Results 7,441-7,460 of 27,019 for speaker:Michael Noonan

Ceisteanna - Questions - Priority Questions: IBRC Liquidation (7 May 2015)

Michael Noonan: There are others which may excite concern and they may be taken too.

Ceisteanna - Questions - Priority Questions: Mortgage Interest Rates (7 May 2015)

Michael Noonan: As I outlined last week in the spring economic statement, the mortgage interest rates being charged by the banks in Ireland have not been reduced in line with the rate reductions by the ECB. I discussed the issue of mortgage interest rates with the Governor of the Central Bank on 2 April. As a result of this meeting, the Governor is currently reviewing the issue of the standard variable...

Ceisteanna - Questions - Priority Questions: Mortgage Interest Rates (7 May 2015)

Michael Noonan: The Central Bank figures show the average standard variable rate for a primary dwelling house is 4.2%. Like Deputy McGrath, I welcome AIB's reduction, announced last week. It is the second reduction that AIB has made, and I hope the other banks will follow suit. As I explained previously, the Central Bank is currently doing analytical work on the main lenders, namely, AIB, Bank of...

Ceisteanna - Questions - Priority Questions: Mortgage Interest Rates (7 May 2015)

Michael Noonan: The information I have from the Central Bank is that the European average is 2.3%, not 2.09%.

Ceisteanna - Questions - Priority Questions: Mortgage Interest Rates (7 May 2015)

Michael Noonan: These are Central Bank figures; they are not my figures. With regard to knocking on the doors of banks internationally, there was reluctance among foreign lenders to get involved in the Irish mortgage market until quite recently for the reasons we all know about, including high levels of arrears and difficulty in collecting. These factors discourage lenders from entering the market, but...

Written Answers — Department of Finance: Company Law (7 May 2015)

Michael Noonan: A broad range of regulatory principles could apply in circumstances where the assets of a bank were disposed of in inappropriate manner. For instance, there may be breaches of market abuse rules, company law principles, Central Bank rules on fitness and probity and/or the criminal law. The rules in relation to insider dealing are set out in the Market Abuse (Directive 2003/6/EC)...

Written Answers — Department of Finance: NAMA Operations (7 May 2015)

Michael Noonan: I am advised that the NAMA Chief Executive, in his opening address to the Public Accounts Committee on 18 December 2014, stated that NAMA is aiming to redeem a cumulative 80% (€24 billion) of its senior debt by the end of 2016 and that it hopes that it will have redeemed all of it by the end of 2018. He stated that those targets were predicated on conditions in the Irish market...

Written Answers — Department of Finance: Credit Unions Regulation (7 May 2015)

Michael Noonan: 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 unions, to maintain sector stability and to protect the savings of credit union members. My role as Minister for Finance is to ensure that the legal...

Written Answers — Department of Finance: Financial Services Sector (7 May 2015)

Michael Noonan: I should point out that significant numbers, almost 12,000, are employed in international services related roles outside the greater Dublin region in locations such as Kerry, Cork, Donegal, Limerick, Kilkenny, Waterford and Shannon.  As part of the implementation of the IFS 2020 strategy for the financial services sector more investment and employment will be located outside the greater...

Written Answers — Department of Finance: Banking Sector (7 May 2015)

Michael Noonan: The announcement by Permanent TSB (PTSB) that it has successfully completed a capital raise as part of its capital plan is a significant milestone in its recovery which gained momentum recently with the European Commission approval of its Restructuring Plan.  PTSB has raised €525 million on new capital and through a series of transactions...

Written Answers — Department of Finance: Mortgage Interest Rates (7 May 2015)

Michael Noonan: At the outset, I would like to confirm to the Deputy that the lending institutions in Ireland - including those in which the State has a significant shareholding - are independent commercial entities. I, as Minister for Finance, have no statutory role in relation to regulated financial institutions setting interest rates. The mortgage interest rates that financial institutions operating in...

Written Answers — Department of Finance: Income Inequality (7 May 2015)

Michael Noonan: I am aware of the various reports and analyses referred to by the Deputy in his question.  The TASC report found that market income inequality (i.e. income before taxes and transfers) is relatively high in Ireland and has increased since the recession. However, more importantly, recent data and research from the Central Statistics Office (CSO) and the Economic and...

Written Answers — Department of Finance: Mortgage Arrears Proposals (7 May 2015)

Michael Noonan: The Government has put in place a broad strategy to address the problem of mortgage arrears and family home repossessions. This has included an extensive suite of interventions designed to address the problem including specific Central Bank targets for the banks through the Mortgage Arrears Resolution Targets (MART), the Code of Conduct on Mortgage Arrears (CCMA), extensive recasting of the...

Written Answers — Department of Finance: Universal Social Charge Application (7 May 2015)

Michael Noonan: I would first like to make the point that the Universal Social Charge (USC) was introduced in Budget 2011 to replace two other taxes, namely, the Income Levy and the Health Levy. At the time it was introduced, the expected yield from the USC in its first year, in 2011, was to be equivalent to that raised under the two taxes which it replaced, with an additional estimated yield of...

Written Answers — Department of Finance: Mortgage Interest Rates (7 May 2015)

Michael Noonan: The lending institutions in Ireland - including those in which the State has a significant shareholding - are independent commercial entities. I, as Minister for Finance, have no statutory role in relation to regulated financial institutions setting interest rates. This is a commercial decision for the institutions concerned. Equally, the Central Bank has no statutory role in the...

Written Answers — Department of Finance: Home Renovation Incentive Scheme (7 May 2015)

Michael Noonan: As previously outlined to the Deputy in written answers to his parliamentary questions in this matter, the Home Renovation Incentive (HRI) was introduced in Budget 2014 and will run until the end of December this year. The incentive provides tax relief for homeowners by way of a tax credit at 13.5% of qualifying expenditure incurred on repair, renovation or improvement work carried out on a...

Written Answers — Department of Finance: National Debt (7 May 2015)

Michael Noonan: The most recent forecasts of both National Debt interest and General Government interest expenditure for the period 2015 to 2020 are contained in the draft Stability Programme Update (SPU), published on the 28thof April by my Department. The relevant information is contained in Table A3 in Annex 1 of this publication, which is provided for convenience. € million 2015 2016 2017 2018...

Written Answers — Department of Finance: Mortgage Arrears Proposals (7 May 2015)

Michael Noonan: As the Deputy is aware, the Government has put in place a broad strategy to address the problem of mortgage arrears and family home repossessions. The primary focus of this strategy is to support those homeowners in difficulty with their mortgage repayments and, insofar as possible, to avoid repossession of the family home.   The Central Bank of Ireland's Code of Conduct...

Written Answers — Department of Finance: Tax Agreements (7 May 2015)

Michael Noonan: The European Parliament has decided to establish a special committee on tax rulings and other measures similar in nature and effect. The European Parliament Special Committee on Tax Rulings (TAXE) has six months in which to complete its work. As part of the parliamentary activities that have been scheduled for this purpose, the coordinators of the political groups in the TAXE Committee...

Written Answers — Department of Finance: Tax Code (7 May 2015)

Michael Noonan: Domicile is a common law legal term, rather than a tax concept. Every person must have a domicile, whether domicile of origin or domicile of choice. They can have only one at any given time. An individual who is resident and domiciled in Ireland is taxable on their worldwide income and gains. A person who is resident but not domiciled in Ireland is only taxable on their Irish source...