Results 21,161-21,180 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Banking Sector (6 Oct 2015)

Michael Noonan: As the deputy may be aware, the three Irish banks in which the state is a shareholder do not seek to hold on to property assets for any substantial period of time. In cases where a bank becomes the mortgagee in possession of a residential asset the banks seek to bring the residential asset to the market as quickly as possible. With regard to AIB, the bank has informed me that as of the end...

Written Answers — Department of Finance: Financial Services Sector (6 Oct 2015)

Michael Noonan: The Central Bank has informed me that, in line with their risk-based approach to supervision, their engagement with lenders has been intrusive in relation to lenders' treatment of tracker mortgage borrowers. The Central Bank has identified and pursued a number of lender-specific issues in relation to transparency for consumers, who opted to switch from their tracker rates or who had the...

Written Answers — Department of Finance: International Agreements (6 Oct 2015)

Michael Noonan: I propose to take Questions Nos. 272 and 273 together. 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. The objective in adopting sanctions is to bring about a change in policy and/or behaviour by the target of the restrictive measures.  The EU and...

Written Answers — Department of Finance: Insurance Industry (6 Oct 2015)

Michael Noonan: Every year, in order to cover the costs of financial regulation, the Central Bank prescribes levies to be paid by entities subject to such regulation. In August of this year, the Central Bank of Ireland met with industry representative bodies, including the Professional Insurance Brokers Association (PIBA), to advise them of proposed levies, rates and bands for 2015.  This is...

Written Answers — Department of Finance: Insurance Industry (6 Oct 2015)

Michael Noonan: Every year, in order to cover the costs of financial regulation, the Central Bank prescribes levies to be paid by entities subject to such regulation. The Central Bank had briefed industry representatives, including those from the intermediary sector, that it was proposing increases of up to 40% in the levies payable by firms in the intermediary sector. The Central Bank's...

Written Answers — Department of Finance: Liquor Licence Data (6 Oct 2015)

Michael Noonan: I propose to take Questions Nos. 276 to 278, inclusive, together. I am advised by the Revenue Commissioners as regards 2014 in respect of the relevant turnover bands for public house licences, the duty payable in respect of each band, the number of licences issued in each turnover band and the amount of duty paid in each of the turnover bands is as set out in the following table. Turnover...

Written Answers — Department of Finance: Banking Sector (6 Oct 2015)

Michael Noonan: The Strategic Banking Corporation of Ireland (SBCI) launched its first product programme on the 19th February 2015 and lending commenced on the 9th March 2015 through two On-Lending Partners, Bank of Ireland and Allied Irish Bank Plc. An initial sum of €400m has been allocated between Bank of Ireland and AIB for lending to SMEs. The SBCI provides the same low cost pricing of funds to...

Written Answers — Department of Finance: Tax Code (6 Oct 2015)

Michael Noonan: The Foreign Earnings Deduction, as provided for in section 823A of the Taxes Consolidation Act 1997, applies to income from an office or employment, part of the duties of which are performed in a relevant state, as defined in that section. It is not a requirement that an employer be a company in order for the relief to apply. However, sole traders or self employed contractors may not avail...

Written Answers — Department of Finance: Tax Code (6 Oct 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, but not exclusively, for the student sector. It is available in all...

Written Answers — Department of Finance: Tax Code (6 Oct 2015)

Michael Noonan: I am advised by the Revenue Commissioners that a change in VAT rates must be in compliance with the EU VAT Directive (Council Directive 2006/112/EC).  That Directive generally provides that supplies of goods and services be chargeable to VAT at the standard rate but that lower rates are permitted in very limited circumstances. Article 98 of the Directive provides that reduced rates may...

Written Answers — Department of Finance: Tax Code (6 Oct 2015)

Michael Noonan: I propose to take Questions Nos. 284 and 285 together. With regard to the estimated cost of decreasing the Universal Social Charge from 3.5% to 3% for earners between €12,012.01 and €17, 576, I am advised by the Revenue Commissioners that a Pre-Budget 2016 Ready Reckoner is available on the Revenue Statistics webpage at.  This Reckoner shows a wide range of information...

Corporate Tax Policy: Motion (Resumed) [Private Members] (7 Oct 2015)

Michael Noonan: I thank all Deputies who contributed to the debate on this important subject. We heard a wide range of perspectives and I believe this diversity of views enriches the debate. I cannot address all the points made by Deputies in the time available but I am keen to respond to some specific points made. Deputy McGrath discussed Ireland's corporation tax take as a percentage of GDP and as a...

Written Answers — Department of Finance: Credit Unions Regulation (7 Oct 2015)

Michael Noonan: Further to Parliamentary Question No. 236 of 29 September 2015, I have been informed by the Central Bank that 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 such social, cultural or charitable purposed (including community development) where it is approved by a resolution passed by a majority of its members...

Written Answers — Department of Finance: Credit Unions Regulation (7 Oct 2015)

Michael Noonan: Dormant Accounts legislation is a matter for the Department of the Environment Community and Local Government (DECLG). Further to Parliamentary Question No. 236 of 29 September 2015, the Dormant Accounts Act, 2001 (as amended) provides for accounts in credit institutions to be transferred to the Dormant Accounts Fund when an account has been dormant for 15 years. Credit unions...

Written Answers — Department of Finance: Budget Submissions (7 Oct 2015)

Michael Noonan: I can confirm that I have received pre-Budget submissions seeking an examination of the excise bands which apply to cider with a view to removing the band that applies for alcohol content between 6% and 8.5%.  All excises are considered in the context of the annual Budget and Finance Bill process, however, it is not the practice of the Minister for Finance...

Written Answers — Department of Finance: Revenue Commissioners Reports (7 Oct 2015)

Michael Noonan: I am advised that the Revenue Commissioners have proactively reviewed both the content and dissemination methods for their publication of statistical information in the recent years. They have moved to provide their most relevant and sought after information in new and more accessible formats for statistics across all of the taxes and duties. Whereas previously information was provided by...

Written Answers — Department of Finance: Code of Conduct on Mortgage Arrears (7 Oct 2015)

Michael Noonan: I propose to take Questions Nos. 65 to 67, inclusive, together. The Code of Conduct on Mortgage Arrears (CCMA) is a statutory code issued under Section 117 of the Central Bank Act, 1989. The CCMA applies to all regulated mortgage lenders operating in the State when dealing with borrowers facing or in mortgage arrears on their primary residence, including any mortgage lending...

Written Answers — Department of Finance: Credit Unions Regulation (7 Oct 2015)

Michael Noonan: My role as Minister for Finance is to ensure that the legal framework for credit unions is appropriate for the effective operation and supervision of credit unions. The Registrar of Credit Unions at the Central Bank is the independent regulator for credit unions.  Within her independent regulatory discretion, the Registrar acts to support the prudential soundness of...

Written Answers — Department of Finance: Tax Reliefs Data (7 Oct 2015)

Michael Noonan: I am advised by the Revenue Commissioners that farmers may avail of a number of tax reliefs. The table below shows the main reliefs used by farmers, and their cost to the Exchequer, for which data are available to Revenue. Tax Relief Numbers Availing Tax Cost €m Income Tax General Stock Relief 8,950 5.2 Income Tax Stock Relief for Young Trained Farmers 310 1.1 Income Tax Stock...

Written Answers — Department of Finance: Departmental Staff Redeployment (7 Oct 2015)

Michael Noonan: I am aware of five staff who have applied through the Human Resources Unit of my Department to be transferred to Department's outside the Dublin region including my Department's Office in Tullamore. I wish to inform the Deputy there are a few ways for staff to apply for a transfer to other Departments and Offices including applying directly to the...