Results 24,961-24,980 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Small and Medium Enterprises Supports (10 Nov 2016)

Michael Noonan: As the Deputy is aware, the Department of Agriculture, Food and the Marine (DAFM) recently announced a €150 million Cash Flow Support Fund for Farmers that will support highly flexible loans for up to six years, for amounts up to €150,000, at an interest rate of 2.95%; and will be available to livestock, tillage and horticulture farmers. The Fund is supported by €11...

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

Michael Noonan: I assume the Deputy is referring to the provision in section 267 of the Taxes Consolidation Act (TCA) 1997 in relation to a repayment of Deposit Interest Retention Tax (DIRT) in the case of an incapacitated individual and whether such an individual may also be entitled to avail of the Help to Buy incentive which is provided for in section 8 of the recently published Finance Bill. However, it...

Written Answers — Department of Finance: European Investment Bank (10 Nov 2016)

Michael Noonan: The European Investment Bank (EIB) is the long-term financing institution of the European Union. Its mission is to help implement the EU's policy objectives by providing financing to projects that address these objectives. The EIB may lend to lend to Governments, public sector bodies, commercial semi-state bodies or private sector entities. The Deputy will find in the table a breakdown of...

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

Michael Noonan: As the Deputy is aware, the Cost of Insurance Working Group, which I established in my Department and which is chaired by Minister of State Eoghan Murphy, is examining factors that are contributing to the cost and availability of motor insurance and identifying what short-term, medium-term and long-term measures can be introduced to help consumers and businesses.  A broad range of...

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

Michael Noonan: I propose to take Questions Nos. 83 and 121 together. 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 firm. The 2015 Act introduced a regulatory regime for a new type of entity called a...

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

Michael Noonan: Policy initiatives in the area of housing must seek to address the challenges faced by the various sectors of the market, including the private owner occupier market, the rental market, and the social and affordable housing sector. In line with its statutory mandate, the Ireland Strategic Investment Fund (ISIF) is examining opportunities to make, on a commercial basis, strategic investments...

Written Answers — Department of Finance: Stability and Growth Pact (10 Nov 2016)

Michael Noonan: As I have indicated in a previous response to the Deputy's same question in June of this year, I am aware of Mr. Dijsselbloem's views on this matter.  I am also on record as stating my firm belief that in order to engender confidence in EU fiscal rules, all Member States should be treated equally concerning the application of EU budget laws,...

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

Michael Noonan: The Department of Finance has been assessing and preparing for the impact of Brexit since well before the referendum on 23 June 2016. Work was carried out in the Department to assess the potential economic and financial sector implications arising, including the commissioning of an ESRI study published in November 2015, and ongoing liaison with the Central Bank. This work was undertaken...

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

Michael Noonan: I propose to take Questions Nos. 87 and 92 together. I understand following clarification with the Deputy's office, that the Deputy's first question relates to plans for future reforms of the income tax system, including USC, and to request an update on the income tax commitments in the Programme for a Partnership Government. Budget 2017 is the third step in a long-term process...

Written Answers — Department of Finance: Financial Institutions Levy (10 Nov 2016)

Michael Noonan: In accordance with Section 126AA of the Stamp Duties Consolidation Act 1999, an annual levy was imposed on certain financial institutions for each of the years 2014, 2015 and 2016. The levy is charged at 35% of the Deposit Interest Retention Tax (DIRT) paid by a financial institution in 2011 and raises approximately €150 million annually for the Exchequer. In the case...

Written Answers — Department of Finance: Programme for Government Implementation (10 Nov 2016)

Michael Noonan: Subject to the approval of the Oireachtas of the Finance Bill 2016, potential applicants for the Help to Buy scheme will be able to register online with Revenue from 1 January 2017. It is estimated that the scheme will cost the Exchequer €40 million per annum, but that the cost for 2017 will be €50 million due to the inclusion of the cost associated...

Written Answers — Department of Finance: Programme for Government Implementation (10 Nov 2016)

Michael Noonan: I propose to take Questions Nos. 90 and 94 together. The Central Bank has advised that the review of the macro prudential mortgage lending regulations is continuing and that it expects to publish the final outcome of that review by the end of November. As part of this review process, the Central Bank initiated a public "call for evidence based submissions". The...

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

Michael Noonan: The State has a shareholding of 99.9% in AIB. This shareholding is a valuable asset to the State and it is the Government's intention that the State will exit this and our other banking investments in a measured and careful manner. My primary objective in the disposal of those assets will be recovering the maximum amount of money for the Irish taxpayer. I have indicated...

Written Answers — Department of Finance: Stability Programme Data (10 Nov 2016)

Michael Noonan: Ensuring the plausibility of estimates of potential growth is a key priority given their significance in the application of the fiscal rules. As previously noted by both my own Department and the Fiscal Advisory Council, the Commonly Agreed Methodology (CAM) for estimating potential output is subject to limitations particularly when applied to Ireland. My Department continues to assess the...

Written Answers — Department of Finance: Public Interest Directors (10 Nov 2016)

Michael Noonan: In the Programme for a Partnership Government ('PPG') the Government has committed to, "Cease to appoint new Public Interest Directors to the banks, and reform the procedures for the appointment of bank directors by the State, with a view to increasing transparency in the process". As such I do not expect to make any new appointments of Public Interest Directors to the board of the banks. ...

Written Answers — Department of Finance: Fuel Laundering (10 Nov 2016)

Michael Noonan: I am advised by Revenue, who are responsible for combating fiscal fraud, that action against fuel laundering and related forms of criminal activity is a central element of their work. I am advised also that it is inherently difficult to estimate with confidence the extent of any illegal activity and that it is not possible, therefore, to put a figure on the cost to the Exchequer of fuel...

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

Michael Noonan: The Programme for a Partnership Government commits to the introduction of a tax on sugar-sweetened drinks (SSDs). The tax will contribute towards important public health goals, as well providing a new source of revenue for public spending. The Department of Health has also supported the introduction of a tax on SSDs in order to reduce added-sugar in diets, particularly the diets...

Written Answers — Department of Finance: Central Bank of Ireland IT Operations (10 Nov 2016)

Michael Noonan: The Governor of the Central Bank made remarks back in June on the topic of technological innovation and financial services. I think it is important to be clear on what the Governor said. He said that in addition to the four primary challenges he identified in the regulatory treatment of financial innovations, technological innovation may also alter the role of central banks in managing...

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

Michael Noonan: In terms of credit availability to SMEs from the banking sector, I would draw the Deputy's attention to the most recent Department of Finance Credit Demand Survey which covers the period October 2015 to March 2016. This survey series seeks information from a significant sample of Irish SMEs from all sectors and regions of the country. A total of 1,500 telephone interviews were...

Written Answers — Department of Finance: Knowledge Development Box (10 Nov 2016)

Michael Noonan: The Knowledge Development Box (KDB) was introduced in Finance Act 2015 and applies from 1 January 2016. At this time it is not possible to provide a breakdown of the uptake of the measure as the data is not yet available. The Corporation Tax returns that relate to the activity in 2016 will not be filed until November 2017. It is expected that because of the operation of the formula set out...