Results 7,821-7,840 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Mortgage Arrears Report Implementation (1 Apr 2015)

Michael Noonan: The Government has put in place a broad strategy to address the problem and a key part of this was the 2013 Central Bank Mortgage Arrears Resolution Targets (MART) framework, which set out demanding quanititative targets for mortgage arrears resolution at the six main Irish mortgage lenders who account for around 90% of the mortgages in Ireland.  These targets required the six lenders to...

Written Answers — Department of Finance: Property Tax Data (1 Apr 2015)

Michael Noonan: I am advised by Revenue that where a property owner fails to meet Local Property Tax (LPT) or arrears of Household Charge (HHC) payment obligations by the relevant due dates then he/she is likely to be subjected to various debt recovery/enforcement sanctions, including: - Mandatory deduction at source from salary or occupational pension - Withholding or offsetting of any refunds due in other...

Written Answers — Department of Finance: IBRC Bond Issues (1 Apr 2015)

Michael Noonan: The Special Liquidators continue to implement an orderly and efficient wind down of Irish Bank Resolution Corporation Limited (in Special Liquidation) in accordance with the provisions of the IBRC Act and the instructions issued by me under that Act. By February 2015, loans with a par value of €21.7bn had been prepared, brought to market and ultimately sold through a series of...

Written Answers — Department of Finance: IBRC Operations (1 Apr 2015)

Michael Noonan: I am advised that, on foot of a meeting between officials from my Department and senior management of IBRC held on 31 May 2012, it was agreed that my Department would review this transaction to better understand the decisions taken by IBRC. This review took place, by way of a meeting between officials from my Department and senior management of IBRC, on 11 June 2012. At this meeting,...

Written Answers — Department of Finance: Knowledge Development Box (1 Apr 2015)

Michael Noonan: In Budget 2015 I announced my intention to introduce the Knowledge Development Box (KDB) in Finance Bill 2015. The purpose behind the introduction of the KDB in Ireland is to enhance the competitiveness of the Irish tax offering for intellectual property and thereby to ensure Ireland continues to be the location of choice for foreign direct investment. A public consultation to gather views on...

Written Answers — Department of Finance: Tax Code (1 Apr 2015)

Michael Noonan: In 2013, my Department set out an International Tax Strategy outlining principles and strategic objectives; it guides our approach to international corporate tax issues and it contains, inter alia, a commitment to engage constructively and respectfully with developing countries in relation to tax matters. Our commitment is to support such countries in raising domestic...

Written Answers — Department of Finance: IBRC Operations (1 Apr 2015)

Michael Noonan: As part of Ireland's third review under the EU/IMF Programme of Financial Support, a report on which was published in September 2011 and is available on the Department of Finance website, there were a number of conditions/actions which Ireland committed to. One of which was to develop a framework to govern the exercise of the State's ownership rights in the banks resulting from the...

Written Answers — Department of Finance: Tax Code (1 Apr 2015)

Michael Noonan: The EU Commission published the proposal for a Common Consolidated Corporate Tax Base (CCCTB) in March 2011.  The proposal provides for common rules for calculating the corporate tax base, a consolidated tax base for all group entities within the EU and apportionment of the consolidated tax base between Member States under a formula of apportionment.  While Ireland remains...

Written Answers — Department of Finance: Stability and Growth Pact (1 Apr 2015)

Michael Noonan: From 2016, the public finances in Ireland will be subject to the rules of the preventive arm of the Stability & Growth Pact.  Assessment of compliance with the rules of the preventive arm is based on two pillars: the annual improvement in the structural balance and the expenditure benchmark. The expenditure benchmark links growth in expenditure to the potential growth rate...

Written Answers — Department of Finance: Departmental Offices (1 Apr 2015)

Michael Noonan: As the Deputy may be aware from my reply to a recent parliamentary question, I indicated that the establishment of an independent budgetary office to provide costings of alternative budgets on request from members of the Oireachtas should be considered in depth.  This Government is very much in favour of initiatives that improve the quality of debate around budgetary priorities...

Written Answers — Department of Finance: European Council Meetings (1 Apr 2015)

Michael Noonan: Greece was not on the agenda for the most recent meeting of Economic and Financial Affairs Council (ECOFIN) on 10 March. That meeting focused inter alia on implementing Europe's banking union as well as the European Fund for Strategic Investments. Greece was discussed at the Eurogroup meeting of 9th March.  The discussion focused on procedural issues relating to...

Written Answers — Department of Finance: Mortgage Debt (1 Apr 2015)

Michael Noonan: Central Bank of Ireland data indicates that the overall level of residential mortgage debt has declined in recent years.  In September 2009, primary dwelling mortgage debt amounted to €118.7 billion but at end December 2014 this had declined to €104.9 billion.  Aggregate "buy to let" mortgage balances have also declined in recent years and amounted to €28...

Written Answers — Department of Finance: Income Data (1 Apr 2015)

Michael Noonan: I am advised by the Revenue Commissioners that a wide range of statistical information is now available on the Revenue Commissioners' newly enhanced statistics webpage which can be found at www.revenue.ie. Further analysis of income tax and corporation tax distribution statistics based on Revenue data is provided on the Central Statistics Office  website and this may be of particular...

Written Answers — Department of Finance: Mortgage Interest Rates (1 Apr 2015)

Michael Noonan: Firstly, I must confirm to the Deputy that the lending institutions in Ireland - including those in which the State has a significant shareholding - are independent commercial entities. I have no statutory role in relation to regulated financial institutions passing on the European Central Bank interest rate change or to the mortgage interest rates charged.  It is a commercial...

Written Answers — Department of Finance: NAMA Portfolio Value (1 Apr 2015)

Michael Noonan: I am advised by NAMA that as at 20 March 2015 its current cash position was €199 million and that in addition it had liquid asset holdings of €768 million.  It is entirely a matter for NAMA, by reference to its statutory commercial mandate, to determine how its cash reserves are applied.  As Minister for Finance, I have no role in the matter. I am advised that the...

Written Answers — Department of Finance: Mortgage Arrears Rate (1 Apr 2015)

Michael Noonan: Having regard to the recommendations contained in the 2010 "Cooney" reports and the 2011 "Keane" report, the Government has put in place a comprehensive strategy to address the mortgage arrears problem.  Together with the improving economic situation, this strategy has seen a welcome reduction in the overall level of mortgage arrears.  For example, the end 2014 mortgage arrears...

Written Answers — Department of Finance: European Central Bank (1 Apr 2015)

Michael Noonan: The Expanded Asset Purchase Programme (EAPP), launched on 9 March 2015, is aimed at fulfilling the ECB's price stability mandate. Asset purchases provide monetary stimulus to the economy in a context where key ECB interest rates are effectively at the lower bound. They should further ease monetary and financial conditions. They should also help to support investment and...

Written Answers — Department of Finance: Tax Compliance (1 Apr 2015)

Michael Noonan: I would refer the Deputy to my reply to Question 12952/15 which dealt in detail with issues raised by the Deputy regarding this matter. I am satisfied that the Revenue Commissioners have been pursuing this matter with commitment and efficiency, taking all necessary and appropriate action, and that they have made relevant information on the matter available at all appropriate stages....

Written Answers — Department of Finance: Fuel Laundering (1 Apr 2015)

Michael Noonan: I am advised by the Revenue Commissioners, who are responsible for tackling all forms of fuel fraud, that every person on whom a fine or a penalty is imposed by a court under the taxes acts, including fines or penalties on foot of a conviction by a court for a fuel laundering offence, will have their name, address and occupation published in accordance with Section 1086 of the Taxes...

Written Answers — Department of Finance: VAT Rate Application (1 Apr 2015)

Michael Noonan: I am advised by the Revenue Commissioners that VAT is a consumption tax, that is, it is a tax that is paid by the final consumer of the good or service.  VAT is an EU-wide tax and Irish VAT law must comply with the EU VAT Directives. Section 37(1) of the VAT Consolidation Act 2010 provides that VAT is chargeable on the full consideration which a taxable person becomes entitled to receive...