Results 23,161-23,180 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Financial Transactions Tax (21 Jun 2016)

Michael Noonan: Ireland already has a tax on financial transactions, a Stamp Duty on transfers of shares in Irish incorporated companies, which currently stands at 1%. I am informed by the Revenue Commissioners that the yield from this charge in 2015 was €424.13 million. The Financial Institutions Levy I announced as part of Budget 2014 is a revenue raising measure which provides for a...

Written Answers — Department of Finance: Banking Sector (21 Jun 2016)

Michael Noonan: Our strategy envisages Permanent TSB ("PTSB") playing an important role in the future of Irish retail banking as a retail bank bringing competition to the marketplace which has consolidated significantly since 2008.  PTSB is an important bank in a highly concentrated Irish market lending approximately €460 million in 2015.  ...

Written Answers — Department of Finance: Legislative Reviews (21 Jun 2016)

Michael Noonan: My Department continues to keep financial legislation relating to consumer protection under review to ensure consumers are protected. Given that financial consumer protection law is contained within national and European legislation, its consolidation would be an extremely large and complex piece of work and is not something that is currently planned.  The Deputy should...

Written Answers — Department of Finance: Consumer Protection (21 Jun 2016)

Michael Noonan: As the Deputy will be aware, 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 for a new type of entity called a 'credit servicing firm'. Credit servicing firms are now...

Written Answers — Department of Finance: Financial Services Sector (21 Jun 2016)

Michael Noonan: The Deputy will be aware that the valuation of assets for accounting purposes must be in accordance with International Accounting Standards. IAS 39 provided that assets must be valued at a point in time and it did not allow for the provision of potential future losses which was highlighted by the financial crisis, as noted by the Banking Inquiry. I understand that IAS 39 is being...

Written Answers — Department of Finance: EU Regulations (21 Jun 2016)

Michael Noonan: I understand that this question relates to Regulation (EC) No 1606/2002 and the Directive is 2013/34/EU. I have been informed by the Department of Jobs, Enterprise and Innovation that Regulation (EC) No 1606/2002 of the European Parliament and of the Council of 19 July 2002 on the application of international accounting standards was amended, in Article 3 and Article 6, by...

Written Answers — Department of Finance: Credit Register Establishment (21 Jun 2016)

Michael Noonan: The Central Credit Register (CCR) is a national mandatory database of credit and related data established, maintained and operated by the Central Bank, in accordance with the provisions of the Credit Reporting Act 2013 ('the Act'). The Central Bank continues to make progress on the implementation of the CCR since the enactment of the legislation in December 2013.  In the last...

Written Answers — Department of Finance: Code of Conduct on Mortgage Arrears (21 Jun 2016)

Michael Noonan: The Code of Conduct on Mortgage Arrears (CCMA) was issued by the Central Bank pursuant to the provisions of Section 117 of the Central Bank Act 1989 and regulated entities are required to comply with the provisions of the Code as a matter of law. The CCMA is therefore issued under statute and, as stated by the Supreme Court, it forms part of the law. The Central Bank has the power...

Written Answers — Department of Finance: Central Bank of Ireland (21 Jun 2016)

Michael Noonan: The Report of the Joint Committee of Inquiry into the Banking Crisis (Banking Inquiry) recommended that: "A full review should take place of section 33AK of the Central Bank Act 1942, to ensure that only documents deemed 'secret' which are independently reviewed by a High Court judge are withheld from any future Oireachtas inquiry." Section 33AK of the Central Bank Act 1942, as amended, deals...

Written Answers — Department of Finance: Departmental Contracts (21 Jun 2016)

Michael Noonan: A tender was awarded to the firm in question in November 2014 to assist the Department in the drafting of a Central Bank Consolidation Bill. This is a very complex project that requires comprehensive examination of all of the collectively cited Central Bank Acts and that work is still ongoing. The tender award price is a fixed fee of €100,000 irrespective of the time...

Written Answers — Department of Finance: Promissory Notes (21 Jun 2016)

Michael Noonan: The Central Bank of Ireland is independent in the exercise of its functions and the management of it's investment holdings are a matter for the bank themselves, neither I nor the Department of Finance have any role in the matter. The Central Bank of Ireland ("CBI") indicated a minimum disposal schedule of €0.5 billion up to the end of 2014, €0.5 billion per annum 2015 2018,...

Written Answers — Department of Finance: Central Bank of Ireland Reports (21 Jun 2016)

Michael Noonan: The Central Bank of Ireland has informed me that its Insurance Statistics publication contains a summary of the Life Assurance and Non-Life Insurance annual returns as provided by insurers to the Central Bank.  In accordance with the European Communities (Life Assurance) Framework Regulations 1994 and the European Communities (Non-Life Insurance Accounts) Regulations 1995, the Life...

Written Answers — Department of Finance: IBRC Liquidation (21 Jun 2016)

Michael Noonan: I am informed that the legal report referenced in the question does not relate to the issues the Deputy raises in the question and so cannot be answered without further clarification.  My officials have sought but have not received such clarification from the Deputy in advance of this response.  I am happy to provide the Deputy with an appropriate response following...

Written Answers — Department of Finance: Tax Code (21 Jun 2016)

Michael Noonan: I am advised by the Revenue Commissioners that gifts and inheritances of agricultural property, including land, qualify for relief (known as 'agricultural relief') from the payment of Capital Acquisitions Tax (CAT) once certain conditions are satisfied. Section 89 of the Capital Acquisitions Tax Consolidation Act (CATCA) 2003 provides for 'agricultural relief'. The relief takes the form of...

Written Answers — Department of Finance: Motor Insurance (21 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...

Written Answers — Department of Finance: Tax Code (21 Jun 2016)

Michael Noonan: As with all tax areas capital acquisitions tax (CAT), including issues such rates of tax, tax-free thresholds, reliefs and exemptions, is kept under review. As part of Budget 2016 I raised the Group A tax-free threshold applying to gifts and inheritance from parents to their children from €225,000 to €280,000. This represented an increase of about 25%. I did this in...

Written Answers — Department of Finance: Tax Credits (21 Jun 2016)

Michael Noonan: I am advised by Revenue that based on the information provided to them by the person concerned, all appropriate credits have been granted to her. In the context of an examination by them of the tax records of the person concerned, I am advised by Revenue that a surcharge for late filing of the individual s tax return for 2014 was incorrectly levied.  An amended Notice of Assessment...

Written Answers — Department of Finance: Tax Code (21 Jun 2016)

Michael Noonan: Capital gains tax applies on the disposal of assets, including where assets are transferred by way of gift, at the rate of 33% on any chargeable gains arising beyond the annual exempt amount of €1,270. A transfer of assets can give rise to a gift tax charge in the form of capital acquisitions tax on the beneficiary of the transfer as well as a capital gains tax charge. However,...

Written Answers — Department of Finance: Financial Services Ombudsman Data (21 Jun 2016)

Michael Noonan: I am informed by the Financial Services Ombudsman that the number of complaints received by the him in relation to whole-of-life policies in the years requested were as follows (the figures below include both mis-selling and policy review complaints): Year Number 2011 152 2012 218 2013 193 2014 105 2015 64 Total 732 I am further informed by the Financial Services Ombudsman that...

Written Answers — Department of Finance: Property Tax Administration (21 Jun 2016)

Michael Noonan: I am advised by the Revenue Commissioners that in accordance with Section 13 of the Finance (Local Property Tax) Act 2012 (as amended), liability for Local Property Tax (LPT) arises where a person owns a residential property on a "liability date", which for 2014 and subsequent years is 1 November. A definite liability date is essential to ensure certainty as to the identity of person...