Results 12,221-12,240 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: NAMA Portfolio (25 Mar 2014)

Michael Noonan: I propose to take Questions Nos. 209 and 213, inclusive, and 257 together. This matter was comprehensively addressed by my colleague Minister Bruton during a discussion in the Oireachtas two weeks ago.  As the Oireachtas is aware the company referred to is the subject of a court-appointed Examinership process under the supervision of the High Court and it is important that the...

Written Answers — Department of Finance: Mortgage Resolution Processes (25 Mar 2014)

Michael Noonan: As the deputy will be aware Tracker mortgages were a particular feature of the Irish mortgage market in the recent past with many tracker mortgages originated during the property market boom in 2004 to 2008. During recent Review Missions of the Troika, the Irish authorities discussed the issues associated with these assets which were again highlighted in the recent European...

Written Answers — Department of Finance: Action Plan for Jobs (25 Mar 2014)

Michael Noonan: The Government recognises that SMEs are the lifeblood of the economy and will play a vital role in the recovery of employment growth in our country. Government policy is focused on ensuring that all viable SMEs have access to an appropriate supply of credit from a diverse range of bank and non-bank sources. As the Deputy is aware, one of the commitments contained in the "Access to Finance"...

Written Answers — Department of Finance: Action Plan for Jobs (25 Mar 2014)

Michael Noonan: The Government recognises that SMEs are the lifeblood of the economy and play a vital role in the continuing recovery of employment growth in our country.  Government policy since 2011 has focused on ensuring that all viable SMEs have access to an appropriate supply of credit from a diverse range of bank and non-bank sources. While I note Professor Kelly's recent statements...

Written Answers — Department of Finance: Action Plan for Jobs (25 Mar 2014)

Michael Noonan: As the Deputy is aware, I announced in Budget 2014 that the Government is developing a comprehensive communication strategy to increase awareness of the full suite of developmental business supports, totalling approximately €2bn, which is available from State bodies and agencies.  To date, a number of initiatives have been undertaken to make information available to SMEs on the...

Written Answers — Department of Finance: IBRC Staff (25 Mar 2014)

Michael Noonan: I propose to take Questions Nos. 218, 225 and 258 together. I can confirm that senior officials from the Department have met with the person named and are continuing to engage with all parties in relation to staff concerns in IBRC. The Special Liquidators have indicated that they remain highly cognisant of the issues that the IBOA have been highlighting and that significant steps...

Written Answers — Department of Finance: Price Inflation (25 Mar 2014)

Michael Noonan: Inflation as measured by the Harmonised Index of Consumer Prices (HICP), the comparable measure of inflation across the euro area, was forecast for Ireland at 1.2 per cent in 2014 and 2.0 per cent respectively for 2015 and 2016 at Budget time. There are a  number of channels through which price developments impact on the economy. For instance, higher inflation could lead to a decrease...

Written Answers — Department of Finance: Tax Code (25 Mar 2014)

Michael Noonan: I am informed by the Revenue Commissioners that the export repayment scheme is provided for in section 135D, Finance Act 1992 and was commenced on 8 April 2013. It is first of all necessary to look at the background to the scheme.  In 2010 the European Commission initiated infringement proceedings against Ireland on the basis that "the effect of the Irish provisions relating to Vehicle...

Written Answers — Department of Finance: Corporation Tax (25 Mar 2014)

Michael Noonan: In terms of the impact for fiscal year 2014 we have not assumed any direct fiscal cost of this measure. The banks have yet to report a return to pre-tax profitability and while the latest market forecasts suggest one of the banks will indeed make a profit this year, these are projections.  One also needs to remember that the banks earn profits from many sources, and it is the Irish...

Written Answers — Department of Finance: Mortgage Protection Policies (25 Mar 2014)

Michael Noonan: The Central Bank has informed me that it does not publish the figures requested by the Deputy. The Central Bank has advised that if a consumer does not pay the premium on their life assurance or mortgage protection policy, the cover will lapse.  The insurance company then informs the relevant bank of this fact. However, if the bank is collecting the premium for the insurer, the...

Written Answers — Department of Finance: Mortgage Interest Relief Extension (25 Mar 2014)

Michael Noonan: The position is that in Finance Act 2010, mortgage interest relief was extended up to end of 2017 for those whose entitlement to relief was due to end in 2010 or after.  Therefore, tax relief will continue to be available in respect of interest paid by an individual on qualifying home loans taken out on or after 1 January 2004 and on or before 31 December 2012, regardless of whether they...

Written Answers — Department of Finance: Mortgage Interest Relief Extension (25 Mar 2014)

Michael Noonan: This question relates to the interest restriction applying to residential lettings, whereby the deductibility of interest in computing taxable rental income from residential property (insofar as it would otherwise be allowable) is limited to 75% of such interest. I am informed by the Revenue Commissioners that, regardless of when a buy to let property is purchased, rental income for tax...

Written Answers — Department of Finance: Departmental Meetings (25 Mar 2014)

Michael Noonan: I can confirm that there while there were three meeting requests received on behalf of Philanthropy Ireland in the years 2011, 2012 and 2013, neither I nor officials of my Department  met with same due to conflicting diary and schedule committments.

Written Answers — Department of Finance: Tax Credits (25 Mar 2014)

Michael Noonan: The Deputy will be aware that the One-Parent Family Credit has been replaced with a new Single Person Child Carer Credit from 1 January 2014.   The restructured credit is of the same value i.e. €1,650 per annum as the one-parent family credit and also includes the same entitlement to the additional €4,000 extended standard rate band, which increases it to...

Written Answers — Department of Finance: VAT Rebates (25 Mar 2014)

Michael Noonan: VAT registered traders, such as agricultural contractors and road haulage operators, have an entitlement to deduct the VAT charged to them on diesel used for business purposes. However, I am advised by the Revenue Commissioners that, following confirmation from the Deputy, the question is intended to apply to the diesel rebate scheme. Under this scheme, qualifying road transport...

Written Answers — Department of Finance: Mortgage Data (25 Mar 2014)

Michael Noonan: As the Deputy may be aware, lending institutions in Ireland, including those in which the State has a significant shareholding, are independent commercial entities and I do not interfere in the specific decisions of banks regarding their lending decisions. Mortgage lending decisions must be undertaken on a sustainable and prudential basis by financial institutions and conform fully with...

Written Answers — Department of Finance: Mortgage Data (25 Mar 2014)

Michael Noonan: The Deputy himself has highlighted the need to protect the privacy of individual lenders. I too would be concerned that providing anonymised information in relation to a subset of lenders could be commercially sensitive because of how the information could be manipulated. However, I can advise the Deputy that the most recent IBF figures show that...

Written Answers — Department of Finance: Bank Charges (25 Mar 2014)

Michael Noonan: I have no role with regard to the regulation of ATM charges. The Central Bank has informed me that, under section 149 of the Consumer Credit Act 1995 (as amended), regulated financial institutions must seek, and be granted, approval from the Central Bank to impose charges relating to certain products and services, including cash withdrawals at ATMs. Each institution has a maximum...

Written Answers — Department of Finance: Banking Operations (25 Mar 2014)

Michael Noonan: I have been advised by the Central Bank that the banks in Ireland have varying policies with regard to the issue of bank drafts. These policies are operational matters for the management board of each bank concerned and I do not propose to comment on this matter. However, I would advise a customer to seek information in relation to drafts directly from his or her own bank. I...

Written Answers — Department of Finance: Tax Yield (25 Mar 2014)

Michael Noonan: I am informed by the Revenue Commissioners that the relevant information available of net receipts on a geographical basis is estimated on the basis of "bailiwick" (meaning the jurisdiction or boundaries within which Revenue Sheriffs, County Registrars or their officers operate for the purposes of enforcement of tax debt). Bailiwick broadly equates geographically with "county". It should...