Results 23,121-23,140 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Motor Insurance (16 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, can 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 the pricing or...

Written Answers — Department of Finance: General Government Debt (16 Jun 2016)

Michael Noonan: General Government Debt (GGD) is a measure of the total gross consolidated debt of the State compiled by the Central Statistics Office (CSO) and is the measure used for comparative purposes across the European Union. The National Debt is the net debt incurred by the Exchequer after taking account of cash balances and other financial assets. Gross National Debt is the principal component of...

Written Answers — Department of Finance: Banking Sector Staff (16 Jun 2016)

Michael Noonan: Towards the end of last year the Central Bank initiated a review of tracker mortgage related issues across the industry. This review is ongoing and the Central Bank expects significant progress to be made by all lenders before the end of the year. AIB had initiated its own internal review a few months before the CBI announcement. This is a significant undertaking and AIB are treating this...

Written Answers — Department of Finance: Central Bank of Ireland Investigations (16 Jun 2016)

Michael Noonan: As the Deputy may be aware Permanent tsb Group (PTSB) established a Mortgage Redress Programme (MRP) in July 2015 to remediate and compensate 1,372 mortgage customers who exited early from a fixed or discounted rate period and, as a result, lost their future entitlement to a tracker. In September 2015, PTSB established a dedicated Mortgage Product Review Group (MPRG) to review its...

Written Answers — Department of Finance: Central Bank of Ireland Investigations (16 Jun 2016)

Michael Noonan: My Department does not have information on the number of staff that non-State owned banks employ directly or under contract who are solely or primarily working on resolving issues relating to the Central Bank investigation of its handling of tracker mortgages. However, the Central Bank has set out a Framework for conducting the Tracker Mortgage Examination and given its scale, I understand...

Written Answers — Department of Finance: Contingent Capital Notes (16 Jun 2016)

Michael Noonan: The only remaining Contingent Capital Note, or 'CoCo', was issued by the State to AIB in July 2011.  The AIB CoCo is scheduled to mature in July 2016 at which point the State will receive its final interest payment of €160 million, and a return of the full €1.6 billion of capital in cash. The State no longer owns Preference Shares in any of the Irish...

Written Answers — Department of Finance: Banking Operations (16 Jun 2016)

Michael Noonan: This is a regulatory matter for the Central Bank of Ireland and I am advised by the bank that it is prevented from discussing such matters. Its registers are available at registers.central.bank.ie. However, for information, the Central Bank has advised me that Ulster Bank Ireland Limited, a credit institution authorised in Ireland, has changed its name to Ulster Bank Ireland Designated...

Written Answers — Department of Finance: Mortgage Arrears Proposals (16 Jun 2016)

Michael Noonan: The Central Bank's Code of Conduct on Mortgage Arrears (CCMA) applies to all regulated mortgage lenders and credit servicing firms operating in the State when dealing with borrowers facing or in mortgage arrears on their primary residence, including any mortgage lending activities outsourced by these firms. The CCMA provides a strong consumer protection framework to ensure that borrowers...

Written Answers — Department of Finance: Central Bank of Ireland Investigations (16 Jun 2016)

Michael Noonan: I am advised that an investigation was conducted by the Central Bank of Ireland (CBI) under its Administrative Sanctions Procedure (pursuant to Part IIIC of the Central Bank Act 1942 (as amended). Following this investigation the Central Bank determined that it had reasonable grounds to suspect that Irish Nationwide Building Society (INBS) had committed certain prescribed contraventions and...

Written Answers — Department of Finance: Insurance Industry (16 Jun 2016)

Michael Noonan: In 2010, at the request of the Central Bank of Ireland, Joint Administrators were appointed by the High Court under the Insurance No. 2 Act 1983 to Quinn Insurance Limited (QIL) due to concerns of the solvency position of that firm.   The Court appointed officers from Grant Thornton as Joint Administrators to oversee the administration of the...

Written Answers — Department of Finance: Banking Sector Investigations (16 Jun 2016)

Michael Noonan: I have received the following comments on the deputy's question. AIB does not categorise loans to former directors separately. The bank does not differentiate between former directors and other customers in terms of customer treatment. While acknowledging that no two loans are the same, a consistent approach is applied to all customers, including former directors, in line with AIB's current...

Written Answers — Department of Finance: Stamp Duty (16 Jun 2016)

Michael Noonan: I propose to take Questions Nos. 100 and 101 together. The information requested by the Deputy in relation to the yield from Stamp Duty on residential and commercial property, together with the number of transactions, is as set out in the following tables. It is not possible to separately identify commercial property from within the broader non-residential category. Residential Property ...

Written Answers — Department of Finance: VAT Yield (16 Jun 2016)

Michael Noonan: I am informed by Revenue that it is not possible to furnish precise figures of the amount of VAT collected from the residential housing sector as the information provided to Revenue on VAT returns does not require the yield from specific transactions or activities to be identified. However, based on housing completion data published by the Department of the Environment, Heritage and Local...

Written Answers — Department of Finance: Tax Data (16 Jun 2016)

Michael Noonan: I am informed by Revenue that Life Assurance Exit Tax (LAET) applies to Assurance policies taken out from 1 January 2001 and is payable on the total or partial encashment of liable policies. It is also payable on each 8-year anniversary of the inception of the policy provided the policy has not been encashed in full. As a result of this an increasing proportion of policies fall within the...

Written Answers — Department of Finance: Film Industry Tax Reliefs (16 Jun 2016)

Michael Noonan: The Deputy will appreciate that film projects do not begin and end to coincide with calendar years, which means it is difficult to provide definitive figures for the number of jobs that the relief supported for any particular calendar year. Nevertheless, I am advised by the Revenue Commissioners that applications for relief were received in respect of 119 projects during the calendar years...

Written Answers — Department of Finance: Irish Strategic Investment Fund (16 Jun 2016)

Michael Noonan: The NTMA informs me that the Ireland Strategic Investment Fund (ISIF) did not participate in the financing of the Clerys department store transaction. In November 2015, some five months after the closure of Clerys department store, the ISIF announced that it and institutional clients of Quadrant, a US-based real estate investment manager, had committed up to €100 million to...

Written Answers — Department of Finance: Mortgage Interest Relief Eligibility (16 Jun 2016)

Michael Noonan: Section 244 of the Taxes Consolidation Act 1997 provides for tax relief in respect of interest paid on qualifying home loans taken out on or after 1 January 2004 and on or before 31 December 2012, with relief being available until 31 December 2017.  Any mortgage account which is currently in receipt of mortgage interest relief (MIR) will continue to be entitled to the relief up to...

Written Answers — Department of Finance: Motor Insurance (16 Jun 2016)

Michael Noonan: I am informed by the Central Bank of Ireland that the total amount reported by insurance companies to the Central Bank, as having been paid out on motor insurance claims for each of the years 2011 to 2014 are outlined in the following table. Information reported to the Central Bank is published annually in the Insurance Statistical Review and this is available in the Publications section of...

Written Answers — Department of Finance: Banking Sector (16 Jun 2016)

Michael Noonan: Anglo Irish Bank was nationalised on 15 January 2009 and on that date the Minister for Finance acquired all of the ordinary and preference share capital by virtue of the provisions of the Anglo Irish Bank Act 2009. Therefore, as of that date, the ownership of the shares in Anglo Irish Bank would have transferred to the Minister for Finance. If the Government had not nationalised Anglo Irish...

Written Answers — Department of Finance: Departmental Properties (16 Jun 2016)

Michael Noonan: In response to the Deputy's question, I am advised that the Department of Finance has no such lease arrangements in place. In relation to properties leased by bodies under the aegis of my Department, the relevant bodies have provided information on the numbers leased on upward-only rents, the number of lessors who were involved with the National Asset Management Agency or with the State...