Results 18,681-18,700 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Corporation Tax (12 Feb 2015)

Michael Noonan: I am informed by the Revenue Commissioners that, based on provisional figures for 2014, the total Corporation Tax receipts from the financial and insurance activities sector was around €1,045 million. The estimated total PAYE and associated USC receipts from this sector was in the region of €2,010 million. These figures encompass both domestic and international financial and...

Written Answers — Department of Finance: General Government Debt (12 Feb 2015)

Michael Noonan: The increase in general government debt for the period December 2007 to December 2014 is projected to be €156 billion. The first official return for end 2014 will be made by the CSO in the Maastricht Returns at the end of March this year.  The Deputy should note that borrowing is not undertaken for any specific purposes but rather as the requirements for cash-flow...

Written Answers — Department of Finance: State Debt (12 Feb 2015)

Michael Noonan: The structural deficit for 2014 is estimated at 4.4% of GDP. This is based on applying the harmonised methodology for the calculation of potential output to Budget 2015 macro-fiscal projections. The structural deficit is calculated as the headline general government balance less the part of the deficit owing to the economic cycle. This is known as the 'cyclical budgetary...

Written Answers — Department of Finance: Corporate Governance (12 Feb 2015)

Michael Noonan: As the Deputy is aware, a number of reports were produced by Ernst and Young and McCann FitzGerald at the request of the INBS Board. Copies of all of these reports have been provided to the Central Bank of Ireland (CBI ) under the terms of a protocol for limited disclosure agreed between the parties to preserve legal privilege over the material. IBRC was prohibited from disclosing these...

Written Answers — Department of Finance: IBRC Operations (12 Feb 2015)

Michael Noonan: I am advised by the Special Liquidators that they are not obliged to produce a statement of affairs. However, under Section 306 of the Companies Act, the Special Liquidators are required to send to the registrar of companies a statement containing the prescribed particulars about the proceedings in and position of the liquidation of IBRC within 30 days after 2 years from the date IBRC was...

Written Answers — Department of Finance: Credit Unions Liabilities (12 Feb 2015)

Michael Noonan: In November 2013, on foot of a request from the Governor of the Central Bank, I agreed to the payment to permanent tsb (ptsb) of a financial incentive of up to €53.9m to support the transfer of Newbridge Credit Union Ltd - excluding the premises, to ptsb. The financial incentive consists of:- - €23m in cash up-front - €4.25m for restructuring and...

Written Answers — Department of Finance: Credit Unions Data (12 Feb 2015)

Michael Noonan: The imposition of lending restrictions is the responsibility of the Registrar of Credit Unions, who is the independent regulator for credit unions. Within her independent regulatory discretion, the Registrar acts to support the prudential soundness of individual credit unions, to maintain sector stability and to protect the savings of credit union members. As Minister for Finance, my...

Written Answers — Department of Finance: NAMA Expenditure (12 Feb 2015)

Michael Noonan: I am advised by NAMA that it has to date advanced €373m in vendor finance across six transactions involving the sale of commercial property securing its loans. These transactions have involved the sale of completed office and retail accommodation and therefore the Deputy's reference to housing units does not arise. NAMA advises that a number of positive market developments in the...

Written Answers — Department of Finance: Tax Code (12 Feb 2015)

Michael Noonan: The following provisions are due to expire at the end of 2015: Legislative Provision Brief Description Section 486C of the Taxes Consolidation Act 1997 This section provides relief from corporation tax for a company that commences a new qualifying trade, and the relief is available where the total corporation tax payable for an accounting period does not exceed €40,000.Marginal...

Written Answers — Department of Finance: National Pensions Reserve Fund Investments (12 Feb 2015)

Michael Noonan: Pursuant to the National Treasury Management Agency (Amendment) Act 2014 the Ireland Strategic Investment Fund (ISIF) was established (effective 22 December 2014). The ISIF will take over the assets of the National Pensions Reserve Fund (NPRF) which will be used for investment on a commercial basis to support economic activity and employment in Ireland. The National Treasury...

Written Answers — Department of Finance: Promissory Notes (17 Feb 2015)

Michael Noonan: I propose to take Questions Nos. 208, 209 and 214 together. The Government has made significant progress in reducing the burden of the EU/IMF programme loans. This is delivering real and tangible savings. These savings can be broken down into two elements, cash savings and a reduction in our borrowing requirement over a period of time. In July 2011, the Euro Area Heads of...

Written Answers — Department of Finance: Primary Medical Certificates Eligibility (17 Feb 2015)

Michael Noonan: The Disabled Drivers and Disabled Passengers (Tax Concessions) Scheme provides relief from VAT and VRT (up to a certain limit) on the purchase of an adapted car for transport of a person with specific severe and permanent physical disabilities, repayment of excise duty on fuel, and an exemption from Motor Tax. To qualify for the Scheme, an applicant must have a permanent and severe...

Written Answers — Department of Finance: Carbon Tax Implementation (17 Feb 2015)

Michael Noonan: Carbon tax was introduced in Budget 2010 on a phased basis.  Initially it applied only to transport fuels, then to other liquid fuels such as kerosene and agricultural diesel and lastly it was extended to solid fuels in 2013. In the most recent cross border price comparison, which was carried out by the Revenue Commissioners in October 2014, petrol and diesel were...

Written Answers — Department of Finance: Tax Collection (17 Feb 2015)

Michael Noonan: I propose to take Questions Nos. 212 and 228 to 230, inclusive, together. I am advised by the Revenue Commissioners that  the issue of offshore accounts held with the HSBC Bank has its origin in information on account holders in Switzerland  which came into the possession of the French authorities in December 2009. The Revenue Commissioners wrote to the relevant French fiscal...

Written Answers — Department of Finance: Capital Allowances (17 Feb 2015)

Michael Noonan: I am advised by the Revenue Commissioners that there is insufficient information provided to enable a conclusive answer to be given as to whether there is a tax liability in respect of the capital funds transferred here.  In general, any capital amount transferred into the country by a person who became resident here would not be subject to capital gains tax unless the amount was derived...

Written Answers — Department of Finance: Mortgage Arrears Proposals (17 Feb 2015)

Michael Noonan: The Central Bank of Ireland has informed me that it is important to note that there is no such regulated category as "sub-prime lender".  However, Retail Credit Firms are authorised to provide credit, in the form of cash loans, directly to individuals (these firms are not licensed to accept deposits).  Some firms authorised in this category are mortgage lenders.  The...

Written Answers — Department of Finance: Departmental Meetings (17 Feb 2015)

Michael Noonan: As stated in my response to Parliamentary Question No. 27, as part of our broader efforts to encourage inward investment into Ireland in the wake of the financial crises, stakeholders across the Irish system, including the banks, NAMA, IBRC, the IDA, the NTMA as well as my officials and occasionally myself, do meet with investors interested in investing in Ireland including through the...

Written Answers — Department of Finance: VAT Payments (17 Feb 2015)

Michael Noonan: I am informed by the Revenue Commissioners that the estimated receipts for VAT internal relating to businesses based in County Meath for the calendar years 2000 to 2011 is as set out in the following table. Information for earlier years or equivalent information for VAT on imports is not readily available. Calendar Year Estimated VAT Internal for County Meath €m 2000 97.0 2001...

Written Answers — Department of Finance: Banking Operations (17 Feb 2015)

Michael Noonan: As the Deputy will be aware the Relationship Frameworks with the banks provide that the State will not intervene in the day-to-day operations of the institutions or their management decisions. These documents are published on the Department of Finance website. I must ensure that the banks are run on a commercial, cost effective and independent basis to ensure the value of the banks as assets...

Written Answers — Department of Finance: Mortgage Schemes (17 Feb 2015)

Michael Noonan: The Financial Services Ombudsman's Bureau was established under the Central Bank and Financial Services Authority of Ireland Act, 2004. The legislation provides for an independent, impartial investigation and resolution of disputes between consumers and financial service providers. This legislation also provides the Financial Services Ombudsman with various powers in order to...