Results 12,061-12,080 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Banking Sector (8 Apr 2014)

Michael Noonan: As the Deputy may be aware, in July 2013 Bank of Ireland agreed an amendment to its Restructuring Plan which had been agreed with the European Commission in respect of State Aid received by the Bank. This allowed the Bank retain its life assurance subsidiary New Ireland.  As part of this amendment, the Bank committed to certain substitution measures including the sale of the ICS...

Written Answers — Department of Finance: Property Taxation Yield (8 Apr 2014)

Michael Noonan: Local Property Tax (LPT) is a tax arising from ownership of a property that is payable regardless of whether the property is let or not. In general, the owner of the property is the liable person. The introduction of deductibility of LPT for rental properties would have negative revenue implications in net terms for the Exchequer. While the Deputy points to the perceived...

Written Answers — Department of Finance: Bank Codes of Conduct (8 Apr 2014)

Michael Noonan: I am informed by the Central Bank that the Code of Conduct for Business Lending to Small and Medium Enterprises (SME Code) applies to regulated entities when providing the following credit products within the State to SMEs operating within the State: - overdrafts; - loans; - term loans; - leasing; - hire purchase; and - invoice discounting. The objectives of the SME Code are to: - facilitate...

Written Answers — Department of Finance: Bank Debt Restructuring (8 Apr 2014)

Michael Noonan: As the Deputy will be aware under the Relationship Frameworks the State does not intervene in the day to day operations of the banks or their management decisions regarding commercial matters. This includes giving any direction with respect to particular products offered by these banks. I have also been informed that the Central Bank does not direct the banks which products it...

Written Answers — Department of Finance: Bank Debt Restructuring (8 Apr 2014)

Michael Noonan: Firstly, I must point out that the Financial Services Ombudsman is independent in the performance of his statutory functions.  It would not be appropriate for me to comment on how he performs his duties. I have been advised by the Financial Services Ombudsman that in respect of all cases the Financial Services Ombudsman s Bureau offers mediation to the Complainant and the Provider. On...

Written Answers — Department of Finance: Property Taxation Data (8 Apr 2014)

Michael Noonan: I am advised by Revenue that with effect from 1 July 2013, Section 156 of the Finance (Local Property Tax) Act 2012 (as amended) converted all outstanding Household Charge (HHC) liabilities to Local Property Tax (LPT) and increased the outstanding charge to €200. Section 156 also made Revenue responsible for the collection of the outstanding arrears.  In setting up LPT, Revenue...

Written Answers — Department of Finance: Tax Yield (8 Apr 2014)

Michael Noonan: I am informed by the Revenue Commissioners that the net receipt from Stamp Duty on financial cards and cheques, including credit and debit cards, broken down by specified years, is as set out in the following table.   Card Type 2008 €m 2009 €m 2010 €m 2011 €m 2012 €m 2013 €m Credit & Debit 107.3 61.6 57.2 51.8 51.6 49.6 Debit...

Written Answers — Department of Finance: Tax Reliefs Cost (8 Apr 2014)

Michael Noonan: I am informed by the Revenue Commissioners that landlords may deduct interest on money borrowed to purchase, improve or repair residential property from the gross rent when computing their rental profits for tax purposes on that property. Interest can only be deducted during the period in which the property is let. Information on interest relief for rental property is based on all claims for...

Written Answers — Department of Finance: Tax Yield (8 Apr 2014)

Michael Noonan: The Revenue Commissioners prepare an annual report on the application of the high income individual's restriction.  The 2011 reportcontains the following table which shows the annual yield for each year since the measure was introduced. Year Total Number of Individuals Additional Tax €m 2011 1,143 63.60 2010 1,544 80.18 2009 452 38.86 2008 423 39.68 2007 439 39.99 When...

Written Answers — Department of Finance: Employment Investment Incentive Scheme (8 Apr 2014)

Michael Noonan: The tax cost of the Employment and Investment Incentive (EII) Scheme is estimated to be €4 million in 2012 and €12.4 million in 2013. The associated number of investors is 352 (including 2 EII funds) and 1,011 (including 6 EII funds) respectively for 2012 and 2013. These figures are revisions of earlier estimates provided, based on the most recently available information. Data...

Written Answers — Department of Finance: Tax Reliefs Application (8 Apr 2014)

Michael Noonan: Section 14 of Finance Act 2012 introduced the Special Assignee Relief Programme (SARP), which is designed to reduce the cost to employers of assigning key individuals in their companies from abroad to take up positions in their Irish based operations. Paragraph 10 of Section 14 provides that relevant employers must submit an annual return to the Revenue Commissioners detailing, inter alia,...

Written Answers — Department of Finance: Tax Reliefs Application (8 Apr 2014)

Michael Noonan: Section 12 of Finance Act 2012 introduced the Foreign Earnings Deduction which provides for a limited tax deduction for individuals who temporarily carry out the duties of their office or employment in Brazil, Russia, India, China or South Africa. The provision applies as respects the years 2012, 2013 and 2014. The scheme was extended in Finance Act 2013 to include travel to Nigeria,...

Written Answers — Department of Finance: Banking Operations (8 Apr 2014)

Michael Noonan: On 7 March 2014 the Central Bank issued a report on the review into the sales of Payment Protection Insurance (PPI) by eleven credit institutions. The press release and report are available on the Central Bank website, . However, the Central Bank of Ireland does not publish this information on a bank-by-bank basis. The most recent report by the Financial Services Ombudsman provides details...

Written Answers — Department of Finance: Bank IT Systems (8 Apr 2014)

Michael Noonan: I propose to take Questions Nos. 132 to 135, inclusive, together. Customers have a legitimate expectation of high quality, uninterrupted services, whether provided through traditional or online channels. It is my role as Minister for Finance to put in place an appropriate legislative framework for the regulation of the financial services sector. The Central Bank is responsible for...

Written Answers — Department of Finance: Mortgage Arrears Proposals (8 Apr 2014)

Michael Noonan: The Central Bank Consultation Paper (CP63) on the Review of the Code of Conduct on Mortgage Arrears (CCMA) was published on 13 March 2013.  The Central Bank has informed me that issues considered as part of this review were informed by, and developed through, a process of pre-consultation engagement with key industry and consumer stakeholders.  They also reflected analysis of...

Written Answers — Department of Finance: Financial Services Ombudsman Issues (8 Apr 2014)

Michael Noonan: Firstly, I must point out that the Financial Services Ombudsman is independent in the performance of his statutory functions and it would not be appropriate for me to comment on how he performs his duties or to comment on his findings. The Financial Services Ombudsman  was set up to adjudicate on unresolved disputes between complainants and financial service providers in an...

Written Answers — Department of Finance: Mortgage Arrears Proposals (8 Apr 2014)

Michael Noonan: I propose to take Questions Nos. 138 and 139 together. The Central Bank regularly conducts inspections to ensure compliance with all of its codes of conduct, including the Code of Conduct on Mortgage Arrears (CCMA).  The following are the inspections which the Central Bank has conducted on the CCMA since its introduction in 2009: - 2010 inspection conducted on specific provisions of...

Written Answers — Department of Finance: IBRC Mortgage Loan Book (8 Apr 2014)

Michael Noonan: I propose to take Questions Nos. 140 to 142, inclusive, and 145 together. I have been advised by the Special Liquidators that the 64% refers to to the percentage, by par value, of the Sand residential mortgage portfolio that has been sale agreed with Lone Star and Oaktree Capital Management LP. It is currently expected that the remaining loans will continue to be prepared for...

Written Answers — Department of Finance: IBRC Mortgage Loan Book (8 Apr 2014)

Michael Noonan: The announcement by the special liquidators is a real positive for the State. The vast majority of the loan portfolios will be sold to third parties, which significantly reduces the State's liabilities.  The completion of these major portfolio sales represents a significant milestone for the State in relation to the liquidation of IBRC and significantly limits the amount of assets...

Written Answers — Department of Finance: IBRC Mortgage Loan Book (8 Apr 2014)

Michael Noonan: The Central Bank's Code of Conduct on Mortgage Arrears 2013 applies to the mortgage loan of a borrower which is secured by his/her primary residence. Primary Residence is defined in the Code as meaning a property which is: a) the residential property which the borrower occupies as his/her primary residence in this State, or b) a residential property which is the only residential...