Results 14,481-14,500 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Tax Code (20 Feb 2014)

Michael Noonan: I assume that the Deputy is referring to the capital gains tax relief for land or buildings acquired in the period commencing on 7 December 2011 and ending on 31 December 2014 provided for in Section 604A Taxes Consolidation Act 1997, provided that the property is held for a period of at least seven years subsequent to purchase. The Deputy is no doubt aware that there is no CGT charge in...

Written Answers — Department of Finance: National Pensions Reserve Fund Investments (20 Feb 2014)

Michael Noonan: As the Deputy is no doubt aware, the Government has decided to establish the Ireland Strategic Investment Fund (ISIF) which will absorb the resources of the National Pensions Reserve Fund (NPRF). Officials of my Department are currently preparing the necessary legislation which I hope to publish in the first half of 2014. The ISIF will have a statutory mandate to invest on a...

Written Answers — Department of Finance: Banks Recapitalisation (20 Feb 2014)

Michael Noonan: As I have outlined in my replies to a number of previous Parliamentary Questions, the Euro-area Heads of State or Government (HoSG) agreed in June 2012 that "it is imperative to break the vicious circle between banks and sovereigns", and that when a Single Supervisory Mechanism, involving the ECB, is in place and operational, the European Stability Mechanism could recapitalize banks directly....

Written Answers — Department of Finance: Betting Legislation (20 Feb 2014)

Michael Noonan: As the Deputy will be aware, the Betting (Amendment) Bill 2013 which provides for a licensing and regulatory regime for the remote betting sector has already been taken through Second Stage in the Dáil.  Committee and remaining stages are subject to scheduling arrangements with the Whips office. Taxation of the remote betting sector was provided for in Finance Act 2011...

Written Answers — Department of Finance: Pensions Levy Issues (20 Feb 2014)

Michael Noonan: I announced in my Budget 2014 speech that the 0.6% Pension Fund Levy introduced to fund the Jobs Initiative in 2011 will be abolished from the 31st of December 2014. I have however, introduced an additional levy on pension funds at 0.15% to, among other things, continue to help fund the Jobs Initiative. The additional levy, within the existing legal framework, will apply to pension fund...

Written Answers — Department of Finance: European Banking Sector (20 Feb 2014)

Michael Noonan: The implementation of the Single Euro Payments Area (SEPA) in Ireland has been under way for some time now, overseen by the Central Bank of Ireland. In recent months a significant proportion of payments generated in Ireland have moved to the two SEPA schemes, SEPA Credit Transfer  and SEPA Direct Debit. It is anticipated that all payments will be processed in SEPA by 31 March 2014,...

Written Answers — Department of Finance: Property Taxation Administration (20 Feb 2014)

Michael Noonan: Any property owner, who has claimed an exemption from Local Property Tax (LPT) in filing their 2013 LPT1 Return, provided they continue to satisfy the conditions, will be exempt until the end of 2016. However, if the Deputy is referring to property owners who may now qualify for an exemption under section 8 of the Finance (Local Property Tax) Act 2012 (as amended), in my reply to Question...

Written Answers — Department of Finance: Bank Charges (20 Feb 2014)

Michael Noonan: Section 149 of the Consumer Credit Act 1995 (as amended)  came into effect in May 1996 and requires that credit institutions and bureaux de change notify the Central Bank, not my Department,  if they wish to: - introduce any new customer 'charge' for providing a service or - increase any existing customer 'charge' for providing a service.  I do not have the data in the...

Written Answers — Department of Finance: Banking Operations (20 Feb 2014)

Michael Noonan: In the Relationship Framework with AIB, it is recognised that the bank remains a separate economic unit with independent powers of decision and that its Board and management team retain responsibility and authority for determining AIB's strategy and commercial policies and conducting its day-to-day operations. However under Clause 11 of this framework, AIB would...

Written Answers — Department of Finance: Banking Operations (20 Feb 2014)

Michael Noonan: As part of discussions surrounding the Central Bank's Prudential Liquidity Assessment Review (PLAR) issued in March 2011, which identified several loan books for deleverage, and the preparation of a restructuring plan, officials from my department have had ongoing engagement with Permanent TSB (PTSB) regarding the sale of loan books, including mortgage loan books. I...

Written Answers — Department of Finance: Banking Operations (20 Feb 2014)

Michael Noonan: My officials are in regular contact with the banks on various matters. Decisions in relation to repayment schedules for  business or personal customers are operational matters for the management and boards of the banks concerned. However, I welcome recent announcements by certain banks that they have decided to make available additional funding to people who have...

Written Answers — Department of Finance: Semi-State Bodies Dividends (20 Feb 2014)

Michael Noonan: The total dividends paid to the Exchequer in 2013 by commercial semi-State bodies were published in the end 2013 Exchequer Statement and are set out in the table: Commercial semi-State body Total dividend paid ESB €139,463,125.36 Bord Gáis €49,871,305.00 Irish Life €40,000,000.00 Dublin Port €15,000,000.00 Aer Lingus €5,364,361.04...

Written Answers — Department of Finance: Tax Reliefs Application (20 Feb 2014)

Michael Noonan: The AgriTaxation Review is being managed by the AgriTaxation working group which is comprised of officials from the Department of Finance, the Department of Agriculture, Food and the Marine and the Revenue Commissioners. This working group meets regularly and has ongoing discussions on AgriTaxation policy issues. The working group has held...

Written Answers — Department of Finance: Bank Charges (20 Feb 2014)

Michael Noonan: Bank fees, charges and commissions are subject to regulation under Section 149 of the Consumer Credit Act 1995, as amended. Section 149 came into effect in 1996 and currently requires that credit institutions, prescribed credit institutions and bureaux de change must make an application to the Central Bank if they wish to introduce a new customer charge or increase any existing...

Written Answers — Department of Finance: Financial Services Regulation (25 Feb 2014)

Michael Noonan: I propose to take Questions Nos. 171 and 194 together. The Central Bank introduced the Consumer Protection Code in 2006 to mitigate against the risk of mis-selling financial products to consumers. This was further enhanced by the 2012 Consumer Protection Code. Occasionally, the Central Bank receives individual consumer complaints about mis-selling and these are looked at on case by case...

Written Answers — Department of Finance: Water and Sewerage Schemes Funding (25 Feb 2014)

Michael Noonan: I propose to take Questions Nos. 172 and 200 together. Irish Water's costs in the coming years will be funded through a mix of revenue from the domestic and non-domestic sector, third party finance (such as the Ireland Strategic Investment Fund, EIB, bank lending and capital markets facilities) and State support which may be in the form of both equity and subvention. It is...

Written Answers — Department of Finance: Flood Risk Insurance Cover (25 Feb 2014)

Michael Noonan: The possibility of developing a scheme whereby the state would pay compensation to those who have been flooded has been examined. However, the difficulty of forecasting severe weather events means that it is difficult to quantify the cost of a state-funded financial aid package in any particular year. These costs would be in addition to the normal infrastructure costs which arise...

Written Answers — Department of Finance: Flood Risk Insurance Cover (25 Feb 2014)

Michael Noonan: As part of the response to recent flooding events the Department of Finance is currently undertaking a review of measures to address the availability of flood insurance cover. In broad terms, the review will look at the most cost effective means to address flood insurance problems and will look at the experience and proposals in other countries, including those brought to my attention by the...

Written Answers — Department of Finance: Tax Collection (25 Feb 2014)

Michael Noonan: I propose to take Questions Nos. 175 and 176 together. I am informed by the Revenue Commissioners that the sector identifier used on tax records is based on the 4 digit NACE code , which is an internationally recognised economic activity code system. As the economic activities referred to by the Deputy in both questions are not clearly identifiable within the NACE code system the tax-based...

Written Answers — Department of Finance: Tax Credits (25 Feb 2014)

Michael Noonan: I am informed by the Revenue Commissioners that Section 472 of the Taxes Consolidation Act 1997 provides for a tax credit known as the "employee tax credit" or "PAYE tax credit" to an individual who has emoluments (other than "excluded" emoluments) to which the PAYE system of tax deduction at source applies or is applied. Where an individual's total income for the year consists wholly or...