Results 8,901-8,920 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: IBRC Legal Cases (12 Feb 2013)

Michael Noonan: As the Deputy will be aware, on 5 February 2013 the Oireachtas passed legislation (Irish Bank Resolution Corporation Act 2013), appointing joint Special Liquidators to IBRC with immediate effect to wind up its business and operations. At this early stage of the special liquidation Special Liquidators are engaged in intensive processes which involves inter alia, asserting control over the...

Written Answers — Department of Finance: Banking Sector Investigations (12 Feb 2013)

Michael Noonan: I have been advised by the Central Bank that the investigations into the incorrect selling of payment protection insurance to consumers are still on-going. The Central Bank has requested several firms to conduct comprehensive reviews of their payment protection insurance sales – this investigation to be overseen by a third party. The listed firms have commenced their reviews of...

Written Answers — Department of Finance: IBRC Legal Cases (12 Feb 2013)

Michael Noonan: As the Deputy will be aware, on 5 February 2013 the Oireachtas passed legislation (Irish Bank Resolution Corporation Act 2013), appointing joint Special Liquidators to IBRC with immediate effect to wind up its business and operations. At this early stage of the special liquidation Special Liquidators are engaged in intensive processes which involve inter alia, asserting control over the...

Written Answers — Department of Finance: Banking Guarantee Scheme (12 Feb 2013)

Michael Noonan: The response to Parliamentary Question No. 248 of 5 February 2013 sets out the information received from each of the covered institutions in relation to the question posed. There were, also, two additional cases initiated against the Minister for Finance by holders of subordinated debt which were inadvertently omitted from that answer. Details of these cases are set out in tabular form...

Written Answers — Department of Finance: IBRC Liquidation (12 Feb 2013)

Michael Noonan: As the Deputy will be aware, on 5 February 2013 the Oireachtas passed legislation (Irish Bank Resolution Corporation Act 2013), appointing joint Special Liquidators to IBRC with immediate effect to wind up its business and operations. At this early stage of the special liquidation Special Liquidators are engaged in intensive processes which involve inter alia, asserting control over the...

Written Answers — Department of Finance: Property Taxation Collection (12 Feb 2013)

Michael Noonan: The ESRI report mentioned by the Deputy was commissioned by the Interdepartmental Expert Group on Property Tax (the “Thornhill Group”) and was charged with analysing a residential property tax which would yield specified annual revenue yields. The report notes that increasing the income thresholds will have an impact on the rate of property tax that will be applied. As the...

Written Answers — Department of Finance: NAMA Legal Fees (12 Feb 2013)

Michael Noonan: The case referred to was taken by the person against NAMA, Ireland and the Attorney General. I am advised by NAMA that, as costs in this case have not been agreed or taxed at this point, the information sought by the Deputy is not currently available.

Written Answers — Department of Finance: Promissory Note Negotiations (12 Feb 2013)

Michael Noonan: As the Deputy is aware, this Government reached a conclusion to its discussions with the European Central Bank last week that delivered on our commitment to put in place a fairer and more sustainable arrangement on the IBRC Promissory Notes. Last week also saw the remnants of Anglo Irish Bank and Irish Nationwide removed from the financial and political landscape. Officials within my...

Written Answers — Department of Finance: Insurance Compensation Fund (12 Feb 2013)

Michael Noonan: The Insurance Compensation Fund (ICF) operates under the Insurance Act 1964. Its purpose is to protect policy holders in the event of their insurer becoming insolvent. It is an industry financed fund. However because the scheme is not pre-funded, the Act provides for the Exchequer to advance monies on the recommendation of the Central Bank in circumstances where insufficient funds have been...

Written Answers — Department of Finance: Property Taxation Collection (12 Feb 2013)

Michael Noonan: I am advised by the Revenue Commissioners that it would not be appropriate to give a definitive reply based on the information supplied by the Deputy. The following may be helpful by way of general information. A liability for LPT will arise where a person owns a residential property which is in use or is suitable for use as a dwelling on the liability date, which will be 1 May 2013 for the...

Written Answers — Department of Finance: Tax Code (12 Feb 2013)

Michael Noonan: Section 471 of the Taxes Consolidation Act 1997 provides relief in respect of premiums paid to a bona fide permanent health benefit scheme. The relief is confined to an amount not exceeding 10 per cent of the individual’s total income for any tax year. Where the premium is paid by an individual’s employer and is taxed on the individual as a perquisite, the premium is treated...

Written Answers — Department of Finance: Tax Reliefs (12 Feb 2013)

Michael Noonan: The tax reliefs set out below are available for relief against calculated taxable income at the taxpayer's marginal rate. The Deputy should note that there are certain other exemptions, such as the artist's exemption, which provide that the relevant income does not come into charge at all. The Taxes Consolidation Act 1997 provides that the following may give rise to relief at the...

Written Answers — Department of Finance: Departmental Expenditure (12 Feb 2013)

Michael Noonan: My Department only deals with legislative, policy and budgetary matters for citizens in general. We have no role in assessing the means of actual individual citizens. From time to time my Department carries out theoretical exercises on the effect of proposed tax changes on theoretical individuals in certain income groups, however this does not entail an assessment of individual means.

Written Answers — Department of Finance: European Semester Cycle (13 Feb 2013)

Michael Noonan: In 2011, EU countries launched the European Semester cycle as agreed at the European Council in June 2010. The aim of the Semester is that EU-level discussions on fiscal policy, macroeconomic imbalances, financial sector issues, and growth-enhancing structural reforms will now always take place before governments draw up their draft budgets and submit them to national parliamentary debate in...

Written Answers — Department of Finance: Property Taxation Exemptions (13 Feb 2013)

Michael Noonan: The Finance (Local Property Tax) Act 2012 provides exemptions for certain residential properties but none of these exemptions is related to the property owner's income. A system of deferral arrangements, for owner-occupiers and tenants on leases that are longer than 20 years, is available where there is an inability to pay and certain specified conditions are met. This option is not...

Written Answers — Department of Finance: Tax Reliefs (13 Feb 2013)

Michael Noonan: I am informed by the Revenue Commissioners that Section 134(3) of the Finance Act 1992 (as amended) and Statutory Instrument No. 353 of 1994 (Disabled Drivers and Disabled Passengers (Tax Concessions) Regulations, 1994 (as amended) provide for permanent relief from the payment of specified maximum amounts of VAT and VRT for qualifying persons under the scheme. A repayment of excise duty on...

Written Answers — Department of Finance: IBRC Liquidation (13 Feb 2013)

Michael Noonan: I would like to refer the Deputy to Section 14 of the IBRC Bill 2013 which sets out the methodology for the valuation of assets to be acquired by NAMA. The Special Liquidator acting on the instruction of the Minister shall appoint suitably qualified person(s) to carry out an independent valuation of the bank’s assets using standard loan valuation methodologies.

Written Answers — Department of Finance: IBRC Liquidation (13 Feb 2013)

Michael Noonan: In accordance with Section 13(a) & (b) of the IBRC Act 2013 the Minister may direct NAMA in writing to bid for or acquire IBRC assets. NAMA has been directed to establish a special purpose vehicle to acquire the floating charge over certain IBRC assets. After the sales process conducted by the Special Liquidator has been completed NAMA is expected to acquire the unsold loans in the IBRC...

Written Answers — Department of Finance: IBRC Liquidation (13 Feb 2013)

Michael Noonan: The recent enactment of the IBRC Act 2013 together with the replacement of the Promissory Notes with a portfolio of Irish Government Bonds puts in place a permanent, finite and viable solution in terms of a significant portion of the shortfall in banking financing that has emerged through the Irish financial crisis. Following an independent valuation process, the Special Liquidators will...

Written Answers — Department of Finance: General Government Debt (13 Feb 2013)

Michael Noonan: As the Deputy will be aware the Irish Government Bonds that have been issued in exchange for the Promissory Notes are floating rate bonds. The coupon on these bonds is 6-month Euribor plus a margin ranging from 2.50% to 2.68%. Given the nature of this floating rate it is impossible to be accurate with regard to the exact interest cost in 2013 to 2015. Information was released by the...