Results 10,941-10,960 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Mortgage Arrears Proposals (1 Jul 2014)

Michael Noonan: I am informed by the Central Bank that the Code of Conduct on Mortgage Arrears (CCMA) sets out requirements for mortgage lenders when dealing with borrowers facing or in mortgage arrears. The CCMA provides a strong consumer protection framework to ensure that borrowers struggling to keep up repayments on a mortgage loan which is secured on a primary residence are treated in a fair and...

Written Answers — Department of Finance: Departmental Staff Recruitment (1 Jul 2014)

Michael Noonan: The post of Secretary General, Department of Finance was advertised on 11 June 2014 with a closing date of 23 June 2014. The post was advertised by the Senior Pubic Service unit at the Department of Public Expenditure and Reform. Applications will now be considered and a decision will be taken by the Government to assess that the person appointed meets the criteria for the job. It is expected...

Written Answers — Department of Finance: Central Bank of Ireland Properties (1 Jul 2014)

Michael Noonan: I am informed by the Central Bank that it regularly reviews the operation of the Mint in Sandyford to ensure that it operates to current best practices.

Written Answers — Department of Finance: Strategic Banking Corporation of Ireland Establishment (1 Jul 2014)

Michael Noonan: A project team has been established which includes staff of the Department of Finance and the NTMA to expedite the delivery of the Strategic Banking Corporation of Ireland (SBCI). This project team considers all aspects of the establishment of the SBCI including the issues raised by the Deputy. For example the team is working on the legislation, establishment of the SBCI...

Written Answers — Department of Finance: Tax Yield (1 Jul 2014)

Michael Noonan: It is assumed that the thresholds for the proposed new Income Tax rates mentioned by the Deputy would not alter the existing standard rate band structure applying to single and widowed persons, to lone parents, married couples and civil partnerships. In addition, it is assumed that the Universal Social Charge continues to apply at the relevant rates. I am advised by the Revenue...

Written Answers — Department of Finance: Financial Transactions Tax (1 Jul 2014)

Michael Noonan: The Government's position is that a financial transaction tax would be best applied on a wide international basis to include the major financial centres to prevent the danger of activities gravitating to jurisdictions where taxes are not levied on financial transactions. In any event it is not possible to estimate the extra revenue that would be raised by introducing the EU...

Written Answers — Department of Finance: Corporation Tax Regime (1 Jul 2014)

Michael Noonan: With regard to the calculation requested by the Deputy, I would highlight that although a figure of 'gross trading profits' is included in the  detailed annual statistical reports published by the Revenue Commissioners for illustrative purposes, the concept is not generally recognised in Irish tax legislation and it is therefore not possible to accurately cost the Deputy's proposal. In...

Written Answers — Department of Finance: House Prices (26 Jun 2014)

Michael Noonan: The Deputy will be aware that the property bubble up to 2007 was concurrent with a dramatic and unsustainable increase in mortgage lending. The recently published Construction 2020 Strategy: A Strategy for A Renewed Construction Sector sets out that mortgage lending decisions must be undertaken on a sustainable and prudential basis by financial institutions and conform fully to regulatory...

Written Answers — Department of Finance: Tax Reliefs Application (26 Jun 2014)

Michael Noonan: I am advised by Revenue that according to its calculations, approximately 577,000 policy holders, covering 1.1 million insured individuals, are likely to be affected by the restriction of tax relief on medical insurance, which was announced as part of Budget 2014. This figure equates to almost 53% of all policies. Revenue's calculations in this regard are based on its analysis of the...

Written Answers — Department of Finance: Property Taxation Collection (26 Jun 2014)

Michael Noonan: I propose to take Questions Nos. 59 and 67 together. I am advised by Revenue that there is ongoing dialogue with the Department of Social Protection (DSP) to ensure the deduction at source payment option in respect of Local Property Tax (LPT) and arrears of Household Charge (HHC) operates as smoothly as possible. The situation referred to in Question [27613] could arise where a weekly...

Written Answers — Department of Finance: Mortgage Interest Rates (26 Jun 2014)

Michael Noonan: Firstly, I must confirm to the Deputy that neither the Central Bank nor I have any responsibility for any variation in the variable mortgage interest rate charged by regulated financial instutions.  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...

Written Answers — Department of Finance: Corporation Tax (26 Jun 2014)

Michael Noonan: I propose to take Questions Nos. 61 and 62 together. My Department recently published a Technical Paper on Effective Rates of Corporation Tax in Ireland to provide clarity to the Dáil about the seemingly conflicting figures and methodologies.  The Department commissioned an external and independent academic to ensure that this piece of work was as objective as possible.  This...

Written Answers — Department of Finance: Tax Collection (26 Jun 2014)

Michael Noonan: I propose to take Questions Nos. 63 and 64 together. I am advised by Revenue that the debt collection environment continues to be challenging given the ongoing difficult financial environment. In this regard I am assured that Revenue debt management caseworkers are very conscious of the challenges that exist for some taxpayers in meeting their tax obligations in a timely manner. For that...

Written Answers — Department of Finance: Pensions Levy (26 Jun 2014)

Michael Noonan: I announced in my Budget 2014 speech that the 0.6% Pension Fund Levy introduced to fund the Jobs Initiative in 2011 will be abolished from 31 December 2014. I have, however, introduced an additional levy on pension funds at 0.15% for 2014 and 2015. I am doing this to, among other things, continue to help fund the Jobs Initiative. Finance (No. 2) Act 2013 provides for the application of the...

Written Answers — Department of Finance: Tax Rebates (26 Jun 2014)

Michael Noonan: I am advised by the Revenue Commissioners that Med 1 forms relating to years 2010 to 2013 were received in the name of the taxpayer's spouse, who is a PAYE employee, on 15 April 2014. On checking however, it became apparent that the taxpayer is recorded as the assessable spouse for the married couple, and that he had not submitted self-employed income tax returns for the years since...

Written Answers — Department of Finance: Income Data (26 Jun 2014)

Michael Noonan: I am advised by the Revenue Commissioners that the estimated numbers of income earners earning between €17,000 and €18,000, between €18,000 and €19,000 and between €19,000 and €20,000, by reference to the income tax year 2014, are approximately 41,000, 43,100 and 42,000 respectively (estimated numbers are rounded to the nearest hundred). These...

Written Answers — Department of Finance: Tax Code (26 Jun 2014)

Michael Noonan: I propose to take Questions Nos. 69 to 72, inclusive, together. I assume the Deputy is referring to the "step" effect in the PRSI system which brings all income into charge once the relevant threshold is reached. This occurs because those earning €352 per week are exempted entirely from the charge whereas those who earn more than this pay PRSI at 4% on their full earnings. This...

Written Answers — Department of Finance: Banks Recapitalisation (26 Jun 2014)

Michael Noonan: As the Deputy will be aware the NPRFC undertook an independent valuation exercise for the remaining bank investments in the directed portfolio at the end of December 2013. This valuation included the State's holdings in AIB which were valued at circa. €10bn comprising ordinary shares (€6.5bn) and preference shares (€3.5bn). Separately the Minister holds directly a...

Written Answers — Department of Finance: Banks Recapitalisation (26 Jun 2014)

Michael Noonan: As the Deputy will be aware, if the annual coupon payment of €280m on the State's Preference Shares in AIB is not made in cash, AIB must make the payment in shares. Since the first coupon was due in 2010, as a result of the bank's need to preserve capital, AIB has paid this annual coupon each year in shares as set out below. Year Number of shares issued ...

Written Answers — Department of Finance: Budget Targets (26 Jun 2014)

Michael Noonan: The most up-to-date budgetary estimates, published in the SPU in April, are based on the assumption of a consolidation package of €2.0bn in 2015 which is designed to deliver a deficit of 2.9 per cent of GDP in 2015. This is within the excessive deficit procedure (EDP) ceiling of 3.0 per cent.  The macro-economic forecasts underpinning the SPU have been endorsed by the Irish Fiscal...