Results 22,981-23,000 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Tax Code (1 Jun 2016)

Michael Noonan: I am informed by the Revenue Commissioners that Betting Duty of 1% is levied on both traditional and online (remote) betting, with the latter being in place since 1st August 2015. As there is not yet a full year's data available for online betting, the value of a full year has been estimated and the expected yield is shown in the table below. - Traditional Bet Remote Bet Total - €m...

Written Answers — Department of Finance: Tax Code (1 Jun 2016)

Michael Noonan: The Programme for a Partnership Government states that increased public spending and reductions in personal taxes will be funded through, among other things, a new tax on sugar sweetened drinks. Details of the design of such a tax is a budgetary matter. In this regard, I would draw the Deputy's attention to the General Excise Duties Tax Strategy Group papers of 2014...

Written Answers — Department of Finance: Tax Credits (1 Jun 2016)

Michael Noonan: I am advised by Revenue that the following table sets out the estimated full year costs to the Exchequer from increasing the earned income tax credit of €550 as set out in Budget 2016 to the various levels as suggested by the Deputy, with the increase in the credit to taper out at income levels between €80,000 and €100,000. These costs also include the estimated...

Written Answers — Department of Finance: Insurance Industry (1 Jun 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 of insurance products. The EU framework for insurance expressly prohibits Member States from adopting rules which require insurance companies to obtain prior approval of the pricing, or terms...

Written Answers — Department of Finance: Insurance Industry (1 Jun 2016)

Michael Noonan: As Minister for Finance, I am responsible for the development of the legal framework governing financial regulation. 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 of Ireland, have the power to direct insurance companies on the pricing or the...

Written Answers — Department of Finance: NAMA Portfolio (1 Jun 2016)

Michael Noonan: The Deputy will be aware that NAMA does not own residential 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. Information on the value and performance of NAMA loans is included in NAMA's Section 55 quarterly accounts, which are published on the NAMA website, www.nama.ie....

Written Answers — Department of Finance: Mortgage Book Sales (1 Jun 2016)

Michael Noonan: I have no plans to purchase distressed loans from Ulster Bank or any other commercial bank. The Deputy will be aware that the Consumer Protection (Regulation of Credit Servicing Firms) Act, 2015 was enacted on 8 July 2015. It was introduced to fill the consumer protection gap where loans were sold by the original lender to an unregulated firm. The 2015 Act introduced a regulatory regime...

Written Answers — Department of Finance: Insurance Costs (2 Jun 2016)

Michael Noonan: As Minister for Finance, I am responsible for the development of the legal framework governing financial regulation.  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 of Ireland, have the power to direct insurance companies on the pricing or...

Written Answers — Department of Finance: Mortgage Lending (2 Jun 2016)

Michael Noonan: Both I and my Department maintain close and on-going contacts with the Governor and the staff of the Central Bank regarding all matters of mutual interest.   In relation to the up-coming review of the macro prudential measurers for residential mortgage lending, the Central Bank has informed me that this will take place later this year with publication expected in November....

Written Answers — Department of Finance: Insurance Costs (2 Jun 2016)

Michael Noonan: As Minister for Finance, I am concerned that there should be a stable insurance sector and that risks to policyholders and to the wider financial system are limited.  I am aware that the increasing cost of motor insurance has become an issue for a large number of households and businesses.  However, the ability of the Government to influence...

Written Answers — Department of Finance: Disabled Drivers and Passengers Scheme (2 Jun 2016)

Michael Noonan: As the Deputy is aware, a Primary Medical Certificate is required to claim the tax reliefs provided under the Disabled Drivers and Disabled Passengers (Tax Concessions) Scheme.  The Senior Medical Officer for the relevant local Health Service Executive administrative area makes a professional clinical determination as to whether an individual applicant satisfies the medical criteria to...

Written Answers — Department of Finance: Tax Exemptions (2 Jun 2016)

Michael Noonan: I understand that the Deputy's question refers to the income tax exemption available under section 664 of the Taxes Consolidation Act 1997 (TCA) in respect of certain income derived by lessors from the leasing of farm land. The relief is available, subject to a maximum limit, where farm land is leased to a qualifying lessee for a period of 5 years or more. Farm land is defined for the...

Written Answers — Department of Finance: Insurance Coverage (2 Jun 2016)

Michael Noonan: As Minister for Finance, I am responsible for the development of the legal framework governing financial regulation.   Insurance companies are not prohibited from extending insurance cover in cases where motorists have an Australian or International Driver's Licence.  However, the provision of insurance cover and the price at which it is...

Written Answers — Department of Finance: Mortgage Data (2 Jun 2016)

Michael Noonan: I propose to take Questions Nos. 138 and 140 together. The Central Bank has confirmed to me that it does not have a remit in regard to access to records.  Access rights under the Data Protection legislation are a matter for my colleague, the Tánaiste and Minister for Justice and Equality. As I have previously said, the sale of a loan from one entity to another does...

Written Answers — Department of Finance: Loan Books Purchasers (2 Jun 2016)

Michael Noonan: The sale of a loan from one entity to another does not change the terms of the contract or the borrower's rights and obligations under the original contract. The amount outstanding on the loan is not changed Generally speaking, the price paid for a portfolio to which a loan belongs is a matter of considerable commercial sensitivity and is not revealed in a manner which would allow...

Written Answers — Department of Finance: Mortgage Data (2 Jun 2016)

Michael Noonan: I am not aware of any protections that a residential mortgage holder has where their loan is owned by a regulated entity which would not be available where the loan is owned by a non-regulated entity. The Consumer Protection (Regulation of Credit Servicing Firms) Act, 2015 was introduced to fill the consumer protection gap where loans were sold by the original lender to an unregulated...

Written Answers — Department of Finance: Mortgage Data (2 Jun 2016)

Michael Noonan: I have been informed by the Central Bank of Ireland that, for confidentiality reasons, it is not in a position to provide this information by institution. The Deputy will be aware from my reply to his question 13438 earlier this week that the total number of mortgage accounts owned by non-banks for Principal Dwelling House and Buy to Let combined was 47,402 at end-2015.

Written Answers — Department of Finance: Property Ownership (2 Jun 2016)

Michael Noonan: The Central Bank publishes Residential Mortgage Arrears and Repossessions Statistics on a quarterly basis, however, neither the Bank nor my Department collate data on all vacant properties categorised by the requested cohorts. The Deputy will be aware that NAMA does not own residential property. Rather NAMA has acquired loans and its role is that of a lender with claims over...

Written Answers — Department of Finance: Mortgage Resolution Processes (2 Jun 2016)

Michael Noonan: The Code of Conduct on Conduct on Mortgage Arrears (which includes the Mortgage Arrears Resolution Process) and the Consumer Protection Code are issued under Section 117 of the Central Bank 1989. The Central Bank has the power to administer sanctions for a contravention of these Codes, under Part IIIC of the Central Bank Act 1942. This applies to all regulated entities operating...

Written Answers — Department of Finance: Local Authority Expenditure (2 Jun 2016)

Michael Noonan: Fiscal space is estimated using the Expenditure Benchmark.  The starting point for the Expenditure Benchmark calculations is General Government expenditure as per European System of Accounts 2010 (ESA 2010), which is the aggregate consolidated expenditure of the Central Government sub-sector and the Local Government sub-sector.  So Local Authorities expenditure is treated in...