Results 24,941-24,960 of 27,019 for speaker:Michael Noonan

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

Michael Noonan: The Government has agreed to make a public declaration of interest in Ireland becoming the location for the offices of the European Banking Authority. The European Banking Authority is an important part of the European System of Financial Supervision that arose after the financial crisis.  None of the micro- or macro-prudential supervision entities that are part of this system...

Written Answers — Department of Finance: State Aid (10 Nov 2016)

Michael Noonan: The Government disagrees profoundly with the Commission's analysis in the Apple State Aid case, and our intention to appeal is very well known. To this end, I have been authorised by the Government to arrange for annulment proceedings to be brought before the General Court of the European Union in the Apple State case.  The Attorney General has been preparing the legal grounds in...

Written Answers — Department of Finance: Flood Risk Insurance Cover Provision (10 Nov 2016)

Michael Noonan: My Department has carried out a review of policy in relation to flooding insurance, which I approved and was submitted for inclusion in the wider report of the Interdepartmental Flood Policy Co-ordination Group chaired by Minister of State Canney. This wider report was agreed by Government and published on the Office of Public Works website this week. In the review, my...

Written Answers — Department of Finance: Fiscal Policy (10 Nov 2016)

Michael Noonan: In his comments on Morning Ireland after the Budget, Professor McHale pointed out that my Department is now forecasting a structural improvement for 2016 of 0.3% of GDP against the required improvement of 0.6% under the balanced budget rule.  For 2017, he switched to the other rule, the expenditure benchmark, and pointed out that my Department is forecasting that expenditure...

Written Answers — Department of Finance: Exchequer Deficit (10 Nov 2016)

Michael Noonan: Budget 2016 forecast tax receipts for 2016 of €47.2 billion. As the tax revenue performance was strong at end-May, with receipts some €774 million above profile, and up €1,549 million in year on year terms  forecast tax receipts for 2016 were increased by c. €900 million in the Summer Economic Statement to €48.1 billion. This forecast...

Written Answers — Department of Finance: Consumer Protection (10 Nov 2016)

Michael Noonan: My Department continually keeps financial legislation under review to ensure consumers are protected. A number of other bodies also have a role in this area which ensures that a robust consumer protection framework for financial products and services is in place. The Central Bank's mission statement is "safeguarding stability, protecting consumers". The Central Bank, in its Annual...

Written Answers — Department of Finance: Housing Provision (10 Nov 2016)

Michael Noonan: As set out in Rebuilding Ireland, the Government has been exploring potential mechanisms to facilitate investment in social housing that do not impact on the General Government Balance.  The objective is to create 'off-balance' mechanisms that bring investment into social housing which is additional to funding being provided directly by the State.  ISIF and the wider NTMA is...

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

Michael Noonan: As the Deputy is aware, 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 regulations, which...

Written Answers — Department of Finance: Mortgage Interest Rates (10 Nov 2016)

Michael Noonan: The issue of standard variable mortgage rates is a significant one for this Government and it has made it clear that it is not acceptable for lenders to charge excessive rates on such mortgages.  The Programme for a Partnership Government, therefore, set out a number of practical measures which can be taken to improve the position of variable rate mortgage holders. ...

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

Michael Noonan: The European Commission's recently published proposal for a common consolidated corporate tax base is both complex and detailed.  The proposal was drafted by the Commission and discussions by Member States on the proposal are just beginning.  The proposal is likely to be subject to substantial changes as these discussions progress.  The common base proposal is...

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

Michael Noonan: As the Deputy may be aware, in my role as Minister for Finance I have no direct function in the relationship between banks and their customers. Decisions taken by Bank of Ireland in this regard, and the manner in which it conducts its day-to-day operations, are a matter for the board and management of the bank. Notwithstanding the fact that the State is a minority...

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

Michael Noonan: The European Commission's recently published proposal for a common consolidated corporate tax base is both complex and detailed.  The proposal was drafted by the Commission and discussions by Member States on the proposal are just beginning.  The proposal is likely to be subject to substantial changes as these discussions progress.  The common base proposal is...

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

Michael Noonan: I am informed by Revenue that the number of companies and the total Corporation Tax, Value Added Tax (VAT) and Income Tax payments by the aircraft leasing industry for the years requested are as shown in the first table. The second table shows the total trading capital allowances claimed, but not necessarily all used in the year, on the Corporation Tax returns filed for each tax year. The...

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

Michael Noonan: I propose to take Questions Nos. 45 and 52 together. I am advised by the Revenue Commissioners that as of September 2016, 2,660 companies were assigned to the primary industry description (NACE code) of renting and leasing of air transport equipment.  There are two reasons why aircraft leasing companies might not pay Irish VAT on their leasing activity: (1) the lease is with an...

Written Answers — Department of Finance: Housing Policy (10 Nov 2016)

Michael Noonan: As set out in Rebuilding Ireland, the Government has been exploring potential mechanisms to facilitate investment in social housing that do not impact on the General Government Balance.  The objective is to create 'off-balance' mechanisms that bring investment into social housing which is additional to funding being provided directly by the State.  ISIF and the wider NTMA is...

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

Michael Noonan: NAMA does not own, manage or sell properties.  The Agency's role is, like a bank, that of a secured lender. Other than properties that have been enforced, all of which are listed on NAMA's website and which are managed by the appointed receivers/administrators, properties continue to be managed by their existing owners.  The property referred to in the newspaper article...

Written Answers — Department of Finance: Ireland Strategic Investment Fund Investments (10 Nov 2016)

Michael Noonan: I refer the Deputy to my replies to recent Parliamentary Questions on this matter, specifically 29899 from Deputy Thomas Pringle, 30222 from Deputy Clare Daly and 31232 from Deputy Roisin Shorthall. I am informed by the Ireland Strategic Investment Fund (ISIF) that its shareholdings with fossil fuel exposure includes certain investments inherited from its predecessor the National Pension...

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

Michael Noonan: I am advised by Revenue that they have  been to the forefront in acting against the use of offshore accounts, trusts and structures to evade tax liabilities, and that their approach has set the model for much of the work undertaken by other tax administrations in this area. Revenue's work in relation to offshore accounts and other financial product investigations has to date resulted in...

Written Answers — Department of Finance: Fiscal Compact Treaty (10 Nov 2016)

Michael Noonan: Ireland, along with all EU Member States, is subject to fiscal rules under the Stability and Growth Pact (SGP) and the Fiscal Responsibility Act 2012.   These rules are designed to promote budgetary discipline and underpin sustainable economic growth. Given our comparably high debt level and the fact that we are a small and very open economy in a...

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

Michael Noonan: My officials considered the potential impact of the Help to Buy incentive as part of their analysis of the proposal and the design of the relevant parameters of the incentive. A straightforward analysis of the Help to Buy scheme in isolation might suggest that it would increase prices, but this does not take on board the other impacts on the housing market that will arise as a result of the...