Results 18,881-18,900 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Mortgage Arrears Proposals (26 Feb 2015)

Michael Noonan: I have been informed that officials in my Department have met with representatives of the company (details supplied) in total on four occasions. On three of these occasions the meetings were between Department of Finance officials and representatives of the company (details supplied). On a fourth occasion the meeting was attended by Regina Doherty TD,...

Written Answers — Department of Finance: NAMA Debtor Agreements (26 Feb 2015)

Michael Noonan: NAMA is not aware of the scenario outlined by the Deputy.  I am advised by NAMA that it does not permit its funding or income from assets belonging to its debtors to be used for the discharge of unrelated third party expenses.   NAMA approves expenditure by debtors, including the retention of certain overhead costs from rental or other income generated by a debtor's assets,...

Written Answers — Department of Finance: Credit Unions Regulation (26 Feb 2015)

Michael Noonan: As Minister for Finance, my role is to ensure that the legal framework for credit unions is appropriate for the effective operation and supervision of credit unions. The Registrar of Credit Unions at the Central Bank is the independent regulator for credit unions.  Within her independent regulatory discretion, the Registrar acts to support the prudential soundness of individual...

Written Answers — Department of Finance: Mortgage Data (26 Feb 2015)

Michael Noonan: I am informed by the Central Bank of Ireland that where regulated financial institutions sell part, or all, of their mortgage book to another regulated financial institution, the same protections apply to borrowers, including the CCMA and the Consumer Protection Code. Any agent acting on behalf of a regulated lender must comply with the requirements of Irish financial services law and failure...

Written Answers — Department of Finance: Corporation Tax Regime (26 Feb 2015)

Michael Noonan: I can advise the deputy that neither I, nor my officials, have had discussions with Ministers or officials in the Stormont Executive in relation to the proposal to cut the corporate tax rate in Northern Ireland. Such an issue is a matter for the Stormont and UK Governments. While a formal assessment has not been carried out in relation to the possible impact of a cut in the...

Written Answers — Department of Finance: Bank Stress Tests (26 Feb 2015)

Michael Noonan: The Comprehensive Assessment Adverse Stress Test result announced in October 2014 identified a capital shortfall of €855 million. As a consequence the bank has submitted a Capital Plan to the SSM, which outlines how the bank intends to meet the capital shortfall.  Much of the shortfall has been met through performance in 2014 and deleverage of assets in 2014. The remaining...

Written Answers — Department of Finance: NAMA Debtors (26 Feb 2015)

Michael Noonan: NAMA originally paid €31.8 billion to acquire a €74 billion loan book, comprising of 779 debtor connections.  I am informed that as at 30 September 2014, in accordance with NAMA's most recent published accounts, the carrying value of NAMA's loans amounted to €14.6 billion, comprising of 670 debtor connections. Of the 109 debtor connections that have reached a final...

Written Answers — Department of Finance: House Prices (26 Feb 2015)

Michael Noonan: I am aware of recent price dynamics in the residential property prices in Dublin, which according to the CSO, have risen by 22 per cent in the 12 months to December 2014. However, in the last two months there are tentative indications of a moderation in price growth in Dublin; the monthly rate of property price growth was -0.1 per cent in November and was 0.3 per cent in December. This...

Written Answers — Department of Finance: Tax Reliefs Abolition (26 Feb 2015)

Michael Noonan: It is understood that the Deputy is referring to measures, introduced in section 17 of the Finance Act 2012, intended to reduce the legacy of property reliefs in line with Government policy to develop a fairer tax code.  These measures followed an Economic Impact Assessment undertaken by my Department of  provisions, introduced in Finance Act 2011,  which were never commenced...

Written Answers — Department of Finance: IBRC Operations (26 Feb 2015)

Michael Noonan: A copy of the Relationship Framework (including the Operational Protocol), which governed interactions between I, as Minister for Finance, and Irish Bank Resolution Corporation can be found on the Department of Finance website through the below link:  Paragraph 4 of the Operational Protocol for the Relationship Framework in respect of Irish Bank Resolution Corporation contains the...

Written Answers — Department of Finance: Illicit Trade in Tobacco (3 Mar 2015)

Michael Noonan: The regulation of the retail sale of cigarettes is a matter for my colleague, the Minister for Health. However, the supply and sale of cigarettes which have not been duty paid is banned under tobacco products tax law. All cigarettes that are intended for delivery, sale and consumption in the State must have the appropriate tax stamp affixed to the pack by the manufacturer to show that the...

Written Answers — Department of Finance: Tax Avoidance Issues (3 Mar 2015)

Michael Noonan: The penalties for smuggling an excisable product are laid down in section 119 of the Finance Act 2001 and were increased substantially in the Finance Act 2010. On conviction following summary prosecution, a court may impose a fine of €5,000; the court may also impose a term of imprisonment not exceeding 12 months, instead of, or in addition to, the fine. For convictions following...

Written Answers — Department of Finance: Strategic Banking Corporation of Ireland (3 Mar 2015)

Michael Noonan: The Strategic Banking Corporation of Ireland (SBCI) launched its initial product programme on 19 February 2015.  The SBCI has secured funding of €800m to fund its first loans that will be lower cost and longer term for both working capital and investment.  The minimum duration of loans is two years and the maximum duration ten years.  The SBCI is seeking to support...

Written Answers — Department of Finance: Mortgage Schemes (3 Mar 2015)

Michael Noonan: Construction 2020 committed the Government to examining the concept of a mortgage insurance scheme, to ensure sustainable levels of mortgage lending in the medium term. In October I wrote to the Oireachtas Committee on Finance, Public Expenditure and Reform requesting that the committee consider the matter of mortgage insurance in an Irish context and, drawing on the experiences of other...

Written Answers — Department of Finance: Tax Collection (3 Mar 2015)

Michael Noonan: I am advised by the Revenue Commissioners that the estimated Pay Related Social Insurance (PRSI) liabilities, as returned to Revenue by employers, for proprietary company directors from 2005 to 2013 (the most recent year for which data are available) are as shown in the table. Year Estimated PRSI Liability €M 2005 196 2006 240 2007 255 2008 250 2009 238 ...

Written Answers — Department of Finance: Tax Yield (3 Mar 2015)

Michael Noonan: I am informed by the Revenue Commissioners that their obligation to observe confidentiality of taxpayers' information, and the small group of taxpayers encompassed by the question, precludes them from providing the information requested.

Written Answers — Department of Finance: Financial Services Regulation (3 Mar 2015)

Michael Noonan: I have been informed by the Central Bank that the company to which the Deputy refers is not regulated by it. The Central Bank Act 1997 contains a number of exclusions from the requirement to be authorised by the Central Bank and firms that meet the relevant criteria can avail of such exclusions. Separately, this Act also contains a number of exemptions from the requirement to be...

Written Answers — Department of Finance: Public Sector Staff (3 Mar 2015)

Michael Noonan: I am advised by the Revenue Commissioners that the temporary staff in question were recruited to carry out work associated with the introduction of Local Property Tax (LPT) and also for the Household Charge Arrears project. The task of introducing this new tax (LPT), the largest extension of the self-assessment system in the history of the State, posed major administrative challenges....

Written Answers — Department of Finance: VAT Rate Reductions (3 Mar 2015)

Michael Noonan: Bottled water is subject to the standard VAT rate.  The standard rate is the VAT rate applied to bottled water in the majority of EU Member States.  Prior to 1992 bottled waters and fruit juices had applied at the zero rate, but were made subject to the standard rate from 1 November 1992 in order to correct a competitive anomaly, as similar competing products such as soft drinks...

Written Answers — Department of Finance: Tax Code (3 Mar 2015)

Michael Noonan: Nicotine products, such as nicotine inhalers, tablets and chewing gum, which are categorised as oral medicines and are licensed by the Irish Medicines Board, are charged to VAT at the zero-rate.  Nicotine replacement patches and electronic cigarettes, however, do not fall into this category of oral medicines and are therefore subject to the standard 23% rate of VAT.  I have no...