Results 10,361-10,380 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: National Debt (17 Sep 2014)

Michael Noonan: A time series on the outstanding stock of national debt and the servicing of national debt are available in the Budgetary & Economic Statistics published by my Department. However, as general government debt expressed as a percentage of gross domestic product is the standard metric internationally for assessing debt levels, this is the more appropriate metric to look at.  On that...

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

Michael Noonan: I have been informed that the legal entity Newbridge Credit Union Limited was placed in liquidation following an order of the High Court granted on 16 December 2013. The Newbridge Credit Union building remains in the ownership of the legal entity Newbridge Credit Union Limited.  The liquidation process is ongoing.  permanent tsb has made arrangements with the Liquidator to...

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

Michael Noonan: While the Government is absolutely determined to support a strengthened and growing credit union movement and has highlighted its support for the return of credit union services to Newbridge, my role is to ensure the legal framework for credit unions is appropriate for the effective operation and supervision of the sector. I have been informed by the Central Bank that...

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

Michael Noonan: The position is that the PAYE allowance, as it was then, was introduced in 1980 to improve the tax progression of PAYE taxpayers and to take account of the fact that the self-employed generally then had the advantage of paying tax on a preceding year basis. The argument was also made at the time that the general scheme of allowances for expenses discriminated against employees and in favour...

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

Michael Noonan: I have received the report from Fáilte Ireland as part of the Budget submission from the Minister for Transport, Tourism and Sport. As with all pre-Budget submissions, the proposals will be considered as part of the wider budgetary objectives. The 9% reduced VAT rate for tourism related services was introduced in July 2011 as part of the Government Jobs Initiative. The measure was...

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

Michael Noonan: I am advised by the Revenue Commissioners that the VAT rating of goods and services is subject to the requirements of EU VAT law, with which Irish VAT law must comply. While we can maintain the zero rating on those goods and services which were zero-rated before 1 January 1991, the goods and services referred to by the Deputy do not fall within this category. Similarly, Member States may only...

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

Michael Noonan: I note the recommendations contained in the Report of the Oireachtas Joint Committee on Finance, Public Expenditure and Reform in relation to mortgage arrears.  The Deputy is aware that the Government has developed a comprehensive cross-Departmental strategy in this area in line with the main recommendations of the 2011 Keane Report. The implementation of this strategy is overseen at...

Written Answers — Department of Finance: Excise Duties (17 Sep 2014)

Michael Noonan: The correspondence attached to the Deputy's question makes a number of points in relation to excise duty increases in Budgets 2013 and 2014.  The correspondence also refers to the incentive for cross-border shopping and the risks to tourism resulting from increases in excise on alcohol. The increases to excise duty on alcohol in Budgets 2013 and 2014 must be seen firstly in the context...

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

Michael Noonan: I am aware of, and have sympathy for, the difficulties some mortgage holders are encountering as a result of finding themselves in the situations which you have outlined in your question. My officials are currently examining this matter as part of the normal budgetary deliberative process. However, there are a considerable number of complex policy issues that would need to be...

Written Answers — Department of Finance: Banking Sector (17 Sep 2014)

Michael Noonan: Irish financial services legislation, including Codes issued by the Central Bank of Ireland, provide strong protections to borrowers when dealing with regulated lenders. In particular, for borrowers facing financial difficulty on a mortgage which is secured on a primary residence, the Central Bank's Code of Conduct on Mortgage Arrears ("CCMA") sets out requirements for mortgage lenders...

Written Answers — Department of Finance: National Debt (17 Sep 2014)

Michael Noonan: One the key benefits of establishing Irish Water as a commercial utility is that it will be able to access capital markets to raise the funds needed to tackle infrastructure deficit in water services infrastructure in a timely manner.  So, in the future, the borrowings of Irish Water will not affect the national or general government debt.  To access capital markets, Irish Water...

Written Answers — Department of Finance: Departmental Contracts (17 Sep 2014)

Michael Noonan: In replying to this question, I have limited the response to services received from, or provided to, other Government Departments for 2014. Following the split of the Department in July 2011, and the establishment of the Department of Public Expenditure and Reform (DPER), my Department entered into an administrative arrangement whereby the Department of Finance continued to organise all...

Written Answers — Department of Finance: Scottish Referendum (17 Sep 2014)

Michael Noonan: The Government's consistent position has been that the issue of Scottish independence is a matter for decision by the people of Scotland. The Government has adopted a strictly neutral approach to the debate in Scotland and has avoided speculation on, or anticipation of, potential outcomes. Our impartiality should not however be mistaken for indifference. We fully recognise the...

Written Answers — Department of Finance: Banking Sector (17 Sep 2014)

Michael Noonan: I have been informed that the detailed modalities of the ECB proposal to purchase Asset Backed Securities ("ABS") and Covered Bonds ("ACS") will not be announced until after the ECB Governing Council meeting on 2 October 2014.  As a result it is currently unclear whether existing bonds retained as collateral or newly created bonds by relevant banks in Ireland will be eligible for...

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

Michael Noonan: I am informed by the Revenue Commissioners that the Stamp Duties Consolidation Act 1999 ("the Act")contains specific provisions governing the apportionment of the overall consideration in mixed sales  as between residential and non-residential parts of properties for the purposes of determining the appropriate rate of stamp duty to be applied. These provisions are contained in Section 45...

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

Michael Noonan: The Deputy will be aware that Local Property Tax (LPT) statistics are only available for 2013 and 2014 as LPT was introduced in July 2013. I am informed by the Revenue Commissioners that compliance data in relation to the Local Property Tax (LPT) is available broken down by city and county councils nationally and the most up to date figures for LPT collected in 2013 and 2014 were published...

Written Answers — Department of Finance: Financial Services Ombudsman (17 Sep 2014)

Michael Noonan: At the outset, I should state that primary responsibility for pensions policy rests with the Minister for Social Protection. However, the services provided by the Financial Services Ombudsman (FSO) supplement the availability of the courts to adjudicate on disputes involving financial services products. FSO complaints are free of charge to the consumer. The legislation...

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

Michael Noonan: The legislation governing personal loans of €200 and over is the European Communities (Consumer Credit Agreements) Regulations 2010, as amended.  This legislation established common rules on consumer credit aimed at harmonising certain aspects of the laws, regulations and administrative provisions on consumer credit in the EU. It increased the transparency of contractual...

Written Answers — Department of Finance: Universal Social Charge Yield (17 Sep 2014)

Michael Noonan: The receipts collected under the Universal Social Charge (USC) are listed in the table below. It is important to take into account that these figures are based on end-year outturns and are on a Revenue Net Receipt basis. These can differ slightly from Exchequer Receipts for reasons of accounting and timing. USC Social Charge 2011 € m 2012 € m 2013 € m USC Net...

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

Michael Noonan: NAMA has reported profits in the last three of the four years in which it has been in operation and reported net reserves of over €800m at end-2013. The profit and loss position for each year is set out in a series of NAMA annual reports and financial statements, which are publicly available on the NAMA website,