Results 9,821-9,840 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Banking Operations (22 Oct 2014)

Michael Noonan: PTSB have informed me that the Bank is in the final stages of the Springboard mortgage book sale process and expect it to complete shortly. As regards its non-core commercial real estate portfolio, the bank may dispose of a proportion of these assets in a number of tranches during 2015.  I would also like to highlight to the Deputy that the wind-down and/or sale of its non-core loan...

Written Answers — Department of Finance: Bank Restructuring (22 Oct 2014)

Michael Noonan: A way forward for Permanent TSB was agreed with the Troika in April 2012 which envisaged it playing an important role in the future of Irish retail banking, being a more focused retail bank bringing competition to the marketplace which has consolidated significantly since 2008. In this regard Permanent TSB prepared a Restructuring Plan, which the Department of Finance submitted to the...

Written Answers — Department of Finance: Appointments to State Boards (22 Oct 2014)

Michael Noonan: As the Deputy will be aware following Minister Howlin's Memorandum to Government on 30th of September 2014, the Department of Public Expenditure and Reform are in the process of determining guidelines for Appointments to State Boards.  We intend to follow these guidelines in filling the two vacant positions on the NAMA Board.

Written Answers — Department of Finance: Bank Stress Tests (22 Oct 2014)

Michael Noonan: As the Deputy is aware, the SSM has undertaken a Comprehensive Assessment (CA) of Euro area banks, assessed as significant, in advance of assuming its single supervisory role on 4th November 2014. The CA has three goals: - Transparency to understand the condition of the banks. - Identify and implement corrective actions. - Confidence building to assure all stakeholders that the...

Written Answers — Department of Finance: Insurance Compensation Fund (22 Oct 2014)

Michael Noonan: 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.  My Department and the Central Bank will in due course be reviewing the overall circumstances relating to Setanta and will report to me on what lessons can be learned and how the...

Written Answers — Department of Finance: Tax Rebates (22 Oct 2014)

Michael Noonan: First time buyers will be able to apply for a refund of DIRT paid in the previous 48 months in respect of savings used to purchase a relevant property on the conveyance of that property.  DIRT will be refunded in respect of savings up to a maximum of 20% of the purchase price of the property. The scheme will apply to homes purchased by first time buyers until the end of 2017.

Written Answers — Department of Finance: Revenue Commissioners Investigations (22 Oct 2014)

Michael Noonan: I propose to take Questions Nos. 67 and 74 together. I am advised by the Revenue Commissioners that they are fully committed to tackling shadow economy activity and non-compliance with tax obligations in the construction sector.  As part of their compliance activities, Revenue officers regularly and on an ongoing basis undertake unannounced visits to a wide range of building sites,...

Written Answers — Department of Finance: Universal Social Charge Yield (22 Oct 2014)

Michael Noonan: The net receipts collected under the Universal Social Charge (USC) are shown in the "Receipts" section of Revenue's Statistics webpage at for 2011 to 2013. Receipts figures will be updated for 2014 in due course. A detailed breakdown of the distribution of earners paying USC for the tax year 2012 is contained in the appended tables below. This information will shortly be loaded in...

Written Answers — Department of Finance: Tax Yield (22 Oct 2014)

Michael Noonan: I am informed by the Revenue Commissioners that the increase in VRT on new car registrations from January to September 2014 compared to the same period in 2013 is €87 million (+30%). The corresponding increase in VAT is €84 million (+32%). It should be noted that the VAT figure is partially estimated.

Written Answers — Department of Finance: Banks Recapitalisation (22 Oct 2014)

Michael Noonan: The Euro-area Heads of State or Government (HoSG) agreed in June 2012 that "it is imperative to break the vicious circle between banks and sovereigns." and that when a Single Supervisory Mechanism, involving the ECB, is in place and operational, the European Stability Mechanism, the ESM, could recapitalize banks directly. On 10 June 2014 the euro area Member States reached a preliminary...

Written Answers — Department of Finance: National Debt (22 Oct 2014)

Michael Noonan: The recent Budget 2015 publication projected a general government debt figure of €209.9 billion or 108.5% of GDP at end 2015. As per my recent response to Parliamentary Question No. 166 on 27 May 2014 (PQ 23246/14), I outlined that no specific tranches of borrowing were undertaken solely for the purpose of recapitalising the banking sector. Therefore, the debt component relating to...

Written Answers — Department of Finance: Budget Deficit (22 Oct 2014)

Michael Noonan: The information requested by the Deputy is contained in the table. The 2014 figures are from the current fiscal forecast for end 2014, which was published as part of Budget 2015. The Exchequer balance figures for the years 2009 to 2013 are as published in the Finance Accounts for those particular years. The underlying general government figures for 2009 and 2013 exclude support to the...

Written Answers — Department of Finance: Credit Unions Regulation (22 Oct 2014)

Michael Noonan: The Credit Union Advisory Committee (CUAC) is a committee established under section 180 of the Credit Union Act 1997.  The function of the CUAC is to advise the Minister for Finance and such other persons as I think fit, in relation to the improvement of the management of Credit Unions, the protection of the interests of members and creditors of credit unions and...

Written Answers — Department of Finance: Tax Credits (22 Oct 2014)

Michael Noonan: I am advised by the Revenue Commissioners that the tax credit allocated against the private pension of the person concerned has been reviewed. This review has resulted in an increase in the tax credit available against this pension. Based on the information available, concerning the amount of the pension, it is expected that no income tax will now be payable on that pension. Limerick...

Irish Fiscal Advisory Council's Pre-Budget 2015 Statement: Statements (21 Oct 2014)

Michael Noonan: I welcome the opportunity to discuss the Irish Fiscal Advisory Council, IFAC's pre-budget 2015 statement. As a result of the actions of this Government and the sacrifices of the Irish people, the fiscal and economic framework underpinning the budget was much more favourable than in previous years. However, like all other EU member states, Ireland is required to take actions to not run...

Seanad: European Stability Mechanism (Amendment) Bill 2014: Second Stage (21 Oct 2014)

Michael Noonan: I thank all of the Senators who contributed today. The purpose of this legislation is to make provision for the inclusion by the ESM board of governors, in accordance with Article 19 of the ESM treaty, of the ESM's direct recapitalisation instrument, DRI, as one of the financial instruments envisaged under Articles 14 to 18, inclusive, of the treaty. This includes provision for the creation...

Seanad: European Stability Mechanism (Amendment) Bill 2014: Second Stage (21 Oct 2014)

Michael Noonan: I thank the Acting Chairman for his welcome and I thank the Seanad for agreeing to take all Stages of the European Stability Mechanism (Amendment) Bill 2014 this afternoon and on Thursday next.

Seanad: European Stability Mechanism (Amendment) Bill 2014: Second Stage (21 Oct 2014)

Michael Noonan: I did not say the House was taking all Stages today. If the Senator had waited to hear the end of the sentence before intervening, he would have been aware of that.

Seanad: European Stability Mechanism (Amendment) Bill 2014: Second Stage (21 Oct 2014)

Michael Noonan: I will start again. I thank the Seanad for agreeing to take all Stages of the European Stability Mechanism (Amendment) Bill 2014 this afternoon and on Thursday next. The purpose of this legislation is to make provision for the inclusion by the board of governors of the European Stability Mechanism, or ESM, in accordance with Article 19 of the ESM treaty, of the ESM's direct recapitalisation...

Written Answers — Department of Finance: Tax Code (21 Oct 2014)

Michael Noonan: The EU VAT Directive, with which Irish VAT legislation must comply, provides a public interest exemption for education.  This exemption is set out in paragraph 4(3) of Schedule 1 of the Value-Added Tax Consolidation Act 2010 as children's or young people's education and school or university education provided by educational establishments recognised by the State and education of a...