Results 24,901-24,920 of 27,019 for speaker:Michael Noonan

Ceisteanna - Questions - Priority Questions: NAMA Operations (10 Nov 2016)

Michael Noonan: As the Deputy is aware, Deputies and others inside and outside the House frequently contact NAMA and are entitled to do so under law. As a matter of fact, NAMA circulated the number of a dedicated helpline and a dedicated email address for Deputies through which they can obtain information from NAMA. It is the practice of many Deputies to get such information on behalf of their community or...

Ceisteanna - Questions - Priority Questions: NAMA Operations (10 Nov 2016)

Michael Noonan: Several Deputies make representations to and inquiries of NAMA. NAMA does not require them to state what relationships they have with the people seeking the information or whether they are seeking it personally or on behalf of others. Deputy Paul Murphy might be right - I do not know whether he is - regarding the information that he is placing on the record, but there is nothing in what he...

Ceisteanna - Questions - Priority Questions: Exchequer Returns (10 Nov 2016)

Michael Noonan: The end of October 2016 saw the Exchequer record a deficit of €2.429 billion compared with a deficit of €2.184 billion in the same period last year. The €245 million increase in the deficit is driven by an increase in Voted expenditure, an expected reduction in non-tax revenue and a decline in banking-related receipts relative to the same period last year. All of...

Ceisteanna - Questions - Priority Questions: Exchequer Returns (10 Nov 2016)

Michael Noonan: No, we are not. There are swings and roundabouts in every month's Exchequer returns. Some taxes are up, some are down. The taxes received by the Exchequer in the first ten months of the year are €613 million ahead of forecast. We made additional expenditure commitments during the summer, including approximately €500 million for health and some extra money for justice, flood...

Ceisteanna - Questions - Priority Questions: Exchequer Returns (10 Nov 2016)

Michael Noonan: I do not agree with the Deputy's analysis. Tax flows are strong at €630 million ahead of budget and the monthly forecasts provided by Revenue and the Department of Finance. We need a strong last two months to fulfil the commitments made on the expenditure side, but we expect to be in a position to do that. As to next year's base, approximately €2.5 billion in taxes will be...

Other Questions: Credit Union Services (10 Nov 2016)

Michael Noonan: My role as Minister for Finance is to ensure that the legal framework for credit unions is appropriate for the effective operation and supervision of credit unions. The Registrar of Credit Unions at the Central Bank of Ireland is the independent regulator for credit unions. Within her independent regulatory discretion, the Registrar acts to support the prudential soundness of individual...

Other Questions: Credit Union Services (10 Nov 2016)

Michael Noonan: I do not agree that the Central Bank is blocking the credit unions or preventing them from providing additional services. There is a procedure laid down in law for the credit unions to apply to offer such services. Already, the Central Bank has given approval to six applicant credit unions for the provision of debit cards, overdrafts and a full range of payment services. The Central...

Other Questions: Credit Union Services (10 Nov 2016)

Michael Noonan: There is no problem with the legislation or with the regulatory authorities in the Central Bank. The Regulator of Credit Unions has provided information to the effect that six credit unions have already been approved for debit cards. Furthermore, 65 others are deemed by the Central Bank, on an overview, to have a sufficient asset base to apply in the next few months to provide debit card...

Other Questions: Banking Sector (10 Nov 2016)

Michael Noonan: I thank the Deputy for his question. The programme for Government contains a commitment to investigate the German Sparkassen model for the development of local public banks that operate within well-defined regions. The Department of Arts, Heritage, Regional, Rural and Gaeltacht Affairs is the lead Department in respect of this commitment and my Department will support it. Previously in...

Other Questions: Banking Sector (10 Nov 2016)

Michael Noonan: The Department of Arts, Heritage, Regional, Rural and Gaeltacht Affairs is taking the lead role in this in accordance with the commitment in the programme for Government. What I was saying was that it is not apparent to the Department of Finance what particular niche is being addressed that is not already covered by one of the other lending initiatives I have described. It has gone from a...

Other Questions: Banking Sector (10 Nov 2016)

Michael Noonan: The only reluctance is to protect the assets of depositors in any banking system. We must be prudential. If we are to learn anything from the experience of the past eight years, it is that you do not take risks with other people's money. That is why the Central Bank is so rigorous in its regulator regime. I outlined six different initiatives that have been put in place over the past five...

Other Questions: Banking Sector (10 Nov 2016)

Michael Noonan: As the Deputy is aware, the State has a shareholding of 99.9% in AIB, 14% in Bank of Ireland and just under 75% in Permanent TSB. These are valuable assets to the State and it is this Government's intention that the State will exit these investments in a measured and careful manner. That position has not changed. As I have indicated on a number of occasions, my primary objective in...

Other Questions: Banking Sector (10 Nov 2016)

Michael Noonan: A message was being passed to me and I missed the middle part of the Deputy's intervention. He said something about €9 million or €9 billion.

Other Questions: Banking Sector (10 Nov 2016)

Michael Noonan: In common with equity holdings in banks across Europe and in most parts of the world, the value of the State's holdings in the three banks I mentioned is less valuable than it was this time last year. That is just the way the market moved. What are we going to do? We will not do anything with Bank of Ireland at present. I have no plans for PTSB at present. I am asking AIB to continue the...

Other Questions: Banking Sector (10 Nov 2016)

Michael Noonan: I do not have the specific information the Deputy references as having come from a newspaper report about the sale of a loan book involving buy-to-let properties. However, if the Deputy tables a question for written answer, I will get him the information. I do not have it in my brief today and I do not want to speak from memory on it.

Other Questions: Tax Code (10 Nov 2016)

Michael Noonan: The primary purpose of dividend withholding tax, DWT, is to collect tax at source when Irish resident companies make taxable distributions to Irish residents. Some non-resident persons are exempt from DWT, including non-resident individuals who are resident in a country with which Ireland has a tax treaty and companies which are not resident in Ireland and which are resident in a country...

Other Questions: Tax Code (10 Nov 2016)

Michael Noonan: We are familiar with the conversation that has taken place in recent months about property investment funds. A section of the Finance Bill dealing with the issue is being debated in Committee this week and next week to deal with the issue. We published legislation back in September and people had a chance to use that as a consultation document and make comments on it. In addition, where...

Other Questions: Tax Code (10 Nov 2016)

Michael Noonan: I am aware that there is some challenge initiated by developers against the proposal and the policy of the Government that NAMA would build 20,000 houses to help with the supply shortages of residences, particularly in Dublin. I do not have any idea how that case is proceeding. With regard to Deputy Wallace's query on REITs, where relevant payments are made to non-resident investors, the...

Other Questions: Fiscal Policy (10 Nov 2016)

Michael Noonan: As the Deputy will be aware, fiscal space estimates are calculated using a set of complex and continually evolving macroeconomic and fiscal projections. These estimates are reviewed and published bi-annually in the Summer Economic Statement in the second quarter and the Budget in October of each year. Budget 2017, which I presented last month, included, along with the 2017 Budget figures,...

Other Questions: Fiscal Policy (10 Nov 2016)

Michael Noonan: The calculation of fiscal space is complex and there are many moving parts. Sometimes they move positively and sometimes they move negatively. We have put in place a reasoned calculation of fiscal space which was published at the time of the summer economic statement and revision was published again at budget time. We will continue with the practice. It is not possible to have a...