Results 20,421-20,440 of 27,019 for speaker:Michael Noonan

Leaders' Questions (8 Jul 2015)

Michael Noonan: We do not have an army council here.

Topical Issues: Tracker Mortgage Data (8 Jul 2015)

Michael Noonan: I thank Deputy Jim Daly for raising this issue. I am not sure my scripted response will be an appropriate answer to the issues he has raised now, but I will read it anyway and we can talk about it at the end. As Deputies will be aware, the code of conduct on mortgage arrears, CCMA, provides a strong consumer protection framework for borrowers. One of the elements contained in the code is...

Topical Issues: Tracker Mortgage Data (8 Jul 2015)

Michael Noonan: I thank Deputy Jim Daly. The Central Bank is independent and I cannot compel it to provide the Deputy with the information he requests. However, I will get my officials to forward copies of Deputy Jim Daly's interventions today to the Governor of the Central Bank and ask him to provide the Deputy with the information requested or, if he is unable to do that, to provide an explanation as to...

Central Bank (Variable Rate Mortgages) Bill 2015: Second Stage (Resumed) [Private Members] (8 Jul 2015)

Michael Noonan: I thank Deputy McGrath for the Bill. I was sorry I could not be here yesterday but I was in Brussels. The Government is concerned about the issue of the high mortgage repayments being faced by mortgage holders and I have made it clear that the issue of a penal banking levy in the budget or powers for the Central Bank to regulate interest rates will be considered if sufficient progress on...

Written Answers — Department of Finance: Home Renovation Incentive Scheme Data (8 Jul 2015)

Michael Noonan: Data relating to the home renovation incentive scheme is available from the statistics section of the Revenue website at www.revenue.ie/en/about/statistics/index.html. In particular, the data requested by the Deputy, including a breakdown by county, are available in the "Tax Expenditures" section of the page at www.revenue.ie/en/about/statistics/hri-stats.pdf. These statistics will be updated...

Written Answers — Department of Finance: Home Renovation Incentive Scheme (8 Jul 2015)

Michael Noonan: As the Deputy is aware, the Home Renovation Incentive (HRI) was introduced in Budget 2014 and will run until the end of December this year. The incentive provides tax relief for homeowners by way of a tax credit at 13.5% of qualifying expenditure incurred on repair, renovation or improvement work carried out on a principal private residence. This is not a grant. In Budget 2015...

Written Answers — Department of Finance: Tax Reliefs Availability (8 Jul 2015)

Michael Noonan: In the recent past, under the Rural Renewal and Town Renewal Schemes, tax relief in the form of Owner/Occupier relief and Section 23 rented residential relief was made available for expenditure incurred on the construction, conversion and refurbishment of residential property. The Town Renewal Scheme applied in certain designated towns while the Rural Renewal Scheme applied in the counties...

Written Answers — Department of Finance: Departmental Schemes (8 Jul 2015)

Michael Noonan: My Department has not administered any grant schemes for community groups or projects over the past four years. 

Written Answers — Department of Finance: Tax Code (8 Jul 2015)

Michael Noonan: I propose to take Questions Nos. 66, 69 and 75 together. The UK company Standard Life plc, offered its shareholders the option of having return of value payments due to them treated as income or capital, with treatment as income being the default position in the absence of shareholders choosing an option within a specified time which has now elapsed. The Revenue Commissioners have...

Written Answers — Department of Finance: Insurance Industry Regulation (8 Jul 2015)

Michael Noonan: At the outset it should be noted that the Central Bank has the responsibility for day to day regulatory issues, and is statutorily independent in the exercise of these functions. Consumer issues are covered by the Central Bank's Consumer Protection Code which, amongst other things, sets out a series of general principles about how financial services firms (including all insurance...

Written Answers — Department of Finance: Property Tax Assessments (8 Jul 2015)

Michael Noonan: I am advised by the Revenue Commissioners that Local Property Tax (LPT) is a self-assessed tax and it is a matter for each property owner to calculate the liability based on his/her assessment of the market value of the property on the relevant 'valuation date'. The first LPT 'valuation date' was 1 May 2013 and any property valuation declared on that date is valid until 31 October 2016....

Written Answers — Department of Finance: Strategic Banking Corporation of Ireland (8 Jul 2015)

Michael Noonan: I assume the Deputy is referring to the Strategic Banking Corporation of Ireland (SBCI).  The SBCI was incorporated in September 2014 and since then, the SBCI has made considerable progress in building relations with lending partners and in constructing the complex operational capability required to bring products to market. These include establishing operational capability with funders...

Written Answers — Department of Finance: Strategic Banking Corporation of Ireland (8 Jul 2015)

Michael Noonan: My Department has clarified with Deputy O'Sullivan's office that this question is in relation to the Strategic Banking Corporation of Ireland (SBCI). As the Deputy will be aware, the SBCI launched its first programme on 19 February 2015. The Government's aim for the SBCI is to enhance the range and profile of Small and Medium Enterprise...

Written Answers — Department of Finance: Tax Yield (8 Jul 2015)

Michael Noonan: It is assumed the Deputy is referring to stamp duty on residential property, which is currently 1% on the first €1 million of the consideration and 2% on the excess.I am advised by the Revenue Commissioners that the estimated yield to the Exchequer from increasing the 2% rate to 3% would be in the region of €9 million.

Written Answers — Department of Finance: Illicit Trade in Tobacco (8 Jul 2015)

Michael Noonan: I am advised by the Revenue Commissioners that their action against the illegal trade resulted, in 2014, in the seizures of 53.4 million cigarettes. Up to end of May this year, some 32.8 million cigarettes have been seized. Notable seizures have included quantities of 7.68 million, 10.3 million and 9 million. Combating the illegal tobacco trade has been, and continues to be, a priority...

Written Answers — Department of Finance: EU-IMF Programme of Support Drawdowns (8 Jul 2015)

Michael Noonan: As part of the EU/IMF Programme of Financial Support the State entered into in late 2010, the IMF provided SDR19.5 billion (approximately €22.5 billion) in funding under its Extended Fund Facility (EFF). Borrowings from the IMF are denominated in Special Drawing Rights (SDR), an international reserve asset created by the IMF. Its value is based on a basket of four key international...

Written Answers — Department of Finance: Tax Code (9 Jul 2015)

Michael Noonan: The legal basis for the operation of the Pay As You Earn (PAYE) system by employers is the Income Tax (Employments) (Consolidated) Regulations, 2001. Regulation 20 provides that an employer must issue a Form P45 immediately an employee ceases employment. Section 987 of the Taxes Consolidation Acts 1997 provides for a penalty of €4,000 where an employer fails to issue a P45.   If...

Written Answers — Department of Finance: Tax Code (9 Jul 2015)

Michael Noonan: I have no plans to extend the rent-a-room scheme to include guest accommodation lettings under AirBnB. The rent-a-room scheme is intended to increase the supply of rental accommodation by incentivising homeowners to rent out rooms in their principal primary residences to individuals on a residential basis. A copy of an e-brief in relation to the interaction between AirBnB and rent-a-room...

Written Answers — Department of Finance: Tax Code (9 Jul 2015)

Michael Noonan: The system of individualisation has been in the tax code since 1999. It is my view that individualisation has now bedded into the tax system to a degree where it cannot be changed easily, and there are no plans to do so. To complete or to reverse individualisation would cost in the region of €800 million. The issue of tax individualisation was considered by the Commission on...

Written Answers — Department of Finance: Banking Sector (9 Jul 2015)

Michael Noonan: Anglo Irish Bank Corporation Ltd and each subsidiary of Anglo Irish Bank Corporation Ltd were designated as a participating institution under the NAMA 2009 Act by the then Minister for Finance in February 2010. I am advised that  as part of the acquisition process NAMA acquired eligible bank assets from the PI and bank assets from within the private banking unit of Anglo Irish Bank...