Results 14,661-14,680 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Banking Operations (6 Mar 2014)

Michael Noonan: I propose to take Questions Nos. 50 to 53, inclusive, together. I am aware of the content of the Tomlinson report and its allegations regarding the Global Restructuring Group within RBS to which the Deputy refers. My officials met with Ulster Bank officials on 27 November 2013 following the publication of the report. The report contained allegations about West Register....

Written Answers — Department of Finance: Banking Sector Regulation (6 Mar 2014)

Michael Noonan: I propose to take Questions Nos. 54 and 55 together. The Deputy will be aware that, following the review by the UK Treasury in Autumn 2013, RBS reaffirmed its commitment to the Irish market. As part of that process, Treasury officals engaged with officials from my Department.  RBS is currently reviewing the operations of Ulster Bank in Ireland with a view to creating a sustainable...

Written Answers — Department of Finance: Property Taxation Exemptions (6 Mar 2014)

Michael Noonan: Part 2 of the Finance (Local Property Tax) Act 2012 (as amended) outlines the exemptions that are available from Local Property Tax (LPT).  I am advised by the Revenue Commissioners that details of these exemptions were also provided on page 10 of the Guide to LPT, which was issued to all property owners in March/April 2013.  The Deputy may also find the following link from the...

Written Answers — Department of Finance: Credit Unions (6 Mar 2014)

Michael Noonan: The Registrar of Credit Unions at the Central Bank is responsible for the regulation of credit unions.  I have been informed that the Central Bank is subject to strict confidentiality requirements and cannot comment on individual credit unions.  Credit unions do not report the number of judgments secured against members where this arises to the Central Bank or to me...

Written Answers — Department of Finance: Property Taxation Administration (6 Mar 2014)

Michael Noonan: The legislation governing the administration of Local Property Tax (LPT) provides for a number of exemptions from LPT, two of which are particularly relevant to those who purchased a residential property during 2013.  Firstly, under section 9 of the Finance (Local Property Tax) Act 2012 (as amended) any new and previously unused residential property that was purchased from a builder or...

Written Answers — Department of Finance: Tax Code (6 Mar 2014)

Michael Noonan: In recent years the DIRT rate has been increased to raise additional revenue.  The Government decided to increase the rate of Deposit Interest Retention Tax (DIRT) (previously 33%) to 41% in Budget 2014.  The higher rate of DIRT (previously 36%) for interest paid less frequently than annually was  abolished, and  all deposit interest is now liable...

Written Answers — Department of Finance: VAT Rate Reductions (6 Mar 2014)

Michael Noonan: I am advised by the Revenue Commissioners that the VAT rating of goods is subject to the requirements of the EU VAT Directive with which Irish VAT law must comply.  Under the EU VAT Directive and Irish VAT legislation the supply of building materials is liable to VAT at the 23% standard rate. However, by way of special derogation from the general rule Ireland is permitted to continue to...

Written Answers — Department of Finance: NAMA Loan Book (6 Mar 2014)

Michael Noonan: I propose to take Questions Nos. 61 and 63 together. I have been informed by NAMA that of the estimated €3.5 billion of par value loans acquired by NAMA for nil consideration €2.5billion was acquired from Anglo Irish Bank, €0.7 billion from Allied Irish Banks, €0.2 billion from Irish Nationwide Building Society, €0.1 billion from Bank of Ireland and...

Written Answers — Department of Finance: NAMA Loan Book (6 Mar 2014)

Michael Noonan: I have been informed by NAMA that the estimated €3.5 billion of nil consideration loans fell in the following ranges:  Par Debt Acquired for Nil Consideration Borrowers < €50m 305 > €50m - €100m 10 > €100m - €500m 7

Written Answers — Department of Finance: Insurance Costs (6 Mar 2014)

Michael Noonan: In my role as the Minister for Finance I have responsibility for the development of the legal framework governing financial regulation. The day to day responsibility for the supervision of financial institutions is a matter for the Central Bank of Ireland, which is statutorily independent in the exercise of its regulatory functions. Insurance companies are required under law to price in...

Written Answers — Department of Finance: NAMA Operations (6 Mar 2014)

Michael Noonan: As indicated recently by its Chairman, the NAMA Board is currently reviewing its asset disposal projections and the timeframe over which it can expect to repay its liabilities. As the Deputy may be aware, the NAMA Board had set an original timeline for the completion of its work of 2020. However, depending on economic and market conditions, I am advised that there may be scope for NAMA...

Written Answers — Department of Finance: Banking Sector Issues (6 Mar 2014)

Michael Noonan: Now that the Programme of Support is over, it has been succeeded by the Government's Medium Term Economic Strategy. One of the key planks of the MTES is making sufficient credit available and in this regard I am examining a whole series of options for both bank credit and non-bank credit.  In addition to the many initiatives relating to non-bank credit...

Written Answers — Department of Finance: Mortgage Arrears Proposals (11 Mar 2014)

Michael Noonan: I propose to take Questions Nos. 55 and 75 together. In any mortgage or other contract situation, there is an obligation on the parties to meet and fulfil their obligations as provided for in the contract.  However, it is recognised that there are a number of primary home and buy to let mortgage borrowers who are experiencing genuine difficulty in meeting their mortgage repayment...

Written Answers — Department of Finance: Pensions Levy Issues (11 Mar 2014)

Michael Noonan: The pension fund levy is a matter under my responsibility. 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% for 2014 and 2015. I am doing this to, among other things, continue to help fund the Jobs...

Written Answers — Department of Finance: Construction Sector Strategy (11 Mar 2014)

Michael Noonan: I propose to take Questions Nos. 57 and 58 together. As the Deputy will be aware, the level of housing output in the economy for any given year is the consequence of the interaction of supply and demand factors.  While the demand  for housing is a function of a number of economic and demographic factors, it is clear that current levels of housing output are running below estimates...

Written Answers — Department of Finance: Mortgage Arrears Proposals (11 Mar 2014)

Michael Noonan: I propose to take Questions Nos. 59, 60 and 96 together. The Central Bank's Code of Conduct on Mortgage Arrears (CCMA) provides that each bank must put in place a formal Mortgage Arrears Resolution Process (MARP) to deal with its mortgage customers who are in arrears or pre-arrears and for the establishment of dedicated arrears support units and appeals processes to handle such cases. ...

Written Answers — Department of Finance: Mortgage Arrears Proposals (11 Mar 2014)

Michael Noonan: I propose to take Questions Nos. 61, 62, 89, 90, 97, 98 and 104 together. The Central Bank's latest 'Residential Mortgage Arrears and Repossessions Statistics' publication for the end of Q4 2013, shows that the number of mortgage accounts for principal dwelling houses (PDH) in arrears, fell for the second consecutive quarter. A total of 136,564 of accounts were in arrears at end December...

Written Answers — Department of Finance: Banking Sector Staff Issues (11 Mar 2014)

Michael Noonan: As the Deputy will be aware, this Government's policy with respect to banking remuneration has been in place since mid-2011. In summary, remuneration in State supported banks is capped at €500,000 (excluding normal pension entitlements) and the payment of bonuses in any form is not permitted. Within these policy confines, it is a matter for the Boards and...

Written Answers — Department of Finance: NAMA Portfolio (11 Mar 2014)

Michael Noonan: NAMA does not own any residential properties in Northern Ireland and, consequently, is not engaged in the direct sale of such properties, whether for social housing or other purposes.  Where residential property is held as security for debts owed to NAMA it is legally owned by debtors.  The number of units held as security is less than 1,000. The sale of such property is conducted...

Written Answers — Department of Finance: NAMA Operations (11 Mar 2014)

Michael Noonan: I propose to take Questions Nos. 65 and 66 together. I am advised that NAMA has, since inception, approved €160m in new advances to Northern Ireland debtors; €55m had been approved to May 2012. As per my response of 18 February 2014 to Parliamentary Questions Nos. 212 and 213, 1% of the May 2012 total and 2% of the total to December 2013 were drawn down in Northern Ireland.