Results 25,381-25,400 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Appointments to State Boards (16 Dec 2016)

Michael Noonan: I wish to advise the Deputy that in relation to the gender balances on each of the State boards under my remit, the gender balances are as follows: Central Bank Commission 7 Male and 3 Female; Credit Union Restructuring Board 10 Male and 2 Female; Financial Services Ombudsman Council 1 Male and 2 Female; Irish Fiscal Advisory Council 4 Male and 1 Female; NTMA Board 5 Male and 3 Female;...

Written Answers — Department of Finance: Betting Legislation (16 Dec 2016)

Michael Noonan: The Betting (Amendment) Act 2015 was enacted on 15 March 2015, bringing remote bookmakers and Remote Betting Intermediaries within the scope of the existing licensing regime in Ireland from August 2015.  The Act provides for a fair and equal treatment of all bookmakers (traditional, remote and betting exchanges) by extending betting duty to remote operators, thus widening the tax base...

Written Answers — Department of Finance: Mortgage Interest Rates (16 Dec 2016)

Michael Noonan: The 2014 Mortgage Credit Directive, which has been transposed into Irish law by the European Union (Consumer Mortgage Credit Agreements) Regulations 2016, seeks to develop a more harmonised, efficient and competitive internal market for the provision of residential mortgages to consumer borrowers and this should help to promote the closer integration of EU mortgage markets over...

Written Answers — Department of Finance: Departmental Agencies Expenditure (16 Dec 2016)

Michael Noonan: I would firstly point out that the Pensions Ombudsman comes under the aegis of the colleague the Minister for Social Protection. In relation to the Financial Services Ombudsman, the Ombudsman is independent in the performance of his statutory functions.  The Financial Services Ombudsman has informed me that the information requested by the Deputy is as follows:-...

Written Answers — Department of Finance: Strategic Banking Corporation of Ireland Funding (16 Dec 2016)

Michael Noonan: The Strategic Banking Corporation of Ireland (SBCI) began lending in March 2015 with a goal to increase the availability of low cost, flexible funding to Irish 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 SBCI has funding agreements in place with the European Investment...

Written Answers — Department of Finance: Tax Code (16 Dec 2016)

Michael Noonan: I strongly reject any allegation that Ireland is a tax haven.  Ireland does not meet any of the international standards for being considered a tax haven. Ireland is fully compliant with all international best practices in the areas of tax transparency and exchange of information.  We only have and want real substantive FDI, the kind that brings real jobs and...

Written Answers — Department of Finance: Revenue Commissioners (16 Dec 2016)

Michael Noonan: I am advised by Revenue that the number of individuals about whom data has been provided, on request, to the Health Service Executive (HSE) under section 8 of the Health (Alteration of Criteria for Eligibility) Act 2013 is as follows: 2015 1,236,788 2016 to date 728,799 The data supplied by Revenue to the HSE, in accordance with the data exchange agreement in place between both...

Written Answers — Department of Finance: Tax Reliefs Data (16 Dec 2016)

Michael Noonan: Section 847A into the Taxes Consolidation Act 1997 provides for a scheme of tax relief for relevant donations to an approved sports body for the funding of approved projects. The scheme is applicable only to relevant donations received on or after 1 May 2002 in respect of expenditure incurred on approved projects on or after that date. I am advised by Revenue that a Costs of Tax Expenditures...

Ceisteanna - Questions (Resumed) - Priority Questions: Central Bank of Ireland Investigations (17 Jan 2017)

Michael Noonan: I propose to take Questions Nos. 29 and 30 together. As Deputies are aware, the Central Bank has commenced an industry-wide examination of tracker mortgage related issues covering, among other things, transparency of communications with and contractual rights of tracker mortgage customers. The examination is ongoing, and while all lenders are currently in the process of carrying out...

Ceisteanna - Questions (Resumed) - Priority Questions: Central Bank of Ireland Investigations (17 Jan 2017)

Michael Noonan: It is a very serious situation, as the Deputy has outlined. It is worse than was described by Deputy McGrath. Some 15 lenders are covered by the inquiry including Bank of Ireland, Permanent TSB, AIB, Ulster Bank, KBC, ACC Loan Management, Bank of Scotland, Danske Bank, Dilosk limited, Irish Bank Resolution Corporation limited, Leeds Building Society, Pepper Asset Servicing, Springboard...

Ceisteanna - Questions (Resumed) - Priority Questions: Central Bank of Ireland Investigations (17 Jan 2017)

Michael Noonan: I agree with many of the sentiments expressed by the Deputy. The Central Bank is carrying out a full inquiry across the lenders that I have specified. It has already reached agreement on a fine of €4.5 million with one lender, which is not a household name, and it is proceeding now with regard to others. It expects to have made significant progress by mid-2017. I know the Governor...

Ceisteanna - Questions (Resumed) - Priority Questions: Central Bank of Ireland Investigations (17 Jan 2017)

Michael Noonan: The Central Bank has strong powers. The committee of the House invited the Governor of the Central Bank to attend one of its meetings and I understand the Governor had a good exchange with Deputy Doherty on 19 December. From reports in the media, that seemed to have been a satisfactory meeting. My information from the Central Bank is that, based on current progress, it anticipates that...

Ceisteanna - Questions (Resumed) - Priority Questions: State Banking Sector (17 Jan 2017)

Michael Noonan: The State's shareholding in Allied Irish Banks is a valuable asset and it is the Government's intention that the State will exit this and our other banking investments in a measured and careful manner. The advice I have received confirms that an initial public offering, IPO, is the optimal route to recouping value from this investment. Officials in my Department along...

Ceisteanna - Questions (Resumed) - Priority Questions: State Banking Sector (17 Jan 2017)

Michael Noonan: It will be around 25% of the State's shareholding.

Ceisteanna - Questions (Resumed) - Priority Questions: State Banking Sector (17 Jan 2017)

Michael Noonan: I thank the Deputy. At the end of 2015, the Irish Strategic Investment Fund valued the State's 99.9% shareholding in AIB at €12.2 billion. The value of shares in banks all over the world fell considerably thereafter, although, as the Deputy will be aware, there has been a recovery in recent months. For example, both Bank of Ireland and Permanent TSB, for which there are accurate...

Ceisteanna - Questions (Resumed) - Priority Questions: State Banking Sector (17 Jan 2017)

Michael Noonan: On values, there was an increase in the value of small bank shares in the United States after the election of Donald Trump. In addition, the big factor on valuation now is whether interest rates have bottomed and will increase in the coming period. Obviously, increases in interest rates connect to the profitability of banks and there is an expectation in the markets of rising interest...

Ceisteanna - Questions (Resumed) - Priority Questions: Tax Code (17 Jan 2017)

Michael Noonan: The Finance Act 2016 brought into force amendments to address the use of certain structures by companies which fall within section 110 of the Taxes Consolidation Act 1997 and structures used by certain funds involved in property transactions. Throughout the course of the Finance Bill process, there was extensive debate on both the amendment to section 110 and also on the introduction...

Ceisteanna - Questions (Resumed) - Priority Questions: Tax Code (17 Jan 2017)

Michael Noonan: It would be incorrect to assume that we can tax these assets because we do not tax assets. I presume the Deputy is talking about tax on the income stream in respect of rent-mortgage repayments or capital gains tax. One or the other would be subject to tax. The first move by investment companies of this nature is to seek to change behaviour to either eliminate or reduce their tax liability....

Ceisteanna - Questions (Resumed) - Priority Questions: Tax Code (17 Jan 2017)

Michael Noonan: The draft legislation was published well before the budget. The Deputy will recall that it was published in September and that it was accompanied by a statement inviting observations on the legislation. It was published as draft legislation subject to consultation. As such it was no cause of wonder that interested parties and their legal representatives or tax advisers contacted the...

Ceisteanna - Questions (Resumed) - Priority Questions: Loan Books Purchasers (17 Jan 2017)

Michael Noonan: As the Deputy will be aware, the Consumer Protection (Regulation of Credit Servicing Firms) Act 2015 was enacted in July 2015. It was introduced to fill the consumer protection gap where loans were sold by the original lender to an unregulated firm. The Act introduced a regulatory regime for a new type of entity, known as a credit servicing firm. Credit servicing firms are now subject to...