Results 25,441-25,460 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: State Aid Investigations (17 Jan 2017)

Michael Noonan: On 30 August 2016, it was announced that the Commission had issued a negative decision in the Apple State Aid case.  The Government remains of the view that there was no breach of State Aid rules in this case and that the legislative provisions were correctly applied.  By appealing the Decision the Government is taking the necessary course of action to vigorously defend the Irish...

Written Answers — Department of Finance: State Aid Investigations (17 Jan 2017)

Michael Noonan: The European Commission published the Final Decision into the Apple State Aid case in December 2016. This had been sent to Ireland at the end of August 2016. As I have reiterated previously, Ireland does not accept the Commission's analysis, which is why we have lodged an application with the General Court of the European Union to annul the whole Decision. Notwithstanding our appeal,...

Written Answers — Department of Finance: Insurance Coverage (17 Jan 2017)

Michael Noonan: The provision of insurance cover and the price at which it is offered is a commercial matter for insurance companies and is based on an assessment of the risks they are willing to accept and then ensuring that they have adequate provisioning to meet those risks. Similarly, the demand by mortgage providers for flood insurance as an element of home insurance is also a commercial...

Written Answers — Department of Finance: Financial Services Regulation (17 Jan 2017)

Michael Noonan: As the Deputy will be aware, I have been informed by the Central Bank that while it does not maintain a record of the number of commercial loans sold on by the original underwriter, material portfolio sales are considered within banking supervision in terms of their impact on the banks' balance sheet and financial position.  The Central Bank has also informed me that commercial loan...

Written Answers — Department of Finance: State Aid Investigations (17 Jan 2017)

Michael Noonan: I propose to take Questions Nos. 75, 272 to 274, inclusive, and 334 together. Notwithstanding our appeal in the Apple State Aid case, Ireland is obliged to comply with the binding Articles of the Final Decision.  This requires that Ireland ensures that Apple is deprived of the benefit of the alleged aid. This involves two actions: 1. The calculation of the amount of aid 2. The process by...

Written Answers — Department of Finance: Real Estate Investment Trusts (17 Jan 2017)

Michael Noonan: Section 41 of the first Finance Act of 2013 introduced the regime for the operation of Real Estate Investment Trusts (REIT) in Ireland.  A REIT is a quoted company, used as a collective investment vehicle to hold rental property.  They generally have a diverse ownership requirement, so no one person or group of connected persons can control the REIT.  REIT are a common...

Written Answers — Department of Finance: Financial Services Ombudsman (17 Jan 2017)

Michael Noonan: I propose to take Questions Nos. 77 and 88 together. Firstly, I must point out that the Financial Services Ombudsman is independent in the performance of his statutory functions. I have no role in the day to day workings of the office. The Financial Services Ombudsman's Bureau was established under the Central Bank and Financial Services Authority of Ireland Act, 2004. The legislation...

Written Answers — Department of Finance: Tax Data (17 Jan 2017)

Michael Noonan: A taxpayer's average effective rate of income tax is the average rate of tax they pay on their income as a whole in any tax year.  Due to the nature of the Irish tax system, incorporating tax credits and standard rate bands, this effective rate varies from person to person depending on both their income and their personal circumstances.  For example, low income individuals can have...

Written Answers — Department of Finance: Motor Insurance (17 Jan 2017)

Michael Noonan: The Working Group on the Cost of Motor Insurance, chaired by Minister of State Eoghan Murphy, completed its Report in December 2016.  The Report was approved by the Government on 10 January 2017 and subsequently published.  The Report sets out a detailed set of 33 recommendations and 71 actions to tackle those factors that are influencing the increasing cost of motor...

Written Answers — Department of Finance: Financial Services Regulation (17 Jan 2017)

Michael Noonan: I am informed by the Central Bank that, while it cannot generally comment on interactions with regulated firms, Ulster Bank Ireland D.A.C. is engaging with the Bank in relation to this matter. I am confident that legislative changes since the financial crisis have equipped the Central Bank with an array of investigative, regulatory and enforcement powers to ensure...

Written Answers — Department of Finance: NAMA Operations (17 Jan 2017)

Michael Noonan: As, I have stated on a number of occasions, mostly recently in Parliamentary Question 21 of 10th November 2016, I have no intention of directing NAMA to halt its activities.  To do so would irreparably damage NAMA's positive contribution to our recovery and damage our reputation as a credible, open and transparent market. By extension, any...

Written Answers — Department of Finance: NAMA Portfolio (17 Jan 2017)

Michael Noonan: Let me begin by clarifying that I am taking your use of the words "affordable housing" to refer to housing made available to tenants at below market prices.   Assets often referred to as "NAMA land" or "NAMA properties" are not owned by NAMA.  NAMA owns loans.  Such property is owned by private persons who owe money to NAMA ("NAMA debtors") and serves as...

Written Answers — Department of Finance: Tax Data (17 Jan 2017)

Michael Noonan: I am advised by the Revenue Commissioners that there is no requirement in tax legislation for "section 110" companies to provide details of the source of the financial assets which are to be held by the section 110 company. The same position applies as respects the information such companies are obliged to include in their annual tax returns. In the circumstances, it is not possible to...

Written Answers — Department of Finance: Mortgage Lending (17 Jan 2017)

Michael Noonan: I propose to take Questions Nos. 85 and 298 together. The Central Bank announced the outcome of its review of the residential mortgage lending macro prudential measures on 23 November 2016.  As part of the review process, the Central Bank initiated a public call for "evidence based submissions".  The Department of Finance engaged in this process and...

Written Answers — Department of Finance: Help-To-Buy Scheme (17 Jan 2017)

Michael Noonan: As the Deputy will be aware, the 'Help to Buy' incentive was initially announced on 19 July 2016 as part of 'Rebuilding Ireland: Action Plan for Housing and Homelessness'. This plan contains a significant volume of responses to the current housing crisis, of which the Help to Buy incentive is one.  This comprehensive Action Plan takes a holistic approach in addressing the many...

Written Answers — Department of Finance: Credit Union Lending (17 Jan 2017)

Michael Noonan: I am pleased that the credit union sector is considering various proposals to increase its income and develop its business model. My Department has received a number of such proposals from both the Irish League of Credit Unions and from the Credit Union Development Association.  Proposals from both representative bodies, in relation to the funding of social housing, are...

Written Answers — Department of Finance: Motor Insurance (17 Jan 2017)

Michael Noonan: The Report of the Cost of Insurance Working Group chaired by Minister Eoghan Murphy was approved by Government on 10 January 2017. The Report contains 33 recommendations and 71 actions in an Action Plan, and covers six main themes: - Protecting the consumer - Improving data availability - Improving the personal injuries claims environment - Reducing the costs in the claims process...

Written Answers — Department of Finance: Fiscal Policy (17 Jan 2017)

Michael Noonan: I am assuming the Deputy is referring to the draft Council recommendation on the economic policy of the euro area (COM(2016) 726 final) proposed by the European Commission on the 16th of November 2016.  This recommendation is addressed to the euro area rather than the EU28. For the euro area as a whole, the Commission suggested that, in order to...

Written Answers — Department of Finance: Common Consolidated Corporate Tax Base Proposals (17 Jan 2017)

Michael Noonan: The European Commission's proposal for a Common Consolidated Corporate Tax Base was published in October and discussed at the November ECOFIN meeting at which both Commissioner Moscovici and I were present. During the discussion, which was held in public session, a number of my fellow Ministers gave some initial impressions of the proposal. At the December ECOFIN, Council Conclusions...

Written Answers — Department of Finance: EU Funding (17 Jan 2017)

Michael Noonan: I can inform the Deputy that, following several months of negotiations between the Member States with input from both the European Commission and the European Investment Bank, an agreement was reached at the European Council on 12th December 2016 on Council's position regarding the extension of the European Fund for Strategic Investments (EFSI).  The agreement reached was...