Results 17,201-17,220 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Bank Stress Tests (22 Oct 2014)

Michael Noonan: As the Deputy is aware, the SSM has undertaken a Comprehensive Assessment (CA) of Euro area banks, assessed as significant, in advance of assuming its single supervisory role on 4th November 2014. The CA has three goals: - Transparency to understand the condition of the banks. - Identify and implement corrective actions. - Confidence building to assure all stakeholders that the...

Written Answers — Department of Finance: Insurance Compensation Fund (22 Oct 2014)

Michael Noonan: I am aware of the difficulties that the liquidation of Setanta Insurance Company Limited has caused for Setanta policyholders and those claiming compensation under Setanta insurance policies.  My Department and the Central Bank will in due course be reviewing the overall circumstances relating to Setanta and will report to me on what lessons can be learned and how the...

Written Answers — Department of Finance: Tax Rebates (22 Oct 2014)

Michael Noonan: First time buyers will be able to apply for a refund of DIRT paid in the previous 48 months in respect of savings used to purchase a relevant property on the conveyance of that property.  DIRT will be refunded in respect of savings up to a maximum of 20% of the purchase price of the property. The scheme will apply to homes purchased by first time buyers until the end of 2017.

Written Answers — Department of Finance: Revenue Commissioners Investigations (22 Oct 2014)

Michael Noonan: I propose to take Questions Nos. 67 and 74 together. I am advised by the Revenue Commissioners that they are fully committed to tackling shadow economy activity and non-compliance with tax obligations in the construction sector.  As part of their compliance activities, Revenue officers regularly and on an ongoing basis undertake unannounced visits to a wide range of building sites,...

Written Answers — Department of Finance: Universal Social Charge Yield (22 Oct 2014)

Michael Noonan: The net receipts collected under the Universal Social Charge (USC) are shown in the "Receipts" section of Revenue's Statistics webpage at for 2011 to 2013. Receipts figures will be updated for 2014 in due course. A detailed breakdown of the distribution of earners paying USC for the tax year 2012 is contained in the appended tables below. This information will shortly be loaded in...

Written Answers — Department of Finance: Tax Yield (22 Oct 2014)

Michael Noonan: I am informed by the Revenue Commissioners that the increase in VRT on new car registrations from January to September 2014 compared to the same period in 2013 is €87 million (+30%). The corresponding increase in VAT is €84 million (+32%). It should be noted that the VAT figure is partially estimated.

Written Answers — Department of Finance: Banks Recapitalisation (22 Oct 2014)

Michael Noonan: 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, the ESM, could recapitalize banks directly. On 10 June 2014 the euro area Member States reached a preliminary...

Written Answers — Department of Finance: National Debt (22 Oct 2014)

Michael Noonan: The recent Budget 2015 publication projected a general government debt figure of €209.9 billion or 108.5% of GDP at end 2015. As per my recent response to Parliamentary Question No. 166 on 27 May 2014 (PQ 23246/14), I outlined that no specific tranches of borrowing were undertaken solely for the purpose of recapitalising the banking sector. Therefore, the debt component relating to...

Written Answers — Department of Finance: Budget Deficit (22 Oct 2014)

Michael Noonan: The information requested by the Deputy is contained in the table. The 2014 figures are from the current fiscal forecast for end 2014, which was published as part of Budget 2015. The Exchequer balance figures for the years 2009 to 2013 are as published in the Finance Accounts for those particular years. The underlying general government figures for 2009 and 2013 exclude support to the...

Written Answers — Department of Finance: Credit Unions Regulation (22 Oct 2014)

Michael Noonan: The Credit Union Advisory Committee (CUAC) is a committee established under section 180 of the Credit Union Act 1997.  The function of the CUAC is to advise the Minister for Finance and such other persons as I think fit, in relation to the improvement of the management of Credit Unions, the protection of the interests of members and creditors of credit unions and...

Written Answers — Department of Finance: Tax Credits (22 Oct 2014)

Michael Noonan: I am advised by the Revenue Commissioners that the tax credit allocated against the private pension of the person concerned has been reviewed. This review has resulted in an increase in the tax credit available against this pension. Based on the information available, concerning the amount of the pension, it is expected that no income tax will now be payable on that pension. Limerick...

Written Answers — Department of Finance: Energy Prices (23 Oct 2014)

Michael Noonan: With regard to the application of VAT on electricity bills, in accordance with section 37(1) of the Value-Added Tax Consolidation Act 2010, the amount on which VAT is chargeable is the total consideration receivable by the supplier, "including all taxes, commissions, costs and charges whatsoever", but not including the VAT itself.  This reflects EU VAT law, with which Irish tax law must...

Written Answers — Department of Finance: Vehicle Registration Data (23 Oct 2014)

Michael Noonan: The table indicates the number of used and new motor cars registered (gross) between 2004 and 2014, and the number of used and new gross registrations of motor cars per capita. The figures for 2014 are for January to August 2014. The population figures used are from the Central Statistics Office (CSO) website. The population figures for 2012 and 2013 are preliminary, and the population...

Written Answers — Department of Finance: Irish Water Administration (23 Oct 2014)

Michael Noonan: As the Deputy is aware, I announced in the Budget that tax relief for water charges will be introduced. Relief will be available at the standard rate of 20%, on water charges paid, up to a maximum of €500 per annum, which may result in tax relief up to €100 per household per annum. My officials are working closely with their colleagues in the other relevant...

Written Answers — Department of Finance: Tax Reliefs Availability (23 Oct 2014)

Michael Noonan: I have considered the proposal for the introduction of a tax relief for Graduate Entry Medicine (GEM) loans and I do not consider that the tax system is the appropriate way to address the affordability of the GEM programme. The affordability and funding of undergraduate medical education is in the first instance a matter for the Department of Education and Skills, having due regard to the...

Written Answers — Department of Finance: Banking Sector Regulation (23 Oct 2014)

Michael Noonan: As the Deputy will be aware the Relationship Frameworks have been in place with the banks since March 2012. The Frameworks govern the relationship between the individual banks and the State and compliance with these agreements and each bank's various other commitments are monitored closely on both sides. Officials from my Department meet with the senior management team in each of the...

Written Answers — Department of Finance: Banking Sector Regulation (23 Oct 2014)

Michael Noonan: I propose to take Questions Nos. 65 and 66 together. The Deputy will be aware that each of the State backed banks takes steps to ensure proper risk management and governance structures are in place (supported by robust internal audit structures). Further details of these steps are set out in the annual reports of each of the State backed banks.  In addition to this, each of the State...

Written Answers — Department of Finance: VAT Rate Application (23 Oct 2014)

Michael Noonan: The EU VAT Directive generally provides that supplies of goods and services be chargeable to VAT at the standard rate but that lower rates are permitted in very limited circumstances.  Food products can only benefit from the zero rating in accordance with Article 110 of the VAT Directive which permits the retention of the zero rate for "clearly defined social reasons" where the products...

Written Answers — Department of Finance: Banking Sector (23 Oct 2014)

Michael Noonan: I have been advised by Permanent TSB that contributions to the Defined Benefit pension schemes were discontinued in 2013. Following the discontinuance of the contributions the Trustees of the Defined Benefit Schemes proceeded to wind up the Schemes and the trustees are currently arranging for the assets of the schemes to be allocated among the pensioners, deferred employees...

Written Answers — Department of Finance: Fuel Laundering (23 Oct 2014)

Michael Noonan: I propose to take Questions Nos. 69, 73, 74 and 76 together. I am advised by the Revenue Commissioners, who are responsible for tackling fuel fraud, that they are very aware of the risks posed to consumers' vehicles, legitimate businesses and the exchequer by all forms of such fraud. Revenue has, over the recent past, received reports from a variety of locations around the country of...