Results 21,041-21,060 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Mortgage Lending (29 Sep 2015)

Michael Noonan: The Central Bank of Ireland put in place new macro-prudential measures for residential mortgage lending effective from 9 February 2015.  These measures apply proportionate loan-to-value and loan-to-income limits to mortgage lending by regulated financial service providers in the Irish market.  The key objective of these regulations is to increase the resilience of the...

Written Answers — Department of Finance: Mortgage Interest Rates (29 Sep 2015)

Michael Noonan: As the Deputy will be aware, I have taken steps to ensure that banks provide real options for mortgage holders facing high repayments.   In May I met with senior management of the six main mortgage lenders and outlined my view that the interest rates being charged to Irish customers were too high. The banks agreed to review their...

Written Answers — Department of Finance: Income Inequality (29 Sep 2015)

Michael Noonan: As indicated by data and research from the Central Statistics Office (CSO) and the Economic and Social Research Institute (ESRI) respectively, income inequality in Ireland has remained broadly stable over the past decade. The Gini coefficient is a measure of income inequality where 0 represents a situation where all households have an equal income and 1 indicates that one household has all of...

Written Answers — Department of Finance: Post Office Network (29 Sep 2015)

Michael Noonan: An Post have been engaged with my Department regarding their proposal to provide a payment account. There are a number of stages in the approval process that the company must complete, including a statutory consultation with the Minister for Communication, Energy and Natural Resources.  Once the necessary procedures have been completed and following a...

Written Answers — Department of Finance: NAMA Operations (29 Sep 2015)

Michael Noonan: As I have previously outlined to the Deputy, in Dail Question No. 133 on 16th June 2015, in mid 2014 my officials produced a special report on NAMA's activities in compliance with Section 227 of the National Asset Management Agency Act 2009.  This report assessed the extent to which NAMA has made progress toward achieving its overall objectives and whether...

Written Answers — Department of Finance: Economic Data (29 Sep 2015)

Michael Noonan: In general, recent indicators have been very positive, indicating that the recovery is strengthening and becoming more broad based. The latest data show GDP increased by 6.7 per cent year-on-year in the second quarter of this year. This comes on the back of a similar increase of 7.2 per cent in the first quarter. As a result, GDP per capita is now above its pre-crisis peak. ...

Written Answers — Department of Finance: Construction Sector Strategy (29 Sep 2015)

Michael Noonan: This issue has been brought to my attention on a number of occasions and indeed I have met with representatives of the Construction Industry Federation recently. However the Deputy will be aware that it is not the practice of the Minister for Finance to discuss in advance any measures which may be under consideration as part of the Budget and Finance Bill process.

Written Answers — Department of Finance: Insurance Coverage (29 Sep 2015)

Michael Noonan: In my role as Minister for Finance I have responsibility for the development of the legal framework governing financial regulation.  Neither I, nor the Central Bank of Ireland as regulator, interfere in the provision or pricing of insurance products.  The provision of insurance cover and the price at which it is offered, including the granting of...

Written Answers — Department of Finance: Freedom of Information Requests (29 Sep 2015)

Michael Noonan: The Freedom of Information Act was enacted by the Oireachtas on 14thOctober 2014. This saw a number of new bodies, including the National Asset Management Agency, become subject to Freedom of Information legislation for the first time from 14thApril 2015. I am advised that since 14thApril 2015, the National Asset Management Agency has received a total of 79 requests. In a...

Written Answers — Department of Finance: Credit Unions Restructuring (29 Sep 2015)

Michael Noonan: As I have previously stated, credit unions have a key role to play in providing access to credit and other important services in local communities throughout the country. The Government recognises this and has put in place a number of measures to ensure that credit unions can continue to provide these vital services to their members and to ensure the stability of the sector into the...

Written Answers — Department of Finance: Tax Reliefs Availability (29 Sep 2015)

Michael Noonan: I am informed by the Revenue Commissioners that the following table gives a breakdown of the estimated cost to the Exchequer of nursing homes expenses and other health and medical expenses. These figures do not include relief on private health insurance. Year Nursing Homes €m Other Medical and Health Expenses €m All Health and Medical Expenses €m 2009 23.1 122.4 145.5...

Written Answers — Department of Finance: Disabled Drivers Grant Eligibility (29 Sep 2015)

Michael Noonan: The Drivers and Passengers with Disabilities (Tax Concessions) Scheme provides relief from VAT and VRT (up to a certain limit) on the purchase of an adapted car for transport of a person with specific severe and permanent physical disabilities, assistance with fuel costs, and an exemption from Motor Tax. As the Deputy is aware, to qualify for the Scheme an applicant must have a permanent...

Written Answers — Department of Finance: NAMA Operations (29 Sep 2015)

Michael Noonan: In answering this question my officials and the National Treasury Management Agency have raised concerns in applying an average return to an amount of State investment funds, to which it is assumed the Deputy is referring.The difficulty in determining an appropriate average return to apply to State investments is created by the endogenous nature of any State...

Written Answers — Department of Finance: Credit Unions Services (29 Sep 2015)

Michael Noonan: I propose to take Questions Nos. 232 and 245 together. The Credit Union and Co-operation with Overseas Regulators Act 2012 was signed into law by the President of Ireland on 19 December 2012. Following enactment, different parts of the 2012 Act have been commenced in tranches at different times. This approach was taken, as the Department is cognisant of the fact that credit...

Written Answers — Department of Finance: Student Grant Scheme Design (29 Sep 2015)

Michael Noonan: I can confirm that a Pre-Budget Submission from the Union of Students in Ireland has been received.   To date my Department has received in excess of 400 Pre-Budget Submissions from a wide range of groups and individuals. These are being examined by the relevant officials in the context of Budget and Finance Bill preparation. However the Deputy will be aware that it is not the...

Written Answers — Department of Finance: Social Insurance Rates (29 Sep 2015)

Michael Noonan: The Deputy may be aware that my Department recently undertook a public consultation on the role the tax system can play in encouraging entrepreneurship. This consultation forms part of a broader review aimed at assessing the effectiveness of the tax system in terms of starting up and expanding a new business, reviewing the effectiveness of current tax expenditures aimed at...

Written Answers — Department of Finance: EU Budget Contribution (29 Sep 2015)

Michael Noonan: Research conducted by inter alia the ESRI has highlighted the relatively recent phenomenon whereby a number of large multinational corporations have re-located their corporate headquarters to Ireland. Typically, this does not involve the shift of substantive activity to Ireland or liability for tax. However, it does mean that corporate income on worldwide activity is recorded as a credit (an...

Written Answers — Department of Finance: Credit Unions Services (29 Sep 2015)

Michael Noonan: Section 44 of the Credit Union Act, 1997 provides that a credit union may establish a special fund to be used by the credit union for social, cultural or charitable purposes by a resolution passed by a majority of its members present and voting at a general meeting. I have been informed by the Central Bank that where individual credit unions intend to establish such a fund, the Central...

Written Answers — Department of Finance: Universal Social Charge Yield (29 Sep 2015)

Michael Noonan: I propose to take Questions Nos. 237, 238, 281, 282 and 299 together. Regarding the question on the abolition of the Universal Social Charge (USC), I am informed by the Revenue Commissioners that the estimated first and full year costs of abolishing the USC for all income earners earning less than €70,000 per year are €1.86 billion and €2.52 billion respectively. ...

Written Answers — Department of Finance: Tax Exemptions (29 Sep 2015)

Michael Noonan: I am advised by the Revenue Commissioners that a wide range of statistical information is now available on the Commissioners' statistics webpage at .  In relation to the Deputy's question, information on the annual cost of research and development tax allowances can be found at . The latest available figures are 2013 and the costs from 2010 are set out as follows: Year R&D...