Results 9,781-9,800 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Central Bank of Ireland (4 Nov 2014)

Michael Noonan: By virtue of an exemption in Part V of the Central Bank Act 1997, an unregulated entity to whom a cash loan is transferred by a regulated entity is not subject to Central Bank supervision. As Minister for Finance, I am committed to bringing forward legislation that protects consumers whose loans are sold to unregulated entities. The Government has reiterated this commitment on...

Written Answers — Department of Finance: Tax Yield (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: Financial Services Ombudsman (4 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.  The Financial Services Ombudsman's Bureau was established under the Central Bank and Financial Services Authority of Ireland Act, 2004. The legislation provides for an independent, impartial investigation and resolution of disputes between consumers...

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

Michael Noonan: The Special Liquidators of IBRC have confirmed to me that the sales processes that they have employed have been designed to maximise value from the sale of Irish Bank Resolution Corporation Limited (in Special Liquidation) loan assets for creditors and this continues to be the case. The Special Liquidators are satisfied that this has been achieved in the current and previous...

Written Answers — Department of Finance: NAMA Loans Sale (4 Nov 2014)

Michael Noonan: I propose to take Questions Nos. 346 to 348, inclusive, together. Sales processes which are run by NAMA are a matter for the NAMA Board and it is not my normal practice to comment on them or on individual transactions. However, in this instance, I understand the sale was discussed at a recent meeting of the Oireachtas Joint Finance Committee and my understanding of the matter is based on...

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

Michael Noonan: I am advised by Revenue that interest charges are levied on taxpayers who do not meet their tax payment obligations in a timely fashion or who seek to pay their liabilities through phased arrangements. The charges are imposed to compensate the Exchequer for the late payment of funds and to ensure equity for the vast majority of taxpayers who pay on time. In regard to the specific case to...

Written Answers — Department of Finance: Mortgage Schemes (4 Nov 2014)

Michael Noonan: The Central Bank of Ireland has recently published proposals to introduce new macro-prudential measures for residential mortgage lending in Ireland. The proposed Central Bank measures would place restrictions on the loan to value (LTV) and loan to income (LTI) ratios banks can apply when lending for house purchase. The measures set out are: - restrict new lending for principal dwelling...

Written Answers — Department of Finance: State Bodies (4 Nov 2014)

Michael Noonan: Since 2011, four bodies under the aegis of my Department have been established. Irish Fiscal Advisory Council (IFAC) The IFAC was established on an interim basis in July 2011 and was put on a statutory footing on the 31 December 2012 under the Fiscal Responsibility Act 2012. It comprises of five Council members. In 2013, the Fiscal Council received a total of €499,939....

Seanad: Adjournment Matters: Universal Social Charge Payments (23 Oct 2014)

Michael Noonan: I understand what the Senator is saying. When drafting this year's budget, I discovered that the USC is far more flexible than income tax. By using the USC rather than income tax, it was possible to put in place direct relief in respect of different tranches of income and various categories of people. If we were relying on income tax alone, for example, it would not have been possible to...

Seanad: Adjournment Matters: Universal Social Charge Payments (23 Oct 2014)

Michael Noonan: I thank Senator Bradford for raising this issue today. The situation is that the universal social charge, known as USC, was introduced by the previous Government in budget 2011 to replace the income levy and the health levy. It was a necessary measure to widen the tax base, remove poverty traps and raise revenue to reduce the budget deficit. It is a more sustainable charge than those it...

Seanad: European Stability Mechanism (Amendment) Bill 2014: Committee and Remaining Stages (23 Oct 2014)

Michael Noonan: As I said in the other House, in Europe a strategic approach is the best result. In this context, it is preferable to seek the option of retroactive recapitalisation and keep it in on the table rather than risk refusal with an early application. I will, therefore, continue to pursue a strategy which keeps the maximum number of options on the table. Monthly reporting on the issue would...

Seanad: European Stability Mechanism (Amendment) Bill 2014: Committee and Remaining Stages (23 Oct 2014)

Michael Noonan: I thank the Senator for her amendment but I do not propose to accept it. As with the amendments put forward by her party colleagues in the Dáil, this proposal seeks to dictate a certain course of action. In addition, it seeks to place a restriction on the Minister's discretion in terms of any application for retroactive recapitalisation. In the case of this amendment, the restriction...

Written Answers — Department of Finance: Energy Prices (23 Oct 2014)

Michael Noonan: With regard to the application of VAT on electricity bills, in accordance with section 37(1) of the Value-Added Tax Consolidation Act 2010, the amount on which VAT is chargeable is the total consideration receivable by the supplier, "including all taxes, commissions, costs and charges whatsoever", but not including the VAT itself.  This reflects EU VAT law, with which Irish tax law must...

Written Answers — Department of Finance: Vehicle Registration Data (23 Oct 2014)

Michael Noonan: The table indicates the number of used and new motor cars registered (gross) between 2004 and 2014, and the number of used and new gross registrations of motor cars per capita. The figures for 2014 are for January to August 2014. The population figures used are from the Central Statistics Office (CSO) website. The population figures for 2012 and 2013 are preliminary, and the population...

Written Answers — Department of Finance: Irish Water Administration (23 Oct 2014)

Michael Noonan: As the Deputy is aware, I announced in the Budget that tax relief for water charges will be introduced. Relief will be available at the standard rate of 20%, on water charges paid, up to a maximum of €500 per annum, which may result in tax relief up to €100 per household per annum. My officials are working closely with their colleagues in the other relevant...

Written Answers — Department of Finance: Tax Reliefs Availability (23 Oct 2014)

Michael Noonan: I have considered the proposal for the introduction of a tax relief for Graduate Entry Medicine (GEM) loans and I do not consider that the tax system is the appropriate way to address the affordability of the GEM programme. The affordability and funding of undergraduate medical education is in the first instance a matter for the Department of Education and Skills, having due regard to the...

Written Answers — Department of Finance: Banking Sector Regulation (23 Oct 2014)

Michael Noonan: As the Deputy will be aware the Relationship Frameworks have been in place with the banks since March 2012. The Frameworks govern the relationship between the individual banks and the State and compliance with these agreements and each bank's various other commitments are monitored closely on both sides. Officials from my Department meet with the senior management team in each of the...

Written Answers — Department of Finance: Banking Sector Regulation (23 Oct 2014)

Michael Noonan: I propose to take Questions Nos. 65 and 66 together. The Deputy will be aware that each of the State backed banks takes steps to ensure proper risk management and governance structures are in place (supported by robust internal audit structures). Further details of these steps are set out in the annual reports of each of the State backed banks.  In addition to this, each of the State...

Written Answers — Department of Finance: VAT Rate Application (23 Oct 2014)

Michael Noonan: The EU VAT Directive generally provides that supplies of goods and services be chargeable to VAT at the standard rate but that lower rates are permitted in very limited circumstances.  Food products can only benefit from the zero rating in accordance with Article 110 of the VAT Directive which permits the retention of the zero rate for "clearly defined social reasons" where the products...

Written Answers — Department of Finance: Banking Sector (23 Oct 2014)

Michael Noonan: I have been advised by Permanent TSB that contributions to the Defined Benefit pension schemes were discontinued in 2013. Following the discontinuance of the contributions the Trustees of the Defined Benefit Schemes proceeded to wind up the Schemes and the trustees are currently arranging for the assets of the schemes to be allocated among the pensioners, deferred employees...