Results 4,421-4,440 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: NAMA Portfolio (21 Apr 2016)

Michael Noonan: I refer the Deputy to my response to Parliamentary Question 72 of 14th April 2016 which enumerates NAMA's indirect exposure through its loans to residential development land by county. This response is available on the Oireachtas website at I am advised by NAMA that, through its loans, it has an exposure to 137 residential properties in County Kildare. I am further advised that the...

Insurance Costs: Statements (20 Apr 2016)

Michael Noonan: I welcome the opportunity to discuss in the House today the important issue of insurance costs and I look forward to the contributions from my fellow Deputies. I am aware of the concern across the House about the increasing cost of insurance. It is an issue for the majority of households and businesses. There are many issues to be addressed and while I will touch on these now when I...

Written Answers — Department of Finance: Mortgage Arrears Proposals (20 Apr 2016)

Michael Noonan: I propose to take Questions Nos. 94, 111 and 115 together. The Deputies will be aware that the Government strategy to deal with mortgage arrears has developed and been enhanced over recent years and additional measures have been introduced as the nature and circumstances of those in arrears has evolved. Data released on 10th March 2016 by the Central Bank on Mortgage Arrears and...

Written Answers — Department of Finance: Tax Clearance Certificates (20 Apr 2016)

Michael Noonan: Section 95 of the 2014 Finance Act requires that all tax clearance certification must be provided via an electronic system with effect from 1 January 2016. The only exceptions in this regard relate to taxpayers who are not e-enabled, for example no technology access or suffer from an infirmity that restricts them from availing of electronic services. The introduction of electronic tax...

Written Answers — Department of Finance: Insurance Compensation Fund (20 Apr 2016)

Michael Noonan: The payments from the Insurance Compensation Fund outlined below were in respect of insurance undertakings in administration and consequently no caps or limits applied, with the exception of 2014.  Payments in respect of that year included one claim relating to an insurance company in liquidation and thus the ICF limit of a maximum payment of 65% of the value of...

Written Answers — Department of Finance: Mortgage Applications Approvals (20 Apr 2016)

Michael Noonan: As advised in answer to the Deputy's previous PQ, 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...

Written Answers — Department of Finance: Banking Sector Regulation (20 Apr 2016)

Michael Noonan: The Deputy is aware that I have answered a number of Parliamentary Questions in the past in relation to rules adopted by banks when valuing assets including loans. These rules are determined by the relevant accounting standards and it is the responsibility of the directors of the respective banks to ensure these rules have been properly applied. To provide assurance that this is the...

Written Answers — Department of Finance: Tax Code (20 Apr 2016)

Michael Noonan: According to the Private Residential Tenancies Board, rents increased 9.8 per cent on an annual basis in Q4 2015. At a regional level annual growth in the Dublin market was 9 per cent in Q4 2015. Similar rental inflation was experienced outside of Dublin with rents increasing by 9.9 per cent compared with Q4 2014. The indications are that this increase is being driven by an excess of...

Written Answers — Department of Finance: Tax Relief Data (20 Apr 2016)

Michael Noonan: I propose to take Questions Nos. 100 and 101 together. These questions both relate to the carry forward of tax relief on pension contributions under the provisions of section 774(7)(d) Taxes Consolidation Act 1997; I propose taking them together. I am informed by the Revenue Commissioners that section 774 of the Taxes Consolidation Act, 1997 provides tax relief for contributions by an...

Written Answers — Department of Finance: Property Tax (20 Apr 2016)

Michael Noonan: Revenue provides a wide range of payment and phased payment options that allow property owners to meet their Local Property Tax (LPT) obligations in a manner that best suits individual circumstances. One of the available phased payment options is Deduction at Source from ten separate payment schemes operated by the Department of Social Protection (DSP). The Deputy should note that deductions...

Written Answers — Department of Finance: Mortgage Arrears Proposals (20 Apr 2016)

Michael Noonan: As the Deputy is aware, I, as Minister for Finance, have no direct function in the relationship between EBS (a subsidiary of AIB) and its customers. Notwithstanding the fact that the State is a significant shareholder in the institution, the Minister must ensure that the bank is run on an independent basis to ensure the value of the bank as an asset to the State. It would therefore be...

Written Answers — Department of Finance: Appointments to State Boards (20 Apr 2016)

Michael Noonan: In response to the Deputy's query, please see below a regional breakdown of members appointed to bodies under the aegis of my Department in 2015 and to date in 2016. Body Appointee Name Appointed Region Central Bank Commission John FitzGerald Re-appointed 1/10/2015 Dublin Alan Ahearne Re-appointed 8/03/2015 Connacht Philip Lane Appointed 21/10/2015 *in advance of commencing as Governor...

Written Answers — Department of Finance: VAT Rate Application (20 Apr 2016)

Michael Noonan: The VAT rating of goods and services is constrained by the requirements of EU VAT law with which Irish VAT law must comply. Defibrillators, other than implantable defibrillators, are liable to VAT at the standard rate, currently 23%. Parts or accessories and training are also liable to VAT at the standard rate.  There is no provision in VAT law that would make it possible to apply...

Written Answers — Department of Finance: Credit Union Regulation (20 Apr 2016)

Michael Noonan: My role as Minister for Finance is to ensure that the legal framework for credit unions is appropriate for the effective operation and supervision of credit unions. The Registrar of Credit Unions at the Central Bank is the independent regulator for credit unions. Within her independent regulatory discretion, the Registrar acts to support the prudential soundness of individual credit...

Written Answers — Department of Finance: Insurance Industry (20 Apr 2016)

Michael Noonan: As the Deputy is aware, progress on the Setanta Insurance issue has been awaiting the outcome of legal proceedings in the case of the Law Society of Ireland versus the Motor Insurers' Bureau of Ireland (MIBI).  On 4 September 2015, the High Court held that the MIBI is liable in respect of claims against the policy holders of Setanta.  This...

Written Answers — Department of Finance: Credit Availability (20 Apr 2016)

Michael Noonan: The Strategic Banking Corporation of Ireland (SBCI) began lending in March 2015. Its goal is to increase the provision of funding to SMEs at a lower cost and on more flexible terms than has been available in recent times on the Irish Market. The SBCI channels its funds through lending partners known as on-lenders. The SBCI currently has three bank on-lending partners and two non-bank...

Written Answers — Department of Finance: Betting Regulations (20 Apr 2016)

Michael Noonan: Licensed bookmakers and remote bookmakers are liable to 1% betting duty on the value of all bets accepted in a registered bookmaking premises and on the value of all bets accepted by internet, phone or other electronic means from persons in the State.  Betting duty is not charged on bets accepted on-course by a licensed bookmaker at an authorised racecourse during race meetings....

Written Answers — Department of Finance: Tax Rebates (20 Apr 2016)

Michael Noonan: I am advised by Revenue that there is no outstanding claim for a tax rebate from the person concerned. The person concerned was advised in writing by Revenue last September of the position as regards his rebate claims at that time and any refunds due issued then.

Written Answers — Department of Finance: Economic Competitiveness (20 Apr 2016)

Michael Noonan: Substantial progress has been made in terms of improving Ireland's competitiveness in recent years.  The latest figures from Eurostat, the statistics arm of the European Commission, estimated that nominal unit labour costs (a widely used measure of competitiveness internationally) in Ireland declined by 4.2 per cent annually in 2015. This is the largest decline...

Written Answers — Department of Finance: Bank Charges (20 Apr 2016)

Michael Noonan: As the Deputy is aware, all credit institutions in Ireland are independent commercial entities. I, as Minister for Finance, have no statutory role in relation to the charges applied by credit institutions. Section 149 of the Consumer Credit Act 1995 requires that credit institutions, prescribed credit institutions and bureaux de change must make a submission to the Central...