Results 12,981-13,000 of 27,019 for speaker:Michael Noonan

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (13 Nov 2013)

Michael Noonan: Yes. In response to the Deputy's question the fund is not a levy on taxpayers. It is a levy on the financial services industry.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (13 Nov 2013)

Michael Noonan: This is the backstop we spoke about earlier. The fund will be built up over a ten-year period. Certainly in the meantime and maybe indefinitely we will need the European Stability Mechanism to act as a backstop to prevent any shortfalls from a series of burst banks across Europe coming back to hit European tax payers. We will go the ESM route as a backstop. That is the policy but it is...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (13 Nov 2013)

Michael Noonan: The first issue will be the scope of the application of the resolution fund, whether it would apply to the 6,000 or so banks in Europe or just to the very big banks in certain sovereigns. There is a strong view in some countries that there should not be a central fund but that there should be a series of sovereign funds which in the event of need would combine to resolve difficulties within...

Written Answers — Department of Finance: National Pensions Reserve Fund Administration (14 Nov 2013)

Michael Noonan: In September 2013, the National Pensions Reserve Fund (NPRF) agreed a €250 million two-year bridging facility with Irish Water to provide short-term funding for its start-up costs and metering installation costs. To date, €160 million has been drawn down by Irish Water and the balance is expected to be called in January 2014.

Written Answers — Department of Finance: Property Taxation Administration (14 Nov 2013)

Michael Noonan: The Finance (Local Property Tax) Act 2012 (as amended) provides that liability for Local Property Tax (LPT) will arise where a person owns a residential property on the liability date, which was 1 May 2013 for 2013, and, for subsequent years, 1 November in the preceding year. Section 119 of the Act sets out the dates for payment of the LPT, and clarifies that, while the LPT is due by...

Written Answers — Department of Finance: Credit Unions (14 Nov 2013)

Michael Noonan: Unfortunately I am not in a position to comment on the specifics of any accounts with IBRC which is now in liquidation. As the Deputy is aware there are a number of depositors who fall outside the eligibility criteria for the ELG Scheme due to the nature and timing of the investment in certain structured products. Unfortunately, if a deposit is not eligible under the ELG scheme the depositor...

Written Answers — Department of Finance: Property Taxation Collection (14 Nov 2013)

Michael Noonan: I am fully aware of the issues that have been raised concerning once-off payments by credit card. The subject was extensively dealt with by the Chairman of the Revenue Commissioners in her appearance before the Joint Committee on Finance, Public Expenditure and Reform on 7 November 2013. Similar questions concerning payment of the 2014 LPT liability by credit card have been raised by a...

Written Answers — Department of Finance: Tax Reliefs Availability (14 Nov 2013)

Michael Noonan: As the Deputy is aware, I announced the Home Renovation Incentive in the recent Budget. This scheme will run from 25 October 2013 to 31 December 2015 and provides for tax relief for homeowners by way of a tax credit at 13.5% of qualifying expenditure incurred on repair, renovation or improvement work carried out on a principal private residence. There is no VAT relief under this scheme....

Written Answers — Department of Finance: Tax Reliefs Availability (14 Nov 2013)

Michael Noonan: I have been informed by AIB that the bank does not publicly disclose the details of contracts with individual external service providers. AIB utilises the expertise of a number of different third party firms on a case by case basis, subject to an evaluation of the bank's requirements, costs and the relevant external parties. AIB is focused on a significant cost reduction programme and, as...

Written Answers — Department of Finance: Insurance Industry Issues (14 Nov 2013)

Michael Noonan: At the outset, the Deputy should note that in my role as Minister for Finance I have responsibility for the development of the legal framework governing financial regulation, including insurance. The day to day responsibility for the supervision of financial institutions is a matter for the Central Bank which is statutorily independent in the exercise of its regulatory functions. The...

Written Answers — Department of Finance: Credit Unions (14 Nov 2013)

Michael Noonan: The decision to transfer Newbridge Credit Union’s assets and liabilities to permanent tsb bank was taken following the withdrawal of Naas Credit Union from the process. It was in the context of a possible liquidation which would have seen unprotected savings of €1.1m lost, that the Department of Finance, with the support of the Central Bank, requested permanent tsb bank to...

Written Answers — Department of Finance: Credit Unions (14 Nov 2013)

Michael Noonan: The Central Bank has informed me that, based on data submitted by credit unions as at 30 September 2013, some 20 credit unions have reported regulatory reserves below the minimum requirement of 10 per cent of assets. This gives rise to a capital shortfall in the region of €11 million in total. The Central Bank is continuing to work through a portfolio of approximately 100 credit...

Written Answers — Department of Finance: Credit Unions (14 Nov 2013)

Michael Noonan: I have been informed by the Central Bank that from 13 January 2012 to 26 April 2013 a total of €1,252,142 was approved for payment to the Special Manager by the High Court. The Special Manager rates were reduced after one month from €423 to €375 with the approval of the High Court. This included a corresponding fee reduction for staff working for the Special Manager....

Written Answers — Department of Finance: Mortgage Interest Relief Eligibility (14 Nov 2013)

Michael Noonan: Landlords cannot claim mortgage interest relief which is only available for owner occupiers in respect of their principal private residence. I am informed by the Revenue Commissioners that landlords may deduct 75% of the interest on money borrowed to purchase, improve or repair commercial property from the gross rent when computing their rental profits for tax purposes on that property....

Written Answers — Department of Finance: Tax Code (14 Nov 2013)

Michael Noonan: I am informed by the Revenue Commissioners that the current version of the annual Income Tax return form distinguishes between Irish rental properties and foreign rental properties. The return form also seeks details, inter alia, of rental income received and allowable interest regardless of whether the property in question is Irish or foreign. The return form, however, does not currently...

Written Answers — Department of Finance: EU-IMF Programme of Support Issues (14 Nov 2013)

Michael Noonan: The Government decided this morning that Ireland is now in the best position to exit the EU-IMF programme of financial assistance on December 15 without the need to pre-arrange a new precautionary credit line from our EU and IMF partners.

Written Answers — Department of Finance: NTMA Cash Reserves (14 Nov 2013)

Michael Noonan: The cash balance at the Exchequer account along with other short-term cash management balances, which are managed by the National Treasury Management Agency (NTMA).I am informed by the NTMA that the Exchequer had €21.9 billion on hand in Exchequer cash and other short-term cash management balances at the end of October 2013. On 1 October the NTMA announced that it would defer...

Written Answers — Department of Finance: Credit Unions (14 Nov 2013)

Michael Noonan: I have agreed to the Governor of the Central Bank’s request for the payment of a financial incentive to transfer the assets and liabilities of Newbridge Credit Union to Permanent TSB (excluding the premises) of up to €53.9m. This involves: - €23m in cash up front (to fill the hole in the balance sheet); - restructuring and integration costs €4.25m; - €2m...

Written Answers — Department of Finance: Credit Unions (14 Nov 2013)

Michael Noonan: The Government has set up two funds to support the stability of the credit union sector. The Credit Union Fund contains €250 million for the purpose of voluntary restructuring under the Credit Union Restructuring Board - ReBo. The Government put €250 million into the Resolution Fund which was set up under the Central Bank and Credit Institutions (Resolution) Act 2011. The...

Written Answers — Department of Finance: Credit Unions (14 Nov 2013)

Michael Noonan: The Central Bank has published an extensive range of material on its website in relation to the Newbridge Credit Union transfer process including details on the background to this decision. This information includes a resolution report prepared for the Governor of the Central Bank and an affidavit prepared for the hearing on 10 November in the High Court.