Results 10,001-10,020 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Living City Initiative (26 Mar 2013)

Michael Noonan: I propose to take Questions Nos. 171 and 172 together. Finance Bill 2013 includes a section on the Living City Initiative which proposes to introduce a scheme of tax incentives focusing on the regeneration of the historic centres of some of our main cities. The scheme which will be introduced by Ministerial order, will apply in the first instance on a pilot basis to specified regeneration...

Written Answers — Department of Finance: Departmental Staff Numbers (26 Mar 2013)

Michael Noonan: I propose to take Questions Nos. 173 and 174 together. I am advised by the Revenue Commissioners that no member of their staff is to be redeployed, transferred or moved as a result of the outsourcing of an element of the call service for Local Property Tax (LPT). The use of an external service provider has arisen in the context of additional work associated with the roll out of a new tax....

Written Answers — Department of Finance: Tax Reliefs Application (26 Mar 2013)

Michael Noonan: Income tax relief in respect of health expenses is allowable in accordance with section 469 of the Taxes Consolidation Act 1997. This legislation provides for tax relief for health expenses incurred in the provision of health care. Health care is defined for the purposes of that legislation as the prevention, diagnosis, alleviation or treatment of an ailment, injury, infirmity, defect or...

Written Answers — Department of Finance: Retail Sector (26 Mar 2013)

Michael Noonan: I am informed by the Revenue Commissioners that the relevant information available is the total amount of gross trading profits returned by all companies trading in the retail sector and referenced under NACE Codes 4711 to 4799 and also code 4532. This includes retail sales of motor vehicles. The available information is derived from corporation tax returns for the year 2010, the latest...

Written Answers — Department of Finance: Home Repossession Rate (26 Mar 2013)

Michael Noonan: I have been informed by the Central Bank that under the Code of Conduct on Mortgage Arrears (CCMA), where a borrower co-operates with a lender, the lender must wait at least 12 months before applying to the courts to commence legal action for repossession. This 12-month moratorium is intended to provide co-operating borrowers with the necessary time to agree an alternative repayment...

Written Answers — Department of Finance: Banking Sector Remuneration (26 Mar 2013)

Michael Noonan: I propose to take Questions Nos. 178, 184, 191 and 209 together. 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...

Written Answers — Department of Finance: Bank Deposits Levy (26 Mar 2013)

Michael Noonan: I propose to take Questions Nos. 179, 180, 188 and 227 together. In answer to media queries, my Department commented that the “agreement of the Programme of Assistance for Cyprus is to be welcomed.” Following many months of uncertainty and negotiations in Cyprus and the Eurozone, the fact that an Agreement was reached between the Cypriot Authorities and the Troika was an...

Written Answers — Department of Finance: Mortgage Arrears Proposals (26 Mar 2013)

Michael Noonan: I have been advised by the Special Liquidators that the residential mortgage customers of IBRC (in Special Liquidation) continue to enjoy the protection of the Central Bank Code of Conduct on mortgage arrears and other protections in Irish consumer law. The Special Liquidators are currently devising and implementing a sale process in relation to the mortgage portfolio and while it is too...

Written Answers — Department of Finance: Illicit Trade in Tobacco (26 Mar 2013)

Michael Noonan: I am advised by the Revenue Commissioners that determining the extent of any illicit black market activity and the losses that it causes to the Exchequer is problematic, and that any estimates of such losses need to be viewed with caution. I understand that a survey in respect of 2011 carried out for the Revenue Commissioners and the Health Services Executive found that some 770 million...

Written Answers — Department of Finance: Tax Code (26 Mar 2013)

Michael Noonan: The position is that a number of exemptions and relief’s from CAT are provided for in CAT legislation. In accordance with the law in most common law jurisdictions, a complete exemption from CAT is available in relation to gifts and inheritances transferring between spouses. Section 70 CATCA 2003 provides that a gift taken by a donee who is at the date of the gift the spouse or civil...

Written Answers — Department of Finance: Tax Code (26 Mar 2013)

Michael Noonan: I have been advised by the Revenue Commissioners that they have contacted the person concerned and arranged to have the necessary details submitted to enable reviews to be dealt with for 2011 and 2012.

Written Answers — Department of Finance: Mortgage Arrears Proposals (26 Mar 2013)

Michael Noonan: I propose to take Questions Nos. 186 and 187 together. The Deputy will be aware that on 13 March 2013 the Central Bank announced new measures to address mortgage arrears, including the publication of performance targets for the main mortgage banks. The targets are set in relation to both Principal Dwelling Homes and Buy to Let mortgages. The new approach is aimed at ensuring that banks...

Written Answers — Department of Finance: Property Taxation Exemptions (26 Mar 2013)

Michael Noonan: The enactment of the Finance (Local Property Tax) (Amendment) Act 2013 on 13 March introduced a number of amendments to the original Act, which includes relief for properties adapted for use by disabled persons. I would like to clarify that qualifying for this relief does not confer on the property an exemption from the charge to Local Property Tax. Section 15A of the Finance (Local...

Written Answers — Department of Finance: Property Taxation Exemptions (26 Mar 2013)

Michael Noonan: The Government agreed with the recommendation of the "Thornhill Group" (the inter-Departmental Group, chaired by Dr Don Thornhill, which considered the structures and modalities of a property tax) that a universal liability to the Local Property Tax (LPT) should apply to all owners of residential property with a limited number of exemptions. Limiting the exemptions available allows the rate...

Written Answers — Department of Finance: Negative Equity Mortgages (26 Mar 2013)

Michael Noonan: Firstly, I must confirm to the Deputy that the lending institutions in Ireland, including those in which the State has a significant shareholding, are independent commercial entities and, as such, it is a commercial decision for each lender to decide what products they will provide including a negative equity mortgage. It is not appropriate for me, as Minister for Finance, to comment on or...

Written Answers — Department of Finance: Financial Services Regulation (26 Mar 2013)

Michael Noonan: The Central Bank has informed me that its publication on Mortgage Arrears Resolution Targets, which can be accessed on the Central Bank’s website at , addresses the use of IFRS standards in the context of MARS targets and on page 16 states: “An entity which prepares their financial statements in accordance with International Financial Reporting Standards (IFRS) is required to...

Written Answers — Department of Finance: Mortgage Arrears Proposals (26 Mar 2013)

Michael Noonan: As the Deputy is aware on 13 March 2013 the Central Bank announced new measures to address mortgage arrears which included the publication of performance targets for the main mortgage banks. These targets are set in relation to both Principal Dwelling Homes (PDH) and Buy to Let (BTL) mortgages and have been set for banks regarding sustainable resolution for arrears cases which are 90 days or...

Written Answers — Department of Finance: Central Bank of Ireland Issues (26 Mar 2013)

Michael Noonan: The terms of the Agreement on Net Financial Assets and related issues is a matter for the Central Bank of Ireland and the ECB and not something that I can comment on.

Written Answers — Department of Finance: IBRC Liquidation (26 Mar 2013)

Michael Noonan: I propose to take Questions Nos. 196 and 197 together. I have been advised that the Central Bank of Ireland received €25bn of marketable sovereign bonds in lieu of the Promissory Notes. The Central Bank will hold the sovereign bonds in its trading portfolio and will sell them over time. The timing of bond sales set out is a minimum schedule and can be accelerated as market conditions...

Written Answers — Department of Finance: Deposit Guarantee Scheme (26 Mar 2013)

Michael Noonan: I am satisfied that there are adequate measures in place to protect depositors in the institutions covered by the Deposit Guarantee Scheme (DGS), which is funded by the credit institutions covered by the scheme and is backed by the Exchequer. The Financial Services (Deposit Guarantee Scheme) Act 2009 provides for the operation of the Deposit Protection Account (DPA). Credit Institutions...