Results 26,081-26,100 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Banks Recapitalisation (28 Feb 2017)

Michael Noonan: As the Deputy is aware, the Programme for Partnership Government allows for the sale of not more than 25% (plus over-allotment opion) of any bank before the end of 2018.  The State's shareholding in AIB is a very valuable asset and it is the Government's intention that the State will exit this and our other banking investments in a measured and careful manner. My...

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

Michael Noonan: Ensuring the plausibility of potential output estimates remains a key priority for my Department, especially given their relevance in the fiscal surveillance process and calculation of fiscal space. The shortcomings of the EU's harmonised methodology have been previously highlighted by my Department.  As the Deputy is aware, substantial efforts have been undertaken by my Department...

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

Michael Noonan: The Deputy will be aware that the Central Bank has an ongoing role in monitoring the level of arrears and negative equity on mortgage and other loan assets.  The Programme for a Partnership Government contains a range of commitments in the broad housing and banking area and my Department regularly engages with the Central Bank on all the Programme for Government Commitments which will...

Written Answers — Department of Finance: Public Interest Directors (28 Feb 2017)

Michael Noonan: In the Programme for a Partnership Government ('PPG') the Government has committed to, "Cease to appoint new Public Interest Directors to the banks, and reform the procedures for the appointment of bank directors by the State, with a view to increasing transparency in the process".  As the Deputy will be aware, the rights for the State to appoint public interest...

Written Answers — Department of Finance: Fuel Laundering (28 Feb 2017)

Michael Noonan: It is inherently difficult to estimate with confidence the extent of any illegal activity and it is not possible, therefore, to put a figure on the cost to the Exchequer of fuel laundering. Nevertheless, the serious threat that criminal activity of this kind poses to legitimate and compliant businesses, consumers and the Exchequer is recognised, and action against it has accordingly been a...

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

Michael Noonan: I presume the Deputy is referring to the preparations for Budget 2018 which will be presented to Dail Eireann next October. As part of the annual budgetary process, my Department will prepare the 2017 Stability Programme Update in April, updating the economic and fiscal outlook. Subsequently, the next milestone in the budgetary calendar will be the publication of the...

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

Michael Noonan: As outlined as part of Budget 2017, I intend to introduce a tax on sugar sweetened drink in April 2018 to coincide with the introduction of a similar tax in the UK.   An examination of the proposed tax, including estimates of projected yields, are contained in the excise Tax Strategy Group paper (TSG 16/02) which is available on my...

Written Answers — Department of Finance: Financial Services Regulation (28 Feb 2017)

Michael Noonan: As I stated in response to the Deputy's question on 17 January last, the Governor of the Central Bank made remarks in June of last year on the topic of technological innovation and financial services. I think it is important to be clear on what the Governor said. He said that in addition to the four primary challenges he identified in the regulatory treatment of financial...

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

Michael Noonan: As I have previously answered, the most recent ISME Bank Watch Survey for Quarter 4 2016 noted that 30% of companies who applied for funding in the three months covering September to November 2016 were refused credit by their banks.  The figure the Deputy is referring to was reported in the survey results for Quarter 2 2016. As the Deputy may be aware, my Department conducts a...

Written Answers — Department of Finance: EU Investigations (28 Feb 2017)

Michael Noonan: The European Commission published the Final Decision in the Apple State aid case in December 2016.  This was sent to Ireland at the end of August 2016.  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.  It will likely be several years before the matter is...

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

Michael Noonan: As the Deputy will be aware, the Department of Department of Arts, Heritage, Regional, Rural and Gaeltacht Affairs (DAHRRGA) has primary responsibility for the investigation of the German Sparkassen model of local public banks that operate within well-defined regions, as provided for in the Programme for Government. The investigation of the potential of local public banking by DHRRGA is...

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

Michael Noonan: ISIF and the wider NTMA is examining the feasibility of establishing, in conjunction with the private sector, a Housing Investment Fund, in a way that is both off-balance sheet and is commercially viable. This vehicle should be capable of funding the delivery of substantial new mixed-tenure residential developments, comprising social and private housing. Whilst a major objective of any...

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

Michael Noonan: The Government has been exploring potential mechanisms that would facilitate investment in social housing, including the off-balance sheet potential of private institutional investment. ISIF led engagement on the Housing Fund mentioned in Rebuilding Ireland with a number of actors including both the CSO and Eurostat is currently ongoing.  The agreed Programme for a Partnership...

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

Michael Noonan: I propose to take Questions Nos. 209 and 219 together. Individuals wishing to make a claim under the Help to Buy incentive are required to complete a two-stage online process; an application and then a claim. The application stage of the process allows would-be first-time buyers determine whether, and to what extent, they qualify for the incentive. The claim stage allows for the refund to...

Written Answers — Department of Finance: Brexit Issues (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: Common Consolidated Corporate Tax Base Negotiations (28 Feb 2017)

Michael Noonan: The European Commission's proposal for a Common Consolidated Corporate Tax Base was published in October 2016 and an initial discussion on the proposal took place at the November 2016 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 December ECOFIN, Council...

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

Michael Noonan: The Credit Union Act, 1997 (1997 Act) and the Credit Union Act 1997 (Regulatory Requirements) Regulations 2016 (2016 Regulations) (which set out services exempt from additional services requirements), set out the services that a credit union may provide to its members.  Where a credit union wishes to provide services to its members, other than those services that are provided for under...

Written Answers — Department of Finance: Investor Compensation Company Limited (28 Feb 2017)

Michael Noonan: I have been informed that to date, the ICCL has received 1,977 claims for compensation from former clients of Custom House Capital Ltd (CHC). All claims received are passed to the Administrator, Mr Kieran Wallace, who is required to certify the compensable loss involved for each claimant, following which notification, the ICCL will arrange payment of compensation to the investors...

Written Answers — Department of Finance: Investor Compensation Company Limited (28 Feb 2017)

Michael Noonan: The Irish Investor Compensation Scheme (the "ICS"), operated by the Investor Compensation Company DAC (the "ICCL"), originates from the EU Directive 97/9/EC ("ICSD") which requires each Member State to establish, on a minimum harmonisation basis, an Investor Compensation Scheme to ensure that small investors can receive statutory levels of compensation when they suffer losses to their assets...