Results 6,861-6,880 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: EU Directives (23 Jun 2015)

Michael Noonan: The Bank Recovery and Resolution Directive (BRRD) lays the ground rules for the future application of resolution tools in all Member States and incorporates the principle that shareholders should bear losses first and that creditors bear losses after shareholders. There are three pillars to the BRRD framework to facilitate a range of appropriate actions by authorities: -...

Written Answers — Department of Finance: Mortgage Interest Rates (23 Jun 2015)

Michael Noonan: As the Deputy will be aware, I met with senior management of Ireland's six main mortgage providers including Permanent TSB in May. The meetings focused on the mortgage market and specifically the comparatively high standard variable rates currently being charged by the banks. I outlined my view, that Standard Variable Rates being charged in the Irish market are too high. ...

Written Answers — Department of Finance: Eurozone Crisis (23 Jun 2015)

Michael Noonan: Following circulation of an Aide Memoire and a list of Prior Actions to the Greek authorities in the first week of June and a subsequent meeting between Prime Minister Tsipras, European Commission President Juncker and Eurogroup President Dijsselbloem to discuss the proposal, it seemed like both sides were moving closer together. However following submission of Greek...

Written Answers — Department of Finance: Financial Services Regulation (23 Jun 2015)

Michael Noonan: This question covers a number of areas. Actions to address banks that are "acting fraudulently" Directors of banks operating in Ireland are required to ensure that they have governance and control arrangements in place that comply with the European Banking Authority's Governance Guidelines, and inter alia, the Central Bank of Ireland's Corporate Governance Code. Directors of any Irish...

Written Answers — Department of Finance: EU Monetary Policy (23 Jun 2015)

Michael Noonan: The President of the ECB, in a recent speech, discussed the evolution of monetary policy since the crisis and the challenges and benefits associated with the decisions made to date. This included a reference to the distributional consequences of monetary policy by penalising savers to the benefit of debtors and through asset price increases which may disproportionately favour the...

Written Answers — Department of Finance: Irish Fiscal Advisory Council Reports (23 Jun 2015)

Michael Noonan: The Fiscal Assessment Report published recently by the Council is being considered by my officials.  As is normal, a comprehensive response to all of the pertinent issues will be published in the coming weeks. I will however, give my initial views on a significant issue raised by the Council.  As the Deputy will be aware, from 2016 onwards, the public finances in Ireland will...

Written Answers — Department of Finance: Departmental Staff (23 Jun 2015)

Michael Noonan: No official from my Department accompanied the Minister for Foreign Affairs and Trade on his recent visit to Switzerland.

Written Answers — Department of Finance: Tax Data (23 Jun 2015)

Michael Noonan: I am informed by the Revenue Commissioners that the purpose of the EU Savings Directive is to ensure that individuals resident in an EU member state who receive interest income from another Member State are taxed in the Member State in which they are resident for tax purposes.  To this end, payments of interest are either (1) reportable by paying agents in the EU to the tax authorities...

Written Answers — Department of Finance: Government Deficit (23 Jun 2015)

Michael Noonan: As per Parliamentary Question No.163 of the 15thof April 2015 (14545/15) and Box 1 on page 15 of the April 2015 'Stability Programme Update' (SPU) Irish Water is provisionally classified within general government pending a final classification decision by Eurostat. This is a closed process and the CSO are now awaiting a final adjudication in relation to the matter. Following the decision...

Written Answers — Department of Finance: Banking Sector Staff (23 Jun 2015)

Michael Noonan: I propose to take Questions Nos. 232, 243 and 259 together. As the Deputy will be aware under the Relationship Frameworks the State does not intervene in the day to day operations of the banks in which it holds investments or their management decisions regarding commercial matters and hence any discussions around matters such as outsourcing are a matter for the bank, the...

Written Answers — Department of Finance: Tax Data (23 Jun 2015)

Michael Noonan: I am advised by the Revenue Commissioners that information on the number of estates of deceased persons where benefactors became subject to Capital Acquisitions Tax is not available. However, the numbers of individual disponers who provided property by way of an inheritance, and where their beneficiaries paid Capital Acquisition Tax, is shown in the following table. Number of individual...

Written Answers — Department of Finance: Tax Code (23 Jun 2015)

Michael Noonan: I can confirm that the costings referred to have been received from the Revenue Commissioners.  I am informed by Revenue that, on a yield costing basis, there could be an overall net loss of about €18m associated with the change, and that the loss could be significantly larger than this.  There would also be significant administrative issues and costs...

Written Answers — Department of Finance: Capital Allowances (23 Jun 2015)

Michael Noonan: Capital expenditure incurred on registered private nursing homes qualifies for capital allowances in the form of an industrial building annual allowance at the rate of 15% over 6 years and 10% in the seventh year. Capital allowances are granted for such capital expenditure incurred on the construction or refurbishment of a building providing that the building is in use for the purposes of...

Written Answers — Department of Finance: Tax Exemptions (23 Jun 2015)

Michael Noonan: I am advised by the Revenue Commissioners that section 69 of the Capital Acquisitions Tax Consolidation Act, 2003 provides for a cumulative annual exemption of €3,000 for gifts taken by any one person from any one donor in each calendar year. This annual exemption was originally £250 (€317) and was increased to £500 (€635) in 1979, £1,000 (€1,270)...

Written Answers — Department of Finance: IBRC Liquidation (23 Jun 2015)

Michael Noonan: The Irish Bank Resolution Corporation Bill 2013 (the " IBRC Act") was passed by the Dáil on 7 February 2013. The IBRC Act provided for the winding up of IBRC in an orderly and efficient manner in the public interest. On 7 February 2013, I as the Minister for Finance, made an Order pursuant to Section 4 of the IBRC Act providing for the winding-up of IBRC under the provisions of the...

Written Answers — Department of Finance: NAMA Accounts (23 Jun 2015)

Michael Noonan: NAMA is subject to statutory audit by the Comptroller and Auditor General (C&AG) and internal audit by PwC (formerly by Deloitte. NAMA provides a significant level of disclosure regarding its audit functions and accountability in its Annual Reports.  The Deputy may be interested to review the following sections of NAMA's Annual report for 2014, available on NAMA's we...

Written Answers — Department of Finance: Commissions of Investigation (23 Jun 2015)

Michael Noonan: In response to significant public concerns, and to focus the review on the transactions that have led to the significant public concerns, a Commission of Investigation into certain decisions, transactions and activities entered into by IBRC has now been established. As the Deputy will be aware, the Terms of Reference of the Commission of Investigation were debated in...

Written Answers — Department of Finance: Universal Social Charge Payments (23 Jun 2015)

Michael Noonan: Since coming into government, I have made several significant changes to the Universal Social Charge which have increased its fairness.  As a result of a Review of USC by my Department, the Government decided in Budget 2012 to increase the entry point to the Universal Social Charge from €4,004 to €10,036 per annum.  It is estimated that this removed almost 330,000...

Written Answers — Department of Finance: VAT Rate Application (23 Jun 2015)

Michael Noonan: In general I am not in favour of hypothecation of taxes as it constrains the Government's scope on expenditure decisions and can distort the allocation of resources. Therefore, I have not examined allocating Value Added Tax receipts accruing to the Exchequer to fund public broadcasting and digital content. Similarly, I have not discussed this issue with the Department of Communications,...

Written Answers — Department of Finance: VAT Rate Application (23 Jun 2015)

Michael Noonan: On 1 January 2015, new EU VAT rules came into effect changing the place where VAT is chargeable in respect of all supplies of telecommunications, broadcasting and e-services to consumers.  VAT on these services is now chargeable where the consumer is located instead of where the supplier is located.  This ensures that the VAT goes to the Member State in which the services are...