Results 3,741-3,760 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Fiscal Policy (23 Jun 2016)

Michael Noonan: The current estimates of the net fiscal space available for 2017 and 2018, are €1 billion and €1.2 billion respectively. These are published in Table 2 on page 15 of the Summer Economic Statement and are consistent with compliance to our obligations under the expenditure benchmark which calculates fiscal space in line with the potential growth rate of GDP less a convergence...

Written Answers — Department of Finance: NAMA Loans Sale (23 Jun 2016)

Michael Noonan: There have been a number of calls for a Commission of Investigation into Project Eagle. The allegations of wrongdoing that are being criminally investigated are extremely concerning. We continue to monitor the situation as these criminal investigations progress. If appropriate lines of inquiry do come to light which could usefully be pursued by a Commission of Investigation they will be...

Written Answers — Department of Finance: VAT Rebates (23 Jun 2016)

Michael Noonan: The VAT treatment of goods and services is subject to the requirements of EU VAT law (primarily Council Directive 2006/112/EC) with which Irish VAT law must comply. Under the VAT Directive, construction services are liable to VAT and no exemptions are permitted, whether for specified purposes or otherwise.   In order to maintain the integrity of the VAT system Ireland has...

Written Answers — Department of Finance: State Aid Investigations (23 Jun 2016)

Michael Noonan: In June 2014, the Competition Directorate of the European Commission announced its intention to open formal state aid investigations into tax rulings provided to a number of companies in various Member States of the European Union. Since October 2015, investigations in three other Member States have concluded. In each of these cases the Commission found that the Member States...

Written Answers — Department of Finance: Credit Unions (23 Jun 2016)

Michael Noonan: Credit unions have a key role to play in providing access to credit and other important services in local communities throughout the country. Progress has been made on a number of the Programme for a Partnership Government commitments including the following: - The Implementation Group of the Personal Microcredit Scheme is committed to achieving the rollout and extension...

Written Answers — Department of Finance: State Banking Sector (23 Jun 2016)

Michael Noonan: As the deputy is aware, the State has a shareholding of 99.9% in AIB and of 14% in Bank of Ireland. These are valuable assets to the State and it is this Government's intention that the State would exit these investments in a measured and careful manner. As I have indicated on a number of occasions, my primary objective in the disposal of these assets will be recovering the maximum amount...

Written Answers — Department of Finance: Central Bank of Ireland Investigations (23 Jun 2016)

Michael Noonan: I have been informed by the Central Bank that the examination of tracker mortgage related issues covers all lenders which offered tracker mortgages to customers, including both for the family home and investment properties from when the lenders started to offer such mortgages, up to the end of 2015.  The Central Bank have stated that each lender is required to conduct a comprehensive...

Written Answers — Department of Finance: Mortgage Lending (23 Jun 2016)

Michael Noonan: As the Deputy is aware, the Central Bank's macro-prudential limits on mortgage lending came into effect on 9th February 2015. The policy sets restrictions on the loan-to-value (LTV) and Loan-to-Income (LTI) ratios on products that can be offered by mortgage providers. There are a number of exemptions allowed for within the CBI guidelines, for example, mortgage switchers or forbearance...

Written Answers — Department of Finance: Excessive Deficit Procedure Administration (23 Jun 2016)

Michael Noonan: When reporting the Excessive Deficit Returns for 2015 in April, the CSO highlighted that Eurostat had made a determination during the clarification process that the conversion of the AIB preference shares to ordinary shares was to be treated as a capital transfer (expenditure) rather than a reinvestment of capital.  This increased the general government expenditure for 2015 on a one-off...

Written Answers — Department of Finance: Mortgage Resolution Processes (23 Jun 2016)

Michael Noonan: The Government attaches great importance to addressing the issue of mortgage arrears and wants to keep families in their homes and avoid repossessions insofar as possible.  In this context, it is important to note that there are a number of protections already in place to protect borrowers in arrears.  In particular, the Code of Conduct on Mortgage Arrears...

Written Answers — Department of Finance: Life Insurance Policies (23 Jun 2016)

Michael Noonan: I have established a task force in my Department to undertake a Review of Policy in the Insurance Sector.  This Review is primarily intended to address issues in the non-life insurance sector in Ireland and so I would not anticipate that issues to do with the whole-of-life policies would be included. The Central Bank of Ireland has informed me that it...

Written Answers — Department of Finance: Ireland Strategic Investment Fund Investments (23 Jun 2016)

Michael Noonan: The Deputy may be referring to ISIF's investment in Activate Capital. Activate is not aimed at social and affordable housing but at residential housing shortages in the main urban centres.  Activate's base lending rate is approximately 10% and, as would be expected there is participation in any equity upside if projects succeed.  This means that ISIF and by extension...

Written Answers — Department of Finance: Film Industry Tax Reliefs (23 Jun 2016)

Michael Noonan: Following an economic impact assessment of the Film Relief, published in December 2012, and in line with the Programme for Government commitment to 'reduce, cap or eliminate income tax reliefs that benefit high income individuals', I made a number of changes to the film tax relief scheme with effect from January 2015. Primarily, these changes amended the scheme so that instead of providing...

Written Answers — Department of Finance: Motor Insurance Regulation (23 Jun 2016)

Michael Noonan: I have established a task force in my Department to undertake a Review of Policy in the Insurance Sector. The first phase of the work of the task force is a Review of the Framework for Motor Insurance Compensation.  This is being carried out jointly with the Department of Transport, Tourism and Sport.  This review also deals with broader issues around the...

Written Answers — Department of Finance: Credit Union Restructuring (23 Jun 2016)

Michael Noonan: Section 57 of the Credit Union and Co-Operation with Overseas Regulators Act 2012 (2012 Act) provides for the establishment of the Credit Union Fund as a source of funding for restructuring and to meet the expenses of the Credit Union Restructuring Board (ReBo) in carrying out its functions under the 2012 Act. In December 2012, I contributed €250m to the Credit Union Fund for the...

Written Answers — Department of Finance: Statute of Limitations (23 Jun 2016)

Michael Noonan: 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. This legislation also provides the Financial Services Ombudsman with various powers in order to...

Written Answers — Department of Finance: Mortgage Interest Rates (23 Jun 2016)

Michael Noonan: The issue of variable rates in Ireland is a matter which I have been concerned about for some time. Last year I requested a report on the issue from the Central Bank. The Report entitled 'Influences on Standard Variable Mortgage Pricing in Ireland' was subsequently published on the Department's website and is available here: www.finance.gov.ie/sites/default/files/Influences%20on%20SVR...

Written Answers — Department of Finance: Home Repossessions (23 Jun 2016)

Michael Noonan: The Oireachtas Committee on Housing is to be commended for its work and the comprehensive review it has produced, which I and my officials will carefully study. The Government attaches great importance to addressing the issue of mortgage arrears and wants to keep families in their homes and avoid repossessions insofar as possible.  In this context, it is important...

Written Answers — Department of Finance: Home Repossessions (23 Jun 2016)

Michael Noonan: The Relationship Framework documents for AIB, Bank of Ireland and Permanent TSB were specified and published in March 2012, while Permanent TSB's was also amended on 23 April 2015. The framework documents, which generally formed part of the recapitalisation agreements, define the relationship between the Minister and the relevant institution. These documents are...

Written Answers — Department of Finance: Corporation Tax (23 Jun 2016)

Michael Noonan: It is important to recognise that companies in Ireland pay an effective corporate tax rate that is very close to the 12.5% headline rate.  In 2014 my Department published a comprehensive Technical Paper on Effective rates of Corporation Tax in Ireland.  The Paper concludes that, using the most appropriate calculation methods, the effective corporate tax rate paid in...