Results 13,541-13,560 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Mortgage Interest Relief Application (5 Dec 2013)

Michael Noonan: The position is that in Finance Act 2010, mortgage interest relief was extended up to end of 2017 for those whose entitlement to relief was due to end in 2010 or after. Therefore, tax relief will continue to be available in respect of interest paid by an individual on qualifying home loans taken out on or after 1 January 2004 and on or before 31 December 2012, regardless of whether they are...

Written Answers — Department of Finance: Mortgage Interest Rates (5 Dec 2013)

Michael Noonan: I, as Minister for Finance, have no statutory role in relation to the mortgage interest rates charged by regulated financial institutions. It is a commercial matter for the banks concerned. The Central Bank has responsibility for the regulation and supervision of financial institutions in terms of consumer protection and prudential requirements and for ensuring ongoing compliance with...

Written Answers — Department of Finance: Property Taxation Administration (5 Dec 2013)

Michael Noonan: I am advised by Revenue that Section 156 of the Finance (Local Property Tax) Act 2012 (as amended) provides that, where arrears of Household Charge in respect of 2012 were outstanding at 1 July 2012, the amount was increased to €200 and reclassified as arrears of Local Property Tax (LPT). On the specific case to which the Deputy refers, Revenue has confirmed that the LPT Returns and...

Written Answers — Department of Finance: NAMA Social Housing Provision (5 Dec 2013)

Michael Noonan: NAMA has made 4,369 properties available, through its debtors and receivers, for social housing. Under a formal process agreed with the Minister for the Environment, Community and Local Government and the Minister for Housing and Planning, NAMA has provided a list of these houses and apartments to the Housing Agency, which, in turn, has engaged with local authorities to ascertain demand....

Written Answers — Department of Finance: Banking Sector Remuneration (5 Dec 2013)

Michael Noonan: he perception that senior bank executives are receiving top-ups in pay is an erroneous one. The payment of performance bonuses to employees at the covered institutions is prohibited except in certain circumstances such as on foot of a court order. The Review of Remuneration Practices and Frameworks at the covered institutions for the period 2008 to 2012 revealed that no pay increases have...

Written Answers — Department of Finance: Credit Unions Regulation (5 Dec 2013)

Michael Noonan: The statutory role of the Registrar of Credit Unions is the protection of members’ savings and the maintenance of financial stability and well-being of credit unions generally. All credit unions are required to ensure that they apply scrutiny to all new loan applications and that all applications are fully assessed to determine the borrower’s ability to repay. Credit unions...

Written Answers — Department of Finance: National Debt (5 Dec 2013)

Michael Noonan: The most recent forecasts were made as part of Budget 2014 and are shown in the table below. Budget 2014 forecasts - 2013 2014 2015 2016 National Debt (€ billion) 173.8 183.6 189.8 193.0 Interest on National Debt (€ billion) 7.2 8.2 8.8 9.1 % change in Real GDP 0.2 2.0 2.3 2.8 Unemployment rate % 13.5 12.4 11.8 11.4 Source: Department of Finance & NTMA The...

Written Answers — Department of Finance: Property Taxation Administration (5 Dec 2013)

Michael Noonan: In accordance with the Finance (Local Property Tax) Act 2012 (as amended), 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. For the year 2014, the liability date is 1 November 2013 and the tax is payable on or before 1 January 2014....

Written Answers — Department of Finance: Property Taxation Administration (5 Dec 2013)

Michael Noonan: I am advised by Revenue that a key aspect of the work it has undertaken in connection with the administration of Local Property Tax (LPT) has been the development of a register of residential properties in the State. The process involved consolidating data for approximately two million records, some of which were difficult to match because of variations in addresses and names and reference...

Written Answers — Department of Finance: Property Taxation Administration (5 Dec 2013)

Michael Noonan: I am advised by Revenue that owners of more than one property are obliged to meet their Local Property Tax (LPT) filing and payment obligations via Revenue’s online system. Revenue has also advised me that all multiple property owners were issued with a single LPT 1 Return for 2013 in respect of all properties linked to them. Access to the various linked properties...

Written Answers — Department of Finance: Mortgage Interest Relief Eligibility (5 Dec 2013)

Michael Noonan: The Statutory position in relation to mortgage interest relief entitlement is that individuals can avail of the relief in respect of qualifying interest paid in a tax year, as provided for in Section 244 of the Taxes Consolidation Act 1997. Since the introduction of Tax Relief at Source (TRS) in respect of mortgage interest payments in 2002, ‘interest charged’ and...

Written Answers — Department of Finance: NAMA Operations (5 Dec 2013)

Michael Noonan: In the event that NAMA ultimately acquires this portfolio, the NAMA Board will determine its strategy at that stage and, in doing so, will be mindful of its legal obligations and of general market norms. I am advised that NAMA is likely to apply best practice in this regard and will seek to ensure that a borrower’s legal position does not deteriorate by virtue of NAMA acquisition of...

Written Answers — Department of Finance: Cycle to Work Scheme Numbers (5 Dec 2013)

Michael Noonan: The cycle to work scheme came into operation on 1 January 2009. With a view to keeping the scheme simple and reducing administration on the part of employers, there is no notification procedure for employers involved. Accordingly, the Revenue Commissioners do not have statistics on the uptake of the scheme. The scheme operates on a self-administration basis, and relief is automatically...

Written Answers — Department of Finance: IBRC Mortgage Loan Book (5 Dec 2013)

Michael Noonan: I have been advised that the Special Liquidators propose to not provide this information as they consider it to be commercially sensitive financial information which could potentially have a detrimental impact on asset recovery from the impending sale process. Comprehensive disclosures on the residential mortgage book of IBRC (in Special Liquidation) were contained in the Interim Report for...

Written Answers — Department of Finance: Banks Recapitalisation (5 Dec 2013)

Michael Noonan: Following my announcement yesterday of the successful sale of the Bank of Ireland Preference shares, please see below the table setting out the up to date net position. Net Notional Cash Position of the State from Investment in and support provided to BOI. €m Notes 2008 2009 2010 2011 2012 2013 Total Cash paid by State Preference Shares (a) -3,500 -3,500 Ordinary...

Written Answers — Department of Finance: NAMA Portfolio (5 Dec 2013)

Michael Noonan: The details sought by the Deputy are set out below. The Deputy will be aware that it is a matter for each local authority to determine, by reference to the relevant housing and planning policy, demand for the properties made available by NAMA for social housing. NAMA has no role in this process but where demand is confirmed and the contract for purchase or lease is entered into, NAMA makes...

Written Answers — Department of Finance: Banks Recapitalisation (5 Dec 2013)

Michael Noonan: At its peak, the State had invested just over €4.7 billion in Bank of Ireland with €1 billion of this investment held by the Minister directly (the Contingent Capital Notes or “Coco’s”) and the remainder held by the Directed Portfolio of the National Pension Reserve Fund. The State has since sold the Coco’s for €1.056 billion recording a...

Written Answers — Department of Finance: Banks Recapitalisation (5 Dec 2013)

Michael Noonan: I propose to take Questions Nos. 80 and 81 together. Following the announcements by both AIB and Bank of Ireland this week that they require no further capital following the completion of the asset quality review there has been a neutral market reaction. As of lunchtime on 4 December 2013 the Bank of Ireland share price is little different from where it was trading last week and the pricing...

Written Answers — Department of Finance: Economic Policy (5 Dec 2013)

Michael Noonan: I presume the Deputy is referring to the Medium-Term Economic Strategy (MTES), which is due to be published this month. The formulation of the MTES is being jointly led by my Department, in conjunction with the Department of Public Expenditure and Reform, but the Strategy is a whole-of-Government initiative. Consequently, its production is not being coordinated by any one individual, but...

Written Answers — Department of Finance: IBRC Mortgage Loan Book (5 Dec 2013)

Michael Noonan: The Special Liquidators are in the process of conducting a sales process in respect of the IBRC residential mortgage portfolio. As previously advised the continued applicability of the Central Bank Code of Conduct on Mortgage Arrears and Mortgage Arrears Targets Programme will depend on the regulatory status of the ultimate acquirer of the portfolio which we will not know until the sales...