Results 21,481-21,500 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Banking Sector Regulation (12 Nov 2015)

Michael Noonan: The Deputy will be aware that I, in my role as Minister for Finance, have no direct function in the relationship between the banks and their customers. I have no statutory function in relation to the commercial  decisions made by individual institutions at any particular time and these are taken by the board and management of the relevant institution. Notwithstanding...

Written Answers — Department of Finance: Credit Unions Services (12 Nov 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 individual...

Written Answers — Department of Finance: Credit Unions Regulation (12 Nov 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 individual...

Written Answers — Department of Finance: State Banking Sector (12 Nov 2015)

Michael Noonan: I propose to take Questions Nos. 79 to 81, inclusive, together. The Ireland Strategic Investment Fund (ISIF), currently holds approximately 522 billion Ordinary Shares in AIB on behalf of the Irish state. This represents approximately 99.83% of the total Ordinary Shares in issue. The forthcoming capital reorganisation will see the conversion of €2.14 billion of 2009 Preference...

Written Answers — Department of Finance: NAMA Property Construction (12 Nov 2015)

Michael Noonan: In supporting viable residential development in response to market demand, NAMA does not hoard development land. It has been keen to facilitate other market participants in their attempt to get access to sites which could contribute to residential supply.  In this respect, NAMA, fully in accordance with its obligations under Section 10 of the NAMA Act to maximise the achievable financial...

Written Answers — Department of Finance: Tax Yield (12 Nov 2015)

Michael Noonan: I propose to take Questions Nos. 83 and 84 together. Given the importance of Corporation Tax receipts in November, any sectoral or other analysis on receipts for the year to date, risks being misleading or incomplete. I am informed by the Revenue Commissioners that the information currently available in respect of Corporation Tax payments from multinationals for the period January to October...

Written Answers — Department of Finance: Tax Yield (12 Nov 2015)

Michael Noonan: As I outlined in my previous reply to the Deputy on 10 November 2015, a negative amount of €3 million was profiled in respect of corporation tax receipts in October 2015.   The rationale for the minus €3 million was that repayments expected in October were anticipated to be slightly larger than forecast collection.  These repayments had been identified to the...

Written Answers — Department of Finance: NAMA Legal Fees (12 Nov 2015)

Michael Noonan: NAMA often defends litigation against third parties who are also/already in active litigation instigated by NAMA against that same third party. In these instances, claims and counterclaims are usually dealt with as joint proceedings by the Courts. For this reason, it is not possible to definitively break down the legal costs attributable to each of the claims and the counterclaims. However,...

Written Answers — Department of Finance: NAMA Court Cases (12 Nov 2015)

Michael Noonan: I am advised by NAMA that an estimate of the legal costs incurred by NAMA as a defendant in litigation is in the region of €2.8m. In the cases which have had successful outcomes for NAMA, arrangements relating to costs are usually made either as an order for costs awarded by the Courts, or alternatively, the parties reach an agreement on their respective costs as part of the...

Written Answers — Department of Finance: EU-IMF Programme of Support Value (12 Nov 2015)

Michael Noonan: My Department, in conjunction with the National Treasury Management Agency (NTMA), will always seek to avail of any opportunity for savings on the cost of our EU-IMF programme loans. As the Deputy is aware, we have already achieved significant savings in the cost of these loans. The reduction in the interest rates on the EU element of these loans, achieved in 2011, resulted in estimated...

Written Answers — Department of Finance: Banking Sector (12 Nov 2015)

Michael Noonan: I assume the Deputy is referring to the comments made by Governor Honohan at the Small Firms Association annual lunch on 6 November last in the context of SME lending. In relation to the question of banks being risk averse, I would draw the Deputy's attention to the recently published Department of Finance SME Credit Demand Survey April - September 2015 ). A total of 1,500 telephone...

Written Answers — Department of Finance: Insurance Industry Regulation (17 Nov 2015)

Michael Noonan: In my role as Minister for Finance, I have responsibility for policy and legislation governing financial services, including regulation. However, specific arrangements for payments under the Motor Insurers' Bureau of Ireland Agreements with the Minister for Transport, Tourism and Sport are not under my remit.  Similarly, while I have responsibility for the legislative...

Written Answers — Department of Finance: Disabled Drivers and Passengers Scheme (17 Nov 2015)

Michael Noonan: As the Deputy is aware, the Disabled Drivers and Disabled Passengers (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, a fuel grant, and an exemption from Motor Tax. To qualify for the Scheme, an applicant must have a permanent and severe...

Written Answers — Department of Finance: Tax Residency (17 Nov 2015)

Michael Noonan: I assume that the Deputy's Question relates to individuals who have a connection with this country but do not meet the tests of tax residence. An individual's residence status for Irish tax purposes is determined by the number of days he or she is present in the State during the year.  Section 819 of the Taxes Consolidation Act 1997 prescribes two alternative tests for determining an...

Written Answers — Department of Finance: Credit Unions Regulation (17 Nov 2015)

Michael Noonan: The Government recognises the distinct and important role that credit unions play in Irish society and the financial sector and is committed, with the Central Bank, to achieving our vision of financially strong, well governed credit unions providing services to current and future members. I have met with the three main credit union representative bodies and discussed with...

Written Answers — Department of Finance: Corporation Tax Regime (17 Nov 2015)

Michael Noonan: Corporate tax rates are a matter of national sovereignty and Ireland's 12.5% corporate tax rate is non-negotiable. Therefore, there are no negotiations with the European Union on Ireland's Corporation Tax rate.  I can inform the Deputy that the European Commission are planning to launch proposals in 2016 for a common corporate tax base.  This proposal...

Written Answers — Department of Finance: EU Budget Contribution (17 Nov 2015)

Michael Noonan: I propose to take Questions Nos. 199 and 220 to 222, inclusive, together. EU Budget payments and public sector receipt data are published annually by the Department of Finance in the Budget Statistics bulletin. The latest edition from October 2015 contains these data up to 2014. The public sector receipt measure captures funds under 'shared management' between national and EU...

Written Answers — Department of Finance: Central Bank of Ireland Staff (17 Nov 2015)

Michael Noonan: The Central Bank has informed me that the current vacancy rate within the Enforcement Division is 6.3%. However, staff posts within that Division are not allocated exclusively to one particular industry sector, such as insurance.  Accordingly, it would not be feasible to identify the number of vacancies that relate exclusively to the insurance sector.

Written Answers — Department of Finance: Central Bank of Ireland Staff (17 Nov 2015)

Michael Noonan: I am informed by the Central Bank that the Enforcement Division of the Central Bank currently has a staff complement of 57 full-time employees. The Enforcement Division is multi-disciplinary and uses a wide range of powers to investigate cases across the financial services sector. The allocation of staff within the Division to cases will depend on the requirements for each case. Staff...

Written Answers — Department of Finance: Banks Recapitalisation (17 Nov 2015)

Michael Noonan: As I outlined in my evidence to the Oireachtas Banking Inquiry the issue of burden-sharing with senior bondholders in IBRC was seriously considered in advance of my statement on banking matters on 31 March 2011. There was €3.7 billion of unsecured unguaranteed senior debt remaining in Anglo and INBS at that time and the Government strongly pushed for...