Results 26,021-26,040 of 27,019 for speaker:Michael Noonan

Other Questions: State Banking Sector (28 Feb 2017)

Michael Noonan: No, we put a lot of money into it to recapitalise it. That was not the purchase price. That was the capital necessary to keep it going as a bank, and that is what it cost the State in terms of capital injection but it was not the market value. Nobody was going to give €20 million for it. The problem was that nobody would give €20 for it at the time. Will we debate it? I...

Written Answers — Department of Finance: Universal Social Charge Abolition (28 Feb 2017)

Michael Noonan: The Programme for Government commitment to phase out the USC is not something that is being proposed in isolation but rather as part of a wider medium-term income tax reform plan focused on supporting economic growth. Tax revenues have grown by over 40% from €34 billion in 2011 to €48 billion in 2016. It is true that new taxes have been introduced but much of the...

Written Answers — Department of Finance: Central Bank of Ireland Investigations (28 Feb 2017)

Michael Noonan: 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 that regulated financial service providers adhere to the requirements of financial services legislation.  These changes include significantly enhanced powers for the Central Bank to gather information under the...

Written Answers — Department of Finance: Economic Growth (28 Feb 2017)

Michael Noonan: I propose to take Questions Nos. 49, 265, 272 and 275 together. My Department's most recent economic forecasts were published with Budget 2017. Real GDP growth of 3.5% was projected for this year while growth is forecast to average % over the period 2018-2021. The dataflow since the Budget has been encouraging indicating that the strong momentum has continued: - The economy expanded by 6.9%...

Written Answers — Department of Finance: Motor Insurance Regulation (28 Feb 2017)

Michael Noonan: The Cost of Insurance Working Group, chaired by the Minister of State Eoghan Murphy, was established to examine the factors contributing to the increasing cost of insurance and to identify what measures could be introduced to help deter further increases for consumers and businesses. The initial focus of the Working Group was on rising motor insurance premiums and in this regard the Report...

Written Answers — Department of Finance: Tax Code (28 Feb 2017)

Michael Noonan: As the Deputy is aware, during the Finance Bill Committee Stage Debates in both the Dáil and the Seanad, my colleague, Minister of State Eoghan Murphy TD, gave a commitment that betting duty would be examined as part of the Tax Strategy Group process in 2017.  I can inform you that officials in my Department are in the early stages of examining the area...

Written Answers — Department of Finance: Banking Sector Remuneration (28 Feb 2017)

Michael Noonan: At meetings between myself, officials and senior representatives of the banks late last year, at which a broad range of topics were discussed, the banks commented on the current remuneration restrictions, which apply to the banks which the State had to rescue, and the potential impact these restrictions have on recruitment and retention. In addition, there is some reference in...

Written Answers — Department of Finance: Help-To-Buy Scheme Administration (28 Feb 2017)

Michael Noonan: The Help to Buy incentive was initially announced on 19 July 2016 as part of the "Rebuilding Ireland: Action Plan for Housing and Homelessness." The design of the scheme was outlined in Budget 2017, and the full details were set out in Finance Act 2016. The initiative aims to assist a first-time purchaser fund the deposit required to purchase or self-build a new house or apartment...

Written Answers — Department of Finance: Home Repossessions (28 Feb 2017)

Michael Noonan: This Government is very committed to  providing support for borrowers in mortgage arrears, as evidenced by the range of commitments contained in the Programme for A Partnership Government and the Action Plan on Housing and Homelessness.   The most recent Central Bank figures show that to date over 121,000 restructures have been put in place which reinforces the...

Written Answers — Department of Finance: Central Bank of Ireland Transactions (28 Feb 2017)

Michael Noonan: The Bank of Ireland annual report for year ended 2010 provided the following details in relation to the facility deed: On 23 December 2010, the Bank entered into a facility deed (the deed) with the Central Bank. This provides for an uncommitted facility to the Group, guaranteed by the Minister for Finance up to a maximum amount of €10 billion or such increased amount as...

Written Answers — Department of Finance: Departmental Legal Cases (28 Feb 2017)

Michael Noonan: The Apple State Aid case is a priority matter for the State. Detailed and comprehensive responses were provided to the Commission demonstrating that the appropriate amount of Irish tax was charged in accordance with the relevant legislation, that no selective advantage was given and that there was no State Aid.  This case has involved a significant degree of legal and technical...

Written Answers — Department of Finance: State Banking Sector (28 Feb 2017)

Michael Noonan: The position of the Government in relation to the State's shareholdings in the banking sector is very clear. These were investments the State had to make during the banking crisis, and it is the Government's intention that the State will exit these investments in a measured and careful manner which ultimately recovers the maximum amount of money for the Irish taxpayer. In...

Written Answers — Department of Finance: Banking Operations (28 Feb 2017)

Michael Noonan: While the legal action referred to in parliamentary question number 80 of 19 January 2017 was against the bank referred to in the same question and not against the Department of Finance, pleadings in this case, which were delivered by the Bank, were considered by officials in my Department and by the Attorney General's office.  It was also important for officials in my Department to...

Written Answers — Department of Finance: Credit Union Regulation (28 Feb 2017)

Michael Noonan: One recommendation of the Credit Union Advisory Committee (CUAC) in the Review of Implementation of the Recommendations in the Commission on Credit Unions Report (the Report) was that an Implementation Group be established for a specified period of time to oversee and monitor implementation of those recommendations in a methodical manner and to advise the Minister for Finance...

Written Answers — Department of Finance: NAMA Operations (28 Feb 2017)

Michael Noonan: To my knowledge, the discussions at the Public Accounts Committee ("PAC") focused on potential "technical breaches" of a non-disclosure agreement by third parties. I expect that all of the testimony provided to the PAC, including these discussions regarding non-disclosure agreements, is being considered by the PAC as works to produce its upcoming...

Written Answers — Department of Finance: Customs and Excise Controls (28 Feb 2017)

Michael Noonan: The Government's position in relation to the border with Northern Ireland in the context of BREXIT is very clear and has been articulated by the Taoiseach on several occasions.  Continued freedom of movement, absence of a hard border, and minimal impact on business and trade are key objectives.  The Government is clear that any manifestation of a hard border would have very negative...

Written Answers — Department of Finance: Commissions of Investigation (28 Feb 2017)

Michael Noonan: I am advised that any reference to an allocation for commissions of investigation in the 2017 revised estimates does not relate to a commission of investigation into NAMA or Project Eagle.  A commission of investigation into NAMA's Project Eagle has not been established and would not receive an appropriate budget allocation until such time as this occurs.

Written Answers — Department of Finance: Bank Debt Restructuring (28 Feb 2017)

Michael Noonan: As the Deputy is aware significant progress has been made across the Irish banking sector in reducing the level of non-performing loans (NPLs) since the financial crisis. Despite this progress, the level of NPLs in Ireland remains well above the European average. Hence the Single Supervisory Mechanism (SSM), as the regulator for larger banks, has tasked the...

Written Answers — Department of Finance: Budget 2018 (28 Feb 2017)

Michael Noonan: The current estimate of the net fiscal space available for 2018 is €1.2 billion. This figure was set out in the documentation that accompanied Budget 2017 last October.   This estimate is consistent with compliance with Ireland's obligations under the fiscal rules, namely the expenditure benchmark pillar of the preventive arm of the Stability and Growth Pact....

Written Answers — Department of Finance: Motor Insurance Regulation (28 Feb 2017)

Michael Noonan: The Report of the Review of the Framework for Motor Insurance Compensation in Ireland was published on 22 July. As you are aware, this review was carried out jointly by the Department of Finance and the Department of Transport, Tourism and Sport and was approved by Government on 19 July.  Since the publication of the report, work has commenced on the implementation...