Results 22,961-22,980 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: NAMA Legal Cases (31 May 2016)

Michael Noonan: I am advised that Arthur Cox provided legal advice to the NTMA and NAMA in respect of separate civil proceedings taken in respect of this matter. The advice is subject to legal privilege.

Written Answers — Department of Finance: NAMA Operations (31 May 2016)

Michael Noonan: I am advised that NAMA does not have access to any information on investigations that may have been carried out by other parties.

Written Answers — Department of Finance: NAMA Operations (31 May 2016)

Michael Noonan: I propose to take Questions Nos. 275 and 276 together. I am advised that the information collated during the investigation into this matter is solely within the remit of the Garda Bureau of Fraud Investigation and I further understand that the details requested by the Deputy were not made public during the course of the related court proceedings. I am further advised by...

Written Answers — Department of Finance: NAMA Operations (31 May 2016)

Michael Noonan: I am advised by NAMA that, as indicated to the Deputy in reply to Parliamentary Question No. 68 of 18 May 2016, NAMA referred one additional complaint to the Gardaí in 2013 which relates to a complaint made to NAMA of a possible alleged unauthorised disclosure of a single document by a former officer of NAMA. I am further advised by NAMA that this is currently being investigated by...

Written Answers — Department of Finance: Central Bank of Ireland Supervision (31 May 2016)

Michael Noonan: I propose to take Questions Nos. 278, 279, 281 and 282 together. The system for monitoring and supervising significant financial institutions has changed fundamentally in the last number of years and continues to evolve. The Single Supervisory Mechanism (SSM), the new system of financial supervision comprising of the European Central Bank (ECB) and the national competent authorities...

Written Answers — Department of Finance: Competition and Consumer Protection Commission (31 May 2016)

Michael Noonan: The Competition and Consumer Protection Commission was established through the amalgamation of the Competition Authority and the National Consumer Agency as provided for in the Competition and Consumer Protection Act, 2014. The Competition and Consumer Protection Commission falls under the aegis of the Department of Jobs, Enterprise and Innovation, and therefore my colleague Minister...

Written Answers — Department of Finance: Departmental Expenditure (31 May 2016)

Michael Noonan: In response to the Deputy's question, the total cost of professional fees incurred by my Department in 2015 (and published on the Department of Finance website) amounted to some €3m. A 10 per cent reduction in spending on consultancy related activities would, therefore, give rise to an annual saving of some €300k.

Written Answers — Department of Finance: Departmental Budgets (31 May 2016)

Michael Noonan: In response to the Deputy's question, the total annual cost of travel and expenses incurred by my Department in 2015 amounted to €556,000. A 10 per cent reduction in spending on travel would give rise to an annual saving of €56,000. It is worth noting that travel and subsistence costs are calculated on pre-set subsistence rates or on the actual costs incurred by the...

Written Answers — Department of Finance: Credit Availability (1 Jun 2016)

Michael Noonan: The Deputy will be aware that I, as Minister for Finance, have no direct function in the relationship between the banks and their customers. I have no statutory function in relation to the banking decisions made by individual lending institutions at any particular time and these are taken by the board and management of the relevant institution. This includes...

Written Answers — Department of Finance: Property Tax Exemptions (1 Jun 2016)

Michael Noonan: I am advised by Revenue that the property in question was remediated from pyrite in April 2009 and on that basis is not entitled to the exemption, which was incorrectly claimed by the person concerned. Regulations made in 2013 by the Minister for the Environment, Community and Local Government (DECLG Regulations) describe the procedures that must be followed in assessing and testing a...

Written Answers — Department of Finance: Universal Social Charge Yield (1 Jun 2016)

Michael Noonan: The following table sets out the broad projected revenues that would be generated by the Universal Social Charge (USC) for each of the next five years assuming that no provision is made for the indexation of USC thresholds and bands.  It should be noted that for 2017, Exchequer USC receipts are impacted by the carryover effect of Budget 2016 changes and timing effects.  Forecast...

Written Answers — Department of Finance: Motor Insurance Coverage (1 Jun 2016)

Michael Noonan: The provision of motor insurance cover is a commercial matter for insurance companies, which is based on a proper assessment of the risks they are accepting and the making of adequate provisioning to meet these risks. In my role as the Minister for Finance, I have responsibility for the development of the legal framework governing financial regulation. The current legal and regulatory...

Written Answers — Department of Finance: Vehicle Registration (1 Jun 2016)

Michael Noonan: I am advised by Revenue that, assuming a modest year-on-year growth in the value and number of vehicles taken out of the State under the Export Repayment Scheme, the full year cost of abolishing the fee would be in the region of €160,000.  The fee assists with the costs of administering the Scheme.

Written Answers — Department of Finance: Tax Code (1 Jun 2016)

Michael Noonan: I propose to take Questions Nos. 87 and 88 together. I assume the Deputy's questions refer to the measure to limit the use of certain tax reliefs and exemptions (known as 'specified reliefs') by high-income individuals introduced in the 2006 and 2007 Finance Acts (the restriction was subsequently modified in later Finance Acts). As the Deputy may be aware, Revenue publishes an annual...

Written Answers — Department of Finance: Tax Code (1 Jun 2016)

Michael Noonan: The Standard Fund Threshold (SFT) is the maximum allowable pension fund on retirement for tax purposes which was introduced in Budget and Finance Act 2006 to prevent over-funding of pensions through tax-relieved arrangements. The threshold was initially set at €5 million, which was subsequently reduced to €2.3 million in 2010 and further reduced in Budget 2014 and Finance (No...

Written Answers — Department of Finance: Revenue Commissioners Resources (1 Jun 2016)

Michael Noonan: I am advised by the Office of the Revenue Commissioners that Revenue's Comprehensive Review of Expenditure 2014 estimated that by increasing audit staffing resources by c. 100 staff an additional exchequer yield of €50 million per annum could be achieved. It estimated that by increasing staff on compliance projects such as oils, tobacco and alcohol by 100 could raise €20...

Written Answers — Department of Finance: Property Tax (1 Jun 2016)

Michael Noonan: I am advised by the Revenue Commissioners that the Local Property Tax (LPT) is forecast to collect €440 million in 2016. These receipts would be lost if LPT was abolished. It should be borne in mind that under the fiscal rules of the preventive arm of the Stability and Growth Pact, this policy choice would use up available fiscal space unless offset by either discretionary revenue...

Written Answers — Department of Finance: Budget 2016 (1 Jun 2016)

Michael Noonan: I assume the Deputy is referring to the carryover effect of Budget 2016 tax measures. It was estimated that there would be a total negative carryover into 2017 as a result of Budget 2016 tax measures in the region of €192 million. It should be noted that while the following table sets out the carryover effect of Budget 2016 measures, it also includes measures announced in Budget...

Written Answers — Department of Finance: Financial Services Regulation (1 Jun 2016)

Michael Noonan: The Central Bank's total funding requirement for financial regulation activity is determined on an annual basis by the resources required to discharge its legal responsibilities under domestic and EU law. Section 32D and 32E of the Central Bank Act 1942, as amended, provide that the Central Bank Commission may make regulations relating to the imposition of levies and fees on the financial...

Written Answers — Department of Finance: Tax Code (1 Jun 2016)

Michael Noonan: I am advised by the Revenue Commissioners that as tax returns do not provide a basis for compiling estimates in relation to the amount of Capital Gains Tax liability separately associated with passive and active activity, there is no basis on which Revenue could provide the information requested by the Deputy.