Results 11,441-11,460 of 27,019 for speaker:Michael Noonan

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

Michael Noonan: I am advised by Revenue that Section 960H of the Taxes Consolidation ACT (TCA) 1997(as amended) provides that where a customer is due a refund of tax , Revenue  may offset the amount in full, or in part , to satisfy any other outstanding  tax liabilities. Before a refund in respect of any tax is repaid, the taxpayer's overall tax status is examined and any liabilities are...

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

Michael Noonan: Following the passing of the Central Bank and Financial Services Authority of Ireland Act 2003, the Central Bank of Ireland was re-structured and re-named as the Central Bank and Financial Services Authority of Ireland. Under this Act the supervision of all financial institutions operating in Ireland was consolidated under an autonomous body - the Irish Financial Services Regulatory Authority...

Written Answers — Department of Finance: IBRC Liquidation (27 May 2014)

Michael Noonan: I have been advised by the Special Liquidators that action in the US Bankruptcy Court by John Flynn to prevent the sale of IBRC loan assets has been unsuccessful, allowing the sales by the Special Liquidators to proceed to completion. The Court has requested that the Special Liquidators set aside an amount of $36 million for a period of 60 days to allow the Flynn parties an opportunity to...

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

Michael Noonan: In order to qualify for mortgage interest relief (MIR), a loan must have been drawn down and used in the purchase, repair or development of an individual's principal private residence on or before 31 December 2012. On this basis, any funds drawn down on a date later than 31 December 2012, do not qualify for the relief. However, Section 9 of the 2013 Finance Act provides for extended...

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

Michael Noonan: Mortgage lending decisions must be undertaken on a sustainable and prudential basis by financial institutions and must conform fully with the regulatory requirements, both in relation to the financial institution itself, and also with regard to the safeguarding of the borrower's interests. The Central Bank of Ireland  (CBI) has advised me that the Consumer Protection Code 2012 (CPC)...

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

Michael Noonan: As Minister for Finance, it is not appropriate for me to become involved in individual cases. The decision on the approval of a mortgage for a borrower is a commercial decision for the lending institution concerned.  It is important that each lending institution is allowed to properly and independently assess the risks that it is considering when deciding whether to approve a...

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

Michael Noonan: The Government is keenly aware of the concerns raised by the Central Bank and others regarding the potential loss of protection under the Code of Conduct on Mortgage Arrears (CCMA). The Government is committed to bringing forward legislation that will protect mortgage holders and believes the sale of loan books to unregulated third parties Bill is the most effective way to address...

Written Answers — Department of Finance: VAT Exemptions (27 May 2014)

Michael Noonan: I am advised by the Revenue Commissioners that renovation works carried out on properties are liable to VAT regardless of the owner of the property.  In this case, where a public body engages a contractor to carry out renovation on their property, the renovation is liable to VAT at the 13.5% reduced rate.  However, where a public body, or any landlord, had opted to charge VAT on a...

Written Answers — Department of Finance: Banking Sector (27 May 2014)

Michael Noonan: As I stated in a recent Parliamentary Question, the State did not participate in the private placing in December 2013 which was part of the package to repay in full the State's investment in the Bank of Ireland Preference Shares. Therefore, the total number of shares of c4,512m held by the State prior to the placing remained unchanged following the placing. For the benefit of the...

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

Michael Noonan: I have been advised by the Revenue Commissioners that the person concerned has been granted the incapacitated child tax credit. PAYE Balancing Statements (P21) issued to the person concerned as follows: 2009 - P21 issued on 21/06/2012, 2010 - P21 issued on 23/07/2012, 2012 - P21 issued on 22/04/2013 and 2013 - P21 issued on 15/05/2014. Incapacitated child credit was included in the P21...

Written Answers — Department of Finance: Pensions Levy (27 May 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 the 31st of 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...

Written Answers — Department of Finance: Freedom of Information Requests (27 May 2014)

Michael Noonan: I propose to take Questions Nos. 120 and 121 together. I should say that, in early 2014, when the ECB initially sought my views in the context of its discussion on the possible release of the letter, I indicated that the decision to release the letter was a matter for the ECB. It is important for relationships between institutions to be developed and sustained...

Written Answers — Department of Finance: Bank Stress Tests (27 May 2014)

Michael Noonan: I have said on many occasions in the recent past that I do not expect the ECB exercise to result in a requirement for additional capital given the very large amount of new capital that has gone into the Irish banks in recent years and all the work that has been done by the Central Bank including the Balance Sheet Assessment in Q4 2013. At the conclusion of the...

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

Michael Noonan: I have been advised by the Central Bank that Section 126 of the Consumer Credit Act 1995 requires that, subject to certain exemptions set out in the Act, a mortgage lender shall arrange a life assurance policy providing, in the event of the death of a borrower before a housing loan made by the mortgage lender has been repaid, for payment of a sum equal to the amount of the principal estimated...

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

Michael Noonan: I am informed by the Secretary General that his diary is published at regular intervals, following a review of the diary by the Secretary General to ensure accuracy and non-disclosure of commercially sensitive information. This review takes a similar form to a review under the FOI process. I understand that the Secretary General's diary for the months of January, February, March...

Written Answers — Department of Finance: NAMA Staff Remuneration (27 May 2014)

Michael Noonan: As the Deputy may be aware, all NAMA staff are employees of the NTMA and under section 42 of the National Asset Management Agency Act 2009, the NTMA assigns staff to NAMA.  Information on NTMA salary bands is published each year in the NTMA Annual Report and Accounts.  Information in respect of 2013 will be set out in the 2013 Annual Report to be published in July, and is set...

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

Michael Noonan: The Finance Act 2010 provided for the application of carbon taxation to mineral oils, natural gas and solid fuel.  Carbon tax was applied to petrol and auto-diesel with effect from 10thDecember 2009. It was extended to other mineral oils and to natural gas from 1st May 2010 and to solid fuels from 1stMay 2013. The rate applicable to solid fuels was increased from 1stMay 2014 to bring...

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

Michael Noonan: The recently announced 'Construction Strategy' sets out a comprehensive strategic approach to housing that is being undertaken by Government. As part of this strategy, I am committed to examining international best practice and developing proposals for additional models of mortgage financing in Ireland, including the concept of a mortgage insurance scheme, to ensure sustainable...

Written Answers — Department of Finance: Seized Property (27 May 2014)

Michael Noonan: I propose to take Questions Nos. 128 to 130, inclusive, together. Section 139 (6) of the Finance Act 1992 provides that  motor vehicles  in respect of which certain offences relating to Vehicle Registration Tax were committed are liable to forfeiture, and section 141 (1) of the Finance Act 2001 empowers officers of the Revenue Commissioners to seize any vehicles that are liable to...

Written Answers — Department of Finance: IBRC Liquidation (27 May 2014)

Michael Noonan: I am advised by the Special Liquidators that following due consideration to advice provided by PwC, they decided to sell the residential mortgage book of Irish Bank Resolution Corporation (in Special Liquidation) in portfolios in order to maximise market interest and return. Should it have been decided that the mortgages be sold individually, individuals, such as those described in the...