Results 12,341-12,360 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Mortgage Schemes (11 Mar 2014)

Michael Noonan: I am informed by the Central Bank of Ireland that, although each securitisation is different, in general terms under a securitisation a bank sells a portfolio of mortgages to a special purpose vehicle (SPV). The mortgages are generally not sold to the market and do not change form. When a bank securitises a portfolio of mortgages/debts, it usually transfers the portfolio by way of an...

Written Answers — Department of Finance: IBRC Liquidation (11 Mar 2014)

Michael Noonan: I am advised by the Special Liquidators that the valuation exercise being carried out by PwC is being led by partners in the UK office of PWC and not by partners based in Dublin. As the Deputy will be aware Project Atlas was an assignment carried out by PwC for the Irish Financial Services Regulatory Authority in 2008 and 2009 and it reflects a fundamentally different...

Written Answers — Department of Finance: NAMA Operations (11 Mar 2014)

Michael Noonan: As advised, this land was sold in 2012 by the appointed Receiver.  This transaction is subject to normal commercial confidentiality between the Receiver, as the vendor, and the purchaser.  NAMA's role as a secured lender does not overreach this commercial confidentiality. In terms of the value of the underlying loan, I would remind the Deputy that NAMA is subject to similar legal...

Written Answers — Department of Finance: Revenue Documents (11 Mar 2014)

Michael Noonan: I have been advised by the Revenue Commissioners that pay and tax details are contained in Forms P60, which are issued by employers to their employees at the end of each tax year. However, the Revenue Commissioners do also have access to the pay and tax details as submitted by the employer in the annual P35 return. In relation to the case referred to by the Deputy, I am advised that the pay...

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

Michael Noonan: Tax relief is not available to parents in respect of creche fees or childcare costs. However, I can assure the Deputy that the Government acknowledges the continuing cost pressures on parents, particularly those with young children. In recognition of these cost pressures, a number of support measures are in place to ease the burden on working parents. These include the...

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

Michael Noonan: €3,174 is the amount of other income which a taxpayer, whose main source of income is taxable through the PAYE system, can earn, in certain circumstances, before becoming a chargeable person. In this regard, the Deputy's question appears to relate to an individual aged under 66 whose main source of income is from employment that is taxable through the PAYE system, who does not have...

Written Answers — Department of Finance: Appointments to State Boards (11 Mar 2014)

Michael Noonan: In response to the Deputy's question all appointments made to boards of bodies under the aegis of my Department are made on the basis of qualifications  and suitability  to carry out the tasks required  as a sitting board member. The Merc Partners survey gives an insight into some of the reasons why some private sector executives would not be interested in applying for...

Government's Priorities for the Year Ahead: Statements (Resumed) (6 Mar 2014)

Michael Noonan: When the Government was formed in March 2011, Ireland was facing an unprecedented economic emergency. The parties received a mandate from the people and formed a Government that resolved to restore the country's finances, repair Ireland's broken financial system and rebuild Ireland's reputation on the international stage. The priorities for my Department are influenced by the progress that...

Written Answers — Department of Finance: General Government Debt (6 Mar 2014)

Michael Noonan: It is expected that the investment will be classified as an equity injection by Eurostat and therefore not impact the general government deficit. Should Eurostat rule the transaction as a capital transfer rather than an equity injection and the government proceed with the investment as previously proposed there would be a negative effect on the projected deficit equal to the size of the...

Written Answers — Department of Finance: State Bodies Issues (6 Mar 2014)

Michael Noonan: Under the Ministers and Secretaries (Amendment) Act 2011, ownership of State companies moved to the Minister of Public Expenditure and Reform. Policy on investment in State-owned companies is therefore a matter for the Minister for Public Expenditure and Reform and the relevant Minister. I would point out that the Budget arithmetic includes provision for a €240 million equity...

Written Answers — Department of Finance: NAMA Operations (6 Mar 2014)

Michael Noonan: I am advised that this information cannot be released because it is of a commercially sensitive nature and was provided to NAMA on the understanding that it would be treated as confidential as part of the tender process.  I am assured that a key criterion in the selection of service providers by NAMA is the extent to which they can provide value for money for the taxpayer.

Written Answers — Department of Finance: Property Taxation Application (6 Mar 2014)

Michael Noonan: In accordance with the Finance (Local Property Tax) Act 2012 (as amended), liability for Local Property Tax (LPT) will arise where a person owns a residential property on the liability date, which was 1 May 2013 for 2013 and for subsequent years 1 November in the preceding year. A liable person includes an entity such as a Real Estate Investment Trust (REIT). As no specific exemption from...

Written Answers — Department of Finance: Tax Exemptions (6 Mar 2014)

Michael Noonan: I have been informed by the Revenue Commissioners that an individual may claim an exemption from DIRT if he or she 1. is permanently incapacitated by reason of physical or mental infirmity from maintaining himself or herself, and 2. is not liable to pay income tax by reason of the level of his or her income. The individual must apply to their local Revenue office, on form DE2,...

Written Answers — Department of Finance: Banking Operations (6 Mar 2014)

Michael Noonan: I propose to take Questions Nos. 50 to 53, inclusive, together. I am aware of the content of the Tomlinson report and its allegations regarding the Global Restructuring Group within RBS to which the Deputy refers. My officials met with Ulster Bank officials on 27 November 2013 following the publication of the report. The report contained allegations about West Register....

Written Answers — Department of Finance: Banking Sector Regulation (6 Mar 2014)

Michael Noonan: I propose to take Questions Nos. 54 and 55 together. The Deputy will be aware that, following the review by the UK Treasury in Autumn 2013, RBS reaffirmed its commitment to the Irish market. As part of that process, Treasury officals engaged with officials from my Department.  RBS is currently reviewing the operations of Ulster Bank in Ireland with a view to creating a sustainable...

Written Answers — Department of Finance: Property Taxation Exemptions (6 Mar 2014)

Michael Noonan: Part 2 of the Finance (Local Property Tax) Act 2012 (as amended) outlines the exemptions that are available from Local Property Tax (LPT).  I am advised by the Revenue Commissioners that details of these exemptions were also provided on page 10 of the Guide to LPT, which was issued to all property owners in March/April 2013.  The Deputy may also find the following link from the...

Written Answers — Department of Finance: Credit Unions (6 Mar 2014)

Michael Noonan: The Registrar of Credit Unions at the Central Bank is responsible for the regulation of credit unions.  I have been informed that the Central Bank is subject to strict confidentiality requirements and cannot comment on individual credit unions.  Credit unions do not report the number of judgments secured against members where this arises to the Central Bank or to me...

Written Answers — Department of Finance: Property Taxation Administration (6 Mar 2014)

Michael Noonan: The legislation governing the administration of Local Property Tax (LPT) provides for a number of exemptions from LPT, two of which are particularly relevant to those who purchased a residential property during 2013.  Firstly, under section 9 of the Finance (Local Property Tax) Act 2012 (as amended) any new and previously unused residential property that was purchased from a builder or...

Written Answers — Department of Finance: Tax Code (6 Mar 2014)

Michael Noonan: In recent years the DIRT rate has been increased to raise additional revenue.  The Government decided to increase the rate of Deposit Interest Retention Tax (DIRT) (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...

Written Answers — Department of Finance: VAT Rate Reductions (6 Mar 2014)

Michael Noonan: I am advised by the Revenue Commissioners that the VAT rating of goods is subject to the requirements of the EU VAT Directive with which Irish VAT law must comply.  Under the EU VAT Directive and Irish VAT legislation the supply of building materials is liable to VAT at the 23% standard rate. However, by way of special derogation from the general rule Ireland is permitted to continue to...