Results 23,361-23,380 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Property Tax Exemptions (30 Jun 2016)

Michael Noonan: The Finance (Local Property Tax) Act 2012 does not provide for any exemption from LPT in the circumstances outlined by the Deputy. However, Part 12 of the LPT Act provides for deferral and partial deferral (50%) options that can apply to liable property owners under certain conditions including, income level, hardship, personal insolvency arrangements and where a personal representative...

Written Answers — Department of Finance: Tax Rebates (30 Jun 2016)

Michael Noonan: I am advised by Revenue that the tax repayment was delayed because the person concerned had not provided details of a bank account to which the repayment could be made. Those details have now been provided and the repayment will be made directly to the nominated bank account very shortly.

Written Answers — Department of Finance: Insurance Industry (30 Jun 2016)

Michael Noonan: As Minister for Finance, I am concerned that there should be a stable insurance sector and that the risks 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: Budget Targets (30 Jun 2016)

Michael Noonan: The impact of the UK (United Kingdom) exit from the European Union (EU) is currently difficult to ascertain given the volatility of the current fiscal and political sphere. Until Article 50 Lisbon Treaty is invoked by the UK and negotiations on the terms of their interaction with the EU, and with Ireland, begin it remains to be seen precisely what the impact on the UK economy will be in the...

Written Answers — Department of Finance: Tax Clearance Certificates (30 Jun 2016)

Michael Noonan: I am advised by Revenue that as a number of tax returns are outstanding from the person concerned, a tax clearance certificate will not be issued.  The person concerned should contact his local Revenue District with a view to regularising matters following which an application for tax clearance can be considered.

Written Answers — Department of Finance: Budget Measures (30 Jun 2016)

Michael Noonan: As recognised by the Taoiseach on 27 June, the UK has not for now left the EU. The UK remains a full member until such time as it formally leaves, following the invoking of Article 50 and subsequent negotiations. These negotiations may not begin for some time. In the meantime, it is important that people are aware that until the UK leaves the EU, it remains a full member with its existing...

Written Answers — Department of Finance: Economic Statements (30 Jun 2016)

Michael Noonan: The Summer Economic Statement (SES), published last week, included a macroeconomic assessment of the impact of a UK decision to leave the European Union. This decision will have an adverse impact on the growth outlook. In this context, the more traditional exporting sectors are particularly exposed, especially to bilateral euro sterling exchange rate developments.  My Department's...

Written Answers — Department of Finance: Economic Statements (30 Jun 2016)

Michael Noonan: The figures in Table 3 on page 16 of the SES illustrated the impact of the use of the fiscal space estimated for the period 20172021 on the revised SPU fiscal position. The revised SPU fiscal position and indicative fiscal space is detailed in Annex 1 of the SES. This fiscal space includes the full impact of Irish Water operating and capital expenditure estimates as based on the Irish Water...

Written Answers — Department of Finance: Stock Exchange (30 Jun 2016)

Michael Noonan: Over the four trading days from Friday morning the 24th June to close of business on Wednesday 29th June, the share price of Bank of Ireland fell by 30% and Permanent TSB over 26% as the market reflected the impact of the UK Referendum result on the UK, Irish and European economies. Over the same period, leading UK banks have fallen by a...

Written Answers — Department of Finance: Eurozone Issues (30 Jun 2016)

Michael Noonan: The result of the Referendum means that the people of the UK have declared their wish to leave the EU.  It is important to be clear: the UK has not for now left the EU.  Until the Article 50 negotiations are concluded the UK remains a full Member, with all of its existing rights and obligations. The result marks the beginning of a new phase of negotiated withdrawal one that is...

Written Answers — Department of Finance: Banking Operations (30 Jun 2016)

Michael Noonan: I have received the following response from AIB in response to the Deputy's question:   "Ahead of the United Kingdom s referendum on whether to remain in or leave the European Union AIB engaged in a comprehensive programme of customer engagement on the risks of Brexit and the potential impact of Brexit on the economy and financial markets. This programme was designed to ensure that...

Written Answers — Department of Finance: Banking Sector (30 Jun 2016)

Michael Noonan: I can confirm for the Deputy that I have received the following response from Bank of Ireland: "Bank of Ireland UK is an important part of the Group s business. Bank of Ireland's UK plc business model is resilient. The Bank is licenced and regulated in the UK by the Bank of England through the FCA and the PRA, and is strongly capitalised and well-funded in Sterling. Further information is...

Written Answers — Department of Finance: Banking Sector (30 Jun 2016)

Michael Noonan: Permanent TSB (" PTSB") has informed me that it no longer transacts new business in the UK and has been  deleveraging its non-core UK based mortgage business.  It has made significant progress in this regard, having sold GBP £2.5bn of UK Mortgages in 2015 in conjunction with its UK mortgage servicing platform, Capital Home Loans Limited ("CHL").  PTSB owns a...

Written Answers — Department of Finance: Strategic Banking Corporation of Ireland (30 Jun 2016)

Michael Noonan: The Strategic Banking Corporation of Ireland (SBCI) began lending in March 2015. Its goal is to increase the availability of funding to SMEs, at a lower cost and on more flexible terms, than has been available in recent times on the Irish Market. The SBCI channels its funds through lending partners known as on-lenders. The SBCI currently has three bank and three non-bank on-lending...

Written Answers — Department of Finance: Tax Collection Forecasts (30 Jun 2016)

Michael Noonan: As set out in the macroeconomic assessment of a UK decision to leave the European Union in the Summer Economic Statement 2016, there will be an adverse impact on the growth outlook.  However, with regard to the tax revenue forecasts for 2018 and 2019, as the Deputy will appreciate, at this point, it is far too early to speculate on the potential impacts.  My...

Written Answers — Department of Finance: IFSC Clearing House Group (30 Jun 2016)

Michael Noonan: The Government's IFS 2020 strategy is a framework in which both public and private stakeholders will work to ensure the further growth and development of the international financial services (IFS) sector in Ireland. The IFS sector now employs about 38,000 people across over 400 companies with a 10,000 of those employed outside Dublin. The strategy seeks to ensure that we protect the...

Written Answers — Department of Finance: Pensions Data (30 Jun 2016)

Michael Noonan: I propose to take Questions Nos. 88 and 89 together. Approved Retirement Funds (ARFs) are investment vehicles into which the proceeds of the pension savings of the self-employed, business owners and any individual with Defined Contribution pension arrangements may be invested at retirement, subject to conditions. Beneficial ownership of the assets in an ARF vests in the individual owner...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Estimates for Public Services 2016
Vote 7 - Office of the Minister of Finance (Revised)
Vote 8 - Office of the Comptroller and Auditor General (Revised)
Vote 9 - Office of the Revenue Commissioners (Revised)
Vote 10 - Office of the Appeal Commissioners (Revised) (30 Jun 2016)

Michael Noonan: I thank the Chairman. I am pleased to have the opportunity to appear before the finance committee today in connection with the 2016 Estimates for my Department and for the offices under its ambit, including the Revenue Commissioners, the Tax Appeals Commission and the Comptroller and Auditor General. I wish to take the opportunity to welcome the new committee and I look forward to the...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Estimates for Public Services 2016
Vote 7 - Office of the Minister of Finance (Revised)
Vote 8 - Office of the Comptroller and Auditor General (Revised)
Vote 9 - Office of the Revenue Commissioners (Revised)
Vote 10 - Office of the Appeal Commissioners (Revised) (30 Jun 2016)

Michael Noonan: The Deputy knows, from previous experience and discussions that took place around the Summer Economic Statement, that even if there were no Brexit, the figures in the statement are subject to change between now and budget day. As new data comes in, figures are always revised. Therefore, I would not attach too much importance to the phrase the Deputy quoted. There will be changes. Before...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Estimates for Public Services 2016
Vote 7 - Office of the Minister of Finance (Revised)
Vote 8 - Office of the Comptroller and Auditor General (Revised)
Vote 9 - Office of the Revenue Commissioners (Revised)
Vote 10 - Office of the Appeal Commissioners (Revised) (30 Jun 2016)

Michael Noonan: No, the Summer Economic Statement is a top-down view of the economy at a point in time. We have done it. We have signalled that there is a down-side risk from Brexit and have tried to quantify it in the forecast. The next step is to revisit all these figures before the budget in September, and in the budget a new set of figures will be published using the most recent data.