Results 22,281-22,300 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Economic Data (14 Jan 2016)

Michael Noonan: I propose to take Questions Nos. 106 and 108 together. In general, recent economic  indicators have been positive, indicating that the recovery is strengthening in a more sustainable manner. The latest data show that GDP increased by 7.0 per cent year-on-year in the third quarter of 2015. This comes on the back of an increase of 6.8 per cent in the second quarter...

Written Answers — Department of Finance: EU-IMF Programme of Support (14 Jan 2016)

Michael Noonan: There have been a number of improvements to the terms of our EU-IMF Programme loans since they were initially agreed in late 2010. These changes have included reductions of the interest rates and, in the case of the EU facilities, extensions of maturities. While not part of the EU-IMF Programme we have also negotiated the replacement of the Promissory Notes issued to the Irish Bank Resolution...

Written Answers — Department of Finance: Tax and Social Welfare Codes (14 Jan 2016)

Michael Noonan: In order to maintain the public finances on a sustainable footing, around €30 billion of consolidation measures, of which €11 billion were revenue measures, were implemented over a seven year period. The policies successfully implemented by this Government have seen the restoration of a strongly growing economy and this has been reflected in both our improved...

Written Answers — Department of Finance: Infrastructure and Capital Investment Programme (14 Jan 2016)

Michael Noonan: Unless provided for by specific legislation, all revenues including the proceeds of Government borrowing are paid into the Exchequer's Central Fund.  Revenues are not linked to specific projects but rather are used to fund Government expenditure generally, including capital and infrastructural expenditure. The National Treasury Management Agency (NTMA) has advised that...

Written Answers — Department of Finance: Credit Availability (14 Jan 2016)

Michael Noonan: As the Deputy is aware, the Government recognises that small businesses play a central role in the sustainable recovery of the Irish economy. To facilitate this, Government policy since 2011 has been focused on ensuring that all viable SMEs have access to an appropriate supply of credit from a diverse range of bank and non-bank sources. Officials from my Department regularly meet...

Written Answers — Department of Finance: Bank Charges (14 Jan 2016)

Michael Noonan: All credit institutions in Ireland are independent commercial entities and I have no statutory role in relation to the charges applied by credit institutions. Section 149 of the Consumer Credit Act 1995 requires that credit institutions, prescribed credit institutions and bureaux de change must make a submission to the Central Bank if they wish to introduce any new...

Written Answers — Department of Finance: Mortgage Interest Rates (14 Jan 2016)

Michael Noonan: Firstly, I assume that the Deputy is referring to mortgage interest rates which I will discuss below. However, for all loans I would encourage prospective borrowers to shop around for the best deal available. In this regard the Competition and Consumer Protection (CCPC) website, has very useful information for borrowers. With regard to mortgage interest rates, I would like to confirm to the...

Written Answers — Department of Finance: National Treasury Management Agency Remuneration (14 Jan 2016)

Michael Noonan: The table below shows the number of NTMA staff (excluding those assigned to NAMA) by relevant band.  The table shows the number of staff falling within the bands on the basis of their base salary and/or their total remuneration. The figures are inclusive of staff who left the NTMA during 2015. NTMA excluding NAMA Relevant Band Salary Remuneration 1 €100,001 -...

Written Answers — Department of Finance: NAMA Staff Remuneration (14 Jan 2016)

Michael Noonan: All staff in the National Asset Management Agency are employed by the NTMA, and assigned to NAMA under Section 42 of the NAMA Act 2009. The number of staff assigned to NAMA at the end of 2014 and 2015 are set out in the table below. Year Headcount as at year end 2014 369 2015 341 The table below shows the number of NAMA Officers by relevant band. The numbers include NAMA Officers who...

Written Answers — Department of Finance: NAMA Staff Data (14 Jan 2016)

Michael Noonan: I am advised that 50 members of staff assigned to NAMA were approved for voluntary redundancy in late 2015. No payments have yet been made but the redundancy and retention payments due to the departing staff aggregate to gross before tax of €2.1m, of which €1.3m comprises redundancy payments and €0.8m comprises retention payments. I do not propose to provide a...

Written Answers — Department of Finance: Insurance Costs (19 Jan 2016)

Michael Noonan: As Minister for Finance, I am responsible for the development of the legal framework governing financial regulation. Neither I, nor the Central Bank of Ireland, may interfere in the provision or pricing of insurance products. The EU framework for insurance expressly prohibits Member States from adopting rules which require insurance companies to obtain prior approval of...

Written Answers — Department of Finance: Vehicle Registration (19 Jan 2016)

Michael Noonan: Section 62 of the Finance Act 2014 provided for an extension of the reliefs from Vehicle Registration Tax (VRT) available for electric vehicles, hybrid electric vehicles and plug-in hybrid electric vehicles till 31 December 2016. The cost of the VRT rebate for electric vehicles in 2015 was €2 million.  As the cost of extending the rebate until 2017 and 2020 will rely on a...

Written Answers — Department of Finance: Flood Risk Insurance Cover (19 Jan 2016)

Michael Noonan: I am aware of the difficulties that the absence of flood insurance cover can cause to householders and businesses. However, the provision of insurance cover and the price at which it is offered is a commercial matter for insurance companies and is based on an assessment of the risks they are willing to accept and adequate provisioning to meet those...

Written Answers — Department of Finance: Disability Allowance Applications (19 Jan 2016)

Michael Noonan: The Deputy will be aware that NAMA does not own residential property and therefore it not itself in a position to sell such property. Rather NAMA has acquired loans and its role is that of a lender with claims over security for its loans, like a bank, rather than a property owner or lessor.  The sale of properties securing NAMA's loans is managed directly by the property...

Written Answers — Department of Finance: Financial Services Regulation (19 Jan 2016)

Michael Noonan: I am informed by the Central Bank of Ireland ('the Central Bank') that non-bank financial institutions are not a regulatory category. However, Retail Credit Firms are authorised to provide credit, in the form of cash loans, directly to individuals (these firms are not licensed to accept deposits).  Some firms authorised in this category are mortgage lenders.  A register of all...

Written Answers — Department of Finance: Mortgage Arrears Proposals (19 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 inter alia restructure arrangements broken down by type; and the performance of...

Written Answers — Department of Finance: Illegal Tobacco and Fuel Trades (19 Jan 2016)

Michael Noonan: The Revenue Commissioners advise me that it is inherently difficult to estimate the extent of any illegal activity with confidence and that it is not possible, therefore, to put a figure on the cost to the Exchequer of fuel fraud. The extent of the illicit trade in cigarettes is estimated, however, through annual surveys of smokers that are carried out for Revenue and the National Tobacco...

Written Answers — Department of Finance: Ireland Strategic Investment Fund Investments (19 Jan 2016)

Michael Noonan: The Ireland Strategic Investment Fund (ISIF), managed by the National Treasury Management Agency (NTMA), has advised that it has committed €2.2 billion to investments in Ireland as at 31 December 2015. The Fund, which was established to invest on a commercial basis to support economic activity and employment in Ireland, committed €759 million to Irish projects in 2015 which are...

Written Answers — Department of Finance: Tax Reliefs Application (19 Jan 2016)

Michael Noonan: Since 16 October 2013, tax relief for medical insurance premiums has been restricted to the first €1,000 per adult and the first €500 per child insured. Any portion of premium paid in excess of these ceilings no longer qualifies for tax relief.  Prior to this, income tax relief for medical insurance premiums was provided at source, at the standard rate of income tax, on the...

Written Answers — Department of Finance: Mortgage Lending (19 Jan 2016)

Michael Noonan: The Central Bank of Ireland, in line with its mandate to safeguard financial stability, has put in place macro-prudential measures for new residential mortgage lending.  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...