cost (6 Nov 2014)

Michael Noonan: I am informed by the Revenue Commissioners that the cost of the claims for tax relief on health expenses, which includes medical and dental expenses, in 2012 (the most recent tax year for which data are currently available) is estimated to be in the order of €134 million. Figures for previous tax years are available in Revenue's Statistical Reports, available on the Commissioners'...

Written Answers — Department of Finance: Property Taxation Exemptions (6 Nov 2014)

Michael Noonan: I am informed by the Revenue Commissioners that in accordance with Section 11 of the Finance (Local Property Tax) Act 2012 (as amended) charitable organisations are liable to pay Local Property Tax (LPT) in the same way as any other residential property owner, unless an exemption can be claimed.  The LPT legislation provides for a number of exemptions from the tax, two of...

Written Answers — Department of Finance: Universal Social Charge Application (6 Nov 2014)

Michael Noonan: The data requested by the Deputy is set out in the following table. Gross Income Income Tax USC Net Income Annual Change Change as % of Gross Income Existing Proposed Existing Proposed Existing Proposed Per Year € € € € € € € € % 15,000 1,350 1,350 399 285 12,651 12,765 115 0.8% 20,000 2,350 2,350 719 545 16,131 16,305 174...

Written Answers — Department of Finance: Pension Provisions (6 Nov 2014)

Michael Noonan: Tax legislation provides for a limit or ceiling on the total capital value of tax-relieved pension benefits that an individual can draw down in their lifetime from all of their supplementary pension arrangements. This is known as the Standard Fund Threshold or SFT and was introduced on 7 December 2005 and amended since (most recently in Finance (No 2) Act 2013 which, among other things,...

Written Answers — Department of Finance: Tax Yield (6 Nov 2014)

Michael Noonan: The Revenue Commissioners have published the Budget 2015 Ready Reckoner, on their website's statistics pages at . The reckoner shows a number of indicative changes to Income Tax rates. While the Ready Reckoner does not show the specific costings requested by the Deputy, other changes can be estimated on a broadly pro-rata basis with those displayed in the Reckoner....

Written Answers — Department of Finance: Property Taxation Exemptions (6 Nov 2014)

Michael Noonan: The Government decided that a liability to the Local Property Tax (LPT) should apply to all owners of residential property with a limited number of exemptions. Limiting the exemptions available allows the rate to be kept low for those liable persons who do not qualify for an exemption. There is no specific exemption from LPT for full-time mature students with a mortgage whose only...

Written Answers — Department of Finance: Tax Credits (6 Nov 2014)

Michael Noonan: On the assumption that the Deputy means a €100 tax credit to be delivered at source in respect of every household in the State, the approximate cost would be €165 million, based on an estimated 1.65 million households in the State.  The tax relief announced in the Budget was provisionally estimated to cost €40 million. As previously indicated to the...

Written Answers — Department of Finance: Departmental Expenditure (6 Nov 2014)

Michael Noonan: I wish to inform the Deputy that in respect of my Department all external recruitment is conducted by the Public Appointments Service. I will contact the Deputy directly in respect of bodies under the aegis of my Department in due course.