Results 8,601-8,620 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Personal Debt (17 Jan 2013)

Michael Noonan: I propose to take Questions Nos. 76, 77 and 78 together. My Department continually monitors the data it receives on mortgage debt. The Central Bank compiles and publishes quarterly mortgage arrears and repossession statistics for both primary domestic homes (PDH) and buy-to-let (BTL) mortgages and my Department monitors these statistics closely. These statistics which go back to September...

Written Answers — Department of Finance: Economic Policy (17 Jan 2013)

Michael Noonan: As outlined in the Budget, my Department is forecasting real GDP growth of 1.5 per cent in 2013, which represents a third successive year of growth for the Irish economy. Data published since Budget Day, including third quarter of 2012 National Accounts figures, are consistent with these projections and they are broadly in line with the forecasts of other institutions. The recovery of the...

Written Answers — Department of Finance: Banking Operations (17 Jan 2013)

Michael Noonan: A number of foreign based banks are exiting the Irish market and concentrating on their home markets. Irish banks are adopting a similar strategy and deleveraging from foreign markets. The impact of the exiting banks on particular sectors will reflect the extent to which they focused on that particular sector. One of the ways that the Government is addressing the reduced capacity is through...

Written Answers — Department of Finance: Corporate Tax Regime (22 Jan 2013)

Michael Noonan: My Department is aware of the need to maintain a competitive corporate tax regime and to that end, closely monitors developments in other countries. However, it is not appropriate to single out any particular country or corporate tax system and comment on them in this way. The changes that I announced in Budget 2013 highlight the on-going work by my Department to make sure that the Irish...

Written Answers — Department of Finance: Property Taxation (22 Jan 2013)

Michael Noonan: There is no specific exemption from the Local Property Tax for thatched cottages. The inter-Departmental Group chaired by Dr Don Thornhill on the design of a property tax (the “Thornhill Group”) considered that the local property tax should be centred on the principles of equity, transparency and simplicity. In terms of these principles, it was also considered that a universal...

Written Answers — Department of Finance: Motor Insurance Regulation (22 Jan 2013)

Michael Noonan: At the outset, the Deputy should note that in my role as the Minister for Finance I have responsibility for the development of the legal framework governing financial regulation. The day-to-day responsibility for the supervision of financial institutions is a matter for the Central Bank which is statutorily independent in the exercise of its regulatory functions. The Central Bank has...

Written Answers — Department of Finance: Financial Services Regulation (22 Jan 2013)

Michael Noonan: I meet with the Deputy Governor of the Central Bank, Mr. Elderfield, routinely on a near monthly basis as we are both members of the Cabinet sub-committee on Mortgage Arrears and Mr. Elderfield has also joined me, on occasion, in attending the special ECOFIN meetings such as the one held on 21 and 22 October 2011. Since 2010, with the amalgamation of the Financial Regulator and the Central...

Written Answers — Department of Finance: Property Taxation (22 Jan 2013)

Michael Noonan: I propose to take Questions Nos. 202 and 218 together. A residential property is defined in the Local Property Tax legislation to include not just the dwelling house itself but also any other buildings or structures and any land that, in a broad sense, belongs with the dwelling house and that are enjoyed as an amenity rather than used for a commercial purpose. These are regarded as an...

Written Answers — Department of Finance: Property Tax Deferrals (22 Jan 2013)

Michael Noonan: I am advised by the Revenue Commissioners that Part 12 of the Finance (Local Property Tax) Act 2012 sets out the conditions for deferral of the charge. Where the residential property is the sole or main residence of a liable person and their estimated gross income from all sources does not exceed €15,000 for a single person or €25,000 for a couple during the year covered by the...

Written Answers — Department of Finance: Energy Taxes (22 Jan 2013)

Michael Noonan: I assume the Deputy is referring to the Commission proposal to revise the Energy Tax Directive (Directive 2003/96/EC). Discussions of the Commission proposal have been ongoing since it first appeared in April 2011 at the Council Working Party on Tax Questions. The Directive covers, inter alia, minimum rates on all energy products which includes auto fuels. It should be noted that, in terms...

Written Answers — Department of Finance: Income Statistics (22 Jan 2013)

Michael Noonan: I am informed by the Revenue Commissioners that the latest relevant sector-based information available on income earners in the tax system is derived from income tax returns filed for the income tax year 2010 and represents about 95 per cent of all returns expected at the time the data was compiled for analytical purposes. The data relating to the public sector includes individuals in...

Written Answers — Department of Finance: Property Taxation (22 Jan 2013)

Michael Noonan: Section 146 provides for a monetary penalty where a liable person fails to deliver a statement of particulars in relation to Local Property Tax to the Revenue Commissioners or, having submitted an incomplete or incorrect statement fails to remedy these defects within a reasonable time of being requested to do so. The amount of any penalty that may be imposed is equivalent to the Local...

Written Answers — Department of Finance: Pension Provisions (22 Jan 2013)

Michael Noonan: The transfer of an occupational pension scheme member’s pension fund benefits or a Personal Retirement Savings Account (PRSA) contributor’s PRSA assets to an overseas pension arrangement is permitted, subject to the transfer complying with the Department of Social Protection’s “Occupational Pension Schemes and Personal Retirement Savings Accounts (Overseas Transfer...

Written Answers — Department of Finance: Government Bonds (22 Jan 2013)

Michael Noonan: I am informed by the National Treasury Management Agency (NTMA) that euro area countries issue their bonds under domestic law and this is the market standard for direct issuance. Certain NTMA borrowing programmes however are issued under non-Irish law. For example, the Global Medium-Term Note (GMTN) programme and the Euro Commercial Paper (ECP) programme are governed by English law, which is...

Written Answers — Department of Finance: Intestate Estates (22 Jan 2013)

Michael Noonan: The following is the information requested by the Deputy. Year Payments in Number of Estates Payments out 2006 €572,804.39 163 €40,526.58 2007 €222,713.99 8 €4,437,593.25* 2008 €533,193.46 493 (est)** €89,274.86 2009 €371,286.90 187 €294,316.05 2010 €213,082.76 153 €87,340.57 2011 €227,507.10 149...

Written Answers — Department of Finance: State Banking Sector (22 Jan 2013)

Michael Noonan: As the Deputy will be aware Permanent TSB manages its distressed loan portfolio from a dedicated Asset Management Unit (AMU) which Permanent TSB informs me has been developed in line with best international practice especially for this purpose. I have been informed by the bank that, while the AMU is built around the bank’s customer services team, as part of its operations the unit...

Written Answers — Department of Finance: Tax Code (22 Jan 2013)

Michael Noonan: I provided assurance to the tourist industry that the 9% rate will continue throughout 2013 as currently legislated for. Any proposals to maintain the 9% rate into 2014 will be considered in the context of Budget 2014.

Written Answers — Department of Finance: Tax Rebates (22 Jan 2013)

Michael Noonan: The proposal to introduce an auto-diesel excise duty relief for licensed road hauliers that I announced in the Budget is confined to licensed and tax compliant hauliers. However, I have received a number of submissions from, and on behalf of, private coach operators seeking to have this relief extended to them. I will consider these proposals and the level of the rebate in the context of the...

Written Answers — Department of Finance: EU Programmes (22 Jan 2013)

Michael Noonan: At the outset I want to stress that growth and jobs is a key theme of the Irish Presidency of the European Union. A number of initiatives are being implemented at EU level in order to boost growth. I believe the cumulative impact of all of these measures will be positive in terms of supporting economic activity in the EU at this difficult juncture. For instance, Heads of State or...

Written Answers — Department of Finance: Tax Rebates (22 Jan 2013)

Michael Noonan: Ireland, as with other countries, has experienced an increase in fuel prices. This increase is an international phenomenon. Fuel prices are driven by a number of factors including the price of oil on international markets, exchange rates, production costs and refining costs. The rise in oil prices over recent periods reflected additional factors such as geopolitical uncertainty in Northern...