Results 25,261-25,280 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Banking Licence Applications (1 Dec 2016)

Michael Noonan: I am informed by the Central Bank that its workforce planning for next year, which is currently being finalised, reflects the additional resources needed to deal with applications that is expected to come its way. This will take the form both of an increase in staff, that is additional staff recruited to the Bank, in areas where it already knows that it will need additional numbers, and...

Written Answers — Department of Finance: Departmental Staff Data (1 Dec 2016)

Michael Noonan: A new Brexit Unit within the EU and International Division of my Department was established in July 2016 to oversee and coordinate the Department's work in the area of Brexit. There are currently 3 staff employed in the Unit. In addition, the Department of Finance staff complement in the Irish Permanent Representation to the EU in Brussels has been strengthened. Resourcing for Brexit...

Written Answers — Department of Finance: Central Bank of Ireland Staff (1 Dec 2016)

Michael Noonan: I am informed by the Central Bank that it can sometimes experience difficulties in hiring and retaining staff in certain areas simply because there is significant labour market competition for the types of skilled persons that it requires to effectively regulate and supervise financial services firms. The type of people and skills that the Bank requires are the same type of people...

Written Answers — Department of Finance: Banking Sector Data (1 Dec 2016)

Michael Noonan: I am firmly of the view that the Irish banking system has an important role to play in the normalisation of the Irish housing sector through the speedy return of properties in their possession to the general market. I am also conscious that where a bank comes into possession of a property the institution has a fiduciary responsibility to dispose of the property in a manner that...

Written Answers — Department of Finance: Tax Code (1 Dec 2016)

Michael Noonan: I am advised by Revenue that VAT is governed by the EU VAT Directive (Council Directive 2006/112/EC), with which Irish VAT law must comply. Under the VAT Consolidation Act, goods sold over the internet on behalf of a supplier in another Member State to a customer in Ireland are liable to VAT in the Member State of the supplier, provided the value of their total sales to customers in Ireland...

Written Answers — Department of Finance: IBRC Liquidation (1 Dec 2016)

Michael Noonan: Officials in my Department have advised me that Department of Finance related claims in the region of €1.1bn have been submitted to the Special Liquidators of IBRC. I am aware that other State related claims have also have been submitted but these are a matter for those entities. The Special Liquidators have advised that the likely financial result for the State from the Special...

Written Answers — Department of Finance: Central Bank of Ireland Enforcement Actions (1 Dec 2016)

Michael Noonan: I am informed by the Central Bank that in cases where a firm is found to be operating an unauthorised investment firm, a warning notice is issued by the Bank pursuant to Section 53 of the Central Bank (Supervision and Enforcement) Act 2013. Twenty-five such notices were published in total during 2015 and 2016. The full listing of warning notices published by the Central Bank is...

Written Answers — Department of Finance: Tribunals of Inquiry Expenditure (1 Dec 2016)

Michael Noonan: This question has been copy transferred to other Government Departments. With regard only to legal fees paid by the Department of Finance in respect of tribunals of inquiry established by the State and any resulting legal actions for the years 2006 to 2016, it has not been possible in the time available to establish definitively the extent of any such legal fees which may have...

Written Answers — Department of Finance: Help-To-Buy Scheme (1 Dec 2016)

Michael Noonan: Since their introduction in February 2015, the Central Bank macro prudential rules have served an important function by enhancing the resilience of the banks and of households and preserving the stability of the financial system as a whole. As part of this core function, the Central Bank committed itself to keeping the measures under review and making the necessary adjustments to reflect the...

Written Answers — Department of Finance: Property Tax Exemptions (1 Dec 2016)

Michael Noonan: Revenue has advised me that there are 3,257 residential properties availing of the Local Property Tax (LPT) 'unfinished housing estate' exemption as provided for by Section 10 of the Finance (Local Property Tax) Act 2012 (as amended). To qualify for the exemption, a housing estate or a portion of a housing estate had to be prescribed (as unfinished) by the Minister for Housing, Planning,...

Written Answers — Department of Finance: Government Debt Servicing Cost (1 Dec 2016)

Michael Noonan: The most recent projections of the expected annual cost of servicing the government debt  are detailed in table A3, General Government interest expenditure 2015 - 2021 in Annex 2 of the Budget 2017 document published in October of this year. These figures are republished below for the Deputy's convenience. Year 2017 2018 2019 2020 2021 General Government Interest...

Written Answers — Department of Finance: Strategic Banking Corporation of Ireland (1 Dec 2016)

Michael Noonan: The Strategic Banking Corporation of Ireland (SBCI) began lending in March 2015. Its goal is to increase the availability of low cost, flexible funding to SMEs. The SBCI channels its funds through lending partners known as on-lenders. The SBCI currently has three bank and five non-bank on-lending partners. The level of lending to SMEs is to a large degree driven by market demand, and...

Written Answers — Department of Finance: Pension Levy Data (1 Dec 2016)

Michael Noonan: The Pension Scheme Levy was introduced in 2011. For the years 2011, 2012 and 2013 the rate was 0.60% of the scheme assets. For the year 2014 the rate was 0.75% of the assets and for the year 2015, the final year of the levy, the rate was 0.15%. Under the legislation, the payment of the levy is treated as a necessary expense of a pension scheme and the trustees or insurer, as appropriate,...

Seanad: Finance Bill 2016: Second Stage (1 Dec 2016)

Michael Noonan: The prudent economic and fiscal policies implemented over recent years have placed Ireland in a much stronger financial position. In particular the recovery in the public finances of recent years is testament to our resilience. I made the point in my Budget Statement that we must get away from, forever, the boom and bust cycles that have caused so much grief in the past. We must not forget...

Seanad: Finance Bill 2016: Second Stage (1 Dec 2016)

Michael Noonan: I thank all my Seanad colleagues for their contributions. Many of the points made could be elucidated further on Committee Stage. The Bill comes from a situation in which we negotiated a Government. We are supported by Independent Members in the Cabinet, principally by the group associated with the Minister for Transport, Tourism and Sport, Deputy Shane Ross, but also by the Minister for...

Seanad: Finance Bill 2016: Second Stage (1 Dec 2016)

Michael Noonan: As I have to attend an ECOFIN meeting on Tuesday, it is the Minister of State who will be present for the debate.

Written Answers — Department of Finance: Insurance Costs (6 Dec 2016)

Michael Noonan: It has been brought to my attention that some insurance companies are charging significant sums for a change of address on a motor insurance policy. While I do not agree with this practice, neither I, nor the Central Bank can directly influence insurance pricing as these matters are of a commercial nature, and are determined by insurance companies based on an assessment...

Written Answers — Department of Finance: Tax Rebates (6 Dec 2016)

Michael Noonan: As the Deputy will be aware, the Central Bank remains independent with regard to the formulation of macroprudential policy. The recent alterations that have been announced to the macroprudential rules, including the changes to the minimum Loan-To-Value ratios for first-time buyers, do not materially alter the main policy aims of the Help to Buy incentive. ...

Written Answers — Department of Finance: Legislative Measures (6 Dec 2016)

Michael Noonan: As the Deputy may be aware, the Department is progressing the development of the legislation to underpin the amalgamation of the Financial Service Ombudsman and the Pensions Ombudsman. The Government agreed outline Heads of a Bill to provide for the amalgamation of offices in 2015 and both offices have been physically merged in one location.  Recent legislative...

Written Answers — Department of Finance: Insurance Costs (6 Dec 2016)

Michael Noonan: I am disappointed to hear that some insurance companies are applying an additional charge to cardiac first responders as it seems inappropriate that people carrying out such a valuable community function should be so treated. However, neither I nor the Central Bank can directly influence insurance pricing as these matters are of a commercial nature, and are determined by...