Results 10,341-10,360 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Government Deficit (17 Sep 2014)

Michael Noonan: Government bodies which are considered to be commercial under government accounting guidelines are not classified within the general government sector. Consequently, current or future borrowings made by these entities have no effect on the overall government deficit or debt. However, there are some bodies which were set up under a commercial remit that are currently classified within the...

Written Answers — Department of Finance: Budget Measures (17 Sep 2014)

Michael Noonan: I am informed by the Revenue Commissioners that to date 10,398 individuals have availed of the option provided under section 782A of the Taxes Consolidation Act 1997 (as inserted by the Finance Act 2013) to access, before retirement, up to 30% of their Additional Voluntary Contributions (AVCs) with the amount withdrawn being subject to income tax (the withdrawals are exempt from...

Written Answers — Department of Finance: NAMA Operations (17 Sep 2014)

Michael Noonan: I am advised by NAMA that it has to date advanced €373m in vendor finance across six transactions involving the sale of commercial property securing its loans.   NAMA makes vendor finance available in the context of the sale of commercial property by its debtors and receivers.  Transactions to date have involved the sale of completed office and retail accommodation.

Written Answers — Department of Finance: NAMA Property Sales (17 Sep 2014)

Michael Noonan: NAMA has a policy of openly marketing all properties by its debtors and receivers wherever feasible. The Deputy may wish to consider the Comptroller and Auditor General's (C&AG) Special Report dealing with NAMA's progress over the period 2010 to 2012, which was published in April 2014.  The Report is available on the NAMA website, .  As part of this review, the C&AG...

Written Answers — Department of Finance: Disabled Drivers Grants (17 Sep 2014)

Michael Noonan: In April 2013 the European Court of Justice ruled that the excise relief on fuel element of the Disabled Drivers and Disabled Passengers Scheme is incompatible with the EU Energy Tax Directive.  My Department has informed the European Commission of my intention to remove the excise relief element of the scheme at the end of 2014 and replace it with a fuel grant scheme in...

Written Answers — Department of Finance: Disabled Drivers Grants (17 Sep 2014)

Michael Noonan: The Disabled Drivers and Disabled Passengers (Tax Concessions) Scheme provides relief from VAT and Vehicle Registration Tax (up to a certain limit), and exemption from motor tax, on the purchase of an adapted car for transport of a person with specific severe and permanent physical disabilities. The disability criteria for the tax concessions available under the scheme have changed over...

Written Answers — Department of Finance: Property Taxation Exemptions (17 Sep 2014)

Michael Noonan: I am advised by the Revenue Commissioners that while there is no specific exemption from Local Property Tax (LPT) for a household where high level care is provided, a residential property occupied by an individual who is disabled may qualify for a reduction in the market value of the property for LPT purposes.  Additionally, where a residential property is occupied by an individual who...

Written Answers — Department of Finance: Credit Unions Regulation (17 Sep 2014)

Michael Noonan: Section 90 of the Credit Union Act, 1997, provides that the Central Bank may appoint an authorised officer to carry out an inspection and to provide a report of the inspection to the Central Bank. Section 24 of the Central Bank (Supervision and Enforcement) Act, 2013 provides that an authorised officer can include any officers or employees of the Central Bank or other suitably qualified...

Written Answers — Department of Finance: Credit Unions (17 Sep 2014)

Michael Noonan: I have been informed by the Central Bank that section 76 of the Central Bank and Credit Institutions (Resolution) Act 2011 provides that the Companies Acts apply to the winding-up of an authorised credit institution. The approval of the remuneration of the liquidators in the case of Berehaven Credit Union Limited is therefore a matter for the Courts. The matter has yet to be considered and...

Written Answers — Department of Finance: Credit Unions (17 Sep 2014)

Michael Noonan: Credit unions are expected to fully comply with all legal and regulatory obligations including all data protection requirements. It is further expected that all credit unions fully co-operate with the Office of the Data Protection Commissioner in relation to any matters raised. Under Section 27(A)(1) of the Credit Union Act, 1997, a credit union is required to maintain...

Written Answers — Department of Finance: EU Directives (17 Sep 2014)

Michael Noonan: Ireland, during its Presidency of the EU Council, steered the negotiations with the European Parliament on the revised Transparency Directive to successful conclusion. The new rules will prevent the secret building up of a holding 'hidden ownership' by requiring the disclosure of holdings of a wider range of instruments including contracts for differences, swaps, futures and other cash...

Written Answers — Department of Finance: Tax Code (17 Sep 2014)

Michael Noonan: I am informed by the Revenue Commissioners that a contract for difference (CFD) is a form of derivative instrument that enables an investor to take a position on a share in a company and its likely performance (either a rise or fall in share value) without owning the shares.The contract is between two parties, usually described as "buyer" and "seller", stipulating that the seller will pay to...

Written Answers — Department of Finance: NAMA Loans Sale (17 Sep 2014)

Michael Noonan: The issue raised by the Deputy is a commercial matter for NAMA. NAMA's policy is to ensure that assets offered for sale are subject to a competitive bidding process with the objective of obtaining the best price available in the market for the ultimate benefit of all Irish taxpayers. NAMA does not give preferential treatment to particular bidders based on their country of origin or on their...

Written Answers — Department of Finance: NAMA Operations (17 Sep 2014)

Michael Noonan: I have made four of the ten direction orders to NAMA under the NAMA Act.  I have also made four direction orders to NAMA under the IBRC Act 2013.I have set out the details of each direction below. A copy of each Direction Order was laid before the Houses of the Oireachtas and published in Iris Oifigiúil at the time. Directions made by me...

Written Answers — Department of Finance: NAMA Loans Sale (17 Sep 2014)

Michael Noonan: I am not aware that the ruling has any implications for NAMA's policy of ensuring that assets are offered for sale to the open market so as to optimise the proceeds realised for the benefit of Irish taxpayers. It would not be appropriate for me to comment any further on matters that are before the Courts other than to say that NAMA is not party to the proceedings to which the Deputy refers.

Written Answers — Department of Finance: NAMA Loans Sale (17 Sep 2014)

Michael Noonan: The strategy informing the sale of loans by NAMA and the sale of properties by NAMA debtors and receivers is a commercial matter for NAMA.    More generally, I do not intend to put NAMA and, by extension, Irish taxpayers, at a competitive disadvantage relative to other deleveraging entities through the imposition of restrictions or curtailments on its ability to recover maximum...

Written Answers — Department of Finance: VAT Exemptions (17 Sep 2014)

Michael Noonan: I propose to take Questions Nos. 232 and 243 together. The VAT rating of goods and services is constrained by the requirements of EU VAT law with which Irish VAT law must comply.  Defibrillators, other than implantable defibrillators, are liable to VAT at the standard rate of 23%. Parts or accessories and training are also liable to VAT at the standard rate. There is no provision in...

Written Answers — Department of Finance: Government Deficit (17 Sep 2014)

Michael Noonan: The European System of National and Regional Accounts (ESA) define the accounting rules utilised by Member States and are consistent with the United Nations System of National Accounts (SNA) in definitions, accounting rules, and classifications. ESA 2010 are an update of the current rules of national accounts (ESA 95) and must be adopted by all member states by September 2014. The primary...

Written Answers — Department of Finance: Tax and Social Welfare Codes (17 Sep 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...

Written Answers — Department of Finance: Mortgage Data (17 Sep 2014)

Michael Noonan: As the Deputy will be aware there are a range of consumer protection measures in place for consumers with tracker mortgages. In the case of those in mortgage difficulty the Central Bank's Code of Conduct on Mortgage Arrears (CCMA) sets out requirements for mortgage lenders when dealing with borrowers facing or in arrears on a mortgage which is secured on a primary residence. The CCMA...