Results 9,841-9,860 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Property Taxation Application (20 Mar 2013)

Michael Noonan: The Finance (Local Property Tax) Act 2012 (as amended) sets out how the Local Property Tax (LPT) is to be administered and how a residential property is to be valued for LPT purposes. As I have previously stated, the Revenue Commissioners will not be involved in valuing individual properties. LPT is a self-assessed tax so in the first instance it is a matter for the property owner to...

Written Answers — Department of Finance: Negative Equity Mortgages Numbers (20 Mar 2013)

Michael Noonan: I propose to take Questions Nos. 212 and 213 together. While the Central Bank publishes aggregate data each quarter on the level of residential mortgages and mortgage arrears, it is not possible to produce estimates of the level of negative equity on a similar regular basis. However, from time to time the Central Bank has, based on detailed granular data that becomes available to it for a...

Written Answers — Department of Finance: Tax Code (20 Mar 2013)

Michael Noonan: I am informed by the Revenue Commissioners that Section 825A of the Taxes Consolidation Act 1997 (the “cross border worker relief”) is confined only to the remuneration accruing to an individual resident in the State from a “qualifying employment” as defined in subsection (1) of Section 825A. In other words, the relief provided for in Section 825A is confined only...

Written Answers — Department of Finance: Defined Pension Benefit Scheme Issues (20 Mar 2013)

Michael Noonan: As the Deputy will be aware, all three of the remaining Covered banks have defined benefit pension deficits to varying degrees. These are liabilities of the banks to which there are attached numerous legal and regulatory responsibilities. Both AIB and Bank of Ireland have started consultations with their staff representatives with a view to finding a workable and efficient solution to these...

Written Answers — Department of Finance: Mortgage Resolution Processes (20 Mar 2013)

Michael Noonan: The Central Bank has advised that overall there were around 23,430 mortgage accounts that had permanent restructure types at end-December 2012. The Central Bank advises that permanent restructure types are arrears capitalisation, term extension, permanent interest rate reduction, trade down mortgages, split mortgage and mortgage to rent. However, the Central Bank is not in a position to...

Written Answers — Department of Finance: Banks Recapitalisation (20 Mar 2013)

Michael Noonan: The Deputy will be aware that all banks are required to maintain certain levels of regulatory capital to the satisfaction of the Central Bank. As part of their ongoing prudential work, banks and the Central Bank monitor the level of capital and if a deficiency is identified, or if one could reasonably arise, the regulated bank will have to take action to address such a potential or actual...

Written Answers — Department of Finance: Pension Provisions (20 Mar 2013)

Michael Noonan: As the Deputy will be aware AIB announced in 2012 that it plans to close the defined benefit pension scheme to new accruals and as part of this process is in on-going discussions with staff and the Unions. AIB is committed to ensuring that all elements of pay, including base pay and benefits, are in line with the bank’s operating performance and recognise the materially altered...

Written Answers — Department of Finance: National Debt (20 Mar 2013)

Michael Noonan: The data requested by the Deputy relating to National Debt, covering the period 2007 to 2012, is listed in both Table 1 and Table 2. The National Debt, that is the net debt incurred by the Exchequer after taking account of cash balances and other related assets, stood at €163.354 billion at end-February 2013. Current estimates for Nominal GDP for both 2012 and 2013, at €163.2...

Written Answers — Department of Finance: Property Taxation Collection (20 Mar 2013)

Michael Noonan: I am informed by the Revenue Commissioners that a number of different payment options have been put in place to assist people in meeting their Local Property Tax (LPT) obligations, including the facility to pay by cash. Revenue’s strategy in this regard is to ensure taxpayers have a choice of payment options available to them from which they can choose the method, which is most suited...

Written Answers — Department of Finance: NAMA Loan Book (20 Mar 2013)

Michael Noonan: The National Asset Management Agency (NAMA) has acquired loans from participation institutions. NAMA is not the owner of properties. The Agency’s role is that of a secured lender. NAMA’s acquisition of loans has no implications for the designated status of public roads. Such roads remain in the full control of the relevant roads authority. Where NAMA holds security over...

Written Answers — Department of Finance: NAMA Operations (20 Mar 2013)

Michael Noonan: As the deputy is aware NAMA has acquired loans and is not the owner or operator of properties. The Agency’s role is that of a secured lender. NAMA appointed a panel of property valuers in 2009 to assist in the valuation of property that was security for loans being acquired and that this process has now concluded. Other than properties that have been enforced, all of which are listed...

Written Answers — Department of Finance: NAMA Loan Book (20 Mar 2013)

Michael Noonan: NAMA is prohibited under Sections 99 and 202 of the NAMA Act from disclosing confidential information, which is specifically defined to include information relating to its debtors and details of their properties. Accordingly, the provision of the information sought by the Deputy would be in contravention of the NAMA Act. The Deputy will however note that a number of properties located in...

Written Answers — Department of Finance: Public Service Contracts (20 Mar 2013)

Michael Noonan: I am advised by the Revenue Commissioners that the introduction of the Local Property Tax (LPT), amounting, as it does, to the largest extension of the self-assessment system in the history of the State, represents a very great administrative challenge for Revenue. As a new service that will have exceptional temporary pressures at particular stages of its initial implementation it proved...

Written Answers — Department of Finance: Banking Sector Remuneration (20 Mar 2013)

Michael Noonan: When publishing the Review of Remuneration Practices and Frameworks at the Covered Institutions, on 12 March 2013, I indicated that the Government had formed the view that with the remaining covered institutions still incurring losses it was an inescapable conclusion that the cost base of the institutions needs to be reduced further. This is essential if they are to return to profitability,...

Written Answers — Department of Finance: IBRC Liquidation (20 Mar 2013)

Michael Noonan: I can advise the Deputy that I have put in place a comprehensive process for the oversight of the liquidation of IBRC. In common with the interest of other creditors I and my officials have been in contact with the Special Liquidators throughout the process to date to understand how the winding up has been proceeding. Weekly briefings have been established between officials of the...

Written Answers — Department of Finance: IBRC Staff (20 Mar 2013)

Michael Noonan: As the Deputy is aware, following the appointment of the Special Liquidator IBRC employee contracts were terminated in the Republic of Ireland. As a result of the termination of the employment contracts, employees are entitled to apply for a statutory redundancy payment and a statutory notice payment, subject to the limits prescribed by statute. The vast majority of employees have been...

Written Answers — Department of Finance: Ministerial Meetings (20 Mar 2013)

Michael Noonan: Both I and my Department maintain close contact with the Central Bank on a range of financial sector issues including the development and implementation of measures to address the mortgage arrears problem. In that regard the Deputy will of course be aware that last week the Deputy Governor of the Central Bank and myself announced additional new measures to tackle the mortgage arrears problem...

Written Answers — Department of Finance: Property Taxation Application (20 Mar 2013)

Michael Noonan: I am informed by the Revenue Commissioners that the chargeable value is defined in the Finance (Local Property Tax) Act 2012 as the price that the unencumbered fee simple of a residential property might be expected to fetch on a sale on the open market were that property to be sold on the valuation date of 1 May 2013, in a manner that would secure the best possible price for the property....

Written Answers — Department of Finance: Property Taxation Exemptions (20 Mar 2013)

Michael Noonan: For Local Property Tax (LPT) purposes, a residential property is defined as any building or structure (or part of a building) which is used as, or is suitable for use as, a dwelling and includes any shed, outhouse, garage or other building or structure and includes grounds of up to one acre. The Finance (Local Property Tax) Act 2012 (as amended) provides that a liability for LPT will...

Written Answers — Department of Finance: Living City Initiative (20 Mar 2013)

Michael Noonan: I propose to take Questions Nos. 231 to 235, inclusive, together. Section 30 of the Finance Bill 2013 introduces a scheme of tax incentives, focussing on the regeneration of the historic centres of some of our main cities. The scheme, which will be introduced by Ministerial order, is entitled the Living City Initiative and will apply, in the first instance, on a pilot basis, to specified...