Results 9,581-9,600 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Mortgage Schemes (5 Nov 2014)

Michael Noonan: As the Deputy is aware, the Central Bank of Ireland has published a consultation paper regarding macro-prudential measures for residential mortgage lending in Ireland. The Central Bank measures, as set out in the consultation document, would place restrictions on the loan to value (LTV) and loan to income (LTI) ratios banks can apply when lending for house purchase. They would apply to...

Written Answers — Department of Finance: Fiscal Policy (5 Nov 2014)

Michael Noonan: Following the successful conclusion of the EU-IMF programme, the Irish economy has emerged from the crisis and economic recovery is now clearly established. First estimates of economic activity for the second quarter of this year were very strong and were well ahead of consensus expectations with GDP growing by 1.5 per cent over the quarter and by 7.7 per cent year-on-year. Taken...

Written Answers — Department of Finance: State Banking Sector (5 Nov 2014)

Michael Noonan: The positive results for AIB are an important milestone and validation that the bank is well capitalised. These results will allow my officials to move to the next phase of crafting our plans to return some of the large investments made between 2009 and 2011 to the taxpayer. It is critical that we carefully examine all possibilities open to us to ensure that this investment is protected...

Written Answers — Department of Finance: Tax Reliefs Cost (5 Nov 2014)

Michael Noonan: The Deputy may be aware that I commissioned a review of the tax reliefs available to the farming sector, in conjunction with my colleague the Minister for Agriculture, Food and the Marine, in last year's Budget. This process entailed three distinct processes: - A public consultation - An independent cost benefit analysis - An international comparison with other jurisdictions An...

Written Answers — Department of Finance: Budget 2015 (5 Nov 2014)

Michael Noonan: As I outlined in my budget speech on 15 October, Budget 2015 is about securing the recovery, building it for the future and broadening it to families across the country. In formulating policies to meet these goals my Department has a number of procedures in place to assess the distributional impact of tax measures which help ensure their fairness. These procedures...

Written Answers — Department of Finance: State Banking Sector (5 Nov 2014)

Michael Noonan: The Permanent TSB restructuring plan submitted in Autumn 2013 is now outdated and is in the process of being updated for both recent positive financial and operational performance in 2014 and the results of the Comprehensive Assessment. My officials have been in discussions with the European Commission over recent weeks and they expect...

Written Answers — Department of Finance: Tax Code (5 Nov 2014)

Michael Noonan: The windfall tax provisions are contained in Sections 644AB and 649B Taxes Consolidation Act (TCA) 1997, introduced by Section 240 National Asset Management Agency Act 2009 and amended by Section 25 Finance Act 2010, and apply an 80% rate of tax to the "windfall" profits or gains from land disposals or land development where those profits or gains are attributable to a relevant planning...

Written Answers — Department of Finance: Mortgage Resolution Processes (5 Nov 2014)

Michael Noonan: As Minister for Finance, I am committed to bringing forward legislation that protects consumers and whose loans are sold to unregulated entities. I have informed the House previously that the Government intends to bring forward legislation to ensure that, where a regulated financial entity sells its loan book to an unregulated entity, the protections afforded under the Central Bank codes...

Written Answers — Department of Finance: EU Budget Contribution (5 Nov 2014)

Michael Noonan: Ireland's contribution to the EU Budget is an obligation of EU membership and is a charge on the Central Fund under national legislation. The contribution formula for the EU Budget is comprised of Traditional Own Resources (customs duties), a VAT-based payment and a balancing component paid in accordance with each Member State's (MS) share of EU Gross National Income (GNI). Annually, a...

Written Answers — Department of Finance: Corporation Tax Regime (5 Nov 2014)

Michael Noonan: I announced on Budget Day, 14 October 2014, that the Finance Bill will amend Ireland's company tax residence rules to  provide that all companies that are incorporated in Ireland will be automatically tax resident here. The change will come into effect for new companies from 1 January 2015 while a transition period will apply until the end of 2020 for existing companies. This change...

Written Answers — Department of Finance: Mortgage Resolution Processes (5 Nov 2014)

Michael Noonan: As the Deputy is aware, the Central Bank has the power, from both a prudential and consumer protection perspective, to require banks to meaningfully and sustainably address mortgage arrears cases on their books.  The Central Bank's Mortgage Arrears Resolution Targets (MART) process, as announced in March 2013, sets time bound and measurable targets for the main banks requiring them...

Written Answers — Department of Finance: Credit Availability (5 Nov 2014)

Michael Noonan: I am aware of the prevailing situation in the Irish banking sector whereby a number of exiting banks are seeking to sell their Irish SME loan books  and the consequent need for their customers to refinance with the remaining domestic lenders. In the case of a direct sale of the loan book, the relevant code of conduct that can apply to certain business borrower lender relationships is...

Written Answers — Department of Finance: IBRC Bond Issues (5 Nov 2014)

Michael Noonan: I have not had any discussions regarding accelerating or modifying the pace of sales of the bonds held by the Central Bank of Ireland. The timing of the sales of these bonds and the management of its investment holdings more generally are matters for the Central Bank. The Central Bank of Ireland is independent in the exercise of its functions and therefore, neither I nor...

Written Answers — Department of Finance: Debt Restructuring (5 Nov 2014)

Michael Noonan: The Euro-area Heads of State or Government (HoSG) agreed in June 2012 that "it is imperative to break the vicious circle between banks and sovereigns." and that when a Single Supervisory Mechanism, involving the ECB, is in place and operational, the European Stability Mechanism, the ESM, could recapitalize banks directly. On the 10thof June 2014 the euro area Member States reached a...

Written Answers — Department of Finance: VAT Exemptions (5 Nov 2014)

Michael Noonan: The supply of water by local authorities and Irish Water is exempt from VAT. This VAT exemption applies to all supplies of water, including supplies to domestic households, businesses and others. Ireland's long-standing VAT exemption for the supply of water is currently contained in paragraph 14(2) of Schedule 1 to the VAT Consolidation Act 2010.  The exemption is based on a derogation...

Written Answers — Department of Finance: VAT Rate Application (5 Nov 2014)

Michael Noonan: The VAT rating of goods and services is subject to the requirements of EU VAT law with which Irish VAT law must comply.  The VAT Directive does not make specific provision for a reduced or zero rate, or an exemption from VAT, to apply to safety equipment, including helmets.  As such, they are subject to the standard VAT rate, which is currently 23%.  However, for historic...

Written Answers — Department of Finance: NAMA Operations (5 Nov 2014)

Michael Noonan: Earlier this year, NAMA announced that, in line with its obligations under Section 10 of the NAMA Act, it considered that the best financial outcome for the State would be achieved through a managed process of accelerating disposals in an orderly way with the target of redeeming 80% of senior debt (a cumulative €24 billion) by end-2016.   Following on from the Section 227...

Written Answers — Department of Finance: NAMA Staff Pensions (5 Nov 2014)

Michael Noonan: I wish to advise that the defined pension scheme was not established for staff of NAMA. As the Deputy will be aware, NAMA staff are employees of the National Treasury Management Agency (NTMA) and assigned to NAMA under Section 42 of the National Asset Management Agency Act 2009. Superannuation entitlements of NTMA staff are conferred under a defined benefit superannuation scheme set...

Written Answers — Department of Finance: Tax Code (5 Nov 2014)

Michael Noonan: A fair, efficient and competitive income tax system is essential for economic growth and job creation. I have long said that the burden of the income tax system in Ireland is too high and that I would seek to reduce it as soon as it was prudent to do so. The measures announced in the Budget are the first stage of a reform plan, to be undertaken over a number of years, to address this issue,...

Written Answers — Department of Finance: Pyrite Remediation Programme Implementation (5 Nov 2014)

Michael Noonan: As I previously advised the Deputy in response to Parliamentary Questions no. 14 (37016/14) and no. 31 (37015/14) on 2/10/14 officials of my Department, with officials of the Department of Environment, Community & Local Government, are examining the alternatives other than testing that may be available in order to confirm entitlement to a Local Property Tax (LPT) exemption. ...