Results 9,081-9,100 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Universal Social Charge Payments (3 Dec 2014)

Michael Noonan: The Universal Social Charge (USC) was introduced in Budget 2011 to replace the Income Levy and the Health Levy. It was a necessary measure to widen the tax base, remove poverty traps and raise revenue to reduce the budget deficit. It is a more sustainable charge than those it replaced.  It is applied at a low rate on a wide base.  I should point out that it was never intended that...

Written Answers — Department of Finance: Insurance Coverage (3 Dec 2014)

Michael Noonan: I am aware that some householders and businesses have difficulties in obtaining flood insurance cover. However, neither I, as Minister for Finance, nor the Central Bank of Ireland, have the power to direct insurance companies to provide flood cover to specific individuals. The provision of new flood cover or the renewal of existing flood cover is a...

Written Answers — Department of Finance: Banking Sector (3 Dec 2014)

Michael Noonan: Given the extent and nature of the financial crisis in Ireland it was inevitable that the banking sector would consolidate in order for the sector to better match the needs of the economy and that individual banks would adjust their business models to focus on their strengths. Under the Central Bank's Consumer Protection Code, banks are required to give a minimum of 2 months' notice before...

Written Answers — Department of Finance: Household Savings Rate (3 Dec 2014)

Michael Noonan: In economic terms the savings rate is defined as the share of household disposable income which is not devoted to consumption in a given period. The savings rate is usually positive, as households accumulate resources for future consumption.  The savings rate can vary with the economic cycle but also because of larger structural changes in the economy such as population...

Written Answers — Department of Finance: GDP-GNP Levels (3 Dec 2014)

Michael Noonan: According to Eurostat, in 2013 Ireland's GDP per capita was more than 20 per cent above the EU average and the fifth highest in the EU. The euro area and the United Kingdom show a GDP per capita level of close to 10 per cent above the EU-28 average while the comparable figure for the United States is more than 50 per cent above the EU-28 average....

Written Answers — Department of Finance: Economic Growth (3 Dec 2014)

Michael Noonan: The most recent data available, Eurostat's flash estimate for Q3 GDP released on 14 November, suggest that GDP grew by 0.2 per cent in the euro area and by 0.3 per cent in the EU in that quarter. This weak growth is driven by developments in the four largest Member States: Germany grew by 0.1 per cent; France grew by 0.3 per cent; Italy contracted by 0.1 per...

Written Answers — Department of Finance: Pension Provisions (3 Dec 2014)

Michael Noonan: In my response to the Deputy's question of 4 November last on the same broad issue (question order number 335), I outlined the various options available to individuals at retirement in relation to their Defined Contribution pension savings other than the immediate purchase of a pension annuity with those funds (after taking their tax-free retirement lump sum). I would reiterate that the...

Written Answers — Department of Finance: Mortgage Lending (3 Dec 2014)

Michael Noonan: I propose to take Questions Nos. 51 and 55 together. As the Deputy is aware, the Central Bank of Ireland published a Consultation Paper on 7 October 2014 which includes proposals for new macro-prudential measures to enhance the resilience of the banking sector and households to housing market developments. The Central Bank measures, as set out in the consultation document, would place...

Written Answers — Department of Finance: Mortgage Resolution Processes (3 Dec 2014)

Michael Noonan: Where the purchaser of a loan book is not a regulated entity in Ireland, the purchaser may voluntarily apply the Central Bank codes when managing loan books. In the case of homeowners whose loan is now owned by an unregulated entity, the Code of Conduct on Mortgage Arrears (CCMA)  may be applied in the same way that it would be by a regulated lender. The CCMA...

Written Answers — Department of Finance: Mortgage Resolution Processes (3 Dec 2014)

Michael Noonan: The fair resolution of the mortgage arrears problem is a key priority for Government and a comprehensive strategy, in line with the main recommendations of the 2011 Keane Report, has been developed.  The implementation of this strategy is overseen at Government level by the Construction 2020, Housing, Planning and Mortgage Arrears sub-committee which is chaired by the Taoiseach. The...

Written Answers — Department of Finance: Economic Competitiveness (3 Dec 2014)

Michael Noonan: Substantial progress has been made in terms of improving Ireland's competitiveness in recent years.   There has been a significant improvement in economy-wide cost competitiveness. The European Commission in its autumn forecasts estimate that real unit labour costs in Ireland will fall by 4.3 per cent annually in 2014 which is the largest decline...

Written Answers — Department of Finance: Inflation Rate (3 Dec 2014)

Michael Noonan: My Department monitors inflation developments in Ireland and elsewhere on a continuous basis and produces official forecasts twice a year during the two macroeconomic forecasting exercises: the Stability Programme Update in April and the annual budgetary process in October, which are independently endorsed by the Irish Fiscal Advisory Council.  ...

Written Answers — Department of Finance: Credit Availability (3 Dec 2014)

Michael Noonan: The Government recognises that small businesses play a central role in the sustainable recovery of the Irish economy. To facilitate this, Government policy since 2011 has been focused on ensuring that all viable SMEs have access to an appropriate supply of credit from a diverse range of bank and non-bank sources. Having completed a process of deleveraging, both AIB and Bank of...

Written Answers — Department of Finance: Economic Policy (3 Dec 2014)

Michael Noonan: I propose to take Questions Nos. 58 and 59 together. This Government's principal strategy for economic and budgetary policy has been to put the economy and the public finances on a more stable footing.  Following the successful conclusion of the EU-IMF programme, the Irish economy has emerged from the crisis and there are clears signs that the economic recovery...

Written Answers — Department of Finance: Tax Code (2 Dec 2014)

Michael Noonan: My response to the Deputy last week (PQ 45319/14 of 25thNovember, Question No. 190) outlined how this scheme works. There is no provision in the legislation intended to prevent a part-time worker participating. That said, it is open to employers to decide whether or not they wish to operate the scheme. While I would like to see it offered to any employee who wishes to avail of it by means of...

Written Answers — Department of Finance: Tax Code (2 Dec 2014)

Michael Noonan: As noted in my reply to the Question cited by the Deputy, if Bitcoin (or another digital or crypto-currency) is received as payment in commerce, then the same rules in place for payments received in other foreign currencies also apply. If speculation on Bitcoin occurs, then the taxation rules that would apply to any gain are applicable. More specifically, VAT is generally chargeable on the...

Written Answers — Department of Finance: Petrol Stretching (2 Dec 2014)

Michael Noonan: I propose to take Questions Nos. 172, 209 and 210 to 212, inclusive, together. I am advised by the Revenue Commissioners, who are responsible for tackling fuel fraud, that they are very aware of the risks posed to consumers' vehicles, legitimate businesses and the Exchequer by all forms of fuel fraud. Every Filling Station about which a complaint was made has been visited by Revenue...

Written Answers — Department of Finance: Child Care Costs (2 Dec 2014)

Michael Noonan: Tax relief is not available to parents in respect of crèche fees or childcare costs. However, I would like to assure the Deputy that the Government acknowledges the continuing cost pressures on parents, particularly those with young children. In recognition of these cost pressures, a number of support measures are in place to ease the burden on working parents. These...

Written Answers — Department of Finance: Tax Exemptions (2 Dec 2014)

Michael Noonan: Section 82 of the Capital Acquisitions Tax Consolidation Act 2003 exempts certain receipts from Capital Acquisitions Tax. Under section 82(2), normal and reasonable payments made by a disponer, during his or her lifetime, for the support, maintenance or education of their children (including the children of a civil partner), or to a person to whom the disponer stands in loco parentis, or to a...

Written Answers — Department of Finance: Fiscal Policy (2 Dec 2014)

Michael Noonan: I note the views expressed by the Fiscal Council in their update of their fiscal stance, and welcome their assessment that targeting a deficit of 2.7% of GDP could be considered conducive to prudent economic and budgetary management. With regard to the Council's assertion that Budget 2015 represents a 'missed opportunity' and further consolidation should have been implemented, our...