Results 22,521-22,540 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Banking Sector (6 Apr 2016)

Michael Noonan: Following the creation of the Direct Recapitalisation Instrument (DRI) on the 8th December 2014, in accordance with Article 19 of the ESM Treaty, there now exists a specific provision which allows a potential retroactive application of the instrument on a case-by-case basis and by mutual agreement. This optionality remains in place however, unlike back in 2012, the ESM is...

Written Answers — Department of Finance: IBRC Bonds (6 Apr 2016)

Michael Noonan: I am advised that the nominal value of the Central Banks current holdings of floating rate bonds related to the liquidation of IBRC amounts to €22.034 billion. The Central Bank indicated a minimum disposal schedule of €0.5 billion up to the end of 2014, €0.5 billion per annum 2015-2018, €1 billion per annum 2019-2023 and €2 billion per annum after that...

Written Answers — Department of Finance: IBRC Liquidation (6 Apr 2016)

Michael Noonan: I am advised by the Special Liquidators that they are currently working on a third progress update report which will provide an update on the winding up of Irish Bank Resolution Corporation Limited (in Special Liquidation). This will be available on the Department of Finance website once it has been finalised. The Special Liquidators have cash receipts in excess of €2.1...

Written Answers — Department of Finance: VAT Rate Application (6 Apr 2016)

Michael Noonan: I am advised by the Revenue Commissioners that the VAT rating of goods and services is subject to the requirements of the EU VAT Directive with which Irish VAT law must comply. The Directive provides that all goods and services are liable to VAT at the standard rate, currently 23% in Ireland, unless there is a provision in the Directive that permits a lower rate. Settled case law of the...

Written Answers — Department of Finance: Property Tax Exemptions (6 Apr 2016)

Michael Noonan: The Finance (Local Property Tax) Act 2012 (as amended) provides that any property that is in use as, or that is suitable for use as, a dwelling house, is liable to the local property tax (LPT). Therefore, the condition of a property is not relevant where the property is actually occupied as a dwelling house. Where a property is not occupied and is in such bad condition that it is...

Written Answers — Department of Finance: Banking Sector Regulation (6 Apr 2016)

Michael Noonan: I have answered a number of Parliamentary Questions in the past in relation to rules adopted by banks when valuing assets including loans. These rules are determined by the relevant accounting standards and it is the responsibility of the directors of the respective banks to ensure these rules have been properly applied. To provide assurance that this is the case, the proper...

Written Answers — Department of Finance: NAMA Assets Sale (6 Apr 2016)

Michael Noonan: I propose to take Questions Nos. 176 and 177 together. The Deputy will be aware that NAMA does not own residential property and therefore is not in a position to sell such properties to any prospective purchaser. Rather, NAMA has acquired loans that are secured by property, which in some cases may be residential property. The properties that secure these loans are owned by NAMA borrowers,...

Written Answers — Department of Finance: Additional Voluntary Contributions (6 Apr 2016)

Michael Noonan: Finance Act 2013 introduced Section 782A of the Taxes Consolidation Act 1997 which provided members of occupational pension schemes with a once-off opportunity to access up to 30% of their Additional Voluntary Contributions (AVCs) prior to retirement. The option was available for a three year period from 27 March 2013, the date that Finance Act 2013 was passed into law, and came to an end on...

Written Answers — Department of Finance: Tax Code (6 Apr 2016)

Michael Noonan: Section 246 Taxes Consolidation Act 1997 (TCA 1997) imposes on companies generally, and on others who pay interest to persons whose usual place of abode is outside the State, the obligation to deduct tax from payments of annual interest and to account to Revenue for the tax deducted. Section 246(3) TCA 1997 provides for several exceptions/exemptions from the obligation to deduct...

Written Answers — Department of Finance: Flood Risk Insurance Cover Provision (14 Apr 2016)

Michael Noonan: The Taoiseach and some other of my colleagues in Government met the insurance industry on Tuesday 12 January 2016 to discuss the industry's role in providing flood insurance and to obtain the industry's views on flood insurance issues. I am aware of the difficulties that the absence or withdrawal of flood insurance cover can cause to homeowners and the current flooding crisis has raised...

Written Answers — Department of Finance: Property Tax Administration (14 Apr 2016)

Michael Noonan: The introduction of a local property tax is part of a broader approach to the taxation of property. The aim is to replace some of the revenue from transaction based taxes, which have proven to be an unstable source of Government revenue, with an annual recurring property tax, which international experience has shown to be a stable source of funding.  The Government decided that the...

Written Answers — Department of Finance: Motor Insurance (14 Apr 2016)

Michael Noonan: The cost of insurance is a complex issue involving a number of different parties, including Government Departments, State Bodies and private sector entities.  My Department has commenced a Review of Policy in the Insurance Sector. This is being undertaken in consultation with the Central Bank of Ireland and other Departments and Agencies. The objective of the Review is to...

Written Answers — Department of Finance: NAMA Portfolio (14 Apr 2016)

Michael Noonan: I am advised, by NAMA, that through its loans it has an indirect exposure to approximately 2,800 hectares of residential development land in Ireland.  This land is owned by NAMA debtors or, in the case of enforcement, is managed on behalf of debtors by duly appointed insolvency practitioners. Section 10 of the NAMA Act requires NAMA to obtain the best financial return for the State, deal...

Written Answers — Department of Finance: NAMA Portfolio (14 Apr 2016)

Michael Noonan: NAMA does not own or sell properties. NAMA has acquired loans.  The properties that secure these loans are owned by NAMA debtors and NAMA's legal relationship to those properties is similar to a bank which holds security over a person's house that has a mortgage.  NAMA, unlike other lenders, generally has no residential mortgages, owner-occupier or buy-to-let, in its portfolio...

Written Answers — Department of Finance: NAMA Social Housing Provision (14 Apr 2016)

Michael Noonan: I am advised that to date, NAMA has committed over €260 million in making properties available for social housing through local authorities and approved housing bodies.  This comprises €100m in capital expenditure to complete houses and apartments and €160m to acquire properties through NARPS, NAMA's social housing special purpose company, for onward leasing to local...

Written Answers — Department of Finance: NAMA Debtors (14 Apr 2016)

Michael Noonan: NAMA originally paid €31.8 billion to acquire a €74 billion loan book, comprising of 779 debtor connections. I am advised that, as at 31 March 2016, 442 debtor connections with a par debt of €18.5 billion had exited NAMA. This comprises debtor connections that reached a final agreement with NAMA and debtor connections whose loans were sold. 44 debtor connections have...

Written Answers — Department of Finance: NAMA Loan Book Value (14 Apr 2016)

Michael Noonan: At inception, NAMA acquired loans with balances of €74 billion and with a current market value of €26.2 billion at acquisition.  In accordance with the European Commission's valuation methodology, NAMA paid €31.8 billion for these loans, including €5.6 billion in State aid to the five participating institutions. It is important to recognise that NAMA acquired...

Written Answers — Department of Finance: Real Estate Investment Trusts (14 Apr 2016)

Michael Noonan: Finance Act of 2013 introduced the regime for the operation of Real Estate Investment Trusts (REITs) in Ireland.  A REIT is a collective investment vehicle designed to hold properties in a tax neutral manner.  I am informed by the Revenue Commissioners that there are currently three REITs established and operating in Ireland.  The function of the REIT framework is not...

Written Answers — Department of Finance: Tax Relief Costs (14 Apr 2016)

Michael Noonan: It is assumed that the reference to private landlords in the Deputy's question refers to those letting private residential property. I am informed that the Revenue Commissioners do not require rental income to be returned in a manner which would enable private residential rental accommodation income, reliefs and allowances to be separately identified from income, reliefs and allowances...

Written Answers — Department of Finance: Tax Relief Costs (14 Apr 2016)

Michael Noonan: I am informed by the Revenue Commissioners that as this scheme was only introduced in Budget 2012, it is not possible at this time to estimate how many properties will be disposed and be eligible for this scheme or the amount of the resulting chargeable capital gain, if any, that may arise on such disposals.  Accordingly, it is not possible to estimate the likely cost of the exemption.