Results 22,201-22,220 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Home Repossession (13 Jan 2016)

Michael Noonan: I appreciate the difficult position many people find themselves in with respect to their personal indebtedness situation.  While it would not be appropriate for me to intervene directly in individual cases, there are a number of supports available that should be of assistance.  I would strongly advise the person referred to by you to immediately seek financial and legal advice on...

Written Answers — Department of Finance: Universal Social Charge Yield (13 Jan 2016)

Michael Noonan: I propose to take Questions Nos. 233 and 234 together. The table below sets out the broad projected revenues that will be generated by the Universal Social Charge for each of the next five years on a no policy change basis. These approximate figures are on an Exchequer receipts basis. It should be noted for 2017 Exchequer receipts are reduced due to the carryover effect of Budget 2016 changes...

Written Answers — Department of Finance: Mortgage Data (13 Jan 2016)

Michael Noonan: The Deputy will be aware that the Central Bank of Ireland (Central Bank) publishes the Residential Mortgage Arrears and Repossession Statistics series on a quarterly basis which provides a comprehensive overview of the entire Irish mortgage market including information on arrears broken down by duration; legal proceedings and repossessions; restructure arrangements broken down by type;...

Written Answers — Department of Finance: Motor Insurance Regulation (13 Jan 2016)

Michael Noonan: As Minister for Finance, I am responsible for the development of the legal framework governing financial regulation.  The Central Bank of Ireland, as regulator, is responsible for prudential supervision of insurance companies. I am aware of continued reports on the increasing cost of motor insurance.  However, the ability of the Government to influence insurance costs is...

Written Answers — Department of Finance: Disabled Drivers and Passengers Scheme (13 Jan 2016)

Michael Noonan: I am informed by the Revenue Commissioners that the Disabled Drivers and Disabled Passengers (Tax Concessions) Regulations, 1994 (S.I. 353 of 1994), which provide for certain reliefs from VRT and VAT at the time of registration, do not prevent use of a qualifying vehicle as a taxi, provided that all other conditions of the Scheme are complied with.

Written Answers — Department of Finance: Living Wage (13 Jan 2016)

Michael Noonan: In response to the Deputy's query, it is important that Ireland's statutory National Minimum Wage and the Living Wage concept are not merged together. The Living Wage is a voluntary societal initiative centred on the social, business and economic case to ensure that, wherever it can be afforded, employers will pay a rate of pay that provides an income that is sufficient to meet an...

Written Answers — Department of Finance: Property Tax Deferrals (13 Jan 2016)

Michael Noonan: I am advised by Revenue that Part 12 of the Finance (Local Property Tax) Act 2012 (as amended) provides for Deferral, and Partial Deferral (50%) schemes that can apply to liable property owners under certain conditions including, 'Income Level', 'Hardship', 'Personal Insolvency' and 'Personal Representative of a Deceased Person'. Additionally, Revenue also recently announced that it is...

Written Answers — Department of Finance: Exchequer Payments (13 Jan 2016)

Michael Noonan: I understand, following clarification with Deputy Timmins, that the Deputy is seeking an estimate of the cost to the Exchequer of providing a basic additional income of €3,600 to those who currently earn under €30,000. On this basis, I am advised by the Revenue Commissioners that there are an estimated 1,232,000 income earners whose gross income is €30,000 or...

Written Answers — Department of Finance: Insurance Industry (13 Jan 2016)

Michael Noonan: The liquidation of an insurance company is a legally complex process.  Setanta is a Maltese incorporated company and, therefore, the Setanta liquidation is being carried out under Maltese law.  Progress in the liquidation of Setanta Insurance has been awaiting the outcome of legal proceedings in the case of the Law Society of Ireland versus the Motor Insurers' Bureau of Ireland...

Written Answers — Department of Finance: Mortgage Interest Relief Application (13 Jan 2016)

Michael Noonan: Firstly, I would like to confirm to the Deputy that the lending institutions in Ireland - including those in which the State has a shareholding - are independent commercial entities. I, as Minister for Finance, have no statutory role in relation to regulated financial institutions passing on the European Central Bank interest rate change or in relation to the mortgage interest rates...

Ceisteanna - Questions - Priority Questions: Motor Insurance Regulation (14 Jan 2016)

Michael Noonan: I thank Deputy McGrath for his personal good wishes and for raising this very important issue this morning. As Minister for Finance, I am concerned that there should be a stable insurance sector and that risks to policy holders and to the wider financial system are limited.  I am aware of reports of the increasing cost of motor insurance.  However, the ability of the...

Ceisteanna - Questions - Priority Questions: Motor Insurance Regulation (14 Jan 2016)

Michael Noonan: As I said, the Department is conducting a review at present and will consult with various interest groups, both public and private. Certainly there are issues that need to be addressed but under European law insurance companies must cover risk and must price in accordance with risk. If the risk is high, obviously premiums go up. Neither the Central Bank nor the Department of Finance can...

Ceisteanna - Questions - Priority Questions: Motor Insurance Regulation (14 Jan 2016)

Michael Noonan: The scope of the review is to examine the insurance industry with particular emphasis on why premiums are rising, particularly in recent months, in what many people consider to be an unjustified manner. Premiums are certainly rising very rapidly. There will be a particular focus on motor insurance. Insurance in Ireland has been fraught for some time. The Central Bank has explained that...

Ceisteanna - Questions - Priority Questions: Universal Social Charge Abolition (14 Jan 2016)

Michael Noonan: Gabhaim buíochas leis an Teachta as an dea ghuí maidir le mo shláinte. This is a very interesting question because, one way or another, all parties are either maintaining the status quoin respect of USC or advocating change. In that context, it is important to put the debate on a firm statistical footing at least, whatever the opinions might be subsequently. In reply to...

Ceisteanna - Questions - Priority Questions: Universal Social Charge Abolition (14 Jan 2016)

Michael Noonan: Yes.

Ceisteanna - Questions - Priority Questions: Universal Social Charge Abolition (14 Jan 2016)

Michael Noonan: Yes, but the Deputy's arguments are based on the assumption that it is the Government's intention, if re-elected, to abolish USC completely for all levels of income. That is not the position. As I have done previously, and particularly in the last two budgets, we capped the benefits at €70,000. We will have a clawback so that these very high benefits will not accrue to high earners....

Ceisteanna - Questions - Priority Questions: Universal Social Charge Abolition (14 Jan 2016)

Michael Noonan: First of all, there is no row-back. What I have said this morning in reply to the Deputy's question is absolutely consistent with what I have done in the past in terms of USC - capping it at €70,000 and ensuring that high earners do not have extravagant benefits. They are proportionate benefits to people with an income of €70,000, and something similar will be proposed when we...

Ceisteanna - Questions - Priority Questions: Universal Social Charge Abolition (14 Jan 2016)

Michael Noonan: Yes. As the Deputy will recall, we have built into the capital programme a review after two years. There will be resources if we balance the budget because, rather than a three-way split of tax reductions, expenditure increases and deficit reduction, the latter goes off the table. I will be strongly advocating that at least a large proportion of that money be used for both social and...

Ceisteanna - Questions - Priority Questions: Home Repossession (14 Jan 2016)

Michael Noonan: I would like to thank Deputy Healy for raising this question. As he is aware, I have no direct function in the relationship between the customer and PTSB, or AIB and its subsidiary EBS. Notwithstanding the fact that the State is a shareholder in these institutions, I must ensure that these banks are run on a commercial and independent basis to ensure the value of the banks as an asset to...

Ceisteanna - Questions - Priority Questions: Home Repossession (14 Jan 2016)

Michael Noonan: Deputy Healy raised the very important issue of homelessness and the Minister for the Environment, Community and Local Government, Deputy Alan Kelly, brought forward proposals last year that have blunted the edge of this particular social crisis. Certainly, over the Christmas period there was less sense of a crisis with homelessness than there had been earlier in the year. The measures...