Results 19,361-19,380 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Mortgage Interest Relief Eligibility (22 Apr 2015)

Michael Noonan: The decision on the approval of a mortgage for a borrower, which includes interest rate, is a commercial decision for the lending institution concerned. It is important that each lending institution is allowed to assess properly and independently the risks that it is considering when deciding to approve a loan. I do not interfere with such commercial decisions. Mortgage lending decisions...

Written Answers — Department of Finance: Credit Unions (22 Apr 2015)

Michael Noonan: I am advised by the Revenue Commissioners that credit unions that are registered, or deemed to be registered, under the Credit Union Act 1997 are exempt from Corporation Tax by virtue of section 219A of the Taxes Consolidation Act 1997.  Credit unions are not-for-profit member owned financial co-operatives funded primarily by member deposits and existing to attain the...

Written Answers — Department of Finance: Tax Reliefs Eligibility (22 Apr 2015)

Michael Noonan: Capital Acquisitions Tax (CAT) is the overall name for both Gift and Inheritance Tax. The tax is charged on the amount gifted to, or, inherited by, the beneficiary of the gift or inheritance. I am informed by the Revenue Commissioners that, for the purposes of CAT, the relationship between the person who provides the gift or inheritance (i.e. the disponer) and the person who receives the...

Written Answers — Department of Finance: Irish Water Expenditure (22 Apr 2015)

Michael Noonan: Further to Parliamentary Question No. 163 of 15 April 2015 the breakdown of income and expenditure utilised in the previous calculations regarding the impact of the current treatment of Irish Water can be summarised within the following table (all figures in €m): - 2014 2015 2016 Domestic Tariff 0 271 274 Non-domestic Revenue 248 229 240 Total Revenue 248 500 514 Opex (including...

Written Answers — Department of Finance: Disabled Drivers and Passengers Scheme (22 Apr 2015)

Michael Noonan: The legislation governing the Drivers & Passengers with Disabilities Scheme is contained in Section 92 of the Finance Act 1989 (as amended), Section 134(3) of the Finance Act 1992 (as amended) and Statutory Instrument No. 353 of 1994 (Disabled Drivers and Disabled Passengers (Tax Concessions) Regulations, 1994). Full details of the scheme, including the legislative criteria which...

Written Answers — Department of Finance: VAT Rate Application (22 Apr 2015)

Michael Noonan: I am advised by the Revenue Commissioners that the standard rate of VAT, currently 23%, which is the highest of the VAT rates, applies to the sale of machinery.  Therefore, there are no circumstances in which the VAT rate could be increased when machinery is sold. I would point out that the two-thirds rule mentioned by the Deputy applies to a supply of services where the value of the...

Written Answers — Department of Finance: Mortgage Interest Rates (22 Apr 2015)

Michael Noonan: As I stated previously in a reply to a question regarding this issue, the lending institutions in Ireland - including those in which the State has a significant shareholding - are independent commercial entities. I, as Minister for Finance, have no statutory role in relation to regulated financial institutions setting interest rates. The mortgage interest rates that financial...

Written Answers — Department of Finance: Tax Reliefs Availability (22 Apr 2015)

Michael Noonan: I am advised by the Revenue Commissioners that a prerequisite to obtaining Capital Gains Tax retirement relief is that the individual who is disposing of land must have owned that land and used it for farming purposes for the period of 10 years prior to the disposal. In the case referred to by the Deputy, the statement that the spouse owns part of the family land and is actively involved...

Written Answers — Department of Finance: Bank Branch Closures (23 Apr 2015)

Michael Noonan: I have referred the Deputy's question to the banks for comment and have received the follow responses: Allied Irish Banks: The bank has confirmed that it has 34 branches in County Cork and has no plans to close any during the remainder of 2015. This response refers to AIB branches and does not include EBS outlets. The bank has further commented that if there are any future plans regarding...

Written Answers — Department of Finance: IBRC Operations (23 Apr 2015)

Michael Noonan: I propose to take Questions Nos. 62, 63 and 65 together. I am advised by the Special Liquidators that they have sought to minimise legal fees to the greatest extent possible. Irish Bank Resolution Corporation Limited (in Special Liquidation) conducted a competitive tender process in order to establish a panel of legal firms. Reduced and/or capped fees were included in the tenders....

Written Answers — Department of Finance: IBRC Operations (23 Apr 2015)

Michael Noonan: I, as Minister for Finance, successfully negotiated a fee rebate directly with KPMG for their role in the Special Liquidation of IBRC. This resulted in a €5m rebate on their professional fees. I was not involved in negotiations around rebates with any other professional or legal firm as part of the Special Liquidation of IBRC. All other negotiation of rebates on...

Written Answers — Department of Finance: Commencement of Legislation (23 Apr 2015)

Michael Noonan: The changes to the stamp duty provisions pertaining to farmland leasing provided for in the Finance Act 2014 are subject to a commencement order pending State Aid approval by the European Commission. I am advised by the Department of Agricultural, Food and the Marine that they have held initial discussions with the Commission in this regard but the Commission has indicated...

Written Answers — Department of Finance: IBRC Liquidation (23 Apr 2015)

Michael Noonan: The ultimate decision to eliminate the Promissory Notes and liquidate IBRC was driven by careful consideration of the totality of costs and benefits to Ireland and the taxpayer of such action. The decision to liquidate IBRC and exchange the Promissory Notes was taken with the expressed purpose of protecting the taxpayer, to end the exposure of...

Written Answers — Department of Finance: National Treasury Management Agency (23 Apr 2015)

Michael Noonan: I am advised by the State Claims Agency, the name used by the National Treasury Management Agency when carrying out its claims and risk management functions, that it has not been possible to compile the information requested by the Deputy in the time available. I will  forward the information requested to the Deputy when it becomes available.

Written Answers — Department of Finance: IBRC Operations (23 Apr 2015)

Michael Noonan: As the Deputy is aware, the sale of the company referred to in the question was run by the company itself and their advisers.  In line with the relationship framework in place at the time IBRC were not required to consult with the Department or the Minister for Finance. IBRC was a creditor to the company who had an interest in the maximisation of proceeds from the sale of the...

Written Answers — Department of Finance: Banking Sector Remuneration (23 Apr 2015)

Michael Noonan: I propose to take Questions Nos. 70 to 72, inclusive, together. The relevant institutions referred to in your questions have provided me with the following information: AIB AIB Group Salary & Remuneration Data as at 31 December 2014 is available on the AIB Group website at: Bank of Ireland Bank of Ireland have informed me that the publicly available information in relation to...

Written Answers — Department of Finance: Banking Sector Remuneration (23 Apr 2015)

Michael Noonan: I propose to take Questions Nos. 73 to 75, inclusive, together. As the Deputy will be aware the Review of Remuneration Practices & Frameworks at the Covered Institutions (the "Mercer Report") was published by my Department on 12thMarch 2013. The following breakdown of total salary and remuneration appears on page 43 of that review. - AIB AIB BOI BOI Number of staff Salary...

Written Answers — Department of Finance: Banking Sector Staff (23 Apr 2015)

Michael Noonan: I propose to take Questions Nos. 76 to 78, inclusive, together. The number of staff employed by the banks at 31 December 2014 and 31 December 2012, on a full-time equivalent basis, were: Bank 31 December 2014 31 December 2012 Source Allied Irish Banks 11,047 13,429 Bank annual reports Bank of Ireland 11,086 13,091 Bank annual reports Permanent tsb 2,321 2,110 ...

Written Answers — Department of Finance: Home Renovation Incentive Scheme Eligibility (23 Apr 2015)

Michael Noonan: As the Deputy will be aware, the Home Renovation Incentive was introduced in Budget 2014 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. In the recent Budget I extended the scheme to...

Written Answers — Department of Finance: Living City Initiative (23 Apr 2015)

Michael Noonan: I propose to take Questions Nos. 80 and 81 together. The Deputy will be aware that the purpose of the Living City Initiative is to provide an urban regeneration incentive to certain areas of six cities, namely Cork, Dublin, Galway, Kilkenny, Limerick and Waterford, which are most in need of regeneration. Officials from my Department have held discussions with the relevant local...