Results 25,661-25,680 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: European Financial Forum (2 Feb 2017)

Michael Noonan: The second annual European Financial Forum (EFF) was held in Dublin Castle on 24th January 2017 and was a key IFS2020 deliverable under the 2016 Action Plan. The event was hosted by my colleague Minister of State for Financial Services, Eoghan Murphy TD, who has responsibility for the IFS2020 strategy. The IDA and EI had lead responsibility for organising this...

Written Answers — Department of Finance: National Payments Plan Implementation (2 Feb 2017)

Michael Noonan: I propose to take Questions Nos. 86 to 89, inclusive, together. The National Payments Plan, intended to modernise Ireland's payment system, was published in 2013 and covered the period up to 2015. It set out a vision for payments, including universal acceptance of electronic forms of payment, robust and reliable payment systems, and migration from cash and cheques to cards and electronic...

Written Answers — Department of Finance: Mortgage Data (2 Feb 2017)

Michael Noonan: I have been informed by the Central Bank of Ireland that it does not publish a regular series of data on mortgages in negative equity.  The Deputy will be aware that the Central Bank's Household Credit Market Report contains data on negative equity.  The latest report is available athttp://www.centralbank.ie/publications/Documents/Household...

Written Answers — Department of Finance: Mortgage Arrears Rate (2 Feb 2017)

Michael Noonan: I propose to take Questions Nos. 91 and 92 together. In respect of the proportion of borrowers in mortgage arrears over 720 days that have not engaged with their lenders and the proportion of borrowers in mortgage arrears over 720 days that have not completed the mortgage arrears process, the Central Bank only publishes information on the total number of mortgage accounts which are...

Written Answers — Department of Finance: Banking Sector (2 Feb 2017)

Michael Noonan: As the deputy is aware non-performing loans (NPL's) remain at an elevated level across the European banking system and addressing this issue is one of the key priorities for the Single Supervisory Mechanism (SSM). In Ireland significant progress has been made across the banking sector in reducing the level of NPLs since the financial crisis. This has been primarily achieved by customers...

Written Answers — Department of Finance: European Banking Authority (2 Feb 2017)

Michael Noonan: Since the Government's public declaration of interest, my officials have been engaging with relevant stakeholders in order to further progress the goal of relocating the European Banking Authority to Ireland post the completion of the negotiations between the EU and the United Kingdom. These meetings have included a meeting with the European Banking Authority and...

Written Answers — Department of Finance: Mortgage Data (2 Feb 2017)

Michael Noonan: I propose to take Questions Nos. 95 to 98, inclusive, together. As the Deputy is aware, the Central Bank of Ireland announced in October 2015 that it would conduct a detailed review of Tracker Mortgage portfolios with all the banks under its supervision. The Central Bank sought to conduct a broad examination of tracker mortgage-related issues covering, among other things, transparency...

Written Answers — Department of Finance: Departmental Communications (2 Feb 2017)

Michael Noonan: In response to the Deputy, I wish to advise that I do not use any private unsecured email accounts for official business. ICT services to the Department of Finance are provided by the Office of the Government Chief Information Officer (OGCIO) under the Department of Public Expenditure and Reform.  The Department has an Information and Communications Technology Acceptable Usage...

Written Answers — Department of Finance: Commencement of Legislation (2 Feb 2017)

Michael Noonan: It has not been possible to collate the information requested in the time available. However the requested information is being collated and will be forwarded to you, as soon as it is available.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: EU State Aid Rules - Investigation into Preferential Tax Rulings: Minister for Finance and Office of the Revenue Commissioners (2 Feb 2017)

Michael Noonan: Good morning. I thank the Chairman and the committee for inviting me to attend today to discuss this important issue. The topic of today's discussion is the subject of ongoing litigation before the European courts involving the State, Apple and the European Commission. As a result, I am required to fully respect the constraints placed on me by both Irish and EU law as regards public...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: EU State Aid Rules - Investigation into Preferential Tax Rulings: Minister for Finance and Office of the Revenue Commissioners (2 Feb 2017)

Michael Noonan: No, we cannot because it was contained in the original decision. I do not know if the Senator has read the full decision by the Commission. The latter referenced this as a possibility. There was an accompanying press statement which also said that some of the €13 billion - if that is the correct figure - might be due to other countries. At ECOFIN, Spain and Austria have publicly...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: EU State Aid Rules - Investigation into Preferential Tax Rulings: Minister for Finance and Office of the Revenue Commissioners (2 Feb 2017)

Michael Noonan: No, I am not disputing it. I am simply saying that the assertion that there could be third-country claims to the €13 billion - if that is the figure - was much stronger on the day the decision was made in late August and was more emphatic in the accompanying press statement. It was also reflected in the full report that was published in December. The Commissioner is now putting a...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: EU State Aid Rules - Investigation into Preferential Tax Rulings: Minister for Finance and Office of the Revenue Commissioners (2 Feb 2017)

Michael Noonan: No, we cannot take it off the table because the Commissioner is not doing so. The Commissioner has said that there is a possibility that countries which believe that Apple did not pay sufficient tax in their jurisdictions could make claims against the escrow account of the €13 billion when this is all resolved, if that is the way it goes. We cannot take it off the table because we...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: EU State Aid Rules - Investigation into Preferential Tax Rulings: Minister for Finance and Office of the Revenue Commissioners (2 Feb 2017)

Michael Noonan: There is a mixture of tax law and politics being operated in this situation and I do not like what the Commission did. I would think the Senator would have gathered that.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: EU State Aid Rules - Investigation into Preferential Tax Rulings: Minister for Finance and Office of the Revenue Commissioners (2 Feb 2017)

Michael Noonan: I accept the information that she gave. I worked with Margrethe Vestager when she was the Danish Finance Minister for three years. When Ireland held the EU Presidency, I worked closely with her on banking union. There were particular issues in banking union in Denmark as it was outside the eurozone but there was going to be a banking arrangement that would apply across the European Union....

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: EU State Aid Rules - Investigation into Preferential Tax Rulings: Minister for Finance and Office of the Revenue Commissioners (2 Feb 2017)

Michael Noonan: The figure to date is €1.8 million.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: EU State Aid Rules - Investigation into Preferential Tax Rulings: Minister for Finance and Office of the Revenue Commissioners (2 Feb 2017)

Michael Noonan: We do not know how long this will last. It could go on for four years. I will give the Senator the information I have to hand. The legal process could take several years to conclude and, therefore, it is not possible to provide a comprehensive estimate. We expect further expenses at this time. The case has involved a significant degree of legal and technical complexity and additional...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: EU State Aid Rules - Investigation into Preferential Tax Rulings: Minister for Finance and Office of the Revenue Commissioners (2 Feb 2017)

Michael Noonan: It is very difficult to be absolutely certain of the detail in retrospect. The first opinion was in 1991, which is 26 years ago. The Senator may recall, if she has done some research into corporation tax, that Apple came to Ireland in 1980. Right through the 1980s - like other exporting companies - it had export sales relief. Export sales relief meant that exporting manufacturing...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: EU State Aid Rules - Investigation into Preferential Tax Rulings: Minister for Finance and Office of the Revenue Commissioners (2 Feb 2017)

Michael Noonan: Since tax-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: EU State Aid Rules - Investigation into Preferential Tax Rulings: Minister for Finance and Office of the Revenue Commissioners (2 Feb 2017)

Michael Noonan: It is my last point. Since tax is a sovereign competence, it is Irish law that applies in Irish tax cases. Revenue applied Irish law. There is a retrospective run on it now. There was another opinion in 2007. That is a long time ago as well.