Results 10,441-10,460 of 27,019 for speaker:Michael Noonan

Seanad: Strategic Banking Corporation of Ireland Bill 2014: Committee Stage (17 Jul 2014)

Michael Noonan: I thank Senator Barrett. The enabling legislation has been designed with flexibility in mind. Therefore, I would prefer to stay away from the inclusion of prescriptive prohibitions in the text. However, it is the case that two of the funders at the establishment of the strategic banking corporation of Ireland will contractually prohibit this funding from being put to use in investment in...

Seanad: Strategic Banking Corporation of Ireland Bill 2014: Committee Stage (17 Jul 2014)

Michael Noonan: The SBCI needs to be able to lend to sectors of the economy as and when those sectors need support. Certain sectors may suffer credit droughts when all other sectors are experiencing healthy supplies of credit. I fear that introducing Senator Barrett’s amendment would hamper the flexibility of the SBCI to act in specific areas when needed. There is a clear intention for the SBCI to...

Seanad: Strategic Banking Corporation of Ireland Bill 2014: Committee Stage (17 Jul 2014)

Michael Noonan: I thank Senator Reilly for her amendment and her contribution. There is nothing in the legislation precluding the Strategic Banking Corporation of Ireland from applying for a banking licence if it deems it necessary in the future. It would seem therefore that our policy intentions are aligned on this matter. The SBCI’s initial focus will be to use the successful on-lending model....

Seanad: Strategic Banking Corporation of Ireland Bill 2014: Committee Stage (17 Jul 2014)

Michael Noonan: I welcome the constructive intention of the Senator's proposal to amend the section dealing with the purposes of this legislation, but I am not in a position to accept it. The business model of the strategic banking corporation of Ireland is based primarily on the on-lending model which is operated successfully by KfW in Germany, ICO in Spain and others. The SBCI is being set up initially...

Written Answers — Department of Finance: Garda Operations (17 Jul 2014)

Michael Noonan: I propose to take Questions Nos. 57 to 60, inclusive, and 157 together. I am advised by the Revenue Commissioners that combating the illegal trades in tobacco, cigarettes, alcohol and fuel is, and will continue to be, a high priority for them. Revenue's work against the illegal tobacco trade includes a range of measures designed to identify and target those who are engaged in the supply or...

Written Answers — Department of Finance: Tax Yield (17 Jul 2014)

Michael Noonan: I am advised by the Revenue Commissioners that the yield in each of the past four years from the interim Stamp Duty levy, expired on 31 December 2012 was as follows. YEAR Stamp Duty Health Insurance Levy Yield €m 2010 318 2011 347 2012 437 2013 173The yield from Stamp Duty levy in 2013 of €173 million was in respect of policies taken out or renewed from 01 August to 31...

Written Answers — Department of Finance: Jobs Initiative (17 Jul 2014)

Michael Noonan: The position is that in May 2011, I announced the Jobs Initiative.  The Jobs Initiative included a range of revenue and expenditure measures which were designed to assist in employment generation and provide opportunities for those who had lost their jobs, while generating confidence in the economy.        Details of the revenue measures as announce are set...

Written Answers — Department of Finance: Tax Code (17 Jul 2014)

Michael Noonan: I assume that the Deputy refers to the point at which a single PAYE worker starts to pay tax at the 41% rate, which is at incomes over €32,800. I also assume that the Deputy refers to an extension of the standard rate Income Tax band, which would apply similarly to widowed persons, married couples and civil partnerships. On this basis, I am informed by the Revenue Commissioners that...

Written Answers — Department of Finance: Tax Yield (17 Jul 2014)

Michael Noonan: I propose to take Questions Nos. 64 and 188 together. I am informed by the Revenue Commissioners that the revenue raised by Vehicle Registration Tax (VRT) from 2010 to June 2014 is as follows: - €m 2010 383.5 2011 388.4 2012 379.3 2013 437.3 2014 (6 Mths) 344.4It should be noted that the 2014 receipts are for the period January to June. These are provisional at this time and may...

Written Answers — Department of Finance: Universal Social Charge Yield (17 Jul 2014)

Michael Noonan: I am advised by the Revenue Commissioners that the full year cost, estimated by reference to 2014 incomes, of reducing the 2%, 4% and 7% rates of Universal Social Charge (USC) by 0.5% and 1% is tentatively estimated to be of the order of €378million and €756 million respectively. The average benefit is not available but a breakdown of the number of beneficiaries by income range...

Written Answers — Department of Finance: Financial Services Regulation (17 Jul 2014)

Michael Noonan: I propose to take Questions Nos. 66 and 167 together. Following the conclusion of its investigation, the Central Bank issued its Summary Report of the Payment Protection Insurance Review ( the PPI Review ) in March 2014. The PPI Review included the sales by 11 credit institutions from July 2007 and resulted in a refund figure of €67.4 million (including €4.9...

Written Answers — Department of Finance: Banking Sector Investigations (17 Jul 2014)

Michael Noonan: Neither I nor my Department have any role in on-going Garda or other regulatory investigations into any Irish bank. However, I have been advised by the Central Bank that there are two such investigations in relation to issues arising from the banking crisis, of which one investigation is currently underway and one investigation is suspended. In relation to the Irish Bank Resolution...

Written Answers — Department of Finance: Banking Operations (17 Jul 2014)

Michael Noonan: I propose to take Questions Nos. 68 and 186 together. I have received the following information in relation to rent receivers: AIB AIB has appointed rent receivers for over 300 assets to date in 2014 of which c. 220 are buy to let.  In total, AIB has c.1,300 assets under active rent receiver management of which c.1,050 are buy to let properties.  AIB cannot anticipate the...

Written Answers — Department of Finance: Bank Restructuring (17 Jul 2014)

Michael Noonan: In Autumn 2013, following a review of its operations by the UK Treasury, Royal Bank of Scotland reaffirmed its commitment to the Irish market.  As part of that process, Treasury officials engaged with officials from my Department. As part of its strategic review process, RBS announced plans in late 2013 to accelerate the deleveraging of assets contained in RBS Capital...

Written Answers — Department of Finance: NAMA Operations (17 Jul 2014)

Michael Noonan: I propose to take Questions Nos. 70 and 133 together. I am advised by NAMA that, to date, it has received 338 eligible applications for rent abatement through its debtors and receivers.  Of these 293 applications have been approved, 35 are currently being assessed and 10 have been refused.  The aggregate annual value of approved rent abatements approved to date is...

Written Answers — Department of Finance: IBRC Legal Cases (17 Jul 2014)

Michael Noonan: I am advised by the Special Liquidators that in July 2012, following a process conducted in accordance with best practice, IBRC put in place a revised formal legal panel of Irish law firms, with a central part of this process being a reduction in legal fees charged to IBRC. I am advised by the Special Liquidators that this legal panel is diverse in terms of the size and...

Written Answers — Department of Finance: Banking Sector Regulation (17 Jul 2014)

Michael Noonan: Details of the numbers of mortgages sold are considered commercially sensitive by the financial institutions involved. However, information from company announcements in the public domain, would suggest that between 5,000 and 10,000 mortgages in total have been sold to unregulated entities in recent years. The Deputy will be aware that the Government intends to bring forward...

Written Answers — Department of Finance: Pension Provisions (17 Jul 2014)

Michael Noonan: There are a number of reasons why, under existing policies, pre-retirement access to the main benefits from pension plans or schemes is not permitted, the principal one being that these arrangements (and the associated tax reliefs on contributions and pension fund growth that are available to encourage them) are designed to be long term savings vehicles based on the principle that the...

Written Answers — Department of Finance: Insurance Compensation Fund (17 Jul 2014)

Michael Noonan: I propose to take Questions Nos. 74 and 169 together. The Insurance Compensation Fund (ICF) levy being applied to home, motor and commercial insurance, and which came into effect from 1 January 2012,  operates under the Insurance Act 1964.  Its purpose is to protect policy holders in the event of their insurer becoming insolvent. The funds are collected by the Revenue...

Written Answers — Department of Finance: Tax Rebates (17 Jul 2014)

Michael Noonan: I am advised by the Revenue Commissioners that the tax rebate for the named individual has been approved and will issue shortly. The Revenue Commissioners wish to apologise for the delay in processing this rebate.