Results 25,761-25,780 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: State Banking Sector (7 Feb 2017)

Michael Noonan: The State's shareholding in AIB is held in the ISIF's (Ireland Strategic Investment Fund) directed portfolio. In order to take any action in relation to the State's shareholding in AIB I would write to the ISIF and direct it accordingly. To complete the repair of the banking system and ensure that banks are supporting the wider public interest, the Program for a...

Written Answers — Department of Finance: Legal Proceedings (7 Feb 2017)

Michael Noonan: As the Deputy is aware, the Relationship Framework Agreements define the arm's-length nature of the relationship between the State and the banks in which the State has an investment, and any commercial decisions, including initiating legal action where it is deemed necessary, is decision exclusively for the management and board of each institution. In response to the Deputy's...

Written Answers — Department of Finance: Banking Operations (7 Feb 2017)

Michael Noonan: The information requested by the Deputy is not available within the Department of Finance. As the Deputy is aware, the Relationship Framework agreements define the arm's-length nature of the relationship between the State and the banks in which the State has an investment, and as such each bank is individually and independently responsible for managing their stock of...

Written Answers — Department of Finance: Mortgage Lending (7 Feb 2017)

Michael Noonan: The Central Bank of Ireland is aware of the Motion on tracker mortgages which was carried in Dáil Éireann on 26 January last. The Tracker Mortgage Examination is the most significant supervisory review undertaken in the context of the Central Bank's consumer protection remit. In line with its mandate to ensure that the best interests of consumers are protected, the Central...

Written Answers — Department of Finance: Tax Code (7 Feb 2017)

Michael Noonan: I am advised by Revenue that the person concerned is non-resident but is chargeable to tax on income in the State. In the case of a couple where both spouses are non-resident but one spouse has income chargeable to tax in the State, that spouse is chargeable to Irish Tax on the basis of separate treatment as a single person. Where the other non-resident spouse has income outside the...

Written Answers — Department of Finance: Help-To-Buy Scheme Eligibility (7 Feb 2017)

Michael Noonan: I am advised by the Revenue Commissioners that the matter in the case of the person concerned relates to that of a self-build property and whether the building in question meets the definition of qualifying residence for the purposes of the Help To Buy scheme. Section 477C(1) of the Taxes Consolidation Act 1997 defines a qualifying residence as:- - a new building which was not, at any time,...

Written Answers — Department of Finance: Banking Sector Regulation (7 Feb 2017)

Michael Noonan: As the Deputy will be aware, the European Commission (Directorate-General for Competition) is in charge of ensuring that State aid complies with EU rules. However, I am aware that RBS did receive State aid from the British Government. This aid, which required a significant restructuring of RBS, was approved by the European Commission in December 2009. In its approval the Commission...

Written Answers — Department of Finance: Mortgage Insurance (7 Feb 2017)

Michael Noonan: I believe the Deputy is referring to credit card payment protection insurance.  In that context, I have been advised by the Central Bank that Payment Protection Insurance (PPI) is an insurance policy that covers the monthly debt repayment, for a limited period, on a lending product in the event that the borrower loses income.  PPI policies vary depending on the seller, the insured...

Written Answers — Department of Finance: Corporation Tax Regime (7 Feb 2017)

Michael Noonan: Taxation is a sovereign Member State competence and decisions at Council require unanimity.  Ireland's sovereignty on tax matters is not affected by Brexit and therefore there have been no discussions at EU level around the impact Brexit will have on Ireland's corporation tax.

Written Answers — Department of Finance: Mortgage Interest Relief Application (7 Feb 2017)

Michael Noonan: Section 244 of the Taxes Consolidation Act 1997 provides for mortgage interest relief (MIR) in respect of qualifying interest paid in a tax year. The allowable relief is based on the actual amount of interest paid by the borrower. For example, where the borrower pays the correct mortgage amount in accordance with the terms of the loan then the full MIR entitlement is applied to the loan...

Written Answers — Department of Finance: Common Consolidated Corporate Tax Base Proposals (7 Feb 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. 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 were approved in respect of the Commission's wider package...

Written Answers — Department of Finance: Motor Insurance Regulation (7 Feb 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 accept.  This...

Written Answers — Department of Finance: Tax Code (7 Feb 2017)

Michael Noonan: The Irish ambassador to Brazil is leading our engagement with the Brazilian Federal Revenue Service.  Officials from the Department of Finance, the Revenue Commissioners and the Department of Foreign Affairs and Trade are in close contact with the ambassador and supporting these efforts.  As I previously informed the House, the Brazilian Federal Revenue Service have agreed to...

Written Answers — Department of Finance: Tax Reliefs Availability (7 Feb 2017)

Michael Noonan: As the Deputy will be aware, the Graduate Entry Medicine (GEM) programme provides undergraduate medical education of four years duration to individuals who have previously completed an alternative undergraduate degree. It has been developed to produce medical graduates with the ability to successfully undertake an internship and thereafter to gain full registration with the Medical...

Written Answers — Department of Finance: Tax Reliefs Availability (7 Feb 2017)

Michael Noonan: The recently launched "Realising our Rural Potential: Action Plan for Rural Development" by the Minister for Arts, Heritage, Regional, Rural and Gaeltacht Affairs contains a detailed list of actions and priorities with a view to revitalising rural Ireland generally. This effort is being led by the Minister for Arts, Heritage, Regional, Rural and Gaeltacht Affairs in...

Written Answers — Department of Finance: Pension Provisions (7 Feb 2017)

Michael Noonan: I am informed by Revenue that section 787G of the Taxes Consolidation Act 1997, permits a holder of a Personal Retirement Savings Account (PRSA) to transfer his/her PRSA to a Revenue approved occupational pension scheme. Where such a transfer occurs the assets transferred become subject to the rules of the occupational pension into which they are transferred. The receiving occupational...

Written Answers — Department of Finance: Financial Services Regulation (7 Feb 2017)

Michael Noonan: Regulation (EC) No. 1606/2002 of the European Parliament (the Regulation) requires all listed European companies to prepare their consolidated financial accounts in accordance with EU adopted International Financial Reporting Standards (IFRS) - formerly known as International Accounting Standards (IAS) -  for accounting periods commencing on or after 1 January 2005. The Regulation...

Written Answers — Department of Finance: Mortgage Arrears Rate (7 Feb 2017)

Michael Noonan: I am informed by the Central Bank that it does not publish information in the format requested.  However I would refer the Deputy to the Central Bank's quarterly publication on Residential Mortgage Arrears and Repossessions Statistics which includes details on total balances for split mortgage solutions.  The most recent publication is for Quarter 3 2016 and is available...

Written Answers — Department of Finance: Tax Code (7 Feb 2017)

Michael Noonan: I propose to take Questions Nos. 189 to 192, inclusive, together. NAMA's tax affairs, and the legal structures it utilises to carry out its mandate, are a matter for NAMA to determine within the perimeter of its mandate and applicable law, including tax law.  As we know the establishment of Section 110 companies is completely legal as it is permitted under Irish law and tax codes....

Written Answers — Department of Finance: Tax Code (7 Feb 2017)

Michael Noonan: Having consulted with the eighteen bodies under the aegis of the Department of Finance, I have been advised that in addition to NAMA, the National Treasury Management Agency (NTMA) and IBRC (in Special Liquidation) are the only other bodies which have been using the section 110 tax structure. As controller and manager of the Ireland Strategic Investment Fund,...