Results 14,901-14,920 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Home Renovation Incentive Scheme Administration (3 Apr 2014)

Michael Noonan: As the Deputy is aware, I announced the Home Renovation Incentive in the recent Budget. This scheme came into operation on 25 October 2013 and will run until 31 December 2015. It 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...

Written Answers — Department of Finance: Property Taxation Exemptions (3 Apr 2014)

Michael Noonan: I propose to take Questions Nos. 53 and 54 together. As I advised the House in my reply to Question 156 of 1 April 2014 (15021/14), my officials, in consultation with the Revenue Commissioners, are currently looking at issues related to the operation of the LPT reliefs available for certain disabled and/or incapacitated individuals.  While there is no specific exemption from Local...

Written Answers — Department of Finance: Tax Code (3 Apr 2014)

Michael Noonan: I am advised by the Revenue Commissioners that the taxpayer in question has not made contact with them in relation to this matter to date. The following information outlines the conditions that need to be satisfied to qualify for the Capital Acquisitions Tax relief threshold applicable in the case of an inheritance by a son or daughter. With effect from 6th December 2012, this relief...

Written Answers — Department of Finance: Departmental Services (3 Apr 2014)

Michael Noonan: My Department does not provide any services to the public which require payment by debit or credit card.

Written Answers — Department of Finance: Banking Sector Regulation (3 Apr 2014)

Michael Noonan: As the Deputy may be aware, in July 2013 Bank of Ireland agreed an amendment to its Restructuring Plan which had been agreed with the European Commission in respect of State Aid received by the Bank. This allowed the Bank retain its life assurance subsidiary New Ireland.  As part of this amendment, the Bank committed to certain substitution measures including the sale of the ICS...

Written Answers — Department of Finance: Unemployment Levels (3 Apr 2014)

Michael Noonan: I propose to take Questions Nos. 58 and 61 together. This Government took office on the 9th of March 2011. According to the Quarterly National Household Survey (QNHS) prepared by the Central Statistics Office (CSO) the unemployment rate was 14.3% in the first quarter of 2011. The most recent QNHS data from the CSO show that the unemployment rate fell to 11.7% in the fourth quarter...

Written Answers — Department of Finance: Government Deficit (3 Apr 2014)

Michael Noonan: I propose to take Questions Nos. 59 and 60 together. The general government deficit in monetary and percentage terms for 2010 and the latest projections for 2013 (as at Budget 2014) are detailed in the table below. The outturn for 2013 will be finalised and published on Eurostat's website on 22nd April 2014 -. Description 2010 2011 2012 2013* General government deficit €48,389m...

Written Answers — Department of Finance: Bank Debt Restructuring (3 Apr 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: Tax Code (3 Apr 2014)

Michael Noonan: The Deputy will be aware that I have put on record my belief that the income tax burden is currently too high in Ireland and that I believe it needs to be reduced. However, I have also said that although it is my intention to alleviate the burden I can only do so when the public finances allow it. It should be acknowledged that Ireland has a progressive taxation system which ensures...

Written Answers — Department of Finance: Economic Data (3 Apr 2014)

Michael Noonan: The table below sets out the level of Gross National Product (GNP) in both current and constant prices in Ireland and the annual volume percentage changes since 2000. GNP is a measure of income accruing to residents of a country.  In Ireland, GNP is currently considerably lower than GDP because of outward income flows to non-residents, especially profits and dividends of foreign...

Written Answers — Department of Finance: VAT Rate Application (3 Apr 2014)

Michael Noonan: The rate of VAT on newspapers was reduced from 13.5% to 9% in 2011 as part of the Government's Jobs Initiative for a temporary period until end 2013.  Tentative figures from the Central Statistics Office suggest that the number of persons employed in the newspaper and book publishing sectors increased from 3,700 in the final quarter of 2011 to about 5,100 in the fourth quarter of 2013,...

Written Answers — Department of Finance: IBRC Staff (3 Apr 2014)

Michael Noonan: I have been advised by the Special Liquidators that there were a total of 978 employees in IBRC on the date of the Special Liquidation, 07 February 2013. Of these, 468 people remain employed and 10 of these are currently serving out their notice periods. The remaining 458 employees are currently scheduled to exit at various dates as the liquidation is completed.

Written Answers — Department of Finance: IBRC Liquidation (3 Apr 2014)

Michael Noonan: I have been advised by the Special Liquidators that they have formally accepted bids from two buyers, namely Lone Star and Oaktree Capital Management LP, who have purchased 64% of the overall residential mortgage portfolio of IBRC between them. The remaining 36% is expected to transfer to the National Asset Management Agency (NAMA). It is expected that the sale will complete and full legal...

Written Answers — Department of Finance: Bank Debt Restructuring (3 Apr 2014)

Michael Noonan: A way forward for Permanent TSB was agreed with the Troika in April 2012 which envisaged it playing an important role in the future of Irish retail banking, being a more focused retail bank bringing an element of competition to the marketplace which has consolidated significantly since 2008. In this regard Permanent TSB prepared a Restructuring Plan, which the Department of Finance...

Written Answers — Department of Finance: Financial Services Regulation (3 Apr 2014)

Michael Noonan: On 7 March 2014, the Central Bank of Ireland issued a report on the review into the sales of Payment Protection Insurance (PPI) by eleven credit institutions. Inspections by the Central Bank in 2011 raised concerns that credit institutions had not complied with the Consumer Protection Code (the Code) during the PPI sales process and therefore the eleven credit institutions were instructed to...

Written Answers — Department of Finance: Euro Coins Production (3 Apr 2014)

Michael Noonan: The Central Bank of Ireland, acting as agents for the Department of Finance, issues euro coin into circulation. The issuance of coin is demand driven. Since the introduction of the euro, nearly five billion pieces of coin have been issued by the Central Bank. The 1 cent and 2 cent coins account for 60% of those issues. The following tables give a detailed breakdown per year. In...

Written Answers — Department of Finance: Tax Code (3 Apr 2014)

Michael Noonan: I am advised by the Revenue Commissioners that the named person's rate bands relating to a deed of covenant were inadvertently reduced for the 2014 Tax Year. This error has now been corrected and a revised Tax Credit Certificate will issue shortly to the person showing the correct rate bands. Revenue wishes to apologise for the error in this case.

Ceisteanna - Questions - Priority Questions: Mortgage Interest Rates (8 Apr 2014)

Michael Noonan: As the Deputy is aware, I have no statutory role in mortgage interest rates charged by regulated financial institutions. It is a commercial matter for the banks concerned. The mortgage interest rates that financial institutions operating in Ireland charge to customers are determined as a result of a commercial decision by the institutions concerned. The general point raised by the Deputy...

Ceisteanna - Questions - Priority Questions: Mortgage Interest Rates (8 Apr 2014)

Michael Noonan: Concerns have been very well expressed by the Deputy. Given that the trajectory of interest rates by the European Central Bank is still downwards and with low inflation being the primary concern rather than increasing inflation which would require raised interest rates, it is reasonable to agree with commentators who almost universally expect interest rates to remain low for some time to...

Ceisteanna - Questions - Priority Questions: Mortgage Interest Rates (8 Apr 2014)

Michael Noonan: I do not set interest rates. The European Central Bank's setting of rates is one of the primary factors in establishing mortgage interest rates and we have no control over that. The action we can take is limited even though, like the Deputy, we foresee the danger. One of the traditional responses would be to compensate through the tax system, but the previous Fianna Fáil Government...