Results 20,561-20,580 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Government Bonds (16 Jul 2015)

Michael Noonan: Irish Amortising Bonds were launched in 2012 in response to demand from the Irish domestic pensions industry. The National Treasury Management Agency (NTMA) has advised that, as at end-June 2015, that €1.1 billion of Irish Amortising Bonds had been taken up. The NTMA is available to respond to further demand for such bonds as it arises.

Written Answers — Department of Finance: National Pensions Reserve Fund Investments (16 Jul 2015)

Michael Noonan: Following the commencement of the relevant section of the National Treasury Management Agency (Amendment) Act 2014 on 22 December 2014 the assets of the National Pensions Reserve Fund (NPRF) became the assets of the Ireland Strategic Investment Fund (ISIF). The National Treasury Management Agency (NTMA) has advised that €7.146 billion represents both the final...

Written Answers — Department of Finance: State Claims Agency (16 Jul 2015)

Michael Noonan: The State Claims Agency's (SCA) claims management objective is to manage claims efficiently and conscientiously. This has the following practical implications: - In cases where the State is considered liable or which involve an apportionment of liability, the SCA's approach is to settle such claims expeditiously, in so far as it is possible to do so, and on fair and reasonable terms;...

Written Answers — Department of Finance: IMF Loan Issues (16 Jul 2015)

Michael Noonan: The International Monetary Fund (IMF) is a Quota-based institution. Each member is assigned a Quota, broadly based on its size relative to the world economy. A member's Quota determines its maximum financial commitment to the IMF, as well as its voting power, and has a bearing on its access to IMF financing. Quotas are denominated in Special Drawing Rights (SDRs), the IMF's unit of...

Written Answers — Department of Finance: Budget Statement (16 Jul 2015)

Michael Noonan: Budgetary preparation is a "whole-year" process and work has already commenced for Budget 2016.  As part of its reform of the budgetary process, the Government this year published the Spring Economic Statement and established the National Economic Dialogue.   The Spring Economic Statement set out the emerging economic and fiscal situation and the Government's medium-term fiscal...

Written Answers — Department of Finance: NAMA Transactions (16 Jul 2015)

Michael Noonan: I am advised by NAMA that it has to date advanced €373m in vendor finance across six transactions involving the sale of commercial property securing its loans. These transactions have involved the sale of completed office and retail accommodation and therefore the Deputy's reference to housing units does not arise.  As previously advised by NAMA, a number of positive market...

Written Answers — Department of Finance: Tax Reliefs Data (16 Jul 2015)

Michael Noonan: I propose to take Questions Nos. 155, 159 and 160 together. I am informed by Revenue that the number of mortgage accounts in receipt of tax relief at source in respect of mortgage interest in each year from 2010 to 2015 (to date), is as set out in the following table. The projected cost of mortgage interest relief in 2015 is estimated to be in the order of €275 million. Year...

Written Answers — Department of Finance: Tax Data (16 Jul 2015)

Michael Noonan: The Deputy previously asked this question on 12 February this year, Parliamentary Question No. 87 (PQ 6542/15) and in my reply of 12 February, I set out the legislative provisions that are due to expire on 31 December 2015. There have been no changes since my earlier reply. The following provisions are due to expire at the end of 2015: Legislative Provision Brief Description Section...

Written Answers — Department of Finance: Revenue Commissioners Audits (16 Jul 2015)

Michael Noonan: I believe the Deputy is referring to Revenue's National Contractors Project, which started in July 2013. In the period 1 July 2013 to 25 June 2015, 686 audits of contracting companies and a further 494 audits of the directors of those companies were concluded giving rise to additional tax interest and penalties of €17,020,605. A further €179,997 is the subject of enforcement...

Written Answers — Department of Finance: Banks Recapitalisation (16 Jul 2015)

Michael Noonan: As you will be aware, the Euro-area Heads of State or Government (HoSG) agreed in June 2012 that "it is imperative to break the vicious circle between banks and sovereigns" and that when a Single Supervisory Mechanism, involving the ECB, is in place and operational, the European Stability Mechanism (ESM) could recapitalise banks directly. On 8 December 2014, the ESM Board of Governors...

Written Answers — Department of Finance: Tax Yield (16 Jul 2015)

Michael Noonan: I am informed by the Revenue Commissioners that the estimated yield that could be raised in a full year through increasing the tax on cigarettes by 25 cent and 50 cent, with a pro rata increase in duty on other tobacco products, is in the region of €30m and €60m respectively, assuming no change in consumer behaviour.

Written Answers — Department of Finance: VAT Payments (16 Jul 2015)

Michael Noonan: I am advised that at present there is no change to the estimate as set out in Budget 2015 in relation to the impact on receipts from changes to how VAT is applied for Cross-border EU telecommunications broadcasting and electronically supplied services. On 1 January 2015, new EU VAT rules came into effect changing the place where VAT is chargeable in respect of all supplies of...

Written Answers — Department of Finance: Tax Data (16 Jul 2015)

Michael Noonan: I propose to take Questions Nos. 165, 166, 168 and 169 together. I am informed by Revenue that the amount of Deposit Interest Retention Tax (DIRT) collected in 2011 to 2014 is available in the "Net Receipts" section of the Revenue's Statistics webpage: . I am further informed by Revenue that DIRT on interest bearing deposits is declared and paid on a four-times yearly basis by financial...

Written Answers — Department of Finance: Tax Yield (16 Jul 2015)

Michael Noonan: I am advised by Revenue that data relating to the net receipts for Stamp Duty are available from the statistics webpage of the Revenue website at . In particular, the data which the Deputy seeks are available at .The bank levy, which was introduced in Finance (No 2) Act 2013, was received from 10 financial institutions.

Written Answers — Department of Finance: Public Interest Directors (16 Jul 2015)

Michael Noonan: I can confirm for the Deputy that I have notified Bank of Ireland that my current intention is to appoint a replacement director in due course to the board of Bank of Ireland, following the sad loss of Mr. Joe Walsh.  

Written Answers — Department of Finance: Banking Sector Staff (16 Jul 2015)

Michael Noonan: AIB announced on 29th May 2015 that Mr. Bernard Byrne would take up the post of Chief Executive Officer of the bank effective from that date. This appointment followed a search and selection process undertaken by the board of the bank following the resignation of the previous CEO on 19th January 2015. The full text of the bank's announcement is available on its website and...

Written Answers — Department of Finance: Bank Guarantee Scheme Administration (16 Jul 2015)

Michael Noonan: On the 26thFebruary 2013, following a decision by the Cabinet, it was announced that the ELG Scheme would end for new liabilities at midnight on 28thMarch 2013. Liabilities incurred after January 2010 and before midnight on 28th March 2013 remain covered until their next maturity subject to a maximum term of 5 years (28th March 2018). At the date of ending the Scheme for new liabilities,...

Written Answers — Department of Finance: Property Tax (16 Jul 2015)

Michael Noonan: I am advised by Revenue that the refunds to which the Deputy refers arose from the initial interpretation of Section 8 of the Finance (Local Property Tax) Act 2012 (as amended). The Section was originally interpreted as benefitting first-time buyers of second hand houses but was subsequently deemed to benefit any person who purchased a second hand house in 2013 as a sole or main...

Written Answers — Department of Finance: Universal Social Charge Payments (16 Jul 2015)

Michael Noonan: The additional 3% Universal Social Charge paid by self-employed persons earning over €100,000 is provided for in subsection 2 of section 531AN, of the Taxes Consolidation Act 1997. This legislation was introduced in Finance Act 2011, and at that time included a provision that the measure would cease to have effect for the tax year 2015 and subsequent years. The USC provisions in...

Written Answers — Department of Finance: Insurance Compensation Fund (16 Jul 2015)

Michael Noonan: The Insurance Compensation Fund was established by the Insurance Act 1964.  Its purpose is to protect policy holders in the event of their insurer becoming insolvent. The management and administration of the Insurance Compensation Fund is under the control of the President of the High Court acting through the Office of the Accountant of the Courts of Justice.  The Central Bank...