Results 9,501-9,520 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Financial Services Regulation (11 Nov 2014)

Michael Noonan: I assume from the context of the question that the Deputy is referring to a licensed moneylender. I have been advised by the Central Bank that the Consumer Protection Code for Licensed Moneylenders sets out specific requirements in respect of advertising by moneylenders. While the Code does not restrict the advertising of new credit facilities to existing customers in arrears,...

Written Answers — Department of Finance: Financial Services Regulation (11 Nov 2014)

Michael Noonan: The Central Bank has advised me that section 97 (1) of the Consumer Credit Act, 1995 (CCA) specifically envisages that a moneylender can appoint agents to act on its behalf.  The agent is acting under the umbrella of the moneylender's licence, and as such is subject to the same compliance obligations as the licence holder, i.e. the Consumer Protection Code for Licensed Moneylenders (ML...

Written Answers — Department of Finance: Financial Services Regulation (11 Nov 2014)

Michael Noonan: I propose to take Questions Nos. 195 and 197 together. The Central Bank has advised me that section 97 (1) of the Consumer Credit Act, 1995 (CCA) specifically envisages that a moneylender can appoint agents to act on its behalf.  The agent is acting under the umbrella of the moneylender's licence, and as such is subject to the same compliance obligations as the licence holder, i.e. the...

Written Answers — Department of Finance: Financial Services Regulation (11 Nov 2014)

Michael Noonan: I have been advised by the Central Bank that in relation to licensed moneylenders, compliance with supervisory and legislative requirements is monitored on an ongoing basis through a robust annual licensing process, advertising and market intelligence monitoring and themed and institution-specific inspections.  Issues identified are addressed with the relevant firms. Failures to...

Written Answers — Department of Finance: Banking Sector (11 Nov 2014)

Michael Noonan: As the Deputy will be aware, the Central Bank of Ireland has published a consultation paper on a macro-prudential policy for residential mortgage lending.  A copy of the Consultation Paper is available on the Central Bank website (at  ). As the consultation process is currently underway, the precise measures on this matter remain to be...

Written Answers — Department of Finance: IBRC Liquidation (11 Nov 2014)

Michael Noonan: I am advised by the Special Liquidators that Irish Bank Resolution Corporation Limited (in Special Liquidation) do not hold an interest in this property or the related loan. While I am unable to confirm who holds the interest in this site, I would encourage the Deputy to revisit the details of this case.

Written Answers — Department of Finance: Fuel Laundering (11 Nov 2014)

Michael Noonan: I propose to take Questions Nos. 200, 201, 207, 208, 214 and 215 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. Revenue has, over the recent past, received reports from a variety of locations around the...

Written Answers — Department of Finance: Budget 2015 (11 Nov 2014)

Michael Noonan: I propose to take Questions Nos. 202 to 205, inclusive, together. I am advised by the Revenue Commissioners that Budget costs are estimated as a package of combined measures. The sum of the costs when the measures are separately estimated will not exactly equal the total cost of the package taken together. Given interactions between tax rates and bands, the sum of the costs of reducing tax...

Written Answers — Department of Finance: Local Government Fund (11 Nov 2014)

Michael Noonan: The development contribution fund is included within the general government figures under the area of local government. As all entities classified within the general government sector contribute to the formation of the overall government balance, expenditure financed by these funds count as general government expenditure in the year it occurs. Similarly, development contributions are...

Written Answers — Department of Finance: VAT Rate Application (11 Nov 2014)

Michael Noonan: Cross-border EU telecommunications, broadcasting and electronically supplied services are currently charged to VAT in the Member State of the supplier.  From 1 January 2015 these services will be charged to VAT in the Member State of the consumer.  The VAT changes mean that Member States will lose VAT revenue in respect of existing outward sales to consumers in other Member States...

Written Answers — Department of Finance: Tax Reliefs Eligibility (11 Nov 2014)

Michael Noonan: In my Budget 2014 speech I announced that an Agri-Taxation Review would be undertaken. The review has been carried out and its report was published on Budget Day this year, 14 October. A key objective of the review is to encourage improved productivity in farming. There are concerns that the definition of 'farmer' for the purposes of CAT agricultural relief was not sufficiently robust to...

Written Answers — Department of Finance: Promissory Notes (11 Nov 2014)

Michael Noonan: As disclosed at the time of the Promissory Note transaction the Central Bank acquired €25 billion of Floating Rate Notes (FRNs) and €3.46 billion of Government Fixed Coupon 2025 bonds in return for the Promissory Note. The table below sets out the various notes provided, the maturity date for each bond and the nominal amounts outstanding. Full details of the...

Written Answers — Department of Finance: Ministerial Allowances (11 Nov 2014)

Michael Noonan: I am advised by the Revenue Commissioners that to date, ten Ministers and Ministers of State have claimed the dual abode allowance for the year 2013, and five have claimed it for 2014.

Written Answers — Department of Finance: Irish Water Establishment (11 Nov 2014)

Michael Noonan: Irish Water was established as a subsidiary of Bord Gáis Éireann (now Ervia) on 17 July 2013.  In accordance with Section 5 of the Water Services Act 2013, on incorporation Irish Water issued one A share to Ervia carrying voting rights but no economic rights to benefit from the activities of Irish Water, and one B share to each of the Minister for Finance and the Minister for...

Written Answers — Department of Finance: Pensions Reform (11 Nov 2014)

Michael Noonan: The proposal contained in Section 63(1) of the Finance Bill 2014, which exempts the management of defined contribution occupational pension schemes from VAT, is necessary to ensure Irish VAT law complies with the recent decision of the European Court of Justice in the ATP Pension Services (Case C-424/12). The ECJ judgment, which has direct effect in the State, concerns the VAT treatment of...

Written Answers — Department of Finance: Irish Water Funding (11 Nov 2014)

Michael Noonan: In July 2013 Irish Water and the National Pensions Reserve Fund (NPRF) entered into a two year €250m bridging loan facility with Irish Water, which benefits from a State Guarantee. The NPRF Commission has recently agreed to an increase in the amount of this facility by €50m to €300m. As part of Budget 2014, Government agreed that a €240...

Written Answers — Department of Finance: Tax Reliefs Availability (11 Nov 2014)

Michael Noonan: It is not possible to provide an accurate cost to the Deputy of the provision of tax relief in respect of childcare costs for children of pre-primary school age as reliable figures are not available for the numbers of children in childcare, the costs incurred by their parents and the number of parents who are paying tax. However, a tentative figure can be calculated by using the 2013...

Written Answers — Department of Finance: Irish Water Funding (11 Nov 2014)

Michael Noonan: The figure of €550m referred to by the Deputy represents the impact on the general government deficit for 2014 & 2015 if Irish Water is included within general government. This figure was provided to Deputy Liam Twomey on 9th October 2014 and was based on projections at that time and does not incorporate all of the measures announced in Budget 2015. If Irish Water is...

Written Answers — Department of Finance: VAT Exemptions (11 Nov 2014)

Michael Noonan: The supply of water by local authorities and Irish Water is exempt from VAT. This VAT exemption applies to all supplies of water, including supplies to domestic households, businesses and others. 

Written Answers — Department of Finance: Banking Operations (11 Nov 2014)

Michael Noonan: The Central Bank is the relevant authority for such a matter and has provided me with the following response. There is insufficient information provided to give an informed response. However from the very limited reference to the product, we understand that the product was aimed at experienced investors seeking growth as the product invested in the stock market and investors also had...