Results 11,381-11,400 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: EU State Aid Negotiations (27 May 2014)

Michael Noonan: The Living City Initiative, outlined in the Finance Act 2013, is a pilot project which provides certain tax incentives to make it more attractive for people to live in historic and culturally significant city centre houses. The initiative also offers incentives for retailers and small businesses in those areas. This Initiative is subject to EU State Aid approval and a commencement order....

Written Answers — Department of Finance: Financial Services Regulation (27 May 2014)

Michael Noonan: I propose to take Questions Nos. 10 and 41 together. I have been informed by the Central Bank that supervisors employed at the Central Bank are informed of their obligations under Section 33AK of the Central Bank Act 1942 as part of their training. In terms of the reporting mechanism in place at the Central Bank, I have been further informed that each supervisory area has a mechanism for...

Written Answers — Department of Finance: Mortgage Resolution Processes (27 May 2014)

Michael Noonan: I propose to take Questions Nos. 12 and 16 together. As statutory regulator of credit institutions, the Central Bank has the power to require banks to meaningfully address mortgage arrears cases on their books.  The Central Bank has set specific targets, which the six main banks are required to meet on a quarterly basis, in terms of offering and concluding sustainable solutions for...

Written Answers — Department of Finance: EU State Aid Negotiations (27 May 2014)

Michael Noonan: The EU's State Aid rules are in place to protect the Single Market and to ensure that the resources of a Member State cannot be used in a way which would create distortions in the market, either domestically or throughout the EU, and provide certain market sectors with a competitive advantage. As a small, open, export-led economy, Ireland is a keen supporter of the Single Market and we...

Written Answers — Department of Finance: Universal Social Charge Application (27 May 2014)

Michael Noonan: The Universal Social Charge (USC) was introduced in Budget 2011 to replace the Income Levy and the Health Levy. It was a necessary measure to widen the tax base, remove poverty traps and raise revenue to reduce the budget deficit. It is a more sustainable charge than those it replaced.  It is applied at a low rate on a wide base.  I should point out that it was never intended that...

Written Answers — Department of Finance: Debt Cancellation (27 May 2014)

Michael Noonan: Ireland is recognised internationally for its contribution to the fight against global poverty and hunger and its leading role in making international aid more effective.  We have played a strong role in the development of an international consensus on the issue of debt cancellation for the least-developed countries. Through its participation in the International Monetary Fund...

Written Answers — Department of Finance: Mortgage Resolution Processes (27 May 2014)

Michael Noonan: The Central Bank Code of Conduct on Mortgage Arrears, or CCMA, applies to the mortgage loan of a borrower which is secured by his/her primary residence.  The CCMA sets out a common framework - the Mortgage Arrears Resolution Process, or MARP, - which all lenders must use for mortgage borrowers in or facing arrears.  The steps in this MARP process are: Step 1 -...

Written Answers — Department of Finance: Financial Institutions Levy (27 May 2014)

Michael Noonan: The Financial Institutions Levy, announced in  Budget 2014, is based on an institution's DIRT liability in 2011, and will be in place for three years with an anticipated annual yield of €150 million. As the first payments under the levy are not due until 20th October 2014, the yield to date is nil. As regards a financial transaction tax, the Government's position is...

Written Answers — Department of Finance: Tax Reliefs Availability (27 May 2014)

Michael Noonan: I assume that the intention behind the question is that Irish pension funds should be encouraged through the tax system to invest in assets in the State. The position from a tax perspective is that the investment income and gains of pension schemes and pension saving arrangements approved by the Revenue Commissioners are generally exempt from taxation while they remain in the scheme or...

Written Answers — Department of Finance: Carbon Tax Implementation (27 May 2014)

Michael Noonan: Although Carbon Tax was introduced in Budget 2010 for fossil fuels, its application to solid fuels was delayed to allow for the development of a robust mechanism to counter the large scale sourcing of coal from Northern Ireland where lower sulphur standards apply. The Department of the Environment undertook to provide such a robust mechanism in conjunction with the National...

Written Answers — Department of Finance: Small and Medium Enterprises Supports (27 May 2014)

Michael Noonan: As the Deputy is aware, as part of the 2011 recapitalisation exercise, the Government imposed SME lending targets on AIB and Bank of Ireland for the three calendar years, 2011 to 2013. Each bank was required to sanction lending of at least €3 billion in 2011, €3.5 billion last year and €4 billion in 2013 for new or increased credit facilities to SMEs. Both banks have...

Written Answers — Department of Finance: Insurance Industry Regulation (27 May 2014)

Michael Noonan: At the outset it should be noted that in my role as 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 supervision is a matter for the Central Bank, which is statutorily independent in the exercise of its regulatory functions. Setanta Insurance Company Limited...

Written Answers — Department of Finance: House Prices (27 May 2014)

Michael Noonan: By way of background, I note that private rents - as measured by the Consumer Price Index - rose nationally by just over 9 per cent in the 12 months to April of this year. However, this follows a fall of over 25 per cent between 2008 and late 2010. The Private Residential Tenancies Board's rental index, which provides a geographical breakdown of trends in the residential rental market,...

Written Answers — Department of Finance: Mortgage Interest Rates (27 May 2014)

Michael Noonan: I, as Minister for Finance, have no statutory role in relation to the mortgage interest rates charged by regulated financial institutions with regard to tracker mortgages or standard variable rates mortgages.  It is a commercial matter for the banks concerned. The Central Bank has responsibility for the regulation and supervision of financial institutions in terms of consumer...

Written Answers — Department of Finance: Tax Code (27 May 2014)

Michael Noonan: Capital Acquisitions Tax (CAT) is the overall title for both Gift and Inheritance Tax. The tax is charged on the amount gifted to, or inherited by, the beneficiary of the gift or inheritance. I assume the Deputy is referring to the "Group thresholds" for CAT. For the purposes of CAT, the relationship between the person who provides the gift or inheritance (i.e. the disponer) and the person...

Written Answers — Department of Finance: Deposit Interest Rates (27 May 2014)

Michael Noonan: The Government decided to increase the rate of Deposit Interest Retention Tax (DIRT), which was previously 33%, to 41% in Budget 2014.  The higher rate of DIRT (previously 36%) for interest paid less frequently than annually was  abolished, and  all deposit interest is now liable to DIRT at the same rate (41%). Up to 2009, individuals may have been taxable...

Written Answers — Department of Finance: Departmental Staff Recruitment (27 May 2014)

Michael Noonan: Consideration is currently being given to the process of filling the post of Secretary General. Mr John Moran will remain in the post of Secretary General until his successor is appointed which we expect to take place in the next couple of months.

Written Answers — Department of Finance: Mortgage Schemes (27 May 2014)

Michael Noonan: The Government recently launched 'Construction 2020: A strategy for a renewed construction sector'. The purpose of the strategy is to underpin the future competitiveness of the country, ensuring that we continue to be well-positioned to attract the inward investment that has been so important to our economic development. The strategy includes the Government's desire for a return to...

Written Answers — Department of Finance: Government Bonds (27 May 2014)

Michael Noonan: I propose to take Questions Nos. 29 and 181 together. The primary role of the National Treasury Management Agency (NTMA) is to ensure that sufficient funding is available at all times to meet the day-to-day requirements of the Exchequer. It is a matter for the Agency to decide when and how much to borrow in the light of those needs, commercial considerations surrounding the raising of...

Written Answers — Department of Finance: Tax Reliefs Application (27 May 2014)

Michael Noonan: I have no plans at this time to carry out a general review of existing capital gains tax reliefs. In recognition of the economic climate in recent years I and previous Ministers for Finance have sought to obtain an additional contribution from capital gains tax by increasing the rate as outlined in the following table. Disposals Made Date Percentage on or before 14 October 2008 20% from...