Results 11,201-11,220 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Budget Consultation Process (12 Jun 2014)

Michael Noonan: The report from TASC, to which the Deputy refers has been brought to the attention of my officials, who met with representatives from TASC recently. The contents of the report will be considered as part of deliberations for Budget 2015. To address the specific points raised in the details supplied by the Deputy;- 1. The figures quoted by TASC regarding the achievement of a net...

Written Answers — Department of Finance: Property Taxation Application (12 Jun 2014)

Michael Noonan: The Government decided that a liability to the Local Property Tax (LPT) should apply to all owners of residential properties with a limited number of exemptions. Limiting the exemptions available allows the rate to be kept low for those liable persons who do not qualify for an exemption. There is no specific concession available under the Finance (Local Property Tax) Act 2012 (as...

Written Answers — Department of Finance: Tax Code (12 Jun 2014)

Michael Noonan: I am advised by the Revenue Commissioners that the spouse of the named individual is registered as a sub-contractor for Relevant Contracts Tax (RCT).  Confirmation that the person qualifies for the zero rate of RCT was issued on the 10thJune 2014. This enables the receipt of payments from Principal contractors without deduction of RCT.  I am also advised that correspondence...

Written Answers — Department of Finance: Tax Credits (11 Jun 2014)

Michael Noonan: As I have outlined to the Deputy in previous responses in this matter, the One-Parent Family Tax Credit has been replaced with a new Single Person Child Carer Credit from 1 January 2014.   However, the credit is more targeted in that it is, in the first instance, only available to the principal carer of the child.  Given the difficult fiscal environment, it is essential...

Written Answers — Department of Finance: Mortgage Arrears Rate (11 Jun 2014)

Michael Noonan: I propose to take Questions Nos. 37 and 40 together. In relation to the split of mortgage arrears between tracker interest rate and standard variable interest rate, I am advised by the Central Bank of Ireland that it does not publish this data. In relation to the Deputy's question on the split of residential loan accounts for Quarter 1, I am informed that the Central Bank's data...

Written Answers — Department of Finance: Revenue Commissioners Audits (11 Jun 2014)

Michael Noonan: I am advised by the Revenue Commissioners that there is a national audit project (known as the "contractors project") underway since July 2013, concerned with service professionals who provide services through a company under contract to third-party clients. Revenue can provide information on this project, but some self-employed contractors may have had audits or other interventions outside...

Written Answers — Department of Finance: Central Bank of Ireland Staff (11 Jun 2014)

Michael Noonan: As Minister for Finance, I have no role in the employment of staff in the Central Bank. Under the Central Bank Act 1942, the Central Bank Commission is responsible for administrating the staffing of the Central Bank with a view to enabling the Central Bank to perform and exercise its functions and powers. I have been informed by the Central Bank that the Central Bank Commission...

Written Answers — Department of Finance: Mortgage Interest Rates (11 Jun 2014)

Michael Noonan: As the Deputy will be aware I have met with the Boards of the Covered Institutions on a number of occasions. As part of the general discussions that have taken place at these meetings issues relating to mortgages have been discussed. The Central Bank has requested that the Deputy provide further details on the information that he is requesting to ensure that it provides the exact information...

Written Answers — Department of Finance: Tax Reliefs Availability (11 Jun 2014)

Michael Noonan: From 16 October 2013, tax relief for medical insurance premiums has been restricted to the first €1,000 per adult and the first €500 per child insured. Any portion of premium paid in excess of these ceilings no longer qualifies for tax relief.  Prior to this, income tax relief for medical insurance premiums was provided at source, at the standard rate of income tax, on the...

Written Answers — Department of Finance: Banking Sector Staff (11 Jun 2014)

Michael Noonan: As the Deputy will be aware under the Relationship Framework the State does not intervene in the day to day operations of the bank or their management decisions regarding commercial matters. But I have been informed by AIB that all outsourcing arrangements in AIB are considered in consultation with unions and affected staff.

Written Answers — Department of Finance: Tax Code (11 Jun 2014)

Michael Noonan: As outlined in my previous response to the Deputy in this matter, it is essential to regularly review all tax reliefs, credits and incentives in order to ensure that they are properly targeted and if necessary re-focused in order that they can achieve the socio-economic objectives that are set for them. To introduce a limited credit to assist those in particular circumstances who have lost...

Written Answers — Department of Finance: Property Taxation Application (11 Jun 2014)

Michael Noonan: Section 20 of the Finance (Local Property Tax) Act 2012 (as amended) allows elected members of a local authority to pass a formal resolution to vary the basic rate of Local Property Tax (LPT) in respect of residential properties situated within their functional area. The basic LPT rate can be increased or decreased by up to 15%. This is referred to as the "local adjustment factor" (LAF) and...

Topical Issue Debate: Banking Sector (10 Jun 2014)

Michael Noonan: I thank the Deputy for raising the issue and for his personal good wishes to me. As the House will no doubt be aware, it was announced yesterday evening that a significant shareholder in Bank of Ireland, Wilbur Ross and Co, was selling the remaining 1.8 billion shares it held in the bank by way of a placing in the market. Subsequently, it was confirmed this morning that Mr. Ross's shares...

Topical Issue Debate: Banking Sector (10 Jun 2014)

Michael Noonan: Investors buy shares to make money. They do so to avail of a dividend or, alternatively, capital gains. With distressed assets, investors usually go in for the capital gains that may accrue. It is worth pointing out that the purchasers of the shares this morning are also private investors so there is no diminution of the private investor share. It has just moved from one single investor...

Written Answers — Department of Finance: Economic Policy (10 Jun 2014)

Michael Noonan: On 2 June 2014, the EU Commission published its proposals for Country Specific Recommendations (CSRs) for the 26 Member States across the EU who are not in a programme of financial assistance, as part of the 2014 European Semester. Only Greece and Cyprus did not receive CSRs this year. Having successfully exited the Programme of Financial Assistance, Ireland is now fully participating in...

Written Answers — Department of Finance: National Pensions Reserve Fund Investments (10 Jun 2014)

Michael Noonan: I propose to take Questions Nos. 146 and 182 together. The National Treasury Management Agency (Amendment) Bill 2014, which is currently before the Oireachtas, includes provisions to establish the Ireland Strategic Investment Fund (ISIF) which will absorb the National Pensions Reserve Fund (NPRF) and have a statutory mandate to invest on a commercial basis to support economic...

Written Answers — Department of Finance: National Pensions Reserve Fund Investments (10 Jun 2014)

Michael Noonan: The allocation referred to by the Minister in his announcement of 15 May 2014 relates to investment commitments previously announced by the National Pensions Reserve Fund (NPRF) Commission in 2013. In January 2013 the NPRF Commission announced investment commitments to three new long-term funds that will provide €850 million of equity, credit and restructuring/recovery...

Written Answers — Department of Finance: National Pensions Reserve Fund Investments (10 Jun 2014)

Michael Noonan: In June 2012, the National Pensions Reserve Fund (NPRF) announced a collaborative relationship with Silicon Valley Bank (SVB) aimed at supporting the technology innovation sector in Ireland. The NPRF has committed to invest in technology funds managed by SVB Capital, while Silicon Valley Bank has established a presence in Ireland and expects to lend US$100 million over five years to...

Written Answers — Department of Finance: National Pensions Reserve Fund Investments (10 Jun 2014)

Michael Noonan: In January 2014 the National Pensions Reserve Fund (NPRF) announced the establishment of the China Ireland Technology Growth Capital Fund, capitalised at $100 million with equal commitments from the NPRF and China Investment Corporation (CIC).  The Fund's strategy will be to make minority equity investments in fast-growing technology companies and will target companies operating in...

Written Answers — Department of Finance: National Pensions Reserve Fund Investments (10 Jun 2014)

Michael Noonan: In late 2011, the National Pensions Reserve Fund (NPRF) Commission announced a commitment of €250 million to a new Irish Infrastructure Investment Fund (IIF) which is seeking up to €1 billion from institutional investors in Ireland and overseas and which will invest in infrastructure assets in Ireland, including assets designated for disposal by the Government and commercial...