Results 16,041-16,060 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: IBRC Liquidation (21 May 2013)

Michael Noonan: I have been advised by the Special Liquidators that no legal proceedings have been served (or to the Special Liquidator's knowledge issued) in relation to whether the insolvency of IBRC is a relevant insolvency within the meaning of the United Kingdom Transfer of Undertaking (Protection of Employment) Regulations 2006. Legal advice is currently being sought by the Special Liquidators on...

Written Answers — Department of Finance: IBRC Liquidation (21 May 2013)

Michael Noonan: I have been advised by the Special Liquidators that legal advice is currently being sought whether the insolvency of IBRC is a relevant insolvency within the meaning of the United Kingdom Transfer of Undertakings (Protection of Employment) Regulations 2006 and the effect of those Regulations will be dependent on that advice. The effect of the Regulations on asset values will be a matter for...

Written Answers — Department of Finance: Tax Reliefs Cost (21 May 2013)

Michael Noonan: In the tax return Form 11 the majority of property based incentive schemes on which relief could be claimed for 2009 are listed at Lines 901 – 929 inclusive. On the Corporation Tax return the majority of these reliefs are listed at lines 15.1 to 15.25 of the return form CT1. However, there are also certain older schemes where taxpayers may still wish to claim relief. Each taxpayer...

Written Answers — Department of Finance: Land Transfers (21 May 2013)

Michael Noonan: I am advised by the Revenue Commissioners that the conditions for qualifying for the Stamp Duty exemption for transfers of land to young trained farmers include the following [s.81AA Stamp Duties Consolidation Act 1999 refers]: - The young trained farmer must be aged under 35 at the date of execution of the deed; - S/he must furnish a declaration (to his/her solicitor/filer who will be...

Written Answers — Department of Finance: Tax Code (21 May 2013)

Michael Noonan: I am advised by the Revenue Commissioners that the current rate of surcharge for late filing of both Income Tax and Corporation Tax returns is 5% of the tax due subject to a maximum of €12,695 where the return of income is delivered before the expiry of 2 months from the specified return date for the chargeable period, or 10% of the amount of tax due subject to a maximum of...

Written Answers — Department of Finance: Home Repossession Rate (21 May 2013)

Michael Noonan: I propose to take Questions Nos. 293, 294 and 304 together. The Central Bank has informed me that the number of PDH and buy-to-let properties taken into banks' possession in each quarter since 2009 Q3 is available on the Central Bank's website at . The Central Bank has also advised that it does not publish data on whether a property was in negative equity, or not in negative equity, at...

Written Answers — Department of Finance: NAMA Portfolio Issues (21 May 2013)

Michael Noonan: I propose to take Questions Nos. 295 and 296 together. NAMA’s role in relation to properties is, like a bank, that of a secured lender. NAMA does not own nor does it sell properties securing its loans. Rather, the sale of such properties is managed by NAMA debtors or the receivers, if one is in place. I am advised by NAMA that it does not have access to the data on purchasers of...

Written Answers — Department of Finance: EU Presidency Engagements (21 May 2013)

Michael Noonan: First and foremost, I wish to point out that growth and jobs is a key theme of the Irish Presidency of the European Union. A number of initiatives are being implemented at EU level in order to boost growth. I believe the cumulative impact of all of these measures will be positive in terms of supporting economic activity in the EU at this difficult juncture. For instance, Heads of State...

Written Answers — Department of Finance: Economic Growth Rate (21 May 2013)

Michael Noonan: Economic activity in most EU Member States has been relatively subdued over the past year or so. This reflects inter alia the effect on demand of private sector deleveraging, fiscal consolidation and poor confidence. For the EU as a whole and for the euro area, economic weakness is projected to continue this year, with GDP projected to contract by 0.1 and 0.4 per cent respectively. Within...

Written Answers — Department of Finance: EU-IMF Programme of Support Negotiations (21 May 2013)

Michael Noonan: As the Deputy will be aware, we are now in the final year of our programme. The focus of Government is to achieve a successful exit from the Programme and a sustainable return to market based funding. We continue to meet the conditions set under the programme and our strong implementation record has been recognised by our external partners and has given confidence to the financial markets. We...

Written Answers — Department of Finance: Economic Competitiveness (21 May 2013)

Michael Noonan: After three successive years of contraction, the Irish economy returned to growth in 2011 and achieved a second successive year of growth in 2012. GDP is projected to further increase by 1.3 per cent this year. The recovery of the Irish economy will continue to be led by the exporting sector which is forecast to grow by 2.3 per cent in 2013. This, in no small part, will be aided by the...

Written Answers — Department of Finance: Credit Availability (21 May 2013)

Michael Noonan: As the Deputy is aware, the Government has imposed SME lending targets on the two domestic pillar banks 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 achieved their 2011 and 2012 targets. ...

Written Answers — Department of Finance: Debt Relief (21 May 2013)

Michael Noonan: As the Deputy will be aware, the ECB is an independent institution and I have no role in its deliberations. As regards the capacity of individual Member States to repay their sovereign debt, there have been a number of positive developments at EU level in recent years. For instance, retro-fitting the euro area with the necessary tools to make it commensurate with a monetary union has been...

Written Answers — Department of Finance: Economic Statistics (21 May 2013)

Michael Noonan: HICP inflation - the comparative measurement of inflation across Europe - increased in Ireland by just 0.5 per cent year-on-year in April. This compares with an inflation rate of 1.2 per cent in the euro area as a whole. In fact, Irish inflation has now been below, or on par, with euro area inflation for every month since March 2008. This has led to significant cost competitiveness gains over...

Written Answers — Department of Finance: State Bodies Accounts (21 May 2013)

Michael Noonan: The details requested by the Deputy are contained in the following table: Name of Body Details in respect of latest accounts laid before the Houses of the Oireachtas National Treasury Management Agency The most recent accounts laid before the Oireachtas were the Annual Report and Accounts for the year ended 31 December 2011. It is expected that the Annual Report and Accounts for the...

Written Answers — Department of Finance: NAMA Debtors (16 May 2013)

Michael Noonan: I am advised by NAMA that it is precluded from discussing matters relating to particular debtors by virtue of Sections 99 and 202 of the NAMA Act. However I would like to refer the Deputy to Section 172 of the NAMA Act 2009 which sets out the Limitations on certain dealings in land, etc.

Written Answers — Department of Finance: Banking Sector Issues (16 May 2013)

Michael Noonan: The legal position is that in the absence of a subordination agreement, where a financial institution is being wound up the principle that applies is pari passu. This means that holders of bonds in banks have equal ranking with depositors to be repaid in the event of insolvency of the financial institution. So, where there is a shortfall in assets all unsecured creditors are entitled to an...

Written Answers — Department of Finance: Financial Services Ombudsman Issues (16 May 2013)

Michael Noonan: Firstly, I must point out that the Financial Services Ombudsman is independent in the performance of his statutory functions. The Financial Services Ombudsman’s Bureau was established under the Central Bank and Financial Services Authority of Ireland Act, 2004. The legislation provides for an independent, impartial investigation and resolution of disputes between consumers and...

Written Answers — Department of Finance: Property Taxation Collection (16 May 2013)

Michael Noonan: As I have previously informed the House on a number of occasions, for individuals on low incomes the Finance (Local Property Tax) Act 2012 (as amended) provides for a system of deferral arrangements for owner-occupiers. A person whose only income source is from the Department of Social Protection (DSP) qualifies for deferral. A person who qualifies for full deferral can opt to defer 100% of...

Written Answers — Department of Finance: Property Taxation Exemptions (16 May 2013)

Michael Noonan: There are no specific exemptions from LPT for householders who suffered flood damage. However, LPT is a self-assessed tax so it is a matter for the property owner to calculate the tax due based on his or her assessment of the market value of the property. Issues such as a potential liability to flooding would be one of the factors that a property owner would take into account in valuing...