Results 5,181-5,200 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Pension Provisions (19 Nov 2015)

Michael Noonan: The European Court of Justice (ECJ) delivered a judgement on 25 April 2013 arising from an investigation of complaints under Directive 2008/94/EC on the protection of employees in the event of the insolvency of their employer and the resultant contractual obligations that derive under the transposition of that Directive by the Irish Government. The ECJ found in favour of the plaintiffs who...

Written Answers — Department of Finance: Banking Sector (19 Nov 2015)

Michael Noonan: My Department is currently transposing the Payment Accounts Directive which requires that all consumers legally resident in the EU must have access to a payment account with basic features, regardless of their financial circumstances. The Directive also allows Member States to make provision to promote financial inclusion of unbanked, vulnerable consumers.  The Directive must be...

Written Answers — Department of Finance: Central Bank of Ireland (19 Nov 2015)

Michael Noonan: I am informed by the Central Bank of Ireland that it plans that a Central Credit Register (CCR) solution will be in place by mid-2016. To that end, the Central Bank has: - signed contracts with CRIF Ireland Limited in February 2015 to establish and operate the CCR on its behalf; - progressed a design stage to specify the detailed data requirements and conducted a data survey with...

Written Answers — Department of Finance: Ireland Strategic Investment Fund Investments (19 Nov 2015)

Michael Noonan: The Ireland Strategic Investment Fund (ISIF) has advised that it publishes its holdings annually and, based on the 2014 National Treasury Management Agency (NTMA) Annual Report, estimates an exposure of approximately €45m to the alcohol, tobacco and aerospace & defence industries as at 31 December 2014. The majority of these equity investments held by the ISIF are...

Written Answers — Department of Finance: Central Bank of Ireland Staff (19 Nov 2015)

Michael Noonan: Each year the Central Bank reports on its training expenditure in its Annual Report (see note 8). The total spend in 2014 was €2,299,816, with 1,180 staff members availing of training. The amount spent on training to 30 July 2015 has been €1,102,484, with 1,092 participating staff members. The Central Bank's training takes a variety of formats: in-house, external, through the...

Written Answers — Department of Finance: Property Tax Administration (19 Nov 2015)

Michael Noonan: I am advised by Revenue that the administration of Local Property Tax (LPT) is specifically provided for in legislation, the Finance (Local Property Tax) Act, 2012 (as amended) (the Act).  I am advised by Revenue that it is has considered the Bara judgement with regard to any possible implications for it as a data controller.  The Bara judgement concerned the sharing between...

Written Answers — Department of Finance: Data Protection (19 Nov 2015)

Michael Noonan: In the period referred to by the Deputy, there has been no legislation introduced by the Minister for Finance which contains a provision amending the Data Protection Acts. However, examples of legislation which affect the operation of the Data Protection Acts is set out below. It should be noted that the Data Protection Acts 1988 and 2003 do not operate to prevent the disclosure of personal...

Written Answers — Department of Finance: State Bodies (19 Nov 2015)

Michael Noonan: In response to the Deputy's query, please find, in tabular form, the number of new State bodies and agencies under his remit that have been established since February 2011; the number of such bodies subject to a sunset clause; and the number of new public bodies currenty being planned I would ask the Deputy to note that The New Economy and Recovery Authority (NewERA) has been established on a...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (Resumed) (18 Nov 2015)

Michael Noonan: As the Deputy said, earlier this year I agreed to the establishment of a working group comprising representatives from my Department, the Revenue Commissioners and the Irish Charities Tax Reform Group to examine options available to reduce the VAT burden of charities. A report from the group was provided to me in my deliberations ahead of the 2016 budget. It was published and is available...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (Resumed) (18 Nov 2015)

Michael Noonan: We received the report from the working group in advance of budget 2016. I decided on foot of it not to make changes. As Deputies have not yet had an opportunity to peruse the report, I am not closing out the option. Whoever is around can return to it in future budgets. The base analysis is now available. I understand the report sets out many of the tax concessions available, including...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (Resumed) (18 Nov 2015)

Michael Noonan: The Betting (Amendment) Act 2015 was enacted on 15 March last. It provides a regulatory system for remote bookmakers and betting intermediaries, otherwise known as betting exchanges, that offer betting services in Ireland, regardless of their location. The Act provides for fair and equal treatment of all bookmakers by extending betting duty to remote operators, thereby widening the tax base...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (Resumed) (18 Nov 2015)

Michael Noonan: I move amendment No. 68:In page 79, to delete lines 30 and 31 and substitute the following:"obtains cash from an automated teller machine situated in the State by means of a cash card or a combined card;". These amendments which propose to further amend sections 123B and 124 of the Stamp Duties Consolidation Act 1999 relate to the annual stamp duty charge that applies to the different types...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (Resumed) (18 Nov 2015)

Michael Noonan: In the package of measures announced in the budget the most beneficial one from the retail trade point of view is the cutting of the fee that banks charge on credit card transactions. My estimate is that is worth about €37 million to the retail sector not in a transfer from the taxpayer but in a transfer from the banks and the finance houses. That is beneficial. I am advised that 9...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (Resumed) (18 Nov 2015)

Michael Noonan: Visa has mass market on debit cards so that it is the only card supplier that really matters at present in the Irish market. It is making the change effective from 1 May 2016.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (Resumed) (18 Nov 2015)

Michael Noonan: There is a general push but it is the industry itself that is acting in this case.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (Resumed) (18 Nov 2015)

Michael Noonan: In my view it is a generational thing and it takes a while to develop and deliver a cashless society. I know quite a number of people, some related to me, who work with cash and cheque book and would be horrified at the idea of buying a bullock with a piece of plastic. It does not work out that way. I am sure the Deputy knows such people also. Younger people are more adaptable and will...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (Resumed) (18 Nov 2015)

Michael Noonan: Credit cards, seemingly, are fixed at 0.3% regardless of the size of the transaction. That piece was reformed previously, if that is a reform, but it is the debit cards now where cash is drawn immediately and the settlement is done immediately. One's bank account is deducted as soon as the card is transacted.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (Resumed) (18 Nov 2015)

Michael Noonan: I move amendment No. 69: In page 80, to delete lines 1 to 32 and substitute the following:“ ‘credit union’ has the same meaning as it has in the Credit Union Acts 1997 to 2012; ‘financial institution’ has the same meaning as it has in the European Union (Capital Requirements) Regulations 2014;”, (iii)by substituting the following for the definition...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (Resumed) (18 Nov 2015)

Michael Noonan: The banks vary in that regard. I understand AIB charges 35 cent for a withdrawal at an ATM machine and Bank of Ireland charge 20 cent. Some cards are free at point of use but they charge a quarterly fee. One will find it has been done when one gets the statement, but Deputy McGrath is right. There must be pressure on people and one of the most significant actions we took in this package...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (Resumed) (18 Nov 2015)

Michael Noonan: That might be true but I am told that contactless transactions are usually free so we are moving in the right direction. I take the Deputy's point. We will encourage the banks to co-operate.