Results 25,101-25,120 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Banking Operations (16 Nov 2016)

Michael Noonan: As the Deputy will be aware, operational and strategic management issues in the Irish banks are solely a matter for the board and management of the relevant institution within the constraints imposed by their regulator, the Central Bank, and the law as it applies. Notwithstanding the fact that the State has a significant shareholding in a number of institutions, I have no function...

Written Answers — Department of Finance: National Debt (16 Nov 2016)

Michael Noonan: My Department and the National Treasury Management Agency (NTMA) are monitoring, on an ongoing basis, bond market developments. Government bond yields in general including for Ireland have risen in recent weeks and particularly so in recent days. It remains to be seen whether this is a temporary re-pricing or the beginning of a more sustained rise in yields generally. While the recent...

Written Answers — Department of Finance: Corporation Tax Regime (16 Nov 2016)

Michael Noonan: My department continually monitors potential international tax changes that may have an impact on Ireland.  No risk assessment has been carried out into the impact of potential changes to the US tax code. The impact of any US tax reform on Ireland will clearly depend on the exact nature of the reform.  Any reforms are likely to be complex and involve broader...

Written Answers — Department of Finance: Government Deficit (16 Nov 2016)

Michael Noonan: As we are now all too aware, given the bursting of the property bubble, the interplay between volatile house prices, tax revenues and the impact on sustainability of the public finance has been problematic for Ireland.   I am aware of the May 2015 analysis published by the ESRI 'Assessing the sustainable nature of housing-related taxation receipts: The case of Ireland'. This relies...

Written Answers — Department of Justice and Equality: EU Directives (17 Nov 2016)

Michael Noonan: Directive 29/2012 of the European Parliament and of the Council, known as the Victims Directive, came into force on 16 November, 2015 across the European Union. The Directive provides that victims of crime will be able to: - understand and be understood - receive information - be heard - access victim support services - enjoy safeguards in the context of restorative justice services...

Written Answers — Department of Finance: Insurance Costs (17 Nov 2016)

Michael Noonan: As Minister for Finance, I am responsible for the development of the legal framework governing financial regulation. Neither I nor the Central Bank of Ireland, can interfere in the provision or pricing of insurance products, as these matters are of a commercial nature, and are determined by insurance companies based on an assessment of the risks they are willing to...

Written Answers — Department of Finance: Vehicle Registration (17 Nov 2016)

Michael Noonan: I am advised by Revenue that as a certificate of conversion was not required to register the vehicle concerned, Revenue is unable to assist with this matter.

Written Answers — Department of Finance: Pensions Legislation (17 Nov 2016)

Michael Noonan: I am informed by Revenue that an Approved Retirement Fund (ARF) is a post-retirement investment product into which an individual may opt to transfer their pension fund on retirement as an alternative to annuity purchase.  The beneficial ownership of the assets in an ARF vests in the individual, and the ARF structure allows those personal assets to be segregated from the individual's...

Written Answers — Department of Finance: Disabled Drivers Grant Eligibility (17 Nov 2016)

Michael Noonan: The Disabled Drivers and Disabled Passengers (Tax Concessions) Scheme provides relief from VAT and VRT (up to a certain limit) on the purchase of an adapted car for transport of a person with specific severe and permanent physical disabilities, payment of a fuel grant, and an exemption from Motor Tax. To qualify for the Scheme an applicant must be in possession of a Primary Medical...

Written Answers — Department of Finance: Help-To-Buy Scheme Eligibility (17 Nov 2016)

Michael Noonan: The Help to Buy scheme, as published in the Finance Bill, requires that in order for a first-time buyer to be eligible for the scheme, he or she must have signed a contract to purchase a new residence, or in the case of self-builds, drawn down the first tranche of a mortgage, on or after 19 July 2016. The date of 19 July was chosen as it was the date of the launch of...

Written Answers — Department of Finance: Banking Sector Investigations (17 Nov 2016)

Michael Noonan: The Tomlinson report dealt with the lending practices of UK banks to Small and Medium Sized Enterprises (SMEs) and it alleged that a division of Royal Bank of Scotland (RBS), the Global Restructuring Group, was guilty of "systematic and institutional behaviour" in artificially distressing otherwise viable businesses. Following this report, the UK's Financial Conduct Authority (FCA) appointed...

Written Answers — Department of Finance: Financial Services Ombudsman Data (17 Nov 2016)

Michael Noonan: At the outset, I must point out that the Financial Services Ombudsman is independent in the performance of his statutory functions. The Central Bank and Financial Services Authority of Ireland Act, 2004 provided for the establishment of the Financial Services Ombudsman Council.  Under Section 57BE, the Financial Services Ombudsman Council may impose levies and fees to...

Written Answers — Department of Finance: Financial Services Ombudsman Data (17 Nov 2016)

Michael Noonan: Firstly, I must point out that the Financial Services Ombudsman is independent in the performance of his statutory functions. Information on complaints numbers is available in the Annual Reports of the Financial Services Ombudsman at . The Financial Services Ombudsman has informed me that the information requested by the Deputy is contained in the following table: Year...

Written Answers — Department of Finance: Semi-State Bodies Remuneration (17 Nov 2016)

Michael Noonan: There is one body under the aegis of my Department which could be referred to as a semi-state company. The Strategic Banking Corporation of Ireland (SBCI) is a private limited company established under the Strategic Banking Corporation of Ireland Act 2014. The SBCI was formed and registered under the Companies Acts. The issued share capital of the SBCI is owned solely by the...

Finance Bill 2016: Report Stage (22 Nov 2016)

Michael Noonan: Deputies will be aware that this amendment was put forward on Committee Stage and, while it was not discussed, relevant points were touched on in relation to the discussions we had around the USC. The Deputies' request refers to a report specifically relating to the impact of the USC on a socially just income distribution. However, an analysis of the impact of one taxation measure in...

Finance Bill 2016: Report Stage (22 Nov 2016)

Michael Noonan: I appreciate the difficulty Opposition Deputies have in framing amendments that will considered to be in order, the device of looking for a report on a particular topic being the way around it. I do not object to this, but one never knows on this side of the House whether an amendment is being tabled to seek an opportunity to debate a topic or whether its objectively is actually to seek a...

Finance Bill 2016: Report Stage (22 Nov 2016)

Michael Noonan: I move amendment No. 4:In page 6, between lines 18 and 19, to insert the following: “Exemption in respect of certain expense payments for resident relevant directors 3. The Principal Act is amended by inserting the following section after section 195C:“Exemption in respect of certain expense payments for resident relevant directors 195D. (1) In this...

Finance Bill 2016: Report Stage (22 Nov 2016)

Michael Noonan: I will deal first with the Deputy's question about charities and non-commercial boards. An exemption already applies in such cases under section 195A of the Taxes Consolidation Act 1997. That section exempts from tax the reimbursement of expenses of travel and subsistence to certain members of non-commercial bodies in both the public and private sector in respect of attendance at meetings...

Finance Bill 2016: Report Stage (22 Nov 2016)

Michael Noonan: The reason I am including the cap is that I am not quite sure what the overall cost might be. I am also responding to the points made by Deputy Pearse Doherty and others that it should not provide for a bonanza for non-executive directors who were non-executive directors in a variety of boards and whose directors' fees and expenses could amount to very significant sums of money which would...

Finance Bill 2016: Report Stage (22 Nov 2016)

Michael Noonan: If we were to increase it by one third each year, the amount would be €550 each year. The reason I brought the figure back to €400 this year is twofold. First, there are very limited resources available. As the Deputy knows, we had to spread thinkly what we had available in the budget for tax reductions or anything to do with tax. As well as this, there was a fairness test,...