Results 10,541-10,560 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Property Taxation Exemptions (30 Apr 2013)

Michael Noonan: The Finance (Local Property Tax) Act 2012 (as amended) provides that a liability for Local Property Tax (LPT) will arise where a person owns a residential property on the liability date, which will be 1 May 2013 for the year 2013. The legislation defines a residential property as any building or structure which is in use as, or is suitable for use as, a dwelling. I am further advised by...

Written Answers — Department of Finance: NAMA Portfolio Issues (30 Apr 2013)

Michael Noonan: I am advised by NAMA that its role in respect of property is, like a bank, that of a secured lender. Other than properties that have been enforced, all of which are listed on NAMA’s website and which are managed by the appointed receivers/administrators, properties continue to be managed by their existing owners or their professional managers/agents. As a lender and holder of...

Written Answers — Department of Finance: VAT Rebates (30 Apr 2013)

Michael Noonan: I assume the Deputy is referring to the commercial diesel excise relief that I announced in the Budget and which was extended in the Finance Bill to cover all licensed passenger transport. Any bus or coach with a national road passenger transport licence granted under Section 2 of the Road Traffic and Transport Act 2006 will qualify for the relief.

Written Answers — Department of Finance: Insurance Coverage (30 Apr 2013)

Michael Noonan: The Central Bank has informed me that they have recently commenced a themed inspection into the handling of home insurance claims. I understand that this inspection will include an examination of household property claims files where the damage was caused by water. All aspects of the claims handling and payment process will be looked at, including claim settlement retentions in order to...

Written Answers — Department of Finance: IBRC Liquidation (30 Apr 2013)

Michael Noonan: The Deputy will appreciate the commercially sensitive nature of the discussions with the ECB in relation to the promissory notes and the liquidation of the IBRC and that such discussions are part of a wider deliberative and confidential process. Throughout the period of the discussions between the Irish Authorities and the ECB the confidentiality of matters discussed was emphasised between...

Written Answers — Department of Finance: Freedom of Information Requests (30 Apr 2013)

Michael Noonan: A total of 11 requests for information that relate, in whole or in part, to the liquidation of IBRC have been received to date by my Department under the Freedom of Information Act 1997 -2003. Of these requests, responses have issued in 6 cases indicating that the requests are deemed to be voluminous and fall to be rejected under section 10(1)(c) of the FOI Acts. In each of these cases the...

Written Answers — Department of Finance: Maternity Benefit Issues (30 Apr 2013)

Michael Noonan: I propose to take Questions Nos. 149, 174, 193 and 210 together. It is a general principle of taxation that, as far as possible, income from all sources should be subject to taxation. In line with this principle, the majority of social welfare payments are reckonable as income for tax purposes. These include long-term payments such as Disablement Benefit, the State Pension, Widows,...

Written Answers — Department of Finance: Tax Yield (30 Apr 2013)

Michael Noonan: I am advised by the Revenue Commissioners that the estimated full year yield to the Exchequer from increasing the Capital Acquisitions Tax rate by 2% to 35 %, based on the expected outturn in 2013, could be in the region of €18 million, assuming no change in the existing thresholds. This estimate is provisional and subject to revision. It should be noted that this estimate is based...

Written Answers — Department of Finance: Income Statistics (30 Apr 2013)

Michael Noonan: I am advised by the Revenue Commissioners that the information requested, estimated by reference to the income tax year 2013, is set out in the following table. All Income earners for Income Tax Year 2013 (provisional) Gross Income Range Gross Income Numbers Income Tax  - € -  € 10,000 or less      1,755,195,609...

Written Answers — Department of Finance: IBRC Liquidation (30 Apr 2013)

Michael Noonan: As was published by my Department in the Q&A document on the Promissory Note transaction on the 7th February last (http://www.finance.gov.ie/documents/publications/other/2013 /qaupdate.pdf), third parties, including loan counterparties and other financial institutions, will be given the opportunity to bid for specific portfolios as part of an open and transparent sales process. If...

Written Answers — Department of Finance: IBRC Liquidation (30 Apr 2013)

Michael Noonan: The Special Liquidators have responsibility for the appointment of independent valuers to value the assets of IBRC and NAMA have no input into that appointment process. For the purposes of this valuation, loan assets shall be valued using discounted cash flow analysis, taking into account the timing and reliability of cash flows, together with an appropriate discount factor to determine the...

Written Answers — Department of Finance: NAMA Loan Book (30 Apr 2013)

Michael Noonan: Based on the information available to the Department at the time of liquidation the best estimate was that the value of the remaining assets in IBRC would be about equal to the NAMA bonds issued to acquire the Facility Deed from the Central Bank. This should not be confused with the comments made by the former Chairman of IBRC which reflected the assumption that IBRC was to continue as...

Written Answers — Department of Finance: IBRC Liquidation (30 Apr 2013)

Michael Noonan: I have been advised by the Special Liquidators that they are not in a position to provide this confidential commercially sensitive information as this could potentially have a detrimental impact on asset recovery. I am further advised that in order to ensure that maximum value is obtained in the sales process the independent valuations will remain confidential. As explained in the Q&A...

Written Answers — Department of Finance: IBRC Liquidation (30 Apr 2013)

Michael Noonan: The liquidation of IBRC is similar to any other liquidation with the exception that the Special Liquidators have been appointed by the Minister under the Irish Bank Resolution Corporation Act 2013 rather than appointed by the Courts. As such the Special Liquidators are obliged to follow normal Companies Acts priorities throughout the liquidation process and act in a manner that ensures the...

Written Answers — Department of Finance: IBRC Liquidation (30 Apr 2013)

Michael Noonan: As the deputy is aware, there were two separate but related repurchase agreements in place at the time of IBRC’s liquidation concerning the 2025 Irish Government Bonds; one between IBRC and Bank of Ireland (“the IBRC repo”) and another between Bank of Ireland and the Central Bank of Ireland as part of normal Eurosystem refinancing operations. Under these repurchase...

Written Answers — Department of Finance: Bank Debt Restructuring (30 Apr 2013)

Michael Noonan: I am advised that in order to complete the sale to NAMA by the Central Bank of Ireland (“CBI”) of the net debt owed by the Irish Bank resolution Corporation to the CBI (“amount outstanding under the Facility Deed”) a number of steps had to be completed which involved each of the three parties impacted by the transaction, the CBI, NAMA and the Special Liquidator. ...

Written Answers — Department of Finance: NAMA Bonds (30 Apr 2013)

Michael Noonan: As owner of the NAMA Bonds in question this is a matter for the Central Bank of Ireland. The Central Bank of Ireland advises that they do not comment on individual investment holdings, as NAMA bonds are managed together with the Bank’s other investment assets, any positive investment return at year end will be the product of the Bank’s investment portfolio in aggregate and...

Written Answers — Department of Finance: Bank Debt Restructuring (30 Apr 2013)

Michael Noonan: I have been advised by IBRC (in special liquidation) that the following debt was outstanding at the time of the IBRC liquidation: €101 million euro denominated senior unguaranteed debt; BGN 25 million euro denominated senior unguaranteed debt; $100m Hong Kong dollar denominated senior unguaranteed unsecured debt; $200m US dollar denominated subordinated debt; €118 million...

Written Answers — Department of Finance: Carbon Tax Exemptions (30 Apr 2013)

Michael Noonan: Solid fuel carbon tax will be charged on all solid fuels supplied in the State, regardless of whether the fuel products are Irish made or imported. Solid fuel is defined under section 77 of the Finance Act 2010, as amended and means coal or peat. Coal is further defined to include coal and lignite, solid fuel manufactured from coal and lignite, and any other energy product within the...

Written Answers — Department of Finance: Credit Unions Regulation (30 Apr 2013)

Michael Noonan: The Credit Union and Co-operation with Overseas Regulators Act 2012 was signed into law by the President in December 2012. The Parts of the legislation in relation to Restructuring and Stabilisation have already been commenced. The commencement of the remaining Parts of the Act will be aligned with the introduction of the underpinning Central Bank regulations, with a view to implementation in...