Results 10,941-10,960 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Tax Rebates (15 May 2013)

Michael Noonan: I am advised by the Revenue Commissioners that the procedure for the company in question to receive a flat-rate addition refund under the European VAT Refund (EVR) system requires it to firstly apply to the UK HMRC. HMRC review the refund application, approve it and forward it electronically to Revenue. The allowed time under EU Directive 2008/9/EC for processing such claims is up to four...

Written Answers — Department of Finance: EU-IMF Programme of Support Issues (15 May 2013)

Michael Noonan: As the Deputy will recall the EU-IMF Programme of Financial Support provided funding for essential public services at a time when the State could not access financial markets at reasonable rates. The Government's commitment to the Programme does not, and has not stopped us from seeking and agreeing changes to aspects of the programme. A series of burden reducing measures were negotiated by...

Written Answers — Department of Finance: NAMA Debtors (16 May 2013)

Michael Noonan: I am advised by NAMA that it is precluded from discussing matters relating to particular debtors by virtue of Sections 99 and 202 of the NAMA Act. However I would like to refer the Deputy to Section 172 of the NAMA Act 2009 which sets out the Limitations on certain dealings in land, etc.

Written Answers — Department of Finance: Banking Sector Issues (16 May 2013)

Michael Noonan: The legal position is that in the absence of a subordination agreement, where a financial institution is being wound up the principle that applies is pari passu. This means that holders of bonds in banks have equal ranking with depositors to be repaid in the event of insolvency of the financial institution. So, where there is a shortfall in assets all unsecured creditors are entitled to an...

Written Answers — Department of Finance: Financial Services Ombudsman Issues (16 May 2013)

Michael Noonan: Firstly, I must point out that the Financial Services Ombudsman is independent in the performance of his statutory functions. The Financial Services Ombudsman’s Bureau was established under the Central Bank and Financial Services Authority of Ireland Act, 2004. The legislation provides for an independent, impartial investigation and resolution of disputes between consumers and...

Written Answers — Department of Finance: Property Taxation Collection (16 May 2013)

Michael Noonan: As I have previously informed the House on a number of occasions, for individuals on low incomes the Finance (Local Property Tax) Act 2012 (as amended) provides for a system of deferral arrangements for owner-occupiers. A person whose only income source is from the Department of Social Protection (DSP) qualifies for deferral. A person who qualifies for full deferral can opt to defer 100% of...

Written Answers — Department of Finance: Property Taxation Exemptions (16 May 2013)

Michael Noonan: There are no specific exemptions from LPT for householders who suffered flood damage. However, LPT is a self-assessed tax so it is a matter for the property owner to calculate the tax due based on his or her assessment of the market value of the property. Issues such as a potential liability to flooding would be one of the factors that a property owner would take into account in valuing...

Written Answers — Department of Finance: Tax Reliefs Availability (16 May 2013)

Michael Noonan: I assume that the Deputy is referring to the relief available under section 15A of the Finance (Local Property Tax) Act 2012 (as amended) for properties adapted for use by disabled persons. At the outset I would like to clarify that this relief only applies where the adaptation work increases the market value of the property. I would also refer the Deputy to my detailed reply to a similar...

Written Answers — Department of Finance: VAT Information Exchange System (16 May 2013)

Michael Noonan: I am advised by the Revenue Commissioners that there are currently 6 companies who submit VIES (VAT Information Exchange System) returns using the Connect Direct facility. There are circa 10,000 registered VIES traders and the vast majority submit their returns using ROS, the Revenue Online system. Due to a technical limitation, the ROS system cannot cater for returns that contain more...

Written Answers — Department of Finance: Property Taxation Collection (16 May 2013)

Michael Noonan: I am advised by Revenue that in excess of 700,000 Local Property Tax (LPT) Returns have been successfully filed to date. As the Deputy will appreciate, with returns being filed on a constant basis, the Commissioners' focus is on processing the returns, dealing with correspondence, telephone calls and payment processing. It would not be practical or particularly useful for the Revenue...

Written Answers — Department of Finance: Mortgage Arrears Rate (16 May 2013)

Michael Noonan: I am advised that the Central Bank does not publish statistical data on arrears broken down by the entire sum owed. However, the most recent Central Bank published mortgage arrears and repossession statistics, which is for the end of December 2012, contains information on the total outstanding sums owed in relation to mortgages in arrears, as well as details on the aggregate value of...

Written Answers — Department of Finance: National Pensions Reserve Fund Investments (16 May 2013)

Michael Noonan: The National Treasury Management Agency (NTMA), as Manager of the National Pensions Reserve Fund (NPRF), has advised that a Letter of Intent was signed on 8 January 2013 in respect of the SME Credit Fund to be managed by BlueBay Asset Management. This fund aims to make loans of between €5 million and €50 million to borrowers that are established companies, with a strong credit...

Written Answers — Department of Finance: National Treasury Management Agency Bond Issues (16 May 2013)

Michael Noonan: Over the course of 2012 and to date in 2013 the National Treasury Management Agency (NTMA) has been actively engaged with the bond and treasury bill markets. In January 2013 the NTMA sold €2.5 billion of the existing bond maturing in 2017 at a yield of 3.32%, the first such syndicated deal for three years. In March 2013 the NTMA sold €5 billion of a new 10 year bond, maturing in...

Written Answers — Department of Finance: EU-IMF Programme of Support Issues (16 May 2013)

Michael Noonan: In order to improve analysis of the fiscal statistics provided by my Department and in the spirit of transparency, the Stability Programme Update includes, in table A1.3, a comparison of the receipts and expenditures in the current table with the most recent table produced at Budget time. In table A1.3, note 4 refers to the reclassification of an item from 'other expenditure, to 'social...

Written Answers — Department of Finance: Property Taxation Administration (16 May 2013)

Michael Noonan: As I outlined in my speech to this House on Budget Day and subsequently throughout the passage of the Finance (Local Property Tax) Act 2012 through the Oireachtas, from 1 January 2015 local authorities will have discretion to vary the rate by 15% above or below the national central rate. This is not new information, it was made clear when the legislation was first published. It is...

Written Answers — Department of Finance: Mortgage Applications Approvals (16 May 2013)

Michael Noonan: I note the Deputy’s concerns regarding the checks being made by the banks prior to granting credit to individuals. Affordability is the key test in terms of meeting mortgage commitments and against the current backdrop of high levels of mortgage arrears, prudential policy by the financial institutions has led to more extensive analysis of present and prospective ability of by...

Written Answers — Department of Finance: EU Directives (16 May 2013)

Michael Noonan: At the ECOFIN meeting on 14th May Finance Ministers discussed a range of items including the proposal for a bank recovery and resolution directive ("BRRD"). The BRRD proposal aims to introduce an effective recovery and resolution framework for credit institutions and investment firms at national level to ensure minimum harmonisation at EU level. The proposal provides for three stages of...

Written Answers — Department of Finance: Property Taxation Administration (16 May 2013)

Michael Noonan: I propose to take Questions Nos. 107 and 111 together. I am advised by Revenue that the issue to which the Deputies refer was first brought to its attention late on Thursday night, 9 May 2013. The issue concerned people who filed and paid via telephone through the LPT Helpline and who used credit or debit cards as the payment method. In total, the details of 11 credit/debit cards were...

Written Answers — Department of Finance: EU Treaties (16 May 2013)

Michael Noonan: As Presidency, we are working to progress the ambitious agenda on Banking Union set by the European Council in December. We have achieved agreement on the Single Supervisory Mechanism – a very significant step forward. We have also achieved agreement on the Capital Requirements Directive IV, which aims to strengthen the capital requirements for banks and the overall effectiveness of...

Written Answers — Department of Finance: Property Taxation Administration (16 May 2013)

Michael Noonan: I am advised by Revenue that the person in question was linked to two properties on the Register. The LPT Branch has removed the person's name as the owner of the second property and issued a paper Return to him. However, if this was not received in time to meet the deadline of 7 May for filing a paper LPT Return, the person in question should file the LPT Return for his property by either...