Results 17,281-17,300 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: IBRC Mortgage Loan Book (4 Nov 2014)

Michael Noonan: I am advised by the Special Liquidators that there are 6,219 residential mortgage accounts still held by Irish Bank Resolution Corporation Limited (in Special Liquidation). Of these, 5,839 (94%) relate to owner occupier properties and 380 (6%) relate to residential investment/buy to let properties. I am further advised that of the 6,219 residential mortgage accounts still held by Irish...

Written Answers — Department of Finance: Pension Provisions (4 Nov 2014)

Michael Noonan: I propose to take Questions Nos. 309 and 310 together. While it is not particularly clear from the details supplied with the question, I am assuming that the Deputy is referring to the changes to the maximum allowable pension fund at retirement for tax purposes (known as the Standard Fund Threshold or SFT) which I introduced in Budget 2014 and Finance (No 2) Act 2013 and which came into law...

Written Answers — Department of Finance: Tax Code (4 Nov 2014)

Michael Noonan: A fair, efficient and competitive income tax system is essential for economic growth and job creation. I have long said that the burden of the income tax system in Ireland is too high and that I would seek to reduce it as soon as it was prudent to do so. The measures announced in the Budget are the first stage of a reform plan, to be undertaken over a number of years, to address this issue,...

Written Answers — Department of Finance: Tax Data (4 Nov 2014)

Michael Noonan: I am informed by the Revenue Commissioners that the number of active registrations for Relevant Contracts Tax (RCT) and the number of contract notifications entered on the eRCT system for the years set out as follows. Year Active RCT Registrations Contract Notifications 2012 58,855 208,865 2013 62,443 263,994 2014 (to 19/10/2014) 63,259 253,969 I am also informed that every contractor...

Written Answers — Department of Finance: Housing Finance Agency Funding (4 Nov 2014)

Michael Noonan: As the Housing Finance Agency (HFA) is classified within general government all of its debts are included in the compilation of general government debt. Their debt would include any borrowing undertaken to fund lending activities to housing or other bodies. Loans from the HFA to voluntary sector housing associations are classified as assets on the balance sheet of the HFA and therefore...

Written Answers — Department of Finance: Living City Initiative (4 Nov 2014)

Michael Noonan: Officials from my Department have held preliminary discussions with the relevant local authorities to identify the areas of the six cities, Cork, Dublin, Galway, Kilkenny, Limerick and Waterford, which might fall within the scope of the scheme. Each of the local authorities have submitted proposals on the areas which they believe should be included.  My...

Written Answers — Department of Finance: Tax Reliefs Cost (4 Nov 2014)

Michael Noonan: Effective from 1 January 2012 tax relief is no longer available for service charges paid. The abolition of this relief was announced in Budget 2010. This relief was introduced from 1996/7 onwards and I am informed by the Revenue Commissioners that the annual cost and number availing of tax relief on service charges up to 2012 are contained in Revenue's Statistical Reports, available on the...

Written Answers — Department of Finance: Insurance Compensation Fund Drawdown (4 Nov 2014)

Michael Noonan: In 2010 Joint Administrators were appointed by the High Court at the request of the Central Bank of Ireland because of concerns about the solvency position of Quinn Insurance Limited (QIL).  The ICF has been used in accordance with the legislation to allow the QIL Administrators to meet their financial obligations as they arise.  High Court approval is required...

Written Answers — Department of Finance: Tax Data (4 Nov 2014)

Michael Noonan: There was no change in Budget 2015 in relation to the rate of stamp duty. The rate of stamp duty on non-residential property is currently 2%. Where consanguinity relief applies the rate of duty is one-half of this amount, i.e. 1%.  Consanguinity relief was due to expire from the end of  2014. However, in Budget 2015, I announced the continuation of this relief for...

Written Answers — Department of Finance: Home Renovation Incentive Scheme (4 Nov 2014)

Michael Noonan: As the Deputy is aware, the Home Renovation Incentive (HRI) came into operation on 25 October 2013 and will run until 31 December 2015.  The incentive provides 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 residence.  Qualifying expenditure is...

Written Answers — Department of Finance: Tax Reliefs Eligibility (4 Nov 2014)

Michael Noonan: A  number of measures were announced on Budget day to improve the overall affordability of water charges. The objective of these supports is to assist households in the country who pay their Water bills. Following on from the announcement on Budget day, officials from my Department are working closely with their colleagues in the other relevant Departments and Agencies, in the...

Written Answers — Department of Finance: EU Budget Contribution (4 Nov 2014)

Michael Noonan: Ireland's contribution to the EU Budget is an obligation of EU membership and is a charge on the Central Fund under national legislation. The contribution formula for the EU Budget is comprised of Traditional Own Resources (customs duties), a VAT-based payment and a residual balancing component paid in accordance with each Member State's (MS) share of EU Gross National Income (GNI)....

Written Answers — Department of Finance: Banking Sector Staff (4 Nov 2014)

Michael Noonan: I propose to take Questions Nos. 322 to 324, inclusive, together. As the Deputy will be aware under the Relationship Frameworks the State does not intervene in the day to day operations of the banks or their management decisions regarding commercial matters. Any staff who transfer under outsourcing arrangements transfer under the TUPE regulations. With regard to the number of staff...

Written Answers — Department of Finance: Mortgage Arrears Rate (4 Nov 2014)

Michael Noonan: I have informed this House previously that the Government has developed a comprehensive cross-Departmental strategy in response to the mortgage arrears issue in line with the main recommendations of the 2011 Keane Report. The implementation of this strategy is overseen at Government level by the Construction 2020, Housing, Planning and Mortgage Arrears sub-committee, which is chaired by...

Written Answers — Department of Finance: Budget Consultation Process (4 Nov 2014)

Michael Noonan: In conducting our Budget forecasts my officials use the latest international growth forecasts for key trading partners - the UK, US and euro area. For Budget 2015, the OECD Interim Economic Assessment, published on 15 September, was used.  The OECD forecasts for the euro area are based on the German economy growing by 1.5 per cent in 2014 and...

Written Answers — Department of Finance: Small and Medium Enterprises Debt (4 Nov 2014)

Michael Noonan: In June 2013, the Central Bank set quarterly institution-specific performance targets for covered banks to move distressed SME borrowers onto longer-term forbearance solutions.  The targets set reflect the banks' capacity, processes and systems.  The Central Bank has informed the officials in my Department that the banks have reported that they have met their required targets to...

Written Answers — Department of Finance: Home Renovation Incentive Scheme Eligibility (4 Nov 2014)

Michael Noonan: As you are aware, the Home Renovation Incentive (HRI) came into operation on 25 October 2013 and will run until 31 December 2015.  The incentive provides 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 residence. Qualifying expenditure is expenditure subject to...

Written Answers — Department of Finance: Corporation Tax Regime (4 Nov 2014)

Michael Noonan: I wish to advise the Deputy that approval of the EU Commission under State aid rules has not been sought for the corporation tax measures in Finance Bill 2014. Such approval is not required as the measures in the Bill, including those I announced in the Budget, involve modifications and enhancements to our general corporation tax regime which do not give rise to State aid. Where measures in...

Written Answers — Department of Finance: Mortgage Interest Relief Eligibility (4 Nov 2014)

Michael Noonan: Section 244 of the Taxes Consolidated Act 1997 provides for tax relief in respect of interest paid on qualifying loans taken out to purchase, repair or improve a property that is used as a sole or main residence. The relief, which is due to end in 2017, is available in respect of all qualifying home loans taken out between 1 January 2004 and 31 December 2012. Persons that purchased...

Written Answers — Department of Finance: EU Budget Contribution (4 Nov 2014)

Michael Noonan: Ireland's contribution to the EU Budget is an obligation of EU membership and is a charge on the Central Fund under national legislation. The contribution formula for the EU Budget is comprised of Traditional Own Resources (customs duties), a VAT-based payment and a residual balancing component paid in accordance with each Member State's share of EU Gross National Income (GNI)....