Results 2,041-2,060 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Mortgage Book Sales (10 Nov 2016)

Michael Noonan: As the deputy is aware, significant progress has been made across the Irish banking sector in reducing the level of non-performing loans (NPLs) since the financial crisis. This has been primarily achieved by customers engaging directly with their banks and agreeing a sustainable payment plan which allows the customer an achievable path out of arrears, as well as protecting the value of the...

Written Answers — Department of Finance: Insurance Costs (10 Nov 2016)

Michael Noonan: I propose to take Questions Nos. 18 and 22 together. The Cost of Insurance Working Group, which I am chairing, is examining the factors contributing to the increasing cost of insurance. The Working Group brings together all the relevant Departments and Offices involved with the process.  Its objective is to identify immediate and longer term measures which can address increasing costs,...

Written Answers — Department of Finance: Tax Reliefs Data (10 Nov 2016)

Michael Noonan: SARP is designed to help Ireland compete with other countries for foreign direct investment and as a result lead to additional job creation, which will be particularly important in the context of Brexit. The individuals at which the programme is aimed often have an input into the decision as to where the company will locate new projects. Such individuals could persuade companies to...

Written Answers — Department of Finance: Brexit Issues (10 Nov 2016)

Michael Noonan: My Department has continued to engage closely with the National Treasury Management Agency (NTMA) both in advance of and following the UK referendum on EU membership. My Department is involved in ongoing monitoring of developments as they arise and is part of the cross governmental approach on the consequences of the UK's vote to leave the EU led by the Department of an Taoiseach. ...

Written Answers — Department of Finance: NAMA Operations (10 Nov 2016)

Michael Noonan: In no way has the integrity of NAMA or the NAMA Board or the integrity of its decisions been brought into question, so I have no intention of directing NAMA to halt its activities. To do so would irreparably damage NAMA's positive contribution to our recovery and damage our reputation as a credible, open and transparent market. By extension, any such...

Written Answers — Department of Finance: Help-To-Buy Scheme Administration (10 Nov 2016)

Michael Noonan: The Help to Buy scheme is being introduced as one of the many actions to develop a fully functioning housing market that responds adequately to the needs of our citizens set out in 'Rebuilding Ireland - The Action Plan for Housing and Homelessness' which was launched last July. One of the primary policy aims of the Help to Buy scheme is to help increase the supply...

Written Answers — Department of Finance: Tax Reliefs Costs (10 Nov 2016)

Michael Noonan: I am advised by Revenue that it is not possible to estimate with any degree of accuracy the impact of the capital gains tax relief granted in respect of land and buildings, including commercial property, introduced in Budget 2012 and extended in Budget 2014. I am further advised by Revenue that, in view of the fact that the nature of the relief is time-related and requires a minimum...

Written Answers — Department of Finance: Budget 2017 (10 Nov 2016)

Michael Noonan: I propose to take Questions Nos. 26 and 55 together. The UK referendum on EU membership presents an important challenge for the Irish economy. The budget took Brexit into consideration in both its framing and its detail. In terms of framing, my Department incorporated the potential impact of Brexit into the macroeconomic forecasts for next year that underpinned Budget 2017.  My...

Written Answers — Department of Finance: EU Budget Contribution (10 Nov 2016)

Michael Noonan: Member State contributions to the EU Budget are based upon a formula which includes Traditional Own Resources (customs duties), a VAT-based payment and a residual balancing component paid in accordance with each Member State's share of EU Gross National Income (GNI). On 12th July 2016, the CSO released updated National Income and Expenditure (NIE) Accounts for 2015 which included a very...

Written Answers — Department of Finance: Corporation Tax Regime (10 Nov 2016)

Michael Noonan: I am informed by Revenue that they understand that Irish SPVs is a reference to companies that have notified the Revenue Commissioners that they are qualifying companies for the purposes of section 110 of the Taxes Consolidation Act 1997 (section 110 TCA). As of 31 October 2016, there are approximately 2,480 companies with live tax registrations who had supplied a notification to the...

Written Answers — Department of Finance: Financial Services Ombudsman (10 Nov 2016)

Michael Noonan: By way of background, 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 financial service providers. In terms of time limits for complaints, the current legislation prohibits the...

Written Answers — Department of Finance: European Banking Sector (10 Nov 2016)

Michael Noonan: The Government has agreed to make a public declaration of interest in Ireland becoming the location for the offices of the European Banking Authority. The European Banking Authority is an important part of the European System of Financial Supervision that arose after the financial crisis.  None of the micro- or macro-prudential supervision entities that are part of this system...

Written Answers — Department of Finance: State Aid (10 Nov 2016)

Michael Noonan: The Government disagrees profoundly with the Commission's analysis in the Apple State Aid case, and our intention to appeal is very well known. To this end, I have been authorised by the Government to arrange for annulment proceedings to be brought before the General Court of the European Union in the Apple State case.  The Attorney General has been preparing the legal grounds in...

Written Answers — Department of Finance: Flood Risk Insurance Cover Provision (10 Nov 2016)

Michael Noonan: My Department has carried out a review of policy in relation to flooding insurance, which I approved and was submitted for inclusion in the wider report of the Interdepartmental Flood Policy Co-ordination Group chaired by Minister of State Canney. This wider report was agreed by Government and published on the Office of Public Works website this week. In the review, my...

Written Answers — Department of Finance: Fiscal Policy (10 Nov 2016)

Michael Noonan: In his comments on Morning Ireland after the Budget, Professor McHale pointed out that my Department is now forecasting a structural improvement for 2016 of 0.3% of GDP against the required improvement of 0.6% under the balanced budget rule.  For 2017, he switched to the other rule, the expenditure benchmark, and pointed out that my Department is forecasting that expenditure...

Written Answers — Department of Finance: Exchequer Deficit (10 Nov 2016)

Michael Noonan: Budget 2016 forecast tax receipts for 2016 of €47.2 billion. As the tax revenue performance was strong at end-May, with receipts some €774 million above profile, and up €1,549 million in year on year terms  forecast tax receipts for 2016 were increased by c. €900 million in the Summer Economic Statement to €48.1 billion. This forecast...

Written Answers — Department of Finance: Consumer Protection (10 Nov 2016)

Michael Noonan: My Department continually keeps financial legislation under review to ensure consumers are protected. A number of other bodies also have a role in this area which ensures that a robust consumer protection framework for financial products and services is in place. The Central Bank's mission statement is "safeguarding stability, protecting consumers". The Central Bank, in its Annual...

Written Answers — Department of Finance: Housing Provision (10 Nov 2016)

Michael Noonan: As set out in Rebuilding Ireland, the Government has been exploring potential mechanisms to facilitate investment in social housing that do not impact on the General Government Balance.  The objective is to create 'off-balance' mechanisms that bring investment into social housing which is additional to funding being provided directly by the State.  ISIF and the wider NTMA is...

Written Answers — Department of Finance: Mortgage Lending (10 Nov 2016)

Michael Noonan: As the Deputy is aware, the Central Bank, which has an independent mandate to preserve and protect financial stability, introduced mortgage lending regulations to increase the resilience of the banking and household sectors to the property market and to reduce the risk of bank credit and house price spirals from developing in the future.  The current regulations, which...

Written Answers — Department of Finance: Mortgage Interest Rates (10 Nov 2016)

Michael Noonan: The issue of standard variable mortgage rates is a significant one for this Government and it has made it clear that it is not acceptable for lenders to charge excessive rates on such mortgages.  The Programme for a Partnership Government, therefore, set out a number of practical measures which can be taken to improve the position of variable rate mortgage holders. ...