Results 12,221-12,240 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Financial Services Regulation (18 Sep 2013)

Michael Noonan: The Central Bank has advised me that where the Annual Percentage Rate to be charged on a loan to a consumer is over 23%, a lender will need to get a moneylender's licence from the Bank unless excluded under the Consumer Credit Act 1995, for example pawnbrokers and credit unions subject to other regulation. A “pay day” loan is usually a short-term loan to cover a borrower's...

Written Answers — Department of Finance: State Savings Schemes (18 Sep 2013)

Michael Noonan: The National Treasury Management Agency (NTMA) is responsible for the State Savings products which include Savings Certificates, Savings Bonds, Prize Bonds, the National Solidarity Bond and Instalment Savings, as well as the Deposit Accounts such as the Ordinary Deposit Account and the Deposit Account Plus. The NTMA keeps the suite of State Savings products and the interest rates paid on...

Written Answers — Department of Finance: Bonds Redemption (18 Sep 2013)

Michael Noonan: As the Deputy will be aware, AIB issued 4.144 billion additional shares in lieu of the €280 million dividend on our preference shares earlier this year. The number of Bonus Shares issued is calculated according to a set formula by dividing the unpaid dividend amount of €280 million on the 2009 Preference Shares by the average price on an ordinary share over the period of 30...

Written Answers — Department of Finance: National Payments Plan Implementation (18 Sep 2013)

Michael Noonan: There are no plans to abolish the use of cheques. However, in line with the recommendations of the National Payments Plan, approved by the Government last April, it is intended that Government Departments, Local Authorities and State Agencies will cease using cheques in their dealings with the business sector as from 19 September 2014, with the exception of instances where electronic...

Written Answers — Department of Finance: Banking Sector Investigations (18 Sep 2013)

Michael Noonan: Notwithstanding the fact that the State is a minority shareholder in Bank of Ireland, I must ensure the banks are run on a commercial, cost-effective and independent basis to ensure the value of the banks as an asset to the State, as per the Memorandum on Economic and Financial Policies agreed with the EU Commission, the ECB and the IMF. A Relationship Framework has been specified that...

Written Answers — Department of Finance: Banking Sector Regulation (18 Sep 2013)

Michael Noonan: The European Commission published a communication on Shadow Banking on 4 September, as a follow up to its Green Paper of March 2012. The communication outlines a number of priorities where the Commission intends to take initiatives, such as transparency of the shadow banking sector, establishment of a framework for money market funds, reform of rules for undertakings for collective...

Written Answers — Department of Finance: Mortgage Repayments Issues (18 Sep 2013)

Michael Noonan: In early 2011, as part of the agreement with the External Partners, the Central Bank commissioned a detailed and data-driven evaluation of the possible loan losses that would be incurred by the banks in a severe, but not utterly implausible, stress scenario. All the loan books were examined, including the residential mortgage books in Ireland and the UK, taking into account projections in...

Written Answers — Department of Finance: Tax Rebates (18 Sep 2013)

Michael Noonan: I am advised by the Revenue Commissioners that a tax refund issued to the individual on 5 September 2013.

Written Answers — Department of Finance: Household Charge Collection (18 Sep 2013)

Michael Noonan: I am advised by the Revenue Commissioners that property owners in respect of approximately 15,500 residential properties, representing a total declared liability for 2013 of approximately €2.26 million, have opted to pay their Local Property Tax (LPT) by way of deduction at source from a Social Welfare payment. The Commissioners also advise that in the majority of cases, deductions...

Written Answers — Department of Finance: Household Charge Cost (18 Sep 2013)

Michael Noonan: I am advised by the Revenue Commissioners that the introduction of the Local Property Tax (LPT), which amounts to the largest extension of the self-assessment system in its history, represents a significant administrative challenge for Revenue. The Expenditure Report for 2013, which was published by the Department of Public Expenditure and Reform last December, made a provision of...

Written Answers — Department of Finance: Departmental Reports (18 Sep 2013)

Michael Noonan: I expect to present the Report on the Standard Bank Account Pilot Project to the Government very shortly. It will then be published on my Department's website. I will inform the Deputy when this has been done.

Written Answers — Department of Finance: Tax Code (18 Sep 2013)

Michael Noonan: The Finance Act 2011 provides for the taxation of bets that remote bookmakers enter into with persons in the State. This means, for example, that a business which engages in online bookmaking and which accepts bets from people in this country will be liable for betting duty on those bets, irrespective of where that business is based. The existing betting duty (1%) will be applied to such...

Written Answers — Department of Finance: Local Government Fund (18 Sep 2013)

Michael Noonan: The Motor Vehicle (Duties and Licences) Act 2013 provides for the transfer of up to €150 million from the Local Government Fund to the Exchequer during 2013. The Act provides that in determining the payment, regard must be had to the balance in the Fund when all commitments have been met. The transfer is in respect of 2013 only. Some €46.5 million transferred to the Exchequer...

Written Answers — Department of Finance: Banks Recapitalisation (18 Sep 2013)

Michael Noonan: In early 2011, as part of the agreement with the External Partners, the Central Bank commissioned a detailed and data-driven evaluation of the possible loan losses that would be incurred by the banks in a severe, but not utterly implausible, stress scenario. All the loan books were examined, including the residential mortgage books in Ireland and the UK, taking into account projections in...

Written Answers — Department of Finance: Tax Code (18 Sep 2013)

Michael Noonan: While all taxes and potential taxation options are constantly reviewed, the Government has no current plans to introduce a wealth tax. In order to estimate the potential revenue from a tax on "net assessable household wealth", one would need to identify the wealth held by individuals, which is not possible from the data available at present. I am informed by the Revenue Commissioners that...

Written Answers — Department of Finance: Tax Reliefs Application (18 Sep 2013)

Michael Noonan: CAT agricultural relief takes the form of a reduction in the market value of the agricultural property - currently by 90% - for the purposes of establishing the appropriate group tax-free thresholds and determining whether a CAT liability arises on a transfer. In order to qualify for CAT agricultural relief, an individual receiving a gift or inheritance of agricultural property must qualify...

Written Answers — Department of Finance: Property Taxation Exemptions (18 Sep 2013)

Michael Noonan: I am advised by the Revenue Commissioners that section 10 (as amended) of the Finance (Local Property Tax) Act 2012 provides that a permanently and totally incapacitated person is exempt from payment of LPT where the property in question is occupied as his or her sole or main residence and where he or she has received a personal injury compensation or is a beneficiary under a qualifying...

Written Answers — Department of Finance: Disabled Drivers Grant Eligibility (18 Sep 2013)

Michael Noonan: I am informed by the Revenue Commissioners that if the VRT on a vehicle has been fully refunded at an earlier date under the scheme, there is no residual VRT available to be refunded on a subsequent sale to a second qualifying person and this should be reflected in the price of vehicle at the time of resale.

Written Answers — Department of Finance: VAT Rates Application (18 Sep 2013)

Michael Noonan: The 9% reduced VAT rate for tourism related services was introduced in July 2011 as part of the Government Jobs Initiative. The measure was designed to boost tourism and create additional jobs in that sector. In line with best international practice, it was introduced as a temporary measure and is due to expire at end December 2013, at which point it will revert to 13.5%. Retaining the 9%...

Written Answers — Department of Finance: Tax Collection (18 Sep 2013)

Michael Noonan: I assume the Deputy is referring to the windfall gains provisions in sections 644AB and 649B of the Taxes Consolidation Act 1997, as introduced by section 240 of the National Asset Management Agency Act 2009 and amended by section 25 of the Finance Act 2010, which apply an 80% rate of tax to profits or gains from land disposals where those profits or gains are attributable to a relevant...