Results 11,241-11,260 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: NAMA Operations (10 Jun 2014)

Michael Noonan: I am advised that NAMA, in selecting a service provider to provide internal audit services, undertook an open competitive tender process.  The selection of the winning bid was a matter for the  NAMA Board.

Written Answers — Department of Finance: Insurance Industry (10 Jun 2014)

Michael Noonan: In 2010,  at the request of the Central Bank of Ireland, Joint Administrators were appointed by the High Court under the Insurance No. 2 Act 1983 to Quinn Insurance Limited (QIL) because of concerns about the solvency position of that firm.   To date, a total of €1,118m has been drawn down from the Insurance Compensation Fund by the Joint Administrators. The Joint...

Written Answers — Department of Finance: Insurance Industry (10 Jun 2014)

Michael Noonan: In July 2012 the Joint Administrators of Quinn Insurance Limited (QIL) informed the High Court that they were considering taking legal action for negligence against the former auditors of QIL, PricewaterhouseCoopers. The proceedings were admitted to the Commercial Court on 29 July 2013 and QIL provided its statement of claim to PricewaterhouseCoopers on 24thSeptember 2013.  The...

Written Answers — Department of Finance: Tax Collection Forecasts (10 Jun 2014)

Michael Noonan: I am informed by the Revenue Commissioners that the full year cost to the Exchequer, estimated by reference to 2014 incomes, of decreasing the standard rate of Income Tax by 1 percentage point from 20% to 19%, would be approximately €453 million. These figures are estimated from the Revenue tax forecasting model, using actual data for the year 2011 adjusted as necessary for income,...

Written Answers — Department of Finance: Mortgage Resolution Processes (10 Jun 2014)

Michael Noonan: I propose to take Questions Nos. 176 and 177 together. The strong view of the Government is that, in respect of co-operating borrowers under the Central Bank's 'Mortgage Arrears Resolution Process', repossession of a person's primary home should only be considered as a last resort and that every effort should be made to agree a sustainable arrangement as an alternative to loss of ownership....

Written Answers — Department of Finance: Hidden Economy Monitoring Group Meetings (10 Jun 2014)

Michael Noonan: I propose to take Questions Nos. 178 and 179 together. I wish to inform the Deputy that the Hidden Economy Monitoring Group (HEMG) is a non-statutory multi-agency group (currently chaired by the Revenue Commissioners) comprising of business representative bodies (including the Construction Industry Federation), the Irish Congress of Trade Unions and the State agencies such as the Revenue...

Written Answers — Department of Finance: Construction Sector Strategy (10 Jun 2014)

Michael Noonan: The Government recently launched 'Construction 2020: A strategy for a renewed construction sector'. The purpose of the strategy is to underpin the future competitiveness of the country, ensuring that we continue to be well-positioned to attract the inward investment that has been so important to our economic development. The strategy includes the Government's desire for a return to...

Written Answers — Department of Finance: Tax Clearance Certificates (10 Jun 2014)

Michael Noonan: I have been advised by the Revenue Commissioners that they have not received a request for a tax clearance certificate from the person concerned. I have further been advised by the Revenue Commissioners that, having contacted the person concerned, they understand that a tax clearance certificate is required by him in relation to a local authority grant application. An application form...

Written Answers — Department of Finance: Ireland Strategic Investment Fund Investments (10 Jun 2014)

Michael Noonan: The National Treasury Management Agency (Amendment) Bill 2014, which is currently being debated by Dáil Éireann, will reorient the National Pensions Reserve Fund into the Ireland Strategic Investment Fund (ISIF), which will have a mandate to invest on a commercial basis in a manner designed to support economic activity and employment in Ireland.  This means the ISIF will have a...

Written Answers — Department of Finance: Ministerial Responsibilities (10 Jun 2014)

Michael Noonan: No order under the Ministers and Secretaries (Amendment)(No. 2) Act 1977 delegating functions to the Minister of State has been signed by me. However, following a Government decision of 18th October 2011, the Minister of State was assigned responsibility for International Tax Issues and Customs Reform. The senior civil servant with overall repsonsibility in the areas mentioned is the...

Written Answers — Department of Finance: Central Bank of Ireland (10 Jun 2014)

Michael Noonan: It has not been possible to obtain the information sought by the Deputy in the time available. However, it will be forwarded to the Deputy as soon as possible.

Written Answers — Department of Finance: Public Sector Staff (10 Jun 2014)

Michael Noonan: I have no role in relation to Section 14 (2) of the Public Service Management (Recruitment and Appointments) Act 2004.  The question of appointing an investigator is a matter for the Commission for Public Service Appointments However, as indicated in my reply to Parliamentary Question No. 49 of 28 May 2014, I am advised by the Revenue Commissioners that a full investigation has been...

Written Answers — Department of Finance: General Government Debt (10 Jun 2014)

Michael Noonan: As the Deputy points out, the deficit forecast for 2015 has changed since the SPU published in April 2013.  Given the significant number of moving parts, changes to the fiscal forecasts are not unusual.  The overall 2015 nominal deficit is some €1.2bn higher than estimated in April 2013.  This higher nominal deficit coupled with lower economic growth has resulted in the...

Written Answers — Department of Finance: Insurance Compensation Fund (10 Jun 2014)

Michael Noonan: The Insurance Compensation Fund (ICF) allows administrators to apply to the High Court for funding where necessary in order to enable meet their financial obligations as they arise. The ICF is funded by industry through a levy. However, because it is not pre-funded, there is a provision in the 1964 Insurance Act which allows the Minister for Finance to provide the necessary monies in the...

Written Answers — Department of Finance: National Debt (10 Jun 2014)

Michael Noonan: The recent Stability Programme Update 2014 projected general government interest payable in 2014 at just under €8 billion. As I outlined in my response to PQ 23246/14 recently, it is not possible to quantify that part of the debt interest bill that relates to the recapitalisation of the banks. It can only be tentatively estimated. Of the projected 2014 general government interest...

Written Answers — Department of Finance: National Debt (10 Jun 2014)

Michael Noonan: End-2013 general government debt, which is a gross measure, is estimated by the Central Statistics Office (CSO) at €202.9 billion or 123.7 per cent of GDP. The proceeds of all borrowing as well as revenues including tax and non-tax, and capital receipts are lodged to the Exchequer account to fund general expenditure. In general terms, no specific tranches of borrowing were undertaken...

Written Answers — Department of Finance: Mortgage Arrears Proposals (10 Jun 2014)

Michael Noonan: I have advised the Deputy recently that as statutory regulator of credit institutions, the Central Bank has the power, from both a prudential and consumer protection perspective, to require banks to meaningfully and sustainably address mortgage arrears cases on their books.  The Central Bank's Mortgage Arrears Resolution Targets (MART) process, as announced in March 2013, sets time bound...

Written Answers — Department of Finance: VAT Rate Reductions (10 Jun 2014)

Michael Noonan: As you will be aware, Irish VAT law must comply with EU VAT law and in this context, the application of VAT rates in general is determined by the EU VAT Directive. Member States must apply a standard VAT rate of 15% or greater and have the option of applying one or two reduced VAT rates of 5% or more to the goods and services listed in Annex III of the EU VAT Directive. Ireland operates a...

Written Answers — Department of Finance: Revenue Commissioners Court Hearings (10 Jun 2014)

Michael Noonan: I am advised by the Revenue Commissioners that they are awaiting a date and venue to have the case re-heard in the Dublin Circuit Court. On receipt of a reply from the County Registrar, Revenue will contact the person concerned with these details.

Written Answers — Department of Finance: Tax Code (5 Jun 2014)

Michael Noonan: I am informed by the Revenue Commissioners that the tax concession provisions for disabled drivers, passengers and organisations are contained in The Disabled Drivers and Disabled Passengers (Tax Concessions) Regulations 1994 (Statutory Instrument No. 353 of 1994). In order to qualify for remission from road tax and for fuel repayments the vehicle involved must first qualify for VRT/VAT tax...