Results 4,761-4,780 of 27,019 for speaker:Michael Noonan

Ceisteanna - Questions - Priority Questions: Motor Insurance Regulation (14 Jan 2016)

Michael Noonan: I thank Deputy McGrath for his personal good wishes and for raising this very important issue this morning. As Minister for Finance, I am concerned that there should be a stable insurance sector and that risks to policy holders and to the wider financial system are limited.  I am aware of reports of the increasing cost of motor insurance.  However, the ability of the...

Written Answers — Department of Finance: Flood Risk Insurance Cover (14 Jan 2016)

Michael Noonan: I am aware of the difficulties that the absence of flood insurance cover can cause to householders and businesses. However, the provision of insurance cover and the price at which it is offered is a commercial matter for insurance companies and is based on an assessment of the risks they are willing to accept and adequate provisioning to meet those...

Written Answers — Department of Finance: Tax Code (14 Jan 2016)

Michael Noonan: I am informed by the Revenue Commissioners that the combined Income Tax and Universal Social Charge paid by the lowest 10% of income earners, approximately 240,000, results in an average effective income tax rate of approximately 0.12%.  The average effective income tax rate for the highest 10% of income earners on the same basis is approximately 31%. It is important to note...

Written Answers — Department of Finance: Lobbying Data (14 Jan 2016)

Michael Noonan: The Deputy will appreciate that in view of my remit as Minister for Finance, I receive a large volume of representations from a broad range of sources, including private individuals, representative groups, companies, and local and voluntary groups covering a wide range of policy areas including, for example, financial services, taxation and fiscal policy. In 2015 almost 5000...

Written Answers — Department of Finance: Fiscal Policy (14 Jan 2016)

Michael Noonan: We are required to "balance the books" in structural terms. This can be achieved by keeping expenditure growth below the trend growth rate of the economy. Budgetary forecasts for the next five years were set out in Budget 2016. The Deputy will be aware that these provided for an increase in expenditure of over €700 million in 2016, while tax reductions worth approximately...

Written Answers — Department of Finance: Small and Medium Enterprises Debt (14 Jan 2016)

Michael Noonan: I am informed by the Central Bank of Ireland that, as part on-going supervision, the Bank, working in conjunction with the ECB as part of the Single Supervisory Mechanism, continues to challenge the banks on their strategies, management, measurement and reporting of the resolution and restructuring of all non-performing loans including SME NPLs. Relevant actions taken by the Central Bank in...

Written Answers — Department of Finance: Strategic Banking Corporation of Ireland Data (14 Jan 2016)

Michael Noonan: The creation of employment opportunities is a key commitment of this Government. Annual Action Plans for Jobs have been developed since 2012 with the overall goal of sustaining existing jobs and creating one hundred thousand additional jobs by 2016. Small and Medium Enterprises (SMEs) are the lifeblood of the Irish Economy. They make up the vast majority of businesses in Ireland and account...

Written Answers — Department of Finance: Credit Availability (14 Jan 2016)

Michael Noonan: The Deputy will be aware that in my role as Minister for Finance I have no direct function in the relationship between the banks and their customers. I have no statutory function in relation to the banking decisions made by individual lending institutions at any particular time and these are taken by the board and management of the relevant institution. This includes...

Written Answers — Department of Finance: Tax Code (14 Jan 2016)

Michael Noonan: The Government has no plans to introduce a tax such as that described by the Deputy, or a wider  wealth tax, although all taxes and potential taxation options are of course constantly reviewed. As I have stated on a number of occasions, wealth can be taxed in a variety of ways, some of which are already in place in Ireland.  Capital Gains Tax (CGT) and Capital Acquisitions Tax...

Written Answers — Department of Finance: Mortgage Resolution Processes (14 Jan 2016)

Michael Noonan: The Deputy will be aware that the Central Bank of Ireland's Code of Conduct on Mortgage Arrears (CCMA) provides a strong consumer protection framework to ensure that each borrower who is struggling to keep up mortgage repayments is treated in a timely, transparent and fair manner by lenders. The CCMA recognises that it is in the interests of borrowers and lenders to address financial...

Written Answers — Department of Finance: Mortgage Interest Rates (14 Jan 2016)

Michael Noonan: As the Deputy will be aware, I have taken steps to ensure that banks provide options for mortgage holders to reduce their repayments.  Last May, I met with the six main mortgage lenders and outlined my view that the standard variable rate being charged to Irish customers was too high. The banks agreed to review their rates and products and, by the beginning of July, to...

Written Answers — Department of Finance: Tax Code (14 Jan 2016)

Michael Noonan: The proposal of a tax on sugar sweetened drinks (SSD) has been examined by my Department in the context of the 2015 and 2016 Budget process.  It was initially considered through the Tax Strategy Group (TSG) General Excise Paper in September 2014 and again September 2015.  The 2014 Tax Strategy Group paper (General Excise Duties 14.02) is available on my...

Written Answers — Department of Finance: Economic Growth Rate (14 Jan 2016)

Michael Noonan: My Department's latest forecasts, which underpin Budget 2016, are set out in the Economic and Fiscal Outlook, published as part of the Budget 2016 documentation. They project GDP growth of 6.2 per in 2015 and 4.3 per cent in 2016, with an average growth rate of around 3 per cent for subsequent years. This forecast takes account of the most recent IMF and OECD forecasts at the...

Written Answers — Department of Finance: Mortgage Lending (14 Jan 2016)

Michael Noonan: The Central Bank of Ireland, in line with its mandate to safeguard financial stability, has put in place macro-prudential measures for new residential mortgage lending.  These measures apply proportionate loan-to-value and loan-to-income limits to mortgage lending by regulated financial service providers in the Irish market.  The key objective...

Written Answers — Department of Finance: Tax Reliefs Application (14 Jan 2016)

Michael Noonan: The statutory position in regard to mortgage interest relief entitlement is that individuals can avail of the relief in respect of qualifying interest paid in a tax year, as provided for by Section 244 of the Taxes Consolidation Act 1997. Initially, for ease of administration, Revenue agreed with lenders to allow the relief on the basis of either 'interest charged' or 'interest...

Written Answers — Department of Finance: Credit Unions Restructuring (14 Jan 2016)

Michael Noonan: On 1 January 2013 the Credit Union Restructuring Board - ReBo, was established on a statutory basis. ReBo was established to facilitate and oversee the restructuring of credit unions on a voluntary, incentivised and time-bound basis. The objectives of the restructuring process are to underpin the stability and long-term viability of credit unions and the sector at large and to...

Written Answers — Department of Finance: Tax Reliefs Availability (14 Jan 2016)

Michael Noonan: A comprehensive review of tax measures in the farming sector was announced in Budget 2014, as a joint initiative between the Department of Finance and the Department of Agriculture, Food and the Marine. The review focused on three key policy objectives for agri-taxation policy, including: -increasing mobility and productive use of land -assisting succession, and -complementing wider...

Written Answers — Department of Finance: Banking Sector Regulation (14 Jan 2016)

Michael Noonan: The Central Bank of Ireland, in line with its mandate to safeguard financial stability, has put in place macro-prudential measures for new residential mortgage lending.  These measures apply proportionate loan-to-value and loan-to-income limits to mortgage lending by regulated financial service providers in the Irish market. In this context as the...

Written Answers — Department of Finance: Tax Reliefs Application (14 Jan 2016)

Michael Noonan: While there are no existing tax incentive schemes specifically relating to regional development, there are a number of provisions in the Tax Acts to stimulate investment and development. These would include: - The Employment and Investment Incentive provides tax relief for investors who invest in qualifying SMEs and is closely targeted at job creation. Tax relief is available at an...

Written Answers — Department of Finance: Banking Operations (14 Jan 2016)

Michael Noonan: While all taxation measures are kept under review, there are no immediate plans to introduce a scheme similar to the UK's Individual Savings Account (ISA)  scheme in Ireland. However, the National Treasury Management Agency, through An Post, offers a number of State Savings products, including Savings Bonds and Savings Certificates, which are tax free, subject to certain...