Results 9,881-9,900 of 27,019 for speaker:Michael Noonan

Other Questions: Mortgage Arrears (21 Mar 2013)

Michael Noonan: The Central Bank has advised me that it does not publish a geographical breakdown of its quarterly mortgage arrears statistics, nor does it publish data on the level of mortgage arrears outside of the State. The Government is very aware of the significant difficulties some home owners are facing in meeting their mortgage obligations and it has put in place a comprehensive strategy to...

Other Questions: Mortgage Arrears (21 Mar 2013)

Michael Noonan: There is no doubt that private debt is a very serious issue. It is one of the key economic and social issues in the country and a matter which we are addressing in great detail. In terms of the options available to the banks, the Keane report laid out in detail a range of options. These options serve as a menu for face to face interventions by the banks and insolvency services to apply to...

Other Questions: Mortgage Arrears (21 Mar 2013)

Michael Noonan: To respond to Deputy Mac Lochlainn, the Personal Insolvency Act does not provide for a veto. This claim has been repeated time and again. The legislation provides for arrangements where creditors vote. If, however, it drifts into bankruptcy, where it will go if there is no arrangement, solutions are imposed. Deputy McGrath and his party have been looking for independence in the...

Other Questions: Bank Debt Restructuring (21 Mar 2013)

Michael Noonan: As the Deputy will be aware, the Irish authorities have taken a wide range of restructuring measures to tackle the banking crisis over the past three years. The deleveraging programme set out in the financial measures programme in 2011 was an integral part of this process. By reducing the size of the banking system, deleveraging was intended to reduce bank reliance on wholesale and central...

Other Questions: Bank Debt Restructuring (21 Mar 2013)

Michael Noonan: The Government puts lending targets on the banks. For 2011 and 2012, they achieved their targets. As the Deputy says, the SME sector are also repaying loans. Both sides of the balance sheet must be taken into account. There is a general problem with credit in the domestic economy but some of it stems from lack of demand for credit rather than lack of supply. Until confidence rebuilds we...

Other Questions: Bank Debt Restructuring (21 Mar 2013)

Michael Noonan: The best I can say is that it is a work in progress. The deleveraging is almost complete. If deleveraging was putting a brake on lending, that brake is no longer there to any extent. We set targets for the banks. In 2011, €3 billion was sanctioned. In 2012, it was €3.5 billion. There is a €4 billion target for 2013. This is in the form of new or increased credit...

Other Questions: Property Taxation Exemptions (21 Mar 2013)

Michael Noonan: As I have previously advised the Deputy, I have no plans to provide for an exemption from the local property tax for properties affected by radon gas. I am advised by the Minister for the Environment, Community and Local Government that high radon levels in homes are easy to identify and, once identified, are relatively simple to fix. The testing of houses for radon is a relatively...

Other Questions: Property Taxation Exemptions (21 Mar 2013)

Michael Noonan: The tax is based on a self-assessment of the value of the property. If a house has any impairment, be it subject to flooding or a high instance of radon gas, the person assessing the value of his or her home will take it into account. If there is radon in a home and a similar house up the street does not have radon, the value should be marked down when submitting a return to Revenue. This...

Other Questions: Property Taxation Exemptions (21 Mar 2013)

Michael Noonan: No such application has been entertained yet. We can raise the issue with the Revenue but it is news to me that it is happening.

Other Questions: Property Taxation Exemptions (21 Mar 2013)

Michael Noonan: I will. I have not heard it is happening. We will see. In response to Deputy Wallace’s question on the house valuation, what Revenue says is that it is up to the householder to value the house and return it to Revenue. If the valuation is in its opinion honest, it will be accepted. Obviously, if an estate is one in which pyrite is present in many of the houses and that reduces...

Other Questions: Property Taxation Exemptions (21 Mar 2013)

Michael Noonan: The Department of the Environment, Community and Local Government came up with the exemptions. What I did in the Act – with the approval of everyone – was to exempt certain categories of house, and we exempted houses in ghost estates. It was then up to the Department of the Environment, Community and Local Government, in consultation with local authorities, to nominate the...

Written Answers — Department of Finance: IBRC Liquidation (21 Mar 2013)

Michael Noonan: The February 2013 transactions in relation to the liquidation of IBRC and the exchange of the Promissory Notes for Irish Government bonds are expected to result in GGB and GGD benefits over time but there are potential upfront costs for the State that may be incurred. The two principal transaction costs are the payments required to be made by me, in my capacity as Minister for Finance, under...

Written Answers — Department of Finance: Bank Debt Restructuring (21 Mar 2013)

Michael Noonan: As I have stated previously, it is important to note that some aspects of the promissory note deal are yet to be finalised. For example, the liquidator is in the process of overseeing a valuation and sales process for the assets of IBRC, while the final payments to be made under the ELG Scheme have not yet been determined. Nevertheless, simulations ran by my Department estimate that the...

Written Answers — Department of Finance: Departmental Websites (21 Mar 2013)

Michael Noonan: The Local Property Tax (LPT) is a self-assessed tax. This means that the property owner must decide the market value of his or her own property and make a return to Revenue. In the absence of a national residential property valuation system, the valuation guidance developed by Revenue is designed to help property owners in self-assessing the market value of their property by giving them...

Written Answers — Department of Finance: IBRC Staff (21 Mar 2013)

Michael Noonan: I acknowledge the significant efforts and commitment made by the staff in IBRC over the past few difficult years whilst the bank was in wind down and the difficulties that arise for staff as a result of the liquidation but it was necessary to take the decision to liquidate IBRC in the larger public interest. There are standard rules which apply to the distribution of the assets of companies...

Written Answers — Department of Finance: Fuel Laundering (21 Mar 2013)

Michael Noonan: I am informed by the Revenue Commissioners that the main form of criminality in the fuel sector is the laundering of marked gas oil and the sale of the laundered product as auto-fuel. Revenue is aware of the threat that this criminal activity poses to law-abiding businesses, and to the Exchequer in terms of lost revenue from mineral oil tax. The laundering process also threatens the...

Written Answers — Department of Finance: Property Taxation Exemptions (21 Mar 2013)

Michael Noonan: The Government has considered the impact of the Local Property Tax (LPT) on those in mortgage arrears. The Thornhill Group (the inter-departmental group chaired by Dr Don Thornhill to consider the design of a property tax) acknowledged that in current circumstances an additional case should be made to target assistance on owner occupiers suffering severe financial stress as a result of...

Written Answers — Department of Finance: Property Taxation Application (21 Mar 2013)

Michael Noonan: Introducing a new tax regime for residential property in such a tight timeframe has been a significant challenge for the Revenue Commissioners along with all of their other responsibilities. Enacting the Finance (Local Property Tax) Act in December 2012 provided the basis for the development of the necessary systems. A small number of amendments were made to the original Act, which included...

Written Answers — Department of Finance: IMF Loan Issues (21 Mar 2013)

Michael Noonan: In 2010 the IMF approved a programme under the Extended Fund Facility (EFF) to Ireland amounting to SDR 19.5 billion, which is equivalent to €22.5 billion, as part of the overall EU/IMF programme of financial support agreed at that time. The appropriate amortization schedule for EFF programmes with any member country of the IMF has been agreed and set by the IMF. This decision...

Written Answers — Department of Finance: NAMA Credit Facility for IBRC (21 Mar 2013)

Michael Noonan: As the deputy is aware, on the 7th February 2013 I issued a Direction (NAMA/3/12/IBRC Act) to NAMA pursuant to the IBRC Act 2013 to provide such credit facilities to a special liquidator on such terms and conditions, as are specified in the direction. This was done in order to protect and preserve the value of the IBRC assets during the liquidation process and ultimately to protect the...