Results 2,101-2,120 of 27,019 for speaker:Michael Noonan

Written Answers — Negative Equity Mortgages: Negative Equity Mortgages (15 Jun 2011)

Michael Noonan: The Deputy will be aware of the work of the Expert Group on Mortgage Arrears and Personal Debt. This Group published its final Report in November 2010. All of the Expert Group's recommendations are listed in Chapter 2 of the Report which can be accessed at www.finance.gov.ie. The Group's Report contained the following recommendation: "The Group notes that, for some mortgage holders, who...

Written Answers — Tax Code: Tax Code (15 Jun 2011)

Michael Noonan: Any proposed changes in VAT must be considered in the context of EU law, to which Irish VAT law must comply. In this regard, there is no provision in European VAT law that would allow the application of a reduced VAT rate on supplies of architectural services. Annex III of the VAT Directive lists the goods and services to which Member States may apply a reduced rate. In addition, Member...

Written Answers — Tax Code: Tax Code (15 Jun 2011)

Michael Noonan: I would point out that the VAT rate applicable to construction and maintenance services, including energy reducing services therein, is 13.5% and such services have applied at a reduced VAT rate since the introduction of VAT in 1973. The supply of certain environmental products, such as insulation materials, wind turbine equipment, wood pellet boilers and solar panels, are chargeable at the...

Written Answers — Debt Crisis Resolution: Debt Crisis Resolution (15 Jun 2011)

Michael Noonan: I am informed by the Central Bank that the value of gold and gold receivables held by the Bank at the end of 2010 was some €203.792 million (€147.975 million at end-2009). Gold is valued at the closing market price and securities at mid-market closing prices at year-end. The increase in the balance sheet entry for the value of the Bank's gold holdings at end-2010 is due to the change in...

Written Answers — Tax Code: Tax Code (15 Jun 2011)

Michael Noonan: I am advised by the Revenue Commissioners that the following is the position in relation to the classification of the taxpayer's vehicle. The purpose of VRT classification is to decide the applicable rate of VRT. Vehicles are therefore classified for VRT only in response to a declaration for registration or a declaration of conversion of a registered vehicle to a higher VRT category. The...

Written Answers — Consumer Protection: Consumer Protection (15 Jun 2011)

Michael Noonan: There is already a comprehensive licensing system in place for moneylenders. Moneylenders have to apply to the Central Bank annually to have their licenses renewed. Section 93 of the Consumer Credit Act, 1995 (as amended) sets out the Central Bank's powers in relation to the grant or refusal of a moneylender's license. The appropriate moneylending application form (new or renewal) must be...

Written Answers — Tax Code: Tax Code (15 Jun 2011)

Michael Noonan: As the Deputy is aware, the Joint Administrators of Quinn Insurance Ltd (QIL) recently indicated that there was likely to be a call of about €600m on the Insurance Compensation Fund as a result of the solvency deficit in that company. Currently, there is €30m in the fund with a further €10m expected to be paid into it shortly on completion of the PMPA administration. Consequently, this...

Written Answers — Tax Reliefs: Tax Reliefs (15 Jun 2011)

Michael Noonan: I believe the scheme which the Deputy is referring to is the scheme of registered holiday cottages. The relief given is in the form of capital allowances rather than section 23 relief. These registered holiday cottages could be built outside the seaside resort areas, but the relief was terminated in 2008. Any expenditure incurred after 31 July 2008 gets no capital allowances thus at the...

Written Answers — Proposed Legislation: Proposed Legislation (15 Jun 2011)

Michael Noonan: The position is that legislation to provide the same tax treatment for civil partners as that provided for spouses was published on 9 June 2011 as the Finance (No. 3) Bill. The legislation covers all changes relating to Capital Taxes (CGT, CAT, Stamp Duty), Income Taxes and VAT. The changes will be effective for the year of assessment 2011 and subsequent years as respects income tax and...

Written Answers — Consumer Protection: Consumer Protection (15 Jun 2011)

Michael Noonan: As the Deputy can appreciate it is a commercial decision for any Bank as to what customers it wishes to deal with. A balance must be maintained by the Government between support provided for individual banks and financial service providers generally through the bank guarantee scheme, other financial support incentives and broader public policy provisions, while at the same time, ensuring...

Written Answers — Tax Code: Tax Code (15 Jun 2011)

Michael Noonan: A second reduced VAT rate of 9% is being introduced in respect of certain services and goods mainly related to tourism for the period 1 July 2011 to end 2013. This change represents a reduction of 4.5 percentage points in the VAT rate (13.5%) that applied to these items up to now. All other goods and services to which the current reduced rate of 13.5% applies will remain at that rate. VAT...

Written Answers — Departmental Expenditure: Departmental Expenditure (15 Jun 2011)

Michael Noonan: On 14 April 2010 the High Court granted a Subordinated Liabilities Order under the Credit Institutions (Stabilisation) Act 2010 in respect of Allied Irish Banks. Two challenges from subordinated bond holders were received in relation to the Order. The company referred to by the Deputy was one of the two firms involved. This company withdrew its challenge on 3 June 2011 after agreement was...

Written Answers — Credit Union Movement: Credit Union Movement (15 Jun 2011)

Michael Noonan: The Deputy will be aware that under the EU-IMF Programme of Support for Ireland, the Government has certain commitments in relation to the credit union sector. Stress tests on credit unions have been completed by the Central Bank of Ireland and in light of these I have prepared a plan to underpin the solvency and viability of undercapitalised credit unions. This Strategy will be released...

Written Answers — EU-IMF Programme: EU-IMF Programme (15 Jun 2011)

Michael Noonan: I propose to take Questions Nos. 114 and 153 together. To date, Ireland's nominal borrowings are €23 billion under the EU/IMF Programme. The details are set out in the table below. Under the arrangements governing the European Financial Stability Facility (EFSF), part of the loan to a borrower is retained by the EFSF for credit enhancement purposes. This credit enhancement is to ensure...

Written Answers — State Funding Reserves: State Funding Reserves (15 Jun 2011)

Michael Noonan: Cash reserves held by the National Treasury Management Agency on behalf of, and available for use by, the State at the end of each month between October 2010 and May 2011 were as follows: â'¬ billion October 2010 26.0 November 2010 29.1 December 2010 19.0 January 2011 27.2 February 2011 28.6 March 2011 29.8 April 2011 28.9 May 2011 33.2 The figures...

Written Answers — State Funding Reserves: State Funding Reserves (15 Jun 2011)

Michael Noonan: The National Pensions Reserve Fund (NPRF) Commission publishes a performance and portfolio update quarterly on the NPRF website www.nprf.ie. For the Deputy's information, the Commission valued the NPRF at €23.2 billion at 31 March 2011 as set out in the following table. End-March 2011(€ billion) Directed Investments Invested in Bank of Ireland and Allied Irish Banks on the direction...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (15 Jun 2011)

Michael Noonan: The agreed EU-IMF Programme provides for a recapitalisation, fundamental downsizing, restructuring and reorganization of the Irish banking sector. The aim of the process is a smaller banking system, which will be capitalised to highest international standards with renewed access to normal market sources of funding. This will enable the Irish banks to reduce their reliance on euro system and...

Written Answers — Credit Union Movement: Credit Union Movement (15 Jun 2011)

Michael Noonan: I am aware that there are significant financial consequences for a number of credit unions resulting from the recent offer by Irish Life & Permanent and I am aware of the background to the initial purchase of the bond in question. It is Government policy to achieve appropriate burden-sharing from holders of subordinated debt in Irish Life & Permanent and it is appropriate that these measures...

Written Answers — Exchequer Cash Balance: Exchequer Cash Balance (15 Jun 2011)

Michael Noonan: The Exchequer had cash balances of €18.6 billion at end-March 2011, including those in the Exchequer Account and on deposit with commercial banks. The forecasts of General Government debt in the Stability Programme Update (SPU) are based on cash balances being reduced by €0.6 billion to stand at €12 billion at end-2011 as compared with the end-2010 level of €12.6 billion. The SPU...

Written Answers — Fiscal Policy: Fiscal Policy (15 Jun 2011)

Michael Noonan: The Department of Finance publishes a White Paper in advance of the budget each year. This outlines the likely budgetary scenario for the following year on a no-policy change basis, and is underpinned by no-policy change economic forecasts. These economic and budgetary projections are updated with the publication of the Budget. For 2011, White Paper budgetary forecasts were published on...