Results 24,921-24,940 of 27,019 for speaker:Michael Noonan

Other Questions: Fiscal Policy (10 Nov 2016)

Michael Noonan: I have nothing to add to what I said already. It is not possible to recalculate fiscal space on a weekly basis on the back of the most recent international events. As I have said, it looks as if the risks are on the down side towards a reduction of fiscal space available but things can change very rapidly. When we are recalculating in the springtime we will see where we are at. That is...

Other Questions: European Banking Sector (10 Nov 2016)

Michael Noonan: As I have said previously, it would not be appropriate for me to comment on media speculation about foreign-owned banks. However, what I can say is that both I and my European counterparts have been working steadfastly since the financial crisis to bring about strengthened oversight and resolution regimes to address any emerging vulnerabilities or instabilities in the European banking...

Other Questions: European Banking Sector (10 Nov 2016)

Michael Noonan: I find it hard enough to assess risk in Ireland without assessing risk in Italy also. Certainly from newspaper reports on its banking system, it would be helpful to everyone in Europe if it were stronger. Since banking union has been put in place, there is a separation of the banking industry from the sovereign, so we get away from the too big to fail mandate that was there eight years ago....

Other Questions: European Banking Sector (10 Nov 2016)

Michael Noonan: The Irish banks emerged as weak principally because the data on which the assessment was made was historic. The Irish banks had moved on significantly to a much stronger position by the day the stress test was published from the day the data on which the stress test was based was collected. There are still difficulties with the Irish banks. The Deputy will notice that while Bank of Ireland...

Other Questions: European Central Bank (10 Nov 2016)

Michael Noonan: The primary objective of the European Central Bank is to maintain price stability within the euro area by implementing monetary policy which is consistent with an inflation rate of below, but close to, 2% over the medium term. Sustained weak inflation rates of less than 1%, despite extremely accommodative monetary policy and forward guidance on interest rates, led the ECB to implement asset...

Written Answers — Department of Finance: Brexit Issues (10 Nov 2016)

Michael Noonan: I propose to take Questions Nos. 12 and 31 together. I am aware of the impact of recent exchange rate developments on the retail sector, particularly in the border region. Since the UK's vote on the 23rd June the euro has appreciated by over 15 per cent against sterling.  This will pose significant challenges for our economy, particularly for Irish exports to the UK and also for areas...

Written Answers — Department of Finance: VAT Yield (10 Nov 2016)

Michael Noonan: The latest forecast for 2016 VAT receipts are contained in Budget 2017 published last month. This projects that for this year VAT revenues will be €12.6 billion, which represents a 5.7 per cent or €690 million increase on the preceding year. This revised forecast is 1.8 per cent or €230 million below the original Budget 2016 projection. As an ad valorem tax, VAT...

Written Answers — Department of Finance: Banking Sector (10 Nov 2016)

Michael Noonan: As the Deputy will be aware, the Programme for a Partnership Government contains a commitment to investigate the German Sparkassen model for the development of local public banks that operate regionally for which the Department of Department of Arts, Heritage, Regional, Rural and Gaeltacht Affairs (DAHRRG) has primary responsibility. I understand that the Department of...

Written Answers — Department of Finance: Credit Unions (10 Nov 2016)

Michael Noonan: I propose to take Questions Nos. 16, 23, 42 and 46 together. The decision to apply to the High Court to wind up Rush Credit Union Ltd was made by the Governor of the Central Bank. The legal grounds under which the Governor made this decision are set out in the Central Bank and Credit Institutions (Resolution) Act 2011. I have been informed by the Central Bank that it made...

Written Answers — Department of Finance: Mortgage Book Sales (10 Nov 2016)

Michael Noonan: As the deputy is aware, significant progress has been made across the Irish banking sector in reducing the level of non-performing loans (NPLs) since the financial crisis. This has been primarily achieved by customers engaging directly with their banks and agreeing a sustainable payment plan which allows the customer an achievable path out of arrears, as well as protecting the value of the...

Written Answers — Department of Finance: Insurance Costs (10 Nov 2016)

Michael Noonan: I propose to take Questions Nos. 18 and 22 together. The Cost of Insurance Working Group, which I am chairing, is examining the factors contributing to the increasing cost of insurance. The Working Group brings together all the relevant Departments and Offices involved with the process.  Its objective is to identify immediate and longer term measures which can address increasing costs,...

Written Answers — Department of Finance: Tax Reliefs Data (10 Nov 2016)

Michael Noonan: SARP is designed to help Ireland compete with other countries for foreign direct investment and as a result lead to additional job creation, which will be particularly important in the context of Brexit. The individuals at which the programme is aimed often have an input into the decision as to where the company will locate new projects. Such individuals could persuade companies to...

Written Answers — Department of Finance: Brexit Issues (10 Nov 2016)

Michael Noonan: My Department has continued to engage closely with the National Treasury Management Agency (NTMA) both in advance of and following the UK referendum on EU membership. My Department is involved in ongoing monitoring of developments as they arise and is part of the cross governmental approach on the consequences of the UK's vote to leave the EU led by the Department of an Taoiseach. ...

Written Answers — Department of Finance: NAMA Operations (10 Nov 2016)

Michael Noonan: In no way has the integrity of NAMA or the NAMA Board or the integrity of its decisions been brought into question, so I have no intention of directing NAMA to halt its activities. To do so would irreparably damage NAMA's positive contribution to our recovery and damage our reputation as a credible, open and transparent market. By extension, any such...

Written Answers — Department of Finance: Help-To-Buy Scheme Administration (10 Nov 2016)

Michael Noonan: The Help to Buy scheme is being introduced as one of the many actions to develop a fully functioning housing market that responds adequately to the needs of our citizens set out in 'Rebuilding Ireland - The Action Plan for Housing and Homelessness' which was launched last July. One of the primary policy aims of the Help to Buy scheme is to help increase the supply...

Written Answers — Department of Finance: Tax Reliefs Costs (10 Nov 2016)

Michael Noonan: I am advised by Revenue that it is not possible to estimate with any degree of accuracy the impact of the capital gains tax relief granted in respect of land and buildings, including commercial property, introduced in Budget 2012 and extended in Budget 2014. I am further advised by Revenue that, in view of the fact that the nature of the relief is time-related and requires a minimum...

Written Answers — Department of Finance: Budget 2017 (10 Nov 2016)

Michael Noonan: I propose to take Questions Nos. 26 and 55 together. The UK referendum on EU membership presents an important challenge for the Irish economy. The budget took Brexit into consideration in both its framing and its detail. In terms of framing, my Department incorporated the potential impact of Brexit into the macroeconomic forecasts for next year that underpinned Budget 2017.  My...

Written Answers — Department of Finance: EU Budget Contribution (10 Nov 2016)

Michael Noonan: Member State contributions to the EU Budget are based upon a formula which includes Traditional Own Resources (customs duties), a VAT-based payment and a residual balancing component paid in accordance with each Member State's share of EU Gross National Income (GNI). On 12th July 2016, the CSO released updated National Income and Expenditure (NIE) Accounts for 2015 which included a very...

Written Answers — Department of Finance: Corporation Tax Regime (10 Nov 2016)

Michael Noonan: I am informed by Revenue that they understand that Irish SPVs is a reference to companies that have notified the Revenue Commissioners that they are qualifying companies for the purposes of section 110 of the Taxes Consolidation Act 1997 (section 110 TCA). As of 31 October 2016, there are approximately 2,480 companies with live tax registrations who had supplied a notification to the...

Written Answers — Department of Finance: Financial Services Ombudsman (10 Nov 2016)

Michael Noonan: By way of background, 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. In terms of time limits for complaints, the current legislation prohibits the...