Results 15,801-15,820 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: General Government Debt (10 Jun 2014)

Michael Noonan: As the Deputy points out, the deficit forecast for 2015 has changed since the SPU published in April 2013.  Given the significant number of moving parts, changes to the fiscal forecasts are not unusual.  The overall 2015 nominal deficit is some €1.2bn higher than estimated in April 2013.  This higher nominal deficit coupled with lower economic growth has resulted in the...

Written Answers — Department of Finance: Insurance Compensation Fund (10 Jun 2014)

Michael Noonan: The Insurance Compensation Fund (ICF) allows administrators to apply to the High Court for funding where necessary in order to enable meet their financial obligations as they arise. The ICF is funded by industry through a levy. However, because it is not pre-funded, there is a provision in the 1964 Insurance Act which allows the Minister for Finance to provide the necessary monies in the...

Written Answers — Department of Finance: National Debt (10 Jun 2014)

Michael Noonan: The recent Stability Programme Update 2014 projected general government interest payable in 2014 at just under €8 billion. As I outlined in my response to PQ 23246/14 recently, it is not possible to quantify that part of the debt interest bill that relates to the recapitalisation of the banks. It can only be tentatively estimated. Of the projected 2014 general government interest...

Written Answers — Department of Finance: National Debt (10 Jun 2014)

Michael Noonan: End-2013 general government debt, which is a gross measure, is estimated by the Central Statistics Office (CSO) at €202.9 billion or 123.7 per cent of GDP. The proceeds of all borrowing as well as revenues including tax and non-tax, and capital receipts are lodged to the Exchequer account to fund general expenditure. In general terms, no specific tranches of borrowing were undertaken...

Written Answers — Department of Finance: Mortgage Arrears Proposals (10 Jun 2014)

Michael Noonan: I have advised the Deputy recently that as statutory regulator of credit institutions, the Central Bank has the power, from both a prudential and consumer protection perspective, to require banks to meaningfully and sustainably address mortgage arrears cases on their books.  The Central Bank's Mortgage Arrears Resolution Targets (MART) process, as announced in March 2013, sets time bound...

Written Answers — Department of Finance: VAT Rate Reductions (10 Jun 2014)

Michael Noonan: As you will be aware, Irish VAT law must comply with EU VAT law and in this context, the application of VAT rates in general is determined by the EU VAT Directive. Member States must apply a standard VAT rate of 15% or greater and have the option of applying one or two reduced VAT rates of 5% or more to the goods and services listed in Annex III of the EU VAT Directive. Ireland operates a...

Written Answers — Department of Finance: Revenue Commissioners Court Hearings (10 Jun 2014)

Michael Noonan: I am advised by the Revenue Commissioners that they are awaiting a date and venue to have the case re-heard in the Dublin Circuit Court. On receipt of a reply from the County Registrar, Revenue will contact the person concerned with these details.

Written Answers — Department of Finance: Tax Credits (11 Jun 2014)

Michael Noonan: As I have outlined to the Deputy in previous responses in this matter, the One-Parent Family Tax Credit has been replaced with a new Single Person Child Carer Credit from 1 January 2014.   However, the credit is more targeted in that it is, in the first instance, only available to the principal carer of the child.  Given the difficult fiscal environment, it is essential...

Written Answers — Department of Finance: Mortgage Arrears Rate (11 Jun 2014)

Michael Noonan: I propose to take Questions Nos. 37 and 40 together. In relation to the split of mortgage arrears between tracker interest rate and standard variable interest rate, I am advised by the Central Bank of Ireland that it does not publish this data. In relation to the Deputy's question on the split of residential loan accounts for Quarter 1, I am informed that the Central Bank's data...

Written Answers — Department of Finance: Revenue Commissioners Audits (11 Jun 2014)

Michael Noonan: I am advised by the Revenue Commissioners that there is a national audit project (known as the "contractors project") underway since July 2013, concerned with service professionals who provide services through a company under contract to third-party clients. Revenue can provide information on this project, but some self-employed contractors may have had audits or other interventions outside...

Written Answers — Department of Finance: Central Bank of Ireland Staff (11 Jun 2014)

Michael Noonan: As Minister for Finance, I have no role in the employment of staff in the Central Bank. Under the Central Bank Act 1942, the Central Bank Commission is responsible for administrating the staffing of the Central Bank with a view to enabling the Central Bank to perform and exercise its functions and powers. I have been informed by the Central Bank that the Central Bank Commission...

Written Answers — Department of Finance: Mortgage Interest Rates (11 Jun 2014)

Michael Noonan: As the Deputy will be aware I have met with the Boards of the Covered Institutions on a number of occasions. As part of the general discussions that have taken place at these meetings issues relating to mortgages have been discussed. The Central Bank has requested that the Deputy provide further details on the information that he is requesting to ensure that it provides the exact information...

Written Answers — Department of Finance: Tax Reliefs Availability (11 Jun 2014)

Michael Noonan: From 16 October 2013, tax relief for medical insurance premiums has been restricted to the first €1,000 per adult and the first €500 per child insured. Any portion of premium paid in excess of these ceilings no longer qualifies for tax relief.  Prior to this, income tax relief for medical insurance premiums was provided at source, at the standard rate of income tax, on the...

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

Michael Noonan: As the Deputy will be aware under the Relationship Framework the State does not intervene in the day to day operations of the bank or their management decisions regarding commercial matters. But I have been informed by AIB that all outsourcing arrangements in AIB are considered in consultation with unions and affected staff.

Written Answers — Department of Finance: Tax Code (11 Jun 2014)

Michael Noonan: As outlined in my previous response to the Deputy in this matter, it is essential to regularly review all tax reliefs, credits and incentives in order to ensure that they are properly targeted and if necessary re-focused in order that they can achieve the socio-economic objectives that are set for them. To introduce a limited credit to assist those in particular circumstances who have lost...

Written Answers — Department of Finance: Property Taxation Application (11 Jun 2014)

Michael Noonan: Section 20 of the Finance (Local Property Tax) Act 2012 (as amended) allows elected members of a local authority to pass a formal resolution to vary the basic rate of Local Property Tax (LPT) in respect of residential properties situated within their functional area. The basic LPT rate can be increased or decreased by up to 15%. This is referred to as the "local adjustment factor" (LAF) and...

Written Answers — Department of Finance: NAMA Property Sales (12 Jun 2014)

Michael Noonan: I propose to take Questions Nos. 49 and 55 together. I am advised that the sale of this property is being managed by Keenan Corporate Finance (KCF) as the appointed Administrator.  The property was placed on the open market in March 2012 with the marketing process closing in late April 2012.  The highest bidder was Granard Motte Community Enterprise Ltd. (GMCE).  Following...

Written Answers — Department of Finance: Tax Code (12 Jun 2014)

Michael Noonan: I am advised by Revenue that for reasons of taxpayer confidentiality it cannot comment on the tax affairs of individual bodies. However, Revenue has confirmed to me that a full list of bodies or trusts holding charitable tax exemption is available on its website at and the Deputy will be in a position to see that the organisation in question is not on the list. By way of background...

Written Answers — Department of Finance: Budget Measures (12 Jun 2014)

Michael Noonan: The fiscal forecast for 2015 contained in April's SPU is predicated on a consolidation package of €2.0bn which has been well flagged over recent years and is estimated to deliver a general government deficit of 2.9% of GDP.  The no-policy change scenario sought by the Deputy will, as is the norm, be published in advance of Budget 2015. In terms of economic growth underpinning...

Written Answers — Department of Finance: Universal Social Charge Application (12 Jun 2014)

Michael Noonan: I propose to take Questions Nos. 52 to 54, inclusive, together. In relation to the introduction of a new 48% Income Tax rate on all income over €100,000, it is assumed that the new threshold would not alter the existing standard rate band structure applying to single and widowed persons, to single person child carers and married couples. On that basis, I am advised by the...