Results 10,601-10,620 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Credit Unions Regulation (15 Jul 2014)

Michael Noonan: The imposition of lending restrictions is the responsibility of the Registrar of Credit Unions, who is the independent regulator for credit unions.  Within her independent regulatory discretion, the Registrar acts to support the prudential soundness of individual credit unions, to maintain sector stability and to protect the savings of credit union members. As Minister for Finance, my...

Written Answers — Department of Finance: VAT Rate Application (15 Jul 2014)

Michael Noonan: I propose to take Questions Nos. 169 and 173 together. VAT rates are governed by EU VAT law, with which Irish VAT law must comply. The EU VAT Directive generally provides that supplies of goods and services are chargeable to VAT at the standard rate but that lower rates are permitted in very limited circumstances.  Food products can only benefit from the zero rating in accordance with...

Written Answers — Department of Finance: Tax Yield (15 Jul 2014)

Michael Noonan: I am informed by the Revenue Commissioners that the full year yield to the Exchequer, estimated by reference to 2014 incomes, of increasing both standard rate and higher rates of Income Tax by 1, 2 and 3 percentage points would be approximately €660 million, €1,330 million and €2,000 million respectively.

Written Answers — Department of Finance: State Banking Sector (15 Jul 2014)

Michael Noonan: Based on replies I have received from the banks, I can confirm for the Deputy that the information he has requested in relation to the number and value of judgements secured against debtors is a matter of public record and the information is available in court records, including on the court service website.

Written Answers — Department of Finance: Tax Code (15 Jul 2014)

Michael Noonan: I have been advised by the Revenue Commissioners that a PAYE Balancing Statement (P21) for 2013 issued to the person concerned dated 29 March 2014.  As no tax was deducted from the person's wages during 2013, no refund of income tax is due.  The amount of USC deducted is in accordance with the rates applying during 2013 and the information available to Revenue.   A further...

Written Answers — Department of Finance: Property Taxation Application (15 Jul 2014)

Michael Noonan: In accordance with the Finance (Local Property Tax) Act 2012 (as amended), the amount of Local Property Tax (LPT) due on a property is based on the valuation at 1 May 2013. The LPT regime is designed so that the initial valuation at 1 May 2013 will be valid up to and including 2016 and will not be affected by any increase in property prices during the period 2013 to 2016. The Deputy will be...

Written Answers — Department of Finance: Insurance Industry (15 Jul 2014)

Michael Noonan: In my role as Minister for Finance I have responsibility for the development of the legal framework governing financial regulation. Neither I nor the Central Bank of Ireland, as regulator, interfere in the pricing of insurance products.  The provision of insurance cover and the price at which it is offered is a commercial matter for insurance companies and is...

Written Answers — Department of Finance: Tax Code (15 Jul 2014)

Michael Noonan: I am advised by the Revenue Commissioners that the organisation in question has completed the first stage of the appeals process, namely consideration of their application by the appropriate appeals officer in the Cork Revenue office.  I am advised that his decision upheld the original decision taken by the Central Repayments Office and that the organisation and the Deputy were...

Written Answers — Department of Finance: NAMA Bonds (15 Jul 2014)

Michael Noonan: I propose to take Questions Nos. 179 and 180 together. There is no basis for the Deputy's suggestion that the European Central Bank is putting pressure on NAMA for an early redemption of its senior bonds. Contrary to what the Deputy suggests, the NAMA scheme as approved by the European Commission in February 2010 did not specify a final date for the redemption of NAMA senior bonds. The NAMA...

Written Answers — Department of Finance: General Government Debt (15 Jul 2014)

Michael Noonan: The forecast average rate of interest on general government debt for 2014 is given as 3.9% in my Department's Stability Programme Update, 2014 published last April.

Written Answers — Department of Finance: NAMA Bonds (15 Jul 2014)

Michael Noonan: I am advised by NAMA that 0.33% is the forecast expected average 6 month euribor interest rate on the NAMA senior bonds currently outstanding in 2014.

Written Answers — Department of Finance: GDP-GNP Levels (15 Jul 2014)

Michael Noonan: The most recent fiscal forecasts were contained in the Stability Programme Update published in April.  The forecast for 2015 is predicated on a consolidation package of €2.0bn which has been well flagged over recent years and represents no change in stated Government policy.  This is estimated to deliver a general government deficit of 2.9% of GDP. However, as the Deputy...

Written Answers — Department of Finance: Budget 2015 (15 Jul 2014)

Michael Noonan: As the Deputy will be aware, the Government has decided to hold Budget Day on or before the 15th of October from now on. This means that Budget 2015 will be presented and published on Tuesday, the 14th of October this year. This allows us to present our Budget and finalise it through the necessary legislation before the end of the year, in line with our EU commitments, in co-ordination with...

Written Answers — Department of Finance: NAMA Debtors (15 Jul 2014)

Michael Noonan: I am advised that NAMA is currently aware of a total of 77 debtors being declared bankrupt across a number of jurisdictions.  12 have been declared bankrupt in Ireland, 63 in Britain and Northern Ireland and 2 in the USA.  NAMA is aware of 44 debtors being discharged from bankruptcy in Britain and Northern Ireland.  NAMA is currently not aware of any debtors being discharged...

Written Answers — Department of Finance: Currency Exchange (15 Jul 2014)

Michael Noonan: Section 149 of the Consumer Credit Act 1995 (as amended) requires that credit institutions, prescribed credit institutions and bureaux de change must make a submission to the Central Bank if they wish to introduce any new customer charges or increase any existing customer charges in respect of certain services. Section 149 does not cover interest rates; it applies to fees and commissions...

Written Answers — Department of Finance: Currency Exchange (15 Jul 2014)

Michael Noonan: I have no plans to carry out an investigation to ascertain if consumers and business are being overcharged for foreign exchange services. All regulated financial institutions must comply with all the Codes of Conduct issued by the Central Bank, including the Consumer Protection Code.  Consequently, any firm to which such codes apply must, as a matter of law, comply with the...

Written Answers — Department of Finance: NAMA Investment Funds (15 Jul 2014)

Michael Noonan: I propose to take Questions Nos. 188 to 190, inclusive, together. I am advised by NAMA that it has co-invested in two Qualifying Investor Funds, Gangkhar plc, promoted by Starwood, and Targeted Investment Opportunities plc, promoted by Oaktree.  In the case of Targeted Investment Opportunities plc, NAMA has invested in two sub-funds, namely the South Docks Fund and the City Development...

Written Answers — Department of Finance: NAMA Court Cases (15 Jul 2014)

Michael Noonan: I am advised by NAMA that the cases referenced by the Deputy were inadvertently omitted from Q4/2013 s.55 report. NAMA advises that the cases relate to a debtor connection which is managed on NAMA's behalf by a Participating Institution (PI) and where the cases were initiated by that PI, under delegation from NAMA. The detail sought by the Deputy on the cases is set out as follows: Title...

Written Answers — Department of Finance: NAMA Property Sales (15 Jul 2014)

Michael Noonan: The transaction that the Deputy refers to was conducted in entirely different market conditions to those which prevail currently.   As the Deputy will recall, there was very little transactional activity and no international investment in the Irish commercial real estate market at that time.   NAMA's decision to place the asset on the market was, in part, motivated by the...

Written Answers — Department of Finance: NAMA Expenditure (15 Jul 2014)

Michael Noonan: I am advised by NAMA that its position in this matter is set out on page 29 of its Annual Report and Financial Statements for 2012.  NAMA advises that it would be inappropriate to comment in any further detail given that this is a commercial matter between it and its debtor.