Results 23,261-23,280 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Excessive Deficit Procedure Administration (23 Jun 2016)

Michael Noonan: When reporting the Excessive Deficit Returns for 2015 in April, the CSO highlighted that Eurostat had made a determination during the clarification process that the conversion of the AIB preference shares to ordinary shares was to be treated as a capital transfer (expenditure) rather than a reinvestment of capital.  This increased the general government expenditure for 2015 on a one-off...

Written Answers — Department of Finance: Mortgage Resolution Processes (23 Jun 2016)

Michael Noonan: The Government attaches great importance to addressing the issue of mortgage arrears and wants to keep families in their homes and avoid repossessions insofar as possible.  In this context, it is important to note that there are a number of protections already in place to protect borrowers in arrears.  In particular, the Code of Conduct on Mortgage Arrears...

Written Answers — Department of Finance: Life Insurance Policies (23 Jun 2016)

Michael Noonan: I have established a task force in my Department to undertake a Review of Policy in the Insurance Sector.  This Review is primarily intended to address issues in the non-life insurance sector in Ireland and so I would not anticipate that issues to do with the whole-of-life policies would be included. The Central Bank of Ireland has informed me that it...

Written Answers — Department of Finance: Ireland Strategic Investment Fund Investments (23 Jun 2016)

Michael Noonan: The Deputy may be referring to ISIF's investment in Activate Capital. Activate is not aimed at social and affordable housing but at residential housing shortages in the main urban centres.  Activate's base lending rate is approximately 10% and, as would be expected there is participation in any equity upside if projects succeed.  This means that ISIF and by extension...

Written Answers — Department of Finance: Film Industry Tax Reliefs (23 Jun 2016)

Michael Noonan: Following an economic impact assessment of the Film Relief, published in December 2012, and in line with the Programme for Government commitment to 'reduce, cap or eliminate income tax reliefs that benefit high income individuals', I made a number of changes to the film tax relief scheme with effect from January 2015. Primarily, these changes amended the scheme so that instead of providing...

Written Answers — Department of Finance: Motor Insurance Regulation (23 Jun 2016)

Michael Noonan: I have established a task force in my Department to undertake a Review of Policy in the Insurance Sector. The first phase of the work of the task force is a Review of the Framework for Motor Insurance Compensation.  This is being carried out jointly with the Department of Transport, Tourism and Sport.  This review also deals with broader issues around the...

Written Answers — Department of Finance: Credit Union Restructuring (23 Jun 2016)

Michael Noonan: Section 57 of the Credit Union and Co-Operation with Overseas Regulators Act 2012 (2012 Act) provides for the establishment of the Credit Union Fund as a source of funding for restructuring and to meet the expenses of the Credit Union Restructuring Board (ReBo) in carrying out its functions under the 2012 Act. In December 2012, I contributed €250m to the Credit Union Fund for the...

Written Answers — Department of Finance: Statute of Limitations (23 Jun 2016)

Michael Noonan: The Financial Services Ombudsman's Bureau was established under the Central Bank and Financial Services Authority of Ireland Act 2004. The legislation provides for an independent, impartial investigation and resolution of disputes between consumers and financial service providers. This legislation also provides the Financial Services Ombudsman with various powers in order to...

Written Answers — Department of Finance: Mortgage Interest Rates (23 Jun 2016)

Michael Noonan: The issue of variable rates in Ireland is a matter which I have been concerned about for some time. Last year I requested a report on the issue from the Central Bank. The Report entitled 'Influences on Standard Variable Mortgage Pricing in Ireland' was subsequently published on the Department's website and is available here: www.finance.gov.ie/sites/default/files/Influences%20on%20SVR...

Written Answers — Department of Finance: Home Repossessions (23 Jun 2016)

Michael Noonan: The Oireachtas Committee on Housing is to be commended for its work and the comprehensive review it has produced, which I and my officials will carefully study. The Government attaches great importance to addressing the issue of mortgage arrears and wants to keep families in their homes and avoid repossessions insofar as possible.  In this context, it is important...

Written Answers — Department of Finance: Home Repossessions (23 Jun 2016)

Michael Noonan: The Relationship Framework documents for AIB, Bank of Ireland and Permanent TSB were specified and published in March 2012, while Permanent TSB's was also amended on 23 April 2015. The framework documents, which generally formed part of the recapitalisation agreements, define the relationship between the Minister and the relevant institution. These documents are...

Written Answers — Department of Finance: Corporation Tax (23 Jun 2016)

Michael Noonan: It is important to recognise that companies in Ireland pay an effective corporate tax rate that is very close to the 12.5% headline rate.  In 2014 my Department published a comprehensive Technical Paper on Effective rates of Corporation Tax in Ireland.  The Paper concludes that, using the most appropriate calculation methods, the effective corporate tax rate paid in...

Written Answers — Department of Finance: State Aid Investigations (23 Jun 2016)

Michael Noonan: In June 2014, the Competition Directorate of the European Commission announced its intention to open formal State Aid investigations into tax rulings provided to a number of companies in various Member States of the European Union. Since October 2015, investigations in three other Member States have concluded.  In each of these cases the Commission found that the Member States granted...

Written Answers — Department of Finance: EU Budgets (23 Jun 2016)

Michael Noonan: I am aware of Mr. Dijsselbloem's views on the matter.  However, this topic was not in the agenda of the last Eurogroup meeting. I believe all Member States should be treated equally concerning the application of EU budget laws, regardless of whether they are small or large countries. However, I also understand that some degree of flexibility should be allowed in certain circumstances,...

Written Answers — Department of Finance: NAMA Assets Sale (23 Jun 2016)

Michael Noonan: NAMA's purpose and objectives are set out in the NAMA Act as established by the Oireachtas.  NAMA's primary objective is, as per Section 10 of the NAMA Act, to obtain the best achievable financial return for the State and to deal expeditiously with its assets in acheiving this objective.  The strategy which NAMA adopts in pursuing its objectives is a matter...

Written Answers — Department of Finance: Carbon Tax Implementation (23 Jun 2016)

Michael Noonan: I am aware of concerns that fuel traders in the border counties have expressed about the impact the carbon tax is having, and that the price differential with Northern Ireland for solid fuel could give rise to trade distortions.  The introduction of Carbon Tax was about sending a price signal that there is a cost associated with the consumption of fossil fuels to the...

Written Answers — Department of Finance: Tax Code (23 Jun 2016)

Michael Noonan: Capital Acquisitions Tax (CAT) is the overall title for both Gift and Inheritance Tax. The tax is charged on the amount gifted to, or inherited by, the beneficiary of the gift or inheritance. For the purposes of CAT, the relationship between the person who provides the gift or inheritance (i.e. the disponer) and the person who receives the gift or inheritance (i.e. the beneficiary),...

Written Answers — Department of Finance: NAMA Accounts (23 Jun 2016)

Michael Noonan: NAMA's continued progress is evident in the recently published 2015 Annual Report and Accounts. These results highlight the continued achievements of NAMA and the positive impact NAMA is having on Ireland's sustained recovery in carrying out its mandate. NAMA has reached its the year-end 2016 target, to redeem 80% of debt, 9 months ahead of schedule, in March of...

Written Answers — Department of Finance: Public Interest Directors (23 Jun 2016)

Michael Noonan: In the Programme for a Partnership Government ('PPG') the Government has committed to, "Cease to appoint new Public Interest Directors to the banks, and reform the procedures for the appointment of bank directors by the State, with a view to increasing transparency in the process". As the Deputy will be aware the rights for the State to appoint public...

Written Answers — Department of Finance: Public Private Partnerships (23 Jun 2016)

Michael Noonan: To the extent that Exchequer expenditure is not matched by Exchequer revenue, the difference, known as the Exchequer Borrowing Requirement or EBR, is funded through borrowing undertaken by the National Treasury Management Agency (NTMA). It is worth making the point that singling out the gross EBR implications of a single transaction or group of transactions would represent, at best, a very...