Results 12,361-12,380 of 27,019 for speaker:Michael Noonan

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

Michael Noonan: I propose to take Questions Nos. 61 and 63 together. I have been informed by NAMA that of the estimated €3.5 billion of par value loans acquired by NAMA for nil consideration €2.5billion was acquired from Anglo Irish Bank, €0.7 billion from Allied Irish Banks, €0.2 billion from Irish Nationwide Building Society, €0.1 billion from Bank of Ireland and...

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

Michael Noonan: I have been informed by NAMA that the estimated €3.5 billion of nil consideration loans fell in the following ranges:  Par Debt Acquired for Nil Consideration Borrowers < €50m 305 > €50m - €100m 10 > €100m - €500m 7

Written Answers — Department of Finance: Insurance Costs (6 Mar 2014)

Michael Noonan: In my role as the 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 institutions is a matter for the Central Bank of Ireland, which is statutorily independent in the exercise of its regulatory functions. Insurance companies are required under law to price in...

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

Michael Noonan: As indicated recently by its Chairman, the NAMA Board is currently reviewing its asset disposal projections and the timeframe over which it can expect to repay its liabilities. As the Deputy may be aware, the NAMA Board had set an original timeline for the completion of its work of 2020. However, depending on economic and market conditions, I am advised that there may be scope for NAMA...

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

Michael Noonan: Now that the Programme of Support is over, it has been succeeded by the Government's Medium Term Economic Strategy. One of the key planks of the MTES is making sufficient credit available and in this regard I am examining a whole series of options for both bank credit and non-bank credit.  In addition to the many initiatives relating to non-bank credit...

Protection of Residential Mortgage Account Holders Bill 2014: Second Stage (Resumed) [Private Members] (5 Mar 2014)

Michael Noonan: I thank all Deputies for their contributions to what has been a constructive debate. I am fully aware of the concern among mortgage account holders that they could lose the protection of the Central Bank's code of conduct on mortgage arrears. The Sale of Loan Books to Unregulated Third Parties Bill which is listed in the Government legislative programme was always intended to address...

Written Answers — Department of Finance: Tax Credits (5 Mar 2014)

Michael Noonan: The One-Parent Family Credit ceased with effect from 31 December 2013 and was replaced by the Single Person Child Carer Credit, (SPCCC), from 1 January 2014.  Only one credit in respect of any qualifying child is available.  This credit will only be granted to a primary claimant who has a qualifying child residing with him or her for the whole or greater part of a tax year; that is,...

Written Answers — Department of Finance: Banking Licence Applications (5 Mar 2014)

Michael Noonan: To date, no application for a bank licence has been received by the Central Bank for any bank to offer retail products under Sharia'h law in the Irish domestic market.

Written Answers — Department of Finance: Tax Reliefs Application (5 Mar 2014)

Michael Noonan: Relief in respect of health expenses is allowed in accordance with the provisions of section 469 of the Taxes Consolidation Act 1997.  In order to qualify for relief an individual must show that he or she has incurred "health expenses" for the provision of "health care". For the purposes of section 469 "health care" is the prevention, diagnosis, alleviation or treatment of an ailment,...

Written Answers — Department of Finance: Irish Language Issues (5 Mar 2014)

Michael Noonan: The Irish language translation costs for my Department are set out in the following table: Year 2011 2012 2013 2014 Amount €7,511.14 €6,232.79 €10,202.25 €7,618.21

Written Answers — Department of Finance: NAMA Portfolio Value (5 Mar 2014)

Michael Noonan: I am advised by NAMA that it estimates that €734m of the €3.5 billion loan nominal acquired by NAMA for nil consideration were secured by Property. Of the loans secured by property NAMA estimates that €425m was secured by land and development and €309m was secured by investment properties. The balance of the loans of €2.8 billion were unsecured or secured...

Written Answers — Department of Finance: National Treasury Management Agency Bond Issues (5 Mar 2014)

Michael Noonan: The National Treasury Management Agency (NTMA) has advised that the average length of time taken to process repayments from State Savings products is currently 5 working days.  This is within the published repayment notice period of 7 working days for State Savings products other than the Deposit Account Plus where the repayment notice period is 30 days.

Written Answers — Department of Finance: Cycle to Work Scheme Retention (5 Mar 2014)

Michael Noonan: The Cycle To Work scheme provides that a director or employee shall not be relieved from a charge to income tax more than once in any period of 5 consecutive years of assessment, commencing with the year of assessment in which the director or employee concerned is first provided with a bicycle or bicycle safety equipment. Accordingly, a person who purchased a bicycle in the 2009 year of...

Written Answers — Department of Finance: VAT Rate Application (5 Mar 2014)

Michael Noonan: I am advised by the Revenue Commissioners that VAT law in Ireland must comply with the EU VAT Directive.  In this respect, while the majority of food products are already liable at the zero rate of VAT, food products can only benefit from zero rating in accordance with Article 110 of the VAT Directive which permits the retention of the zero rate for clearly defined social reasons where...

Written Answers — Department of Finance: Tax Reliefs Cost (5 Mar 2014)

Michael Noonan: I am informed by the Revenue Commissioners that the cost to the Exchequer of tax relief allowed through the tax relief at source (TRS) system for medical insurance premia from 2005 to 2013 and the estimated cost for 2014 are set out in the table below. The figures in the second column do not include costs to the Exchequer of age-related tax relief at source, which was established by the...

Written Answers — Department of Finance: Insurance Industry Regulation (5 Mar 2014)

Michael Noonan: In my role as the 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 institutions is a matter for the Central Bank, which is statutorily independent in the exercise of its regulatory functions. The decision to provide any specific form of insurance cover and the...

Written Answers — Department of Finance: NAMA Bonds (5 Mar 2014)

Michael Noonan: I am advised by NAMA, that there is €1.593 billion of NAMA subordinated debt, currently outstanding in issuance. This year, for the first time, NAMA declared a coupon on its subordinated debt. A coupon of €83.9 million was paid to the noteholders on the 3rd March 2014.  The fixed coupon on the subordinated debt is 5.264%, which was set by reference to the Irish 10-year...

Written Answers — Department of Finance: Tax Code (5 Mar 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.  The revenues collected play a vital part in meeting...

Written Answers — Department of Finance: Mortgage Resolution Processes (5 Mar 2014)

Michael Noonan: There is an obligation on the Special Liquidators to ensure that maximum value is extracted from the loan sales process for the benefit of all the creditors of IBRC including the State. The sales process plan and timeline for the sale of the residential mortgage portfolio has been developed following professional advice and in light of requirements for a robust and credible sales process in...

Written Answers — Department of Finance: Mortgage Interest Relief Extension (5 Mar 2014)

Michael Noonan: The position is that in Finance Act 2010, mortgage interest relief was extended up to end of 2017 for those whose entitlement to relief was due to end in 2010 or after.  Therefore, tax relief will continue to be available in respect of interest paid by an individual on qualifying home loans taken out on or after 1 January 2004 and on or before 31 December 2012, regardless of whether they...