Results 4,541-4,560 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Retail Sector (22 Mar 2016)

Michael Noonan: The question appears to relate to incentivising the use of debit cards and specifically to the charges paid by retailers to acquirers when accepting payment by debit card. In Budget 2016, I introduced measures to support retailers by reducing costs and incentivising electronic payments.  I announced that the fixed stamp duty charge on debit/cash machine cards would be abolished...

Written Answers — Department of Finance: Tax Reliefs Availability (22 Mar 2016)

Michael Noonan: The Deputy will be aware that management fees in managed estates are used to fund costs such as repairs and maintenance of common areas, refuse collection and insurance. These are costs which homeowners in other households have to fund themselves for their own properties, for which they do not receive tax relief. Similarly, owner-occupiers in managed estates cannot claim tax relief for...

Written Answers — Department of Finance: Vehicle Registration (22 Mar 2016)

Michael Noonan: I am advised by Revenue that an incomplete application under the Drivers/Passengers with Disabilities Scheme was received from the person concerned on 26th January 2016. Following subsequent contacts with the person concerned, the fully completed application was processed by Revenue and an exemption notification issued on 15th March 2016, enabling the person concerned to avail of the...

Written Answers — Department of Finance: Pensions Insolvency Payments Scheme (22 Mar 2016)

Michael Noonan: The statutory authority for payments in respect of the Waterford Crystal pensions settlement is in Section 48B of the Pensions Act, 1990. The provision was inserted by the Social Welfare and Pensions (No 2) Act, 2014. While policy responsibility rests with the Minister for Social Protection, the legislative provision makes the payments a charge on the Central Fund i.e. they are not a charge...

Written Answers — Department of Finance: Insurance Costs (22 Mar 2016)

Michael Noonan: I propose to take Questions Nos. 58 and 59 together. It is important to note that as Minister for Finance, I am responsible for the development of the legal framework governing financial regulation.  Neither I, nor the Central Bank of Ireland, can interfere in the provision or pricing of insurance products. The Central Bank of Ireland has no remit over the make-up and content of...

Written Answers — Department of Finance: Mortgage Lending (22 Mar 2016)

Michael Noonan: I propose to take Questions Nos. 60 and 61 together. In terms of overall policy, the Central Bank of Ireland has a key role in maintaining and safeguarding financial stability.  In that context, the Bank has put in place macro-prudential measures for new residential mortgage lending.  These measures apply proportionate loan-to-value (LTV) and...

Written Answers — Department of Finance: NAMA Assets Sale (22 Mar 2016)

Michael Noonan: I propose to take Questions Nos. 62 and 63 together. The Deputy will be aware that NAMA does not own residential or commercial property and therefore is not in a position to sell such properties to any prospective purchaser. Rather, NAMA has acquired loans and its role is that of a lender with claims over security for its loans, like a bank, rather than a property owner or lessor. The...

Written Answers — Department of Finance: Parliamentary Questions (22 Mar 2016)

Michael Noonan: I wish to inform the Deputy that non established civil servants have a role in providing support and advice both to me and my Department.  Included in that role is the carrying out of activities that support functions of my Department.  Formulating replies to Parliamentary Questions for consideration by the Secretary General and for approval by me is a function of the...

Written Answers — Department of Finance: EU Directives (22 Mar 2016)

Michael Noonan: I have signed regulations to transpose the Mortgage Credit Directive and arrangements are in train to lay the transposing regulations before the Houses of the Oireachtas.  Information regarding the regulations will also be put on the Department's website. The overall objective of the Mortgage Credit Directive is to provide for a more...

Written Answers — Department of Finance: NAMA Assets Sale (22 Mar 2016)

Michael Noonan: As the Deputy will be aware, the BBC Spotlight programme broadcast, which aired on 29 February 2016, made no allegation of wrongdoing by NAMA. The programme raised matters which relate to individuals at the margins of the buyer side of the Project Eagle loan sale and which fall within the jurisdiction of the Northern Ireland authorities. These matters have been raised previously on a number...

Written Answers — Department of Finance: NAMA Assets Sale (22 Mar 2016)

Michael Noonan: As the Deputy is aware, the stated purpose of the Northern Ireland Finance and Personnel Committee's Review was 'to undertake a fact-finding review in relation to the operations of NAMA in Northern Ireland, including the "Project Eagle" sale and related policy and regulatory issues that fall within the DFP [Department of Finance and Personnel] remit. The remit of the Northern...

Written Answers — Department of Finance: Consumer Protection (22 Mar 2016)

Michael Noonan: As the Deputy will be aware, the Consumer Protection (Regulation of Credit Servicing Firms) Act, 2015 was enacted on 8 July 2015. It was introduced to fill the consumer protection gap where loans were sold by the original lender to an unregulated firm. The 2015 Act introduced a regulatory regime for a new type of entity called a 'credit servicing firm'.  Credit Servicing Firms are now...

Written Answers — Department of Finance: Budget Targets (22 Mar 2016)

Michael Noonan: As the Deputy will be aware, estimates of fiscal space for the period 2017 - 2021 were published by my Department in the documentation accompanying the 2016 Budget last October.  The decision on when to publish any revisions to this table is one for the Government.

Written Answers — Department of Finance: Stability Programme Data (22 Mar 2016)

Michael Noonan: In accordance with the requirements of Regulation 1466/97, Ireland's 2016 Stability Programme Update must be submitted to the European Commission no later than the end of April.  It is normally published at the same time. The Stability Programme Update must, of course, be approved by the Government before it is submitted to the Commission.

Written Answers — Department of Finance: Mortgage Data (22 Mar 2016)

Michael Noonan: As the Deputy will be aware, decisions taken by the banks including the introduction of new products such as AIB's Tracker Interest Rate Retention (TIRR) product, are solely a matter for the board and management of the relevant institution within the constraints imposed by their regulator, the Central Bank, and the law as it applies. The Relationship Framework Agreement defines the...

Written Answers — Department of Finance: Tax Code (22 Mar 2016)

Michael Noonan: I do not have any plans to introduce the change suggested by the Deputy. Capital gains tax (CGT) is charged at a rate of 33% on gains realised or deemed to be realised (in the case of gifts) on the disposal of assets in excess of  an annual tax-free gain of €1,270. In addition, disposals by qualifying individuals of qualifying business assets are charged at a reduced rate of 20%...

Written Answers — Department of Finance: Motor Insurance Regulation (22 Mar 2016)

Michael Noonan: As Minister for Finance, I am responsible for the development of the legal framework governing financial regulation but cannot interfere in the provision or pricing of insurance products.  The EU framework for insurance expressly prohibits Member States from adopting rules which require insurance companies to obtain prior approval of the pricing, or terms and conditions of...

Written Answers — Department of Finance: VAT Rate Reductions (22 Mar 2016)

Michael Noonan: VAT is governed by the EU VAT Directive, with which Irish VAT law must comply. Construction services already avail of the reduced VAT rate of 13.5% while most economic activity is subject to the standard VAT rate of 23%.  Ireland has historically applied the 13.5% reduced rate of VAT to all construction services under a derogation from the EU VAT Directive.  This derogation is only...

Written Answers — Department of Finance: Tax Code (22 Mar 2016)

Michael Noonan: The Deputy will be aware that landlords are liable to tax on their net rental profit after deduction of allowable letting expenses, and not on the gross rental income received.  As regards properties that are rented, a landlord may be allowed a deduction of 75% of the interest paid on borrowed money used to purchase, improve or repair rented premises when calculating rental income....

Written Answers — Department of Finance: VAT Rate Application (22 Mar 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 for, together with servicing of, defibrillators and defibrillator training are also liable to VAT at the standard rate. There is no...