Results 25,481-25,500 of 27,019 for speaker:Michael Noonan

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

Michael Noonan: As indicated in my response to in December, some State bodies may need to have regard to the definition of 'beneficial ownership' set out in article 3(6) of 4AMLD (). However, because the legal ownership, governance and control of State Bodies is set out in considerable detail in legislation, this should not prove too difficult to establish particularly...

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

Michael Noonan: The most recent economic forecast, published by my Department as part of Budget 2017, projected real GDP growth of 4.2 per cent in 2016 and 3.5 per cent in 2017. The third quarter national accounts, published by the CSO in early-December, show that GDP grew by 6.9 per cent year-on-year, bringing the average increase in the first three quarters of 2016 to 4.7 per...

Written Answers — Department of Finance: Inflation Rate (17 Jan 2017)

Michael Noonan: Over the past few years consumer price inflation has been near zero in Ireland and in the euro area more generally. In 2016 annual inflation in Ireland, as measured by the Harmonised Index of Consumer Prices (HICP), averaged -0.2 per cent over the year to November and is expected to be slightly negative on average for the year as a whole.  However, in Ireland and in the euro...

Written Answers — Department of Finance: Home Repossessions (17 Jan 2017)

Michael Noonan: The Central Bank publishes statistics on residential mortgage arrears and repossessions on a quarterly basis. This publication provides details of arrears in banks and non bank entities. However the data is not published in the format requested by the Deputy. The latest release is available here: I would also refer the Deputy to the Central Bank's Report on Mortgage Arrears,...

Written Answers — Department of Finance: Brexit Issues (17 Jan 2017)

Michael Noonan: I propose to take Questions Nos. 242, 247, 310 and 341 together. 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 through the ESRI-Department of Finance research programme study...

Written Answers — Department of Finance: Economic Competitiveness (17 Jan 2017)

Michael Noonan: I propose to take Questions Nos. 243 and 348 together. Significant progress has been made in recent years in improving Ireland's competitiveness.  The latest figures from the Central Bank of Ireland show that Ireland's real harmonised competitiveness indicator (a widely used measure of competitiveness in Europe) has improved by over 20 per cent between 2008 and November 2016. The...

Written Answers — Department of Finance: Home Repossessions (17 Jan 2017)

Michael Noonan: The Deputy will be aware from previous PQ responses that the Government attaches great importance to the resolution of mortgage arrears and wants to keep families in their homes and avoid repossessions insofar as possible.  He will also be aware of the recent establishment of the Abhaile mortgage arrears resolution service to ensure that those either in mortgage arrears or at risk...

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

Michael Noonan: I propose to take Questions Nos. 245 and 343 together. Notwithstanding the significant political developments in the past few months, recent economic indicators have generally been positive, indicating that the recovery is continuing in a sustainable manner.   GDP grew by 6.9 per cent in the third quarter of this year on an annual basis. This follows annual growth of 3.1 per cent...

Written Answers — Department of Finance: Economic Competitiveness (17 Jan 2017)

Michael Noonan: According to the European Commission's most recent forecasts (November 2016) Ireland was among the three fastest growing economies in the EU in 2016.  The Commission estimates that real GDP growth in Ireland was 4.1 per cent in 2016 compared with real GDP growth in the EU economy and euro area economy of 1.8 per cent and 1.7 per cent, respectively. Domestic demand is driving growth once...

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

Michael Noonan: I propose to take Questions Nos. 248 and 349 together. While Ireland is in a monetary union with other Euro area Member States, it has to be acknowledged that there are many factors, such as differences in national legal and housing systems, cultural preferences, language, the proximity of lenders to borrowers, which will continue to inhibit the full integration of...

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

Michael Noonan: I propose to take Questions Nos. 249 to 251, inclusive, together. As the Deputy will be aware, the Help to Buy (HTB) application system was launched on time on the first working day of the New Year, following the announcement of the measure in Budget 2017. I am advised by the Revenue Commissioners that the mortgage query tool, which is an integral part of the system for mortgage providers,...

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

Michael Noonan: The Help to Buy scheme opened for applications on January 3rd 2017, and has had 1,255 applications to date. It is too early to anticipate an estimate of the actual cost of the scheme based on such a small amount of data, which includes retrospective applications. However, at Budget time, it was estimated that the incentive would cost approximately €40 million...

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

Michael Noonan: The fiscal rules, which apply under the Stability and Growth Pact (SGP), are intended to promote budgetary discipline and help ensure the sustainability of the public finances. These rules were also given domestic legal effect through the Fiscal Responsibility Act 2012 following the passage of a constitutional referendum in May 2012 in which the Irish people supported accession to the Treaty...

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

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: NAMA Portfolio (17 Jan 2017)

Michael Noonan: The Deputy will appreciate that NAMA does not own or manage properties.  NAMA has acquired loans.  The properties securing those loans continue to be managed by their legal owners or, in the case of enforcement, by duly appointed insolvency practitioners.  Insolvency practitioners such as receivers and administrators act as agents of the original owners of the properties,...

Written Answers — Department of Finance: Banking Sector Regulation (17 Jan 2017)

Michael Noonan: From 4 November 2014, the European Central Bank (ECB) has had responsibility for the direct prudential supervision of significant credit institutions (Significant Institutions) within participating member states whose currency is the euro.   The ECB is competent to take direct sanctioning proceedings against Significant Institutions, under the framework set down by the Single...

Written Answers — Department of Finance: Disabled Drivers and Passengers Scheme (17 Jan 2017)

Michael Noonan: The scheme and qualifying criteria were designed specifically for those with severe physical disabilities. I frequently receive correspondence from applicants who do not meet the qualifying criteria but feel that they would benefit from the scheme.  While I am sympathetic to those who do not qualify for the Scheme, I cannot, given the scope of the Scheme, expand it further within the...

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

Michael Noonan: Capital Acquisitions Tax (CAT) is the overall title for both Gift and Inheritance Tax. The tax is charged on the amount gifted to, or inherited by, the beneficiary of the gift or inheritance. For the purposes of CAT, the relationship between the person who provides the gift or inheritance (i.e. the disponer) and the person who receives the gift or inheritance (i.e. the beneficiary),...

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

Michael Noonan: As the Deputy is aware, the Central Bank has commenced an industry wide examination of tracker mortgage related issues (the "Examination") covering among other things transparency of communications with and contractual rights of tracker mortgage customers. The Examination is a key priority for the Central Bank and it continues to challenge lenders to ensure that progress is being made and...

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

Michael Noonan: There was no provision in the Vote for my Department for funding for projects for the years in question.