Results 26,701-26,720 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Mortgage Lending (2 May 2017)

Michael Noonan: I am informed by the Central Bank that in general both parties to a joint mortgage are jointly and severally liable for the debt. The removal of persons from a mortgage agreement is a matter governed by contract law and the Central Bank is therefore limited in what it can prescribe in this area. If the Deputy has a particular concern in relation to this issue, and wishes to provide me with...

Written Answers — Department of Finance: Insurance Coverage (2 May 2017)

Michael Noonan: As Minister for Finance, I am responsible for the development of the legal framework governing financial regulation.  Neither I nor the Central Bank of Ireland can interfere in the provision or pricing of insurance products, as these matters are of a commercial nature, and are determined by insurance companies based on an assessment of the risks they are willing to accept.  This...

Written Answers — Department of Finance: Property Tax Exemptions (2 May 2017)

Michael Noonan: I am advised by Revenue that Section 266A of the Taxes Consolidation Act 1997 provides for refunds of Deposit Interest Retention Tax (DIRT) for first-time buyers who purchase a house or apartment to live in as their home. It also applies to first time buyers who self-build a home to live in. Refunds can be claimed by a first-time buyer of a house or apartment who purchases or self-builds...

Written Answers — Department of Finance: Disabled Drivers and Passengers Scheme (2 May 2017)

Michael Noonan: A vehicle which has benefitted from tax relief under the Drivers/Passengers with Disabilities Scheme must be retained for the minimum period of 2 years or more. There is no provision to enable a person dispose of the vehicle earlier than the prescribed timeline without making a refund of a proportion of the relief already obtained.   However, if further adaptations to the same...

Written Answers — Department of Finance: Tax Code (2 May 2017)

Michael Noonan: I assume that the deputy is referring to recommendations made by the Shannon Aviation Business Development Task Force in their final report of 12 November 2012, which is available at . Following that report two specific measures were introduced, which are available in respect of any airport in the State and not restricted to activities at Shannon. The restriction of any measure to a...

Written Answers — Department of Finance: Tax Code (2 May 2017)

Michael Noonan: I am advised by Revenue that it is estimated that annual the tax cost for each one per cent reduction in the standard Capital Gains Tax (CGT) rate of 33% is in the region of €25 million. It is estimated that the tax cost of the annual exemption for individuals (€1,270) was €12m in 2015, the latest year for which full data are available. Other costings are shown in the...

Written Answers — Department of Finance: Banking Sector Regulation (2 May 2017)

Michael Noonan: Standard legal conventions do not allow for the formal exercise of statutory powers retrospectively.  Therefore the Central Bank does not have the statutory power to compel lenders to implement redress and compensation programmes or to set compensation levels in respect of failures that occurred prior to the introduction of the Central Bank (Supervision and...

Written Answers — Department of Finance: Central Bank of Ireland Investigations (3 May 2017)

Michael Noonan: As the Deputy may be aware, the Central Bank has the power to prosecute summary offences under the Consumer Credit Act 1995 ("the CCA"). I understand from the Central Bank that, to date, it has not prosecuted any summary offences subject to the powers available to it in the CCA. The Central Bank also has a statutory reporting obligation to An Garda Síochána, and other...

Written Answers — Department of Finance: NAMA Loans Sale (3 May 2017)

Michael Noonan: The Deputy will be aware that Section 9 of the NAMA Act provides that NAMA is independent in the performance of its functions and that, under Section 10 of the Act, its primary objective is to obtain the best achievable financial return for the State from its acquired loan portfolio. In this regard, I am advised that NAMA is confident it upheld its mandate in the Project Shift...

Written Answers — Department of Finance: Economic Policy (3 May 2017)

Michael Noonan: I note the proposals announced by the Trump Administration for tax reform. At this stage, we have yet to see the substantive detail of the overall package proposed by the Trump Administration. Agreement between the House of Representatives, the U.S. Senate and President Trump will be needed before any changes can be introduced. It also remains to be seen whether any reduction in the...

Written Answers — Department of Finance: Tax Code (3 May 2017)

Michael Noonan: A Real Estate Investment Trust (REIT) is a quoted company, used as a collective investment vehicle to hold rental property. A REIT generally has a diverse ownership requirement, so no one person or group of connected persons can control the REIT. REITs originated in the USA in the 1960s, and aspects of the REIT model have now spread to become a globally recognised investment standard in...

Written Answers — Department of Finance: Property Tax (3 May 2017)

Michael Noonan: I am advised by Revenue that the person in question filed the statutory Local Property Tax (LPT) Return on 9 May 2013. He has paid his LPT liabilities for the years 2013 to 2017, based on his valuation, and also paid the 2012 Household Charge and on that basis he is compliant with his LPT obligations.

Written Answers — Department of Finance: NAMA Property Sales (3 May 2017)

Michael Noonan: I propose to take Questions Nos. 142 to 144, inclusive, together. As I pointed out in my replies to parliamentary questions 82 and 83 of 13 April 2017, NAMA initiated a targeted marketing process for the sale of the Project Tolka portfolio based on its assessment that such a process would yield a superior return to alternative options, as required by reference to its obligations under...

Written Answers — Department of Finance: NAMA Property Sales (3 May 2017)

Michael Noonan: The Deputy will appreciate that NAMA's engagement with its debtors and any decisions it makes arising from that engagement are confidential matters for the NAMA Board in line with its statutory independent mandate. The Deputy will be aware that NAMA owns and sells loans and not property. Separately, assets securing NAMA's loans are owned by the debtor or receiver. As such...

Written Answers — Department of Finance: Departmental Reports (3 May 2017)

Michael Noonan: The Cost of Insurance Working Group, chaired by Minister of State Eoghan Murphy T.D., finalised its Report on the Cost of Motor Insurance in December 2016 and it was published on 10 January 2017. The Report makes 33 recommendations with 71 associated actions to be carried out in agreed timeframes, which are clearly set out in an Action Plan. 45 of these action points are due to be...

Written Answers — Department of Finance: Central Bank of Ireland Reports (3 May 2017)

Michael Noonan: The Central Bank of Ireland has published a number of status updates on the systems-wide Examination of Tracker Mortgage Related Issues. The most recent update report, which was published on 23 March 2017, sets out the progress being made by lenders in completing the review. That update report, together with additional material regarding the Examination, is attached - The Central Bank...

Written Answers — Department of Finance: Departmental Expenditure (3 May 2017)

Michael Noonan: In response to the Deputy's question, I have been advised that there have been no payments made by my Department or by any of the 18 bodies under the aegis of my Department to Mr. Kieran Mulvey in the past 36 months and to date in 2017.

Written Answers — Department of Finance: Tax Credits (4 May 2017)

Michael Noonan: I am advised by Revenue that a Costs of Tax Expenditures Table is available on the Revenue Statistics webpage at. This table provides an annual breakdown of the numbers availing of the credit and the cost to the Exchequer for the ‘Blind Person's or Civil Partners Credit (including Guide Dog Allowance)' for each of the years 2004 to 2014, the latest year for which data are...

Written Answers — Department of Finance: Central Bank of Ireland Enforcement Actions (4 May 2017)

Michael Noonan: I am advised by the Central Bank that its investigation into designated persons' compliance with anti-money laundering ("AML") and countering the financing of terrorism ("CFT") preventative obligations set out in Criminal Justice Act 2010 (CJA 2010) was conducted under the Central Bank's Administrative Sanctions Procedure (ASP) as per Part IIIC of the Central Bank Act 1942. For the...

Written Answers — Department of Finance: Stability Programme Data (4 May 2017)

Michael Noonan: The Economic Policy Committee (EPC), an official level EU Committee, undertakes an assessment every three years reviewing the impact of long-term demographic trends on the public finances of Member States. Table 21 on page 43 of the Stability Programme Update, published on May 2nd, sets out the long-term expenditure projections as published in the 2015 Ageing Report, under 5 broad headings;...