Results 10,041-10,060 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Bank Restructuring (7 Oct 2014)

Michael Noonan: Permanent TSB ("PTSB") confirmed that there were €680 million of loans 'Held for Sale' as at 30 June 2014, comprising of the Springboard Mortgages loan book and a tranche of CHL. The information is available on page 14 of their interim results presentation (). PTSB subsequently announced the sale of the CHL tranche on the 26th September last. I would also like to...

Written Answers — Department of Finance: IBRC Loans (7 Oct 2014)

Michael Noonan: Kieran Wallace and Eamonn Richardson were appointed by R3768723 Limited (a subsidiary of Alchemy Limited) as receivers and managers over Resource Facility Support Limited and not by any of the purchaser(s) of the loan assets of Irish Bank Resolution Corporation Limited (in Special Liquidation) ( IBRC ). I am advised by the Special Liquidators that they are satisfied that no conflict of...

Written Answers — Department of Finance: IBRC Loans (7 Oct 2014)

Michael Noonan: As the Deputy is aware and further to Parliamentary Questions No. 195 of 15 July 2014 and No. 321 of 17 September 2014 relating to certain unspecified assets of the Irish Bank Resolution Corporation Assurance Company Limited, the Special Liquidators cannot comment on the assets of IBRC Assurance Company Limited as this is a separate legal entity to Irish Bank Resolution Corporation...

Written Answers — Department of Finance: Financial Services Regulation (7 Oct 2014)

Michael Noonan: Primary responsibility for the supervisory oversight and regulation of financial institutions, funds and insurance companies rests with the Central Bank of Ireland. Where the new owners of the loan books are regulated entities, or become regulated entities, they are subject to regulation and oversight by the Central Bank of Ireland. They must comply with the various Central Bank Codes...

Written Answers — Department of Finance: Irish Fiscal Advisory Council (7 Oct 2014)

Michael Noonan: The Irish Fiscal Advisory Council was established in 2011, and became a statutory body when the Fiscal Responsibility Act 2012 came into force on 31 December 2012. Since the establishment of the Irish Fiscal Advisory Council, the Council has published six Fiscal Assessment Reports, all of which can be found on the Fiscal Council's website. I respond to these reports, usually in my next...

Written Answers — Department of Finance: NAMA Operations (7 Oct 2014)

Michael Noonan: The Deputy is incorrect to suggest that NAMA intends to evolve into a property developer. NAMA's mandate is to achieve the best financial return for the State from the loans acquired by it and the asset management of the underlying security.  The provision of development finance to enhance the ultimate disposal value of assets securing its loans is entirely consistent with this mandate....

Written Answers — Department of Finance: Tax Code (7 Oct 2014)

Michael Noonan: Capital Acquisitions Tax (CAT) is the overall name for both gift and inheritance tax. For the purposes of CAT, the position is that the relationship between the person who provides the gift or inheritance (i.e the disponer) and the person who receives the gift or inheritance (i.e the beneficiary) determines the maximum tax-free threshold known as the "Group threshold" below which gift or...

Written Answers — Department of Finance: Exchequer Returns (7 Oct 2014)

Michael Noonan: In relation to carryover effects as a result of tax measures introduced in Budget 2014, it is estimated that there will be a small negative carryover into 2015 in the region of €2 million. Separately, there are a number of measures, which were announced in previous Budgets and legislated for in the relevant Finance Acts, which are due to either cease or take effect in 2015.  Of...

Written Answers — Department of Finance: Excise Duties (7 Oct 2014)

Michael Noonan: It is not my practice to comment on what measures may or may not be introduced in advance of the Budget.

Written Answers — Department of Finance: Mortgage Interest Rates (7 Oct 2014)

Michael Noonan: Firstly, I must confirm to the Deputy that the lending institutions in Ireland -  including those in which the State has a shareholding - are independent commercial entities. I have no statutory role in relation to regulated financial institutions passing on the European Central Bank interest rate change or in relation to the mortgage interest rates charged.  It is a...

Written Answers — Department of Finance: Universal Social Charge Yield (7 Oct 2014)

Michael Noonan: As the Deputy will be aware, Finance Act 2012 introduced a surcharge of 5% on the amount of income sheltered by property reliefs in a given year. The surcharge is effective from 1 January 2012 and applied to individuals with gross incomes exceeding €100,000. It is tentatively estimated that the yield from increasing the surcharge to 10% could be of the order of €6 million in a...

Written Answers — Department of Finance: Tax Yield (7 Oct 2014)

Michael Noonan: I am advised by the Revenue Commissioners that the full year yield to the Exchequer from confining relief for expenses allowable to employees to the standard rate of Income Tax, calculated with reference to tax returns made in respect of the year 2012, the most recent year for which the necessary data are available, would be of the order of €28m.

Written Answers — Department of Finance: Tax Yield (7 Oct 2014)

Michael Noonan: I assume that the Deputy is referring to the current annual earnings cap of €115,000, which operates to limit the level of tax-relieved personal pension contributions in any one year. The annual earnings cap acts, in conjunction with age-related percentage limits of annual earnings, to put a ceiling on the annual amount of tax relief an individual taxpayer can obtain on pension...

Written Answers — Department of Finance: Tax Yield (7 Oct 2014)

Michael Noonan: Based on a yield in 2013 of €25.4 million under the current betting duty regime, an increase in betting duty as set out by the Deputy would yield in the order of €30 million and €40 million, respectively. The Finance Act 2011 provided for the application of 1% betting duty to the bets that remote bookmakers enter into with persons in the State and a 15% tax on...

Written Answers — Department of Finance: Tax Yield (7 Oct 2014)

Michael Noonan: The Irish Heart Foundation have proposed the introduction of volumetric tax on sugar sweetened drinks to increase prices by at least 20%. A volumetric tax, such as that applied by France and Finland to sugar sweetened drinks, is traditionally levied by reference to a particular volume of product, such as per hectolitre. Given retail prices are at the discretion of the retailer,...

Written Answers — Department of Finance: Tax Yield (7 Oct 2014)

Michael Noonan: Increasing the price of a packet of cigarettes by €1, with a pro-rata increase on all other tobacco products, would yield €123.5 million in a full year, and €19.5 million from Budget night to the end of the current year. I would caution that this estimate assumes no exceptional change in consumer behaviour. Such a large increase could lead to consumers...

Written Answers — Department of Finance: Excise Duties (7 Oct 2014)

Michael Noonan: I propose to take Questions Nos. 192 to 195, inclusive, together. The increases to excise duty on alcohol in Budgets 2013 and 2014 must be seen firstly in the context of the Government's need to raise revenue to provide services.  Secondly, these increases should not be viewed in isolation but together with the history of excise rates on alcohol in Ireland.  To this end I would...

Written Answers — Department of Finance: Tax Credits (7 Oct 2014)

Michael Noonan: Tax relief is not available to parents in respect of creche fees or childcare costs. However, I can assure the Deputy that the Government acknowledges the continuing cost pressures on parents, particularly those with young children. In recognition of these cost pressures, a number of support measures are in place to ease the burden on working parents. These include the...

Written Answers — Department of Finance: Tax Forms (7 Oct 2014)

Michael Noonan: I propose to take Questions Nos. 197 and 198 together. I am advised by the Revenue Commissioners that the legislation underpinning the Form RCT1 has recently been fundamentally reformed.  Form RCT1 and Form C2 were part of the paper based relevant contracts tax (RCT) system that was abolished with effect from 31 December 2011.  If the Deputy is aware of the continued use of such...

Written Answers — Department of Finance: Tax Credits (7 Oct 2014)

Michael Noonan: As the Deputy is aware, the One-Parent Family Tax Credit (OPFTC) has been replaced with the Single Person Child Carer Credit from 1 January 2014.   However, the reformed credit is more targeted in that it is, in the first instance, only available to the primary carer of the child. Given the difficult fiscal environment, it is essential to review all tax reliefs, credits and...