Results 17,021-17,040 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: National Pensions Reserve Fund (26 Mar 2013)

Michael Noonan: The NPRF is classified within the general government sector. Its contribution to the general government balance (GGB) is shown in table 21a of the National Income and Expenditure 2011 published by the CSO. The table below sets out the net lending/borrowing of the NPRF; the amounts transferred to the NPRF from the Exchequer; the amount transferred from the NPRF to the Exchequer in 2011...

Written Answers — Department of Finance: VAT Rates (26 Mar 2013)

Michael Noonan: The VAT rating of goods and services is subject to the requirements of EU VAT law with which Irish VAT law must comply. In Ireland the zero rate applies to printed books, including atlases, children’s picture, drawing and colouring books and books of music. It is possible for Ireland to apply the zero rate to printed books because Ireland applied the zero rate to these books on and...

Written Answers — Department of Finance: European Central Bank (26 Mar 2013)

Michael Noonan: The mandate of the ECB is set down in the European Treaties and the ECB is independent in the exercise of its functions. I am not aware of any proposal for Treaty change to broaden the mandate of the European Central Bank into the area of aiding and promoting growth. The proposal for a Single Supervisory Mechanism (SSM) does not include any such proposal.

Written Answers — Department of Finance: VAT Rates (26 Mar 2013)

Michael Noonan: The VAT rating of goods and services is subject to the requirements of EU VAT law with which Irish VAT law must comply. In Ireland the zero rate applies to printed books, including atlases, children’s picture, drawing and colouring books and books of music. It is possible for Ireland to apply the zero rate to printed books because Ireland applied the zero rate to these books on and...

Written Answers — Department of Finance: Cypriot Financial System (26 Mar 2013)

Michael Noonan: I propose to take Questions Nos. 218 to 220, inclusive, together. I am informed by the Central Bank of Ireland that the exposure of the covered banks to Cypriot sovereign bonds is zero. I have no information on the exposure of Irish households to Cypriot sovereign bonds and businesses to the Cypriot financial system. The Central Bank does not disclose details of specific exposures...

Written Answers — Department of Finance: State Banking Sector (26 Mar 2013)

Michael Noonan: Firstly, I would like to point out that since the Irish covered banks were recapitalised in July 2011 they’ve experienced deposit inflows of c.€14.8 billion. Deposits have increased by €7.7bn year on year to the end of February 2013. It is also important to note that the covered banks have raised significant funding on international capital markets, both through public...

Written Answers — Department of Finance: State Debt (26 Mar 2013)

Michael Noonan: As of end-February 2013, the nominal United Kingdom (UK) bilateral loan sterling amount under the EU/IMF Programme was £2.02 billion. The end-February euro equivalent amount, taking account of the effect of currency hedging transactions, was €2.45 billion. Taking account of the latest £0.4 billion disbursement on 6 March, the overall nominal total now stands at £2.42...

Written Answers — Department of Finance: Tax Compliance (26 Mar 2013)

Michael Noonan: I understand that the UK Chancellor of the Exchequer, in the context of a range of anti-avoidance measures announced in his recent Budget Statement, indicated that it is the intention of the Government to undertake, through HMRC, a consultation process during the summer in respect of a package of information powers, penalties and other measures including the possible use of “naming and...

Written Answers — Department of Finance: Mortgage Arrears Rate (26 Mar 2013)

Michael Noonan: I propose to take Questions Nos. 224 to 226, inclusive, together. The Central Bank commenced the quarterly publication of mortgage and mortgage arrears data from the period ending September 2009. The most recent available data, which is for the quarter ending December 2012, indicates that 11.9% of PDH mortgages and 18.9% of BTL mortgages were in arrears of more than 90 days. The Central...

Written Answers — Department of Finance: Tax Collection (26 Mar 2013)

Michael Noonan: The legislation underpinning mandatory e-filing-paying was introduced in 2008 on a phased basis, commencing with large companies, and extending to Government Departments, Public Bodies, all other companies and certain self-assessed individuals. Businesses and self-assessed individuals within certain categories must meet their tax filing and paying obligations using the Revenue On-Line...

Written Answers — Department of Finance: Tax Credits (26 Mar 2013)

Michael Noonan: I am advised by the Revenue Commissioners that there has been protracted correspondence regarding the validity of the claim for the single parent tax credit by the person in question. I am further advised that the latest submission in support of the claim was received from the individual on 14th March 2013. This correspondence will be examined by the Revenue Commissioners within the next...

Written Answers — Department of Finance: Public Sector Remuneration (26 Mar 2013)

Michael Noonan: The information requested by the Deputy could not be collated in the time available. My Department will respond directly to the Deputy as soon as possible.

Other Questions: Property Taxation Exemptions (21 Mar 2013)

Michael Noonan: No such application has been entertained yet. We can raise the issue with the Revenue but it is news to me that it is happening.

Other Questions: Property Taxation Exemptions (21 Mar 2013)

Michael Noonan: I will. I have not heard it is happening. We will see. In response to Deputy Wallace’s question on the house valuation, what Revenue says is that it is up to the householder to value the house and return it to Revenue. If the valuation is in its opinion honest, it will be accepted. Obviously, if an estate is one in which pyrite is present in many of the houses and that reduces...

Other Questions: Property Taxation Exemptions (21 Mar 2013)

Michael Noonan: The Department of the Environment, Community and Local Government came up with the exemptions. What I did in the Act – with the approval of everyone – was to exempt certain categories of house, and we exempted houses in ghost estates. It was then up to the Department of the Environment, Community and Local Government, in consultation with local authorities, to nominate the...

Other Questions: Bank Debt Restructuring (21 Mar 2013)

Michael Noonan: The best I can say is that it is a work in progress. The deleveraging is almost complete. If deleveraging was putting a brake on lending, that brake is no longer there to any extent. We set targets for the banks. In 2011, €3 billion was sanctioned. In 2012, it was €3.5 billion. There is a €4 billion target for 2013. This is in the form of new or increased credit...

Other Questions: Property Taxation Exemptions (21 Mar 2013)

Michael Noonan: As I have previously advised the Deputy, I have no plans to provide for an exemption from the local property tax for properties affected by radon gas. I am advised by the Minister for the Environment, Community and Local Government that high radon levels in homes are easy to identify and, once identified, are relatively simple to fix. The testing of houses for radon is a relatively...

Other Questions: Property Taxation Exemptions (21 Mar 2013)

Michael Noonan: The tax is based on a self-assessment of the value of the property. If a house has any impairment, be it subject to flooding or a high instance of radon gas, the person assessing the value of his or her home will take it into account. If there is radon in a home and a similar house up the street does not have radon, the value should be marked down when submitting a return to Revenue. This...

Other Questions: Bank Debt Restructuring (21 Mar 2013)

Michael Noonan: As the Deputy will be aware, the Irish authorities have taken a wide range of restructuring measures to tackle the banking crisis over the past three years. The deleveraging programme set out in the financial measures programme in 2011 was an integral part of this process. By reducing the size of the banking system, deleveraging was intended to reduce bank reliance on wholesale and central...

Other Questions: Bank Debt Restructuring (21 Mar 2013)

Michael Noonan: The Government puts lending targets on the banks. For 2011 and 2012, they achieved their targets. As the Deputy says, the SME sector are also repaying loans. Both sides of the balance sheet must be taken into account. There is a general problem with credit in the domestic economy but some of it stems from lack of demand for credit rather than lack of supply. Until confidence rebuilds we...