Results 23,301-23,320 of 27,019 for speaker:Michael Noonan

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

Michael Noonan: I have attended a number of meetings in Germany to date in 2016. I recently met with my German counterpart, Minister Wolfgang Schäuble on the 9th June to discuss general economic matters and financial services issues of mutual interest to both Ireland and Germany. I also met with Jörg Asmussen, former member of the Executive Board of the European...

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

Michael Noonan: Differing reasons have been put forward by various interested parties to explain Ireland's current increasing insurance costs.  Motor insurance appears to be particularly affected with the cost of premiums increasing significantly in the past 12 months. Reasons often presented include the increased level of insurance claims and the increasing value of compensation awards. ...

Written Answers — Department of Finance: Disabled Drivers and Passengers Scheme (23 Jun 2016)

Michael Noonan: I am informed by the Medical Board of Appeal that as of June 2016, there are 168 appeals active at the Board with an additional 15 appeals to be heard at a regional sitting of the Board in Cork in September.  Since January 2016 to date, the Board has heard 220 appeals.  However, 2016 has seen an average monthly increase of 20% in the number of appeals lodged on previous years. ...

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

Michael Noonan: As Minister for Finance, I am responsible for the development of the legal framework governing financial regulation. Insurance companies are required under European law to price in accordance with risk and neither I, nor the Central Bank of Ireland, can direct insurance companies on the pricing or the provision of insurance products.  The EU framework for insurance expressly...

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

Michael Noonan: As Minister for Finance, I am concerned that there should be a stable insurance sector and that the risk to policyholders and to the wider financial system are limited.  An adequately-reserved, cost-competitive insurance sector is a vital component of economic activity and financial stability. The current high cost of insurance is a concern for the Government.  While...

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

Michael Noonan: The rates of corporation tax in Ireland are 12.5% for active trading income and 25% for other income.  This is long standing settled policy and the cornerstone of our tax system.  I do not have any plans to amend Ireland's corportation tax rates or introduce specific higher rates. I understand that a number of the funds referred to would...

Written Answers — Department of Finance: Disabled Drivers Grant Eligibility (23 Jun 2016)

Michael Noonan: The Disabled Drivers and Disabled Passengers (Tax Concessions) Scheme provides relief from VAT and VRT (up to a certain limit) on the purchase of an adapted car for transport of a person with specific severe and permanent physical disabilities, payment of a fuel grant, and an exemption from Motor Tax. To qualify for the Scheme an applicant must be in possession of a Primary Medical...

Written Answers — Department of Finance: VAT Rate Reductions (23 Jun 2016)

Michael Noonan: The 9% reduced VAT rate for tourism related services was introduced in July 2011 as part of the Government Jobs Initiative. The measure was designed to boost tourism and create additional jobs in that sector. The Programme for a Partnership Government published in May, includes a commitment to retain the hugely successful 9% VAT rate on tourism related services, providing that prices remain...

Written Answers — Department of Finance: Revenue Commissioners Staff (23 Jun 2016)

Michael Noonan: The deployment of Revenue staff is a matter for the Revenue Commissioners.  Revenue reviews its business and staff resource requirements in all locations on an on-going basis as part of its workforce planning.  This is an iterative process that looks to identify and address critical posts that may require to be filled in the future. As I previously advised the Deputy in my reply to...

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

Michael Noonan: I propose to take Questions Nos. 94, 96 and 97 together. The Deputy will be aware that regulated lenders are required under the Code of Conduct on Mortgage Arrears (CCMA) to have in place a Mortgage Arrears Resolution Process as a framework for handling cases in mortgage arrears or at risk of falling into arrears.  Under MARP, a lender must examine each case on its individual merits...

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

Michael Noonan: The Government attaches great importance to addressing the issue of mortgage arrears. The recently published Central Bank Residential mortgage arrears and repossessions statistical bulletin to the end of the first quarter of 2016 reports that BTL mortgage accounts in arrears for more than 90 days decreased by 3.5 per cent during the quarter and BTL accounts in arrears for more...

Written Answers — Department of Finance: Budget Targets (23 Jun 2016)

Michael Noonan: The Summer Economic Statement (SES) was published earlier this week and is currently being debated in the Oireachtas. The fiscal forecast contained in the SES has been updated for a number of budgetary developments.  Since publication of the 2016 Stability Programme Update, the allocation for voted expenditure has increased by €540 million. This allows for an...

Written Answers — Department of Finance: Inflation Rate (23 Jun 2016)

Michael Noonan: My Department continues monitoring a wide range of indicators to assess inflationary pressures in the Irish economy. Overall, inflation rates continue to be low. The most recent data published by the Central Statistics Office (CSO) on June 9thshows that inflation has been relatively muted over the past year. The the annual rate of inflation, as measured by their harmonized index of...

Written Answers — Department of Finance: Economic Data (23 Jun 2016)

Michael Noonan: Recent indicators have generally been very positive, indicating the economic recovery is continuing in a sustainable manner. In the Stability Programme Update, published at the end of April, my Department forecast that the economy would grow by 4.9 per cent in 2016 and by 3.9 per cent in 2017. Furthermore, over the remainder of the forecast horizon out to 2021, growth rates are forecast to...

Written Answers — Department of Finance: Housing Issues (23 Jun 2016)

Michael Noonan: A number of measures have already been implemented to help address the underlying supply constraints in the housing market, either directly by my Department or by the agencies under the auspices of my Department. One such measure was the €500 million Activate Capital joint venture between ISIF and KKR to make funding available to the house building sector. Another key measure was...

Written Answers — Department of Finance: House Prices (23 Jun 2016)

Michael Noonan: The Central Bank, which has an independent mandate to preserve and protect financial stability, introduced mortgage lending regulations to increase the resilience of the banking and household sectors to the property market and to reduce the risk of bank credit and house price spirals from developing in the future. The current Central Bank residential mortgage lending regulations has regard...

Written Answers — Department of Finance: Loan Books Purchasers (23 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 entity. 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: Economic Competitiveness (23 Jun 2016)

Michael Noonan: Substantial progress has been made in improving Ireland's competitiveness in recent years. The latest figures from Eurostat, the statistics arm of the European Commission, estimated that nominal unit labour costs (a widely used measure of competitiveness internationally) in Ireland declined by 4.2 per cent annually in 2015. This is the largest decline across all EU Member States for which...

Written Answers — Department of Finance: UK Referendum on EU Membership (23 Jun 2016)

Michael Noonan: The Government's position on developments in relation to British membership of the EU has been clearly articulated, in particular by the Taoiseach and the Minister of Foreign Affairs and Trade: we very much want the UK to remain an integral member of the Union. This is important for both our economy and the ongoing development of the excellent bilateral relations Ireland and the UK now...