Results 10,961-10,980 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Bank Debt Restructuring (26 Jun 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 could recapitalize banks directly. The Eurogroup meeting on 20 June 2013 agreed on the main features of the...

Written Answers — Department of Finance: Home Renovation Incentive Scheme Eligibility (25 Jun 2014)

Michael Noonan: As the Deputy is aware, I introduced the Home Renovation Incentive in Finance (No. 2) Act 2013. The aim of the incentive is to support tax compliant building contractors by moving activity out of the shadow economy into the legitimate economy. The incentive provides tax relief for homeowners by way of a tax credit at 13.5% of qualifying expenditure incurred on repair, renovation or...

Written Answers — Department of Finance: Property Taxation Application (25 Jun 2014)

Michael Noonan: I am advised by Revenue that Part 2 of the Finance (Local Property Tax) Act 2012 (as amended) provides for a number of exemptions from Local Property Tax (LPT) under certain conditions. In this regard, Section 8 of the Act specifically relates to property owners who purchased a residential property in 2013 as a main or sole residence. Any exemption granted in accordance with Section 8 will...

Written Answers — Department of Finance: Carbon Tax Implementation (24 Jun 2014)

Michael Noonan: Carbon Tax is based on the carbon emissions of fossil fuels. The carbon tax on coal, therefore, is not based on smoke emissions but rather the carbon emissions which are the same regardless of whether the coal is smokeless or smoky.

Written Answers — Department of Finance: Fiscal Policy (24 Jun 2014)

Michael Noonan: The Fiscal Council's most recent Fiscal Assessment Report was published on 17th June 2014. The Fiscal Council's analysis and recommendations are being considered by my Department, and will feed into the preparation of its updated economic and fiscal projections in the Budget. As is my usual practice, we will be publishing a comprehensive response to this report. Firstly, it is important...

Written Answers — Department of Finance: Central Bank of Ireland Investigations (24 Jun 2014)

Michael Noonan: I have been informed by the Central Bank that it conducted a review of the sale, from 1 July 2007 only, of Payment Protection Insurance by firms. It did not include sales prior to 1 July 2007. The Central Bank's Consumer Protection Code came into effect on 1 July 2007. This put the Code's requirements in relation to Knowing the Consumer and Suitability onto a statutory...

Written Answers — Department of Finance: Departmental Agencies Staff Recruitment (24 Jun 2014)

Michael Noonan: The new positions primarily reflect the proposed establishment of the Ireland Strategic Investment Fund (ISIF), which will have a mandate to invest on a commercial basis in a manner designed to support economic activity in Ireland, as well as the recruitment of additional IT specialists, on a one year fixed-term basis, to address project requirements in the IT security,...

Written Answers — Department of Finance: NAMA Debtor Agreements (24 Jun 2014)

Michael Noonan: NAMA is obliged to deal with the principal private residences of its debtors on a case-by-case basis by reference, inter alia, to all relevant legislation and the particular security arrangements in place. NAMA advises that its approach is to ensure that any equity in a debtor's principal private residence must be available to NAMA to apply towards debt repayment. Agreements reached with...

Written Answers — Department of Finance: IBRC Mortgage Loan Book (24 Jun 2014)

Michael Noonan: I have been advised by the Special Liquidators that 64% of the residential mortgage portfolio of Irish Bank Resolution Corporation Limited (in Special Liquidation) has been sold to two buyers, namely Lone Star and Oaktree Capital Management, L.P. In relation to the remaining residential mortgage loans the Special Liquidators will now devise and manage a further sale process in respect of...

Written Answers — Department of Finance: Tracker Mortgage Numbers (24 Jun 2014)

Michael Noonan: As the Deputy will be aware during March, AIB Group (including EBS & Haven) announced its intention to launch a tracker rate retention offer (non forbearance) in the summer. I have been informed that the Bank is working to introduce this product on 1 July 2014  and full details of the offer and application process will be announced at that time.

Written Answers — Department of Finance: Mortgage Schemes (24 Jun 2014)

Michael Noonan: I propose to take Questions Nos. 134 and 135 together. In Ireland's recent abnormal housing market, we have seen lending volumes decline dramatically. The banks are highlighting the lack of supply of houses in particular urban areas as a contributing factor for the lack of drawdown of approved mortgage facilities. I would look upon the development of this initiative as being an aid to...

Written Answers — Department of Finance: Insurance Industry Regulation (24 Jun 2014)

Michael Noonan: The current legal and regulatory framework for the provision of insurance in the European Economic Area (EEA), and the supervision of that activity, is prescribed by European Union Law in the Life and Non-Life Insurance Directives.  The Insurance Directives specify particular roles for both the home Member State supervisory authority (i.e. the supervisory authority that grants an...

Written Answers — Department of Finance: Insurance Industry Regulation (24 Jun 2014)

Michael Noonan: In my role as the Minister for Finance I have responsibility for the development of the legal framework governing financial regulation. The day to day responsibility for the supervision of financial institutions is a matter for the Central Bank of Ireland, which is statutorily independent in the exercise of its regulatory functions. I have contacted the Central Bank and they have...

Written Answers — Department of Finance: Tax Code (24 Jun 2014)

Michael Noonan: I am advised by the Revenue Commissioners that payments of rent by local authorities to landlords on behalf of tenants under the terms of the rental accommodation scheme are charged to tax in the hands of the landlord in the same manner as any other rent they might receive. Rent supplement is paid where an individual living in private rented accommodation cannot afford to pay the rent...

Written Answers — Department of Finance: Tax Collection (24 Jun 2014)

Michael Noonan: I have been advised by the Revenue Commissioners that an amended Tax Credit Certificate for 2014 issued to the person concerned on 19 June 2014, which will allow for the deduction of the correct tax for this year. Three matters were raised by the tax adviser acting on behalf of the person concerned: - Requests for P21 Balancing Statements for years 2010, 2011, 2012 and 2013 - An...

Written Answers — Department of Finance: Tax Yield (24 Jun 2014)

Michael Noonan: It is assumed that the Deputy is referring to the introduction of a third rate of Income Tax of 70% to be applied on the portion of taxable incomes in excess of €150,000 per annum. In addition, it is assumed that the threshold 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,...

Written Answers — Department of Finance: IBRC Liquidation (24 Jun 2014)

Michael Noonan: I am not aware of any need to change or correct my previous response on this matter. I have been informed by the Special Liquidators that Council for John Flynn confirmed that the amount set aside is not connected to an alleged racketeering claim. The Special Liquidators have re-iterated that the US Bankruptcy Court has requested that they set aside an amount of $36 million for a...

Written Answers — Department of Finance: Defined Benefit Pension Schemes (24 Jun 2014)

Michael Noonan: As the Deputy will be aware all defined benefit schemes in AIB closed to future accrual on 31st December 2013 and all AIB staff now receive defined contribution pension benefits for future service.  This applies to AIB Ireland, AIB UK, EBS and any other AIB staff in other jurisdictions. The closure of the defined benefit pension schemes resulted in a one off curtailment gain of in...

Written Answers — Department of Finance: Defined Benefit Pension Schemes (24 Jun 2014)

Michael Noonan: I have been advised by Permanent TSB that contributions to the Defined Benefit pension schemes have been discontinued. Following the discontinuance of the contributions the Trustees of the Defined Benefit Schemes proceeded to wind up the Schemes and the trustees are currently arranging for the assets of the schemes to be allocated among the pensioners, deferred employees and...

Written Answers — Department of Finance: Pension Provisions (24 Jun 2014)

Michael Noonan: As the Deputy will be aware  AIB has written to former senior executives of both AIB and EBS requesting a voluntary reduction in their pension levels. In some cases the Bank has written more than once. I have been informed by AIB that the bank is not in a position to reveal the status of discussions with the individuals on confidentiality grounds unless the individuals...