Results 9,741-9,760 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Tax Code (4 Nov 2014)

Michael Noonan: I assume the Deputy is referring to capital gains tax relief for farm restructuring contained in Section 604B, Taxes Consolidation Act 1997. This relief was due to expire on 31 December 2015 but is being extended to 31 December 2016 and broadened to allow for restructuring through whole farm replacement. I take it the 6 year rule referred to by the Deputy is that which provides for a...

Written Answers — Department of Finance: Irish Water Funding (4 Nov 2014)

Michael Noonan: As part of Budget 2014, Government agreed that a €240 million equity investment would be made in Irish Water from the Exchequer.  In accordance with this agreement, in July 2014 a €185 million capital contribution was made and it is expected that a €54 million convertible debt instrument will be issued shortly. In May 2014 Government agreed to the...

Written Answers — Department of Finance: Strategic Banking Corporation of Ireland Staff (4 Nov 2014)

Michael Noonan: In order to have the SBCI operational as quickly as possible, it will operate in a manner similar to how KfW operates in Germany, as a wholesale lender, that lends to on-lenders, who will then lend direct to SMEs. SMEs will use the on-lending institutions' resources to apply for an SBCI funded product.  The on-lending model is designed to ensure that as much of the benefit of...

Written Answers — Department of Finance: Strategic Banking Corporation of Ireland Funding (4 Nov 2014)

Michael Noonan: The Strategic Banking Corporation of Ireland (SBCI) has been established by the Government as a means of ensuring that SMEs in Ireland are provided with sufficient finance for growth. Loan agreements with the international funders, KfW and the European Investment Bank, to the value of €550m have been signed to fund the SBCI during its initial period of operations.  The SBCI is...

Written Answers — Department of Finance: Strategic Banking Corporation of Ireland Funding (4 Nov 2014)

Michael Noonan: The Strategic Banking Corporation of Ireland (SBCI) has been established by the Government as a means of ensuring that SMEs in Ireland are provided with sufficient finance for growth.  Loan agreements with the international funders, KfW and the European Investment Bank, have been signed. The SBCI is working with its first lending partners to provide initial funding to the SME sector...

Written Answers — Department of Finance: Small and Medium Enterprises Debt (4 Nov 2014)

Michael Noonan: As the Deputy is aware, targets to move distressed small and medium enterprise borrowers onto longer-term solutions were implemented in 2013 for a number of institutions involved in SME lending. The institutions are required to report performance against the targets on a quarterly basis to the Central Bank along with specific management information.  To date, the institutions report...

Written Answers — Department of Finance: Central Credit Register (4 Nov 2014)

Michael Noonan: The Credit Reporting Act 2013 provides that the Central Bank is responsible for the establishment and operation of the central credit register. The Central Bank informs me that it intends to take a phased approach to the establishment and development of the register. The initial phase of the central credit register will focus on the consumer credit market and is expected to...

Written Answers — Department of Finance: NAMA Property Sales (4 Nov 2014)

Michael Noonan: The strong improvement in conditions in the Irish commercial and residential property markets over the past year created opportunities for NAMA to increase the flow of Irish property assets and loan sales to the market. Earlier this year, NAMA announced that, in line with its obligations under Section 10 of the NAMA Act, it considered that the best financial outcome for the State would be...

Written Answers — Department of Finance: Universal Social Charge Yield (4 Nov 2014)

Michael Noonan: Section 531AAD of the Taxes Consolidation Act 1997 provides for a charge on bonus payments that exceed €20,000, paid to employees of financial institutions that received financial support from the State under the Credit Institutions (Financial Support) Act 2008.  This charge, the "excess bank remuneration charge", is incorporated into the Universal Social Charge and applies in all...

Written Answers — Department of Finance: Public Sector Staff Recruitment (4 Nov 2014)

Michael Noonan: I wish to inform the Deputy that the appointment of the Secretary General of the Department of Finance is a Government appointment. The appointment of John Moran was made following an open competition conducted by the Top Level Appointments Committee. In respect of the last appointment which the Deputy has asked about, expressions of interest were sought from all suitable officers...

Written Answers — Department of Finance: IBRC Mortgage Loan Book (4 Nov 2014)

Michael Noonan: I am advised by the Special Liquidators that there are 6,219 residential mortgage accounts still held by Irish Bank Resolution Corporation Limited (in Special Liquidation). Of these, 5,839 (94%) relate to owner occupier properties and 380 (6%) relate to residential investment/buy to let properties. I am further advised that of the 6,219 residential mortgage accounts still held by Irish...

Written Answers — Department of Finance: Pension Provisions (4 Nov 2014)

Michael Noonan: I propose to take Questions Nos. 309 and 310 together. While it is not particularly clear from the details supplied with the question, I am assuming that the Deputy is referring to the changes to the maximum allowable pension fund at retirement for tax purposes (known as the Standard Fund Threshold or SFT) which I introduced in Budget 2014 and Finance (No 2) Act 2013 and which came into law...

Written Answers — Department of Finance: Tax Code (4 Nov 2014)

Michael Noonan: A fair, efficient and competitive income tax system is essential for economic growth and job creation. I have long said that the burden of the income tax system in Ireland is too high and that I would seek to reduce it as soon as it was prudent to do so. The measures announced in the Budget are the first stage of a reform plan, to be undertaken over a number of years, to address this issue,...

Written Answers — Department of Finance: Tax Data (4 Nov 2014)

Michael Noonan: I am informed by the Revenue Commissioners that the number of active registrations for Relevant Contracts Tax (RCT) and the number of contract notifications entered on the eRCT system for the years set out as follows. Year Active RCT Registrations Contract Notifications 2012 58,855 208,865 2013 62,443 263,994 2014 (to 19/10/2014) 63,259 253,969 I am also informed that every contractor...

Written Answers — Department of Finance: Housing Finance Agency Funding (4 Nov 2014)

Michael Noonan: As the Housing Finance Agency (HFA) is classified within general government all of its debts are included in the compilation of general government debt. Their debt would include any borrowing undertaken to fund lending activities to housing or other bodies. Loans from the HFA to voluntary sector housing associations are classified as assets on the balance sheet of the HFA and therefore...

Written Answers — Department of Finance: Living City Initiative (4 Nov 2014)

Michael Noonan: Officials from my Department have held preliminary discussions with the relevant local authorities to identify the areas of the six cities, Cork, Dublin, Galway, Kilkenny, Limerick and Waterford, which might fall within the scope of the scheme. Each of the local authorities have submitted proposals on the areas which they believe should be included.  My...

Written Answers — Department of Finance: Tax Reliefs Cost (4 Nov 2014)

Michael Noonan: Effective from 1 January 2012 tax relief is no longer available for service charges paid. The abolition of this relief was announced in Budget 2010. This relief was introduced from 1996/7 onwards and I am informed by the Revenue Commissioners that the annual cost and number availing of tax relief on service charges up to 2012 are contained in Revenue's Statistical Reports, available on the...

Written Answers — Department of Finance: Insurance Compensation Fund Drawdown (4 Nov 2014)

Michael Noonan: In 2010 Joint Administrators were appointed by the High Court at the request of the Central Bank of Ireland because of concerns about the solvency position of Quinn Insurance Limited (QIL).  The ICF has been used in accordance with the legislation to allow the QIL Administrators to meet their financial obligations as they arise.  High Court approval is required...

Written Answers — Department of Finance: Tax Data (4 Nov 2014)

Michael Noonan: There was no change in Budget 2015 in relation to the rate of stamp duty. The rate of stamp duty on non-residential property is currently 2%. Where consanguinity relief applies the rate of duty is one-half of this amount, i.e. 1%.  Consanguinity relief was due to expire from the end of  2014. However, in Budget 2015, I announced the continuation of this relief for...

Written Answers — Department of Finance: Home Renovation Incentive Scheme (4 Nov 2014)

Michael Noonan: As the Deputy is aware, the Home Renovation Incentive (HRI) came into operation on 25 October 2013 and will run until 31 December 2015.  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...