Results 20,921-20,940 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Financial Services Ombudsman Staff (22 Sep 2015)

Michael Noonan: At the outset, I must point out that the Financial Services Ombudsman is independent in the performance of his statutory functions. The Financial Services Ombudsman has informed me that the information requested by the Deputy is as follows: Year No. of Staff employed by the Financial Services Ombudsman @ year end Vacancies 2005 22 12 2006 25 9 2007 28 6 2008 29 5 2009 27 7 2010 32 2...

Written Answers — Department of Finance: Tax Reliefs Eligibility (22 Sep 2015)

Michael Noonan: I propose to take Questions Nos. 345 and 372 together. I propose to deal with these questions together as they relate to the same issue. I am advised by the Revenue Commissioners that a claim for capital gains tax relief may arise under section 538 of the Taxes Consolidation Act 1997 in respect of losses incurred by the owners of milk quotas as a result of the abolition of those quotas...

Written Answers — Department of Finance: International Agreements (22 Sep 2015)

Michael Noonan: The Central Bank has advised me on this issue and provided the following information. The EU implements Restrictive Measures autonomously at an EU level or as a result of resolutions of the Security Council of the United Nations through the publication of EU Regulations. EU Regulations are binding on all Member States once published in the EU Official Journal. Financial Institutions in...

Written Answers — Department of Finance: International Agreements (22 Sep 2015)

Michael Noonan: The EU implements Restrictive Measures autonomously at an EU level or as a result of resolutions of the Security Council of the United Nations through the publication of EU Regulations. EU Regulations are binding on all Member States once published in the EU Official Journal. In implementing EU or UN sanctions in Ireland, we await an EU Regulation and then create corresponding domestic...

Written Answers — Department of Finance: Insurance Coverage (22 Sep 2015)

Michael Noonan: I am very much aware of the difficulties that the absence of flood insurance cover can cause to householders and businesses. However, I do not 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 commercial matter for insurance companies, which is...

Written Answers — Department of Finance: Tax Exemptions (22 Sep 2015)

Michael Noonan: As the Deputy is aware, my officials are currently carrying out a review of the artists' exemption. The results of that review will be taken into consideration as part of the forthcoming Budget. The Deputy will also be aware that it is a longstanding practice of the Minister for Finance not to comment in advance of the Budget on any tax matters that might be the subject of Budget...

Written Answers — Department of Finance: VAT Exemptions (22 Sep 2015)

Michael Noonan: As you are aware, Ireland applies the zero rate of VAT to children's clothing and shoes under defined circumstances. The VAT rating of goods and services is subject to the requirements of EU VAT law with which Irish VAT law must comply. In this regard, the rate of VAT that applies to a particular good or service is determined by the nature of the good or service, and not by the status of the...

Written Answers — Department of Finance: Central Bank of Ireland (22 Sep 2015)

Michael Noonan: I propose to take Questions Nos. 351, 354, 359, 381 and 392 together. Under Sections 32D and 32E of the Central Bank Act 1942, the Central Bank is required to seek my approval for the Regulations prescribing levies and fees to be paid by entities subject to regulation by the Central Bank. I am aware that the Central Bank consulted industry on their proposed 2015 levies which I understand...

Written Answers — Department of Finance: Central Bank of Ireland (22 Sep 2015)

Michael Noonan: I propose to take Questions Nos. 352 and 364 together. The Central Bank pension scheme (The Central Bank & Financial Services Authority of Ireland Superannuation 2008) mirrors public service pensions both in terms of contribution and benefits. The public service covers the cost of pensions from current funds whereas the Central Bank funds pensions through a dedicated pension fund....

Written Answers — Department of Finance: Financial Services Regulation (22 Sep 2015)

Michael Noonan: As Minister for Finance, I was actively involved in the negotiation and agreement of the Capital Requirements Division IV (CRD IV), which set limits on persons holding multiple directorships of financial institutions. Article 91(3) CRD IV establishes limits to the number and nature of directorships for members of the management bodies of financial institutions that are considered...

Written Answers — Department of Finance: Tax Code (22 Sep 2015)

Michael Noonan: Section 216A of the Taxes Consolidation Act 1997 provides for the rent-a-room scheme. This scheme was introduced in Finance Act 2001 as an incentive to encourage individuals to let rooms in their principal private residence in order to bring about an increase in the availability of rental accommodation, particularly for the student sector. The provision of guest accommodation has never...

Written Answers — Department of Finance: Departmental Legal Costs (22 Sep 2015)

Michael Noonan: In 2014, the Department of Finance jointly with the Department of Transport, Tourism and Sport, sought and received legal advice from the Attorney General on the question of the Motor Insurers' Bureau of Ireland's liability under the MIBI Agreement 2009 for claims made by policyholders of Setanta Insurance in circumstances where the company is in liquidation. As Legal...

Written Answers — Department of Finance: Tax Code (22 Sep 2015)

Michael Noonan: I assume that the Deputy is referring to the carryover effect of measures previously introduced or due to expire in 2016 and I can assure him that the estimated cost of this carryover was taken fully into account in the calculation of the estimated fiscal space for 2016 of €1.2 billion to €1.5 billion. The reference to the fiscal space in the Spring Economic Statement...

Written Answers — Department of Finance: Economic Data (22 Sep 2015)

Michael Noonan: The figures in relation to general government deficit, Gross Domestic Product (GDP), and Gross National Product (GNP) as requested by the Deputy are outlined in the following table: - 2007 2008 2009 2010 2011 2012 2013 2014 General government balance (€m) 536 -13,104 -23,440 -53,677 -21,803 -14,065 -10,320 -7,484 General government balance (%GDP) 0.3 -7.0 -13.8 -32.3 -12.5 -8.0...

Written Answers — Department of Finance: Banks Recapitalisation (22 Sep 2015)

Michael Noonan: As requested by the Deputy, the sources of funds used to capitalise the banks are as follows: Exchequer  - - €bn - Promissory Notes 30.9 - Other 13.5 Total Exchequer  44.4 NPRF 19.7 Total 64.1

Written Answers — Department of Finance: Bank Guarantee Scheme Administration (22 Sep 2015)

Michael Noonan: As requested by the Deputy, the tables below provide details of proceeds received from the sale of bank assets to date and the current valuation of our remaining bank assets: 1. Sale of bank assets Date Bank Transaction Proceeds including accrued interest/dividend April 2010 Bank of Ireland Cancellation of preference share warrants €0.49bn December 2010 AIB ...

Written Answers — Department of Finance: Tax Exemptions (22 Sep 2015)

Michael Noonan: To avail of a charitable tax exemption, a body or trust must be established for charitable purposes only and must apply all of its income to those purposes. Section 208(2)(b) of the Taxes Consolidation Act 1997 provides for an exemption from income tax to be granted in respect of the profits of a trade carried on by any charity, if the profits are applied solely to the purposes of the charity...

Written Answers — Department of Finance: Economic Data (22 Sep 2015)

Michael Noonan: The Deputy should note the standard for international debt comparisons is as a percentage of GDP and it is used in replies to PQs unless an alternative comparator is specified in the question. It should also be noted that the Gross National Product (GNP) measure is no longer published by Eurostat. It is an outdated concept which continues to be retained nationally by the CSO because of...

Written Answers — Department of Finance: National Debt (22 Sep 2015)

Michael Noonan: The NTMA advise that the annual cash cost of servicing the National Debt for each of the years 2008 to 2014 is as set out in Table 1 as follows. For those years, National Debt service expenditure comprised interest, a Sinking Fund payment as well debt management fees and expenses of the National Treasury Management Agency (NTMA). The Deputy should note that this information is available...

Written Answers — Department of Finance: National Debt (22 Sep 2015)

Michael Noonan: The table below sets out that Gross National Debt stood at €201.25 billion at end-August 2015, the largest components being Government bonds and loans under the EU/IMF Programme. Together, these categories of debt accounted for €173.55 billion or 86% of Gross National Debt. A further €16.62 billion or 8% of the Gross National Debt was in the form of State Savings...