Results 24,221-24,240 of 27,019 for speaker:Michael Noonan
- Written Answers — Tax Reliefs: Tax Reliefs (14 Sep 2011)
Michael Noonan: I propose to take Questions Nos. 97 and 136 together. The public consultation on "legacy" property-based tax reliefs, including Section 23-type reliefs, undertaken by my Department concluded at the end of July. Over 500 submissions were made during the consultation, which forms part of an impact assessment process to assess the potential effects of amending, curtailing and/or abolishing such...
- Written Answers — Price Inflation: Price Inflation (14 Sep 2011)
Michael Noonan: The Deputy will be aware that through 2009 and 2010, there were few inflationary pressures. Indeed, price levels fell, with the CPI declining by 4.5% in 2009 and 1% in 2010, and the HICP falling by 1.7% and 1.6% respectively. In the latter months of 2010 and to date in 2011, the main drivers of inflation have been insurance premium hikes and increases in the price of commodities. The CPI has...
- Written Answers — Departmental Expenditure: Departmental Expenditure (14 Sep 2011)
Michael Noonan: The information technology purchasing policy of my Department and agencies under its remit is to ensure that all procurements comply with procurement law, provide value for money, are fit for purpose, and comply with all applicable standards. All ICT expenditure is tendered in accordance with Circulars 2/09, 10/10 and 2/11 to ensure best VFM. Additionally my Department and all agencies...
- Written Answers — Financial Services Regulation: Financial Services Regulation (14 Sep 2011)
Michael Noonan: Following the collapse of Home Payments Ltd (HPL) last month, the Central Bank commenced an investigation into the matter. This investigation is on-going and I await the final report from the Bank. However, I can confirm that the Central Bank has informed me that, as HPL was not authorised or licensed by the Bank, clients are not eligible for a compensation scheme/deposit protection scheme...
- Written Answers — Expenditure Reviews: Expenditure Reviews (14 Sep 2011)
Michael Noonan: Departmental submissions to the Comprehensive Review of Expenditure (CRE) are a central part of the overall pre-budget deliberations of the Government. As such, release of these documents could not be considered in advance of Government decisions on the forthcoming Budget. The Minister for Public Expenditure & Reform has already indicated that it is his intention to publish the Reports...
- Written Answers — Tax Code: Tax Code (14 Sep 2011)
Michael Noonan: The Stamp Duty rate on residential property transfers was reduced in Budget 2011 while some reliefs and exemptions were abolished. This broadened the tax base while lowering the rate of Stamp Duty for most purchasers. All purchases of residential property valued under â¬1 million in value are now only liable for stamp duty at 1%, with any balance over â¬1 million liable at 2%. Even where...
- Written Answers — Financial Services Regulation: Financial Services Regulation (14 Sep 2011)
Michael Noonan: The decision on whether or not to grant individual mortgages must remain a commercial decision for individual lending institutions. It is important that each lending institution is allowed to assess properly and independently the individual risks that it is considering accepting. Mortgage lending must be undertaken on a sustainable and prudential basis by financial institutions and conform...
- Written Answers — Tax Code: Tax Code (14 Sep 2011)
Michael Noonan: I understand that the Deputy is referring to a type of Financial Transaction Tax (FTT). The EU Commission stated in a Communication in October 2010 that it supported the idea of an FTT to help fund international challenges such as development at climate change. However, the Commission has recently proposed the introduction of an FTT in Europe for the purpose of an "own resource" tax imposed...
- Written Answers — Banking Sector Regulation: Banking Sector Regulation (14 Sep 2011)
Michael Noonan: As Minister for Finance, I have no statutory role in the setting of interest rates charged or paid by financial institutions regulated by the Central Bank. The Central Bank has responsibility for the regulation and supervision of financial institutions in terms of consumer protection and prudential requirements and for ensuring ongoing compliance with applicable statutory obligations. Each...
- Written Answers — Tax Code: Tax Code (14 Sep 2011)
Michael Noonan: Section 473 of the Taxes Consolidation Act, 1997 provides tax relief at the standard rate to individuals who pay for private rented accommodation that is used as their sole or main residence. The level of rent qualifying for rent relief depends on an individual's marital status and age. In Budget 2011, it was announced that rent relief was being withdrawn on a phased basis. No new claimants...
- Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (14 Sep 2011)
Michael Noonan: The legal basis for the Deposit Guarantee Scheme in Ireland is set out in the European Communities (Deposit Guarantee Scheme) Regulations 1995 (S.I. No. 168 of 1995) as amended. These Regulations implement the European Union Directive on Deposit Guarantee Schemes (Directive 94/19/EC) as amended. Under the Regulations, a depositor with a deposit of up to â¬100,000 will be covered by the...
- Written Answers — Tax Code: Tax Code (14 Sep 2011)
Michael Noonan: Ireland, as with other countries, has experienced an increase in the cost of petrol and auto-diesel. The increase in fuel prices is an international phenomenon. Fuel prices are driven by a number of factors including the price of oil on international markets, exchange rates, production costs and refining costs. The rise in oil prices over recent periods reflected additional factors such as...
- Written Answers — National Pensions Reserve Fund: National Pensions Reserve Fund (14 Sep 2011)
Michael Noonan: The most recent figures for the National Pensions Reserve Fund (NPRF) published by the NPRF Commission are for the second quarter of 2011. These showed that the Fund was valued at â¬20.8 billion at end-June 2011, made up of â¬15.5 billion in the Directed Portfolio (the part of the Fund which is managed by the Commission on foot of directions from the Minister for Finance) and â¬5.3 billion...
- Written Answers — National Treasury Management Agency: National Treasury Management Agency (14 Sep 2011)
Michael Noonan: This figure of â¬9 billion does not include the assets in the discretionary portfolio of the National Pensions Reserve Fund which amounted to â¬5.2 billion at end-August (of which, â¬422 million was held in cash at the Central Bank).
- Written Answers — Tax Code: Tax Code (14 Sep 2011)
Michael Noonan: I am advised by the Revenue Commissioners that the repairing or maintaining of movable goods, including motor vehicles, is liable to VAT at the reduced rate of 13.5% in accordance with paragraph 20(1), Schedule 3 of the Value-Added Tax Consolidation Act 2010. The service of vehicle testing, that entails an inspection of a vehicle rather than its repair or maintenance, is liable to VAT at the...
- Written Answers — Financial Services Regulation: Financial Services Regulation (14 Sep 2011)
Michael Noonan: I propose to take Questions Nos. 115 and 116 together. The Government is committed to having in place an effective regulatory system for debt-management and debt-advice companies. To that end, my officials are in consultation with the Central Bank in examining what legislative proposals would be appropriate in this area.
- Written Answers — Financial Services Regulation: Financial Services Regulation (14 Sep 2011)
Michael Noonan: Following the collapse of Home Payments Ltd (HPL) last month, the Central Bank commenced an investigation into the matter. This investigation is on-going and I await the final report from the Bank. However, I can confirm that the Central Bank has informed me that, as HPL was not authorised or licensed by the Bank, clients are not eligible for a compensation scheme/deposit protection scheme...
- Written Answers — Pension Provisions: Pension Provisions (14 Sep 2011)
Michael Noonan: I assume the Deputy is proposing that the amount of the pension levy passed on to individuals over the period of the levy should be available to them as a credit against their future tax liabilities. The moneys raised from the pension fund levy will be used to pay for the reductions in VAT, PRSI and the air travel tax as well as for the additional expenditure measures announced in the Jobs...
- Written Answers — Banking Sector Regulation: Banking Sector Regulation (14 Sep 2011)
Michael Noonan: The Deputy may wish to note that a Working Group has been established under the Economic Management Council to consider the state of implementation of the main recommendations of the Mortgage Arrears and Personal Debt Group which published its final report in November 2010. This Group has also been asked to consider and develop further necessary actions to alleviate the increasing mortgage...
- Written Answers — Banking Sector Regulation: Banking Sector Regulation (14 Sep 2011)
Michael Noonan: As the Deputy is aware, in April of this year, the NTMA requested a review of remuneration policies and practices by each of the covered institutions. In that regard, the institutions were asked to consider measures that could be taken to realign staff expectations with regard to remuneration and benefits in the current economic environment and financial circumstances of the banks. The...