Results 22,501-22,520 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Motor Insurance Regulation (6 Apr 2016)

Michael Noonan: As Minister for Finance, I am responsible for the development of the legal framework governing financial regulation.  I am aware of reports on the increasing cost of motor insurance. However, the ability of the Government to influence insurance pricing is limited as insurance companies are required under European law to price in accordance with risk and neither I, nor the Central Bank...

Written Answers — Department of Finance: Tax Code (6 Apr 2016)

Michael Noonan: The details supplied include a suggestion that a lower rate of capital gains tax (CGT) be charged "on the first two million", although it is not clear whether this refers to €2 million in gains or total consideration, or whether the amount is viewed as a lifetime limit or applying annually. I do not have any plans currently to introduce such a measure. The details of CGT, including...

Written Answers — Department of Finance: Mortgage Lending (6 Apr 2016)

Michael Noonan: The Central Bank have informed me that no rules exist relating to the purposes for which mortgage holders can seek to re-mortgage their principal private residence. However, the decision to grant or refuse credit is a commercial decision on the part of a regulated entity and the terms of the individual loan contract entered into by the borrower and lender may specify, as a contractual...

Written Answers — Department of Finance: Defined Benefit Pension Schemes (6 Apr 2016)

Michael Noonan: Approved retirement funds (ARFs) were introduced in Finance Act 1999 to provide control, flexibility and choice to holders of personal pensions and to proprietary director members of occupational pension schemes in relation to the drawing down of benefits from their pension arrangements. Prior to that Act, any person taking a pension from a Defined Contribution (DC) scheme or a Retirement...

Written Answers — Department of Finance: Disabled Drivers and Passengers Scheme (6 Apr 2016)

Michael Noonan: I am advised by Revenue that the car concerned does not qualify for relief from VAT and VRT and the person concerned was advised of this by Revenue on 30thMarch 2016.

Written Answers — Department of Finance: Mortgage Lending (6 Apr 2016)

Michael Noonan: It is not possible to answer this question comprehensively for all mortgages as, by their very nature, mortgages are complex and can extend over a number of different loans for one particular borrower. Firstly, any moves by lenders to remove tracker rate mortgages from borrowers can only be carried out in accordance with the underlying terms and conditions of the loans and the relevant...

Written Answers — Department of Finance: Ministerial Meetings (6 Apr 2016)

Michael Noonan: I have met with officials from the company concerned on a small number of occasions over the past 12 months. The issues discussed included the following: - The employment opportunities being created in Ireland; - The very high quality of candidates applying for jobs with the company; and - The company's future plans in Ireland. The matters referred to in the details supplied were...

Written Answers — Department of Finance: VAT Exemptions (6 Apr 2016)

Michael Noonan: I am advised by the Revenue Commissioners that the VAT rating of goods and services is subject to the requirements of EU VAT law, with which Irish VAT law must comply. EU VAT exemptions are set out in Articles 132 and 135 of the EU VAT Directive (2006/112/EC) and do not cater for the supply of motorcycling helmets.  Under the Directive, Ireland can also maintain the zero rating on...

Written Answers — Department of Finance: Mortgage Interest Rates (6 Apr 2016)

Michael Noonan: As the Deputy will be aware, I have taken steps to ensure that the banks provide options for mortgage holders to reduce their monthly repayments. Last May, I requested a report from the Central Bank on the topic which was subsequently published. I also met with the six main mortgage lenders in May and outlined my view that the standard variable rate being charged to Irish...

Written Answers — Department of Finance: Motor Insurance (6 Apr 2016)

Michael Noonan: I propose to take Questions Nos. 158 and 159 together. My Department has embarked on a review of policy in the insurance sector in consultation with the Central Bank of Ireland and other Departments and Agencies.  The objective of the Review is to recommend measures to improve the functioning of the insurance sector. The Review will include an examination of the factors...

Written Answers — Department of Finance: Mortgage Lending (6 Apr 2016)

Michael Noonan: As the Deputy will be aware, the Central Bank's macro prudential limits on mortgage lending came into effect on 9th February 2015. The policy sets restrictions on the loan-to-value (LTV) and Loan-to-Income (LTI) ratios on products that can be offered by mortgage providers. There are a number of exemptions allowed for within the CBI guidelines, for example mortgage switchers or forbearance...

Written Answers — Department of Finance: Tracker Mortgage Data (6 Apr 2016)

Michael Noonan: As the deputy may be aware, the Central Bank launched its review of tracker mortgages at the end of 2015. AIB has informed me that it is carrying out a comprehensive and robust tracker mortgage review. AIB Group has provided €105 million relating to the refund of interest and other compensation amounts. Furthermore, the Group has recognised an additional provision of...

Written Answers — Department of Finance: Tracker Mortgage Data (6 Apr 2016)

Michael Noonan: I understand that the question should have read 'receive' instead of 'revive' and I will answer the question accordingly. The Central Bank have informed me that with regard to the examination of tracker mortgage related issues (the Examination), it is important that each lender carries out a comprehensive and robust review of their mortgage books, which achieves a fair outcome for all...

Written Answers — Department of Finance: Credit Unions (6 Apr 2016)

Michael Noonan: I propose to take Questions Nos. 163, 180 and 181 together. The Department of the Environment, Community and Local Government is the Department primarily responsible for the formulation and implementation of policy and for the preparation of legislation in relation to housing.  I have been informed that Minister Alan Kelly and Minister of State Paudie Coffey at the...

Written Answers — Department of Finance: Credit Unions (6 Apr 2016)

Michael Noonan: In December 2015 I invited the Credit Union Advisory Committee (CUAC) to carry out a review of the Implementation of the Recommendations set out in the Report of the Commission on Credit Unions.  Work on the review has commenced. I have been informed that as part of the review the CUAC has had discussions with a number of credit union stakeholders to...

Written Answers — Department of Finance: Credit Union Regulation (6 Apr 2016)

Michael Noonan: The Deposit Guarantee Scheme (DGS) protects depositors in the event of a bank, building society or credit union, authorised by the Central Bank of Ireland being unable to repay deposits. The DGS protects depositors up to €100,000 per person per institution. While Article 13(1) of the DGS Directive states that Member States may provide for lower contributions for low-risk sectors...

Written Answers — Department of Finance: Financial Services Regulation (6 Apr 2016)

Michael Noonan: As the Deputy is aware, the Consumer Protection (Regulation of Credit Servicing Firms) Act, 2015 was enacted on 8 July 2015 and was introduced to augment the consumer protection framework to address those circumstances where loans were sold by the original lender to an unregulated firm. The 2015 Act introduced a regulatory regime for a new type of entity called a 'credit...

Written Answers — Department of Finance: Social and Affordable Housing Provision (6 Apr 2016)

Michael Noonan: As the Deputy is aware, in November 2014, the Department of Environment Community and Local Government (DECLG) launched their Social Housing Strategy 2020 as part of a multi-annual housing expenditure programme. The strategy provided for the establishment of a working group to examine the viability of off-balance sheet mechanisms for the delivery of new social housing. In this context, the...

Written Answers — Department of Finance: Social and Affordable Housing (6 Apr 2016)

Michael Noonan: As the Deputy will be aware, the challenges that we are facing in different sectors of the housing market, including social housing, are both multifaceted and inextricably bound up with one another. Within that context, policy initiatives in the area of housing must seek to address all of the various sectors of the market, including the private owner occupier market, the rental market and...

Written Answers — Department of Finance: Banking Sector (6 Apr 2016)

Michael Noonan: My Department have examined the concept of local public banking and its potential for Ireland. Officials examined how local public banking, with a focus on supporting SMEs, could complement existing Government policy and other initiatives already in place in a range of areas such as improving competition in the banking market, augmenting competition and innovation in the SME finance market...