Results 26,141-26,160 of 27,019 for speaker:Michael Noonan

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

Michael Noonan: I propose to take Questions Nos. 267 and 269 together. The Deputy will be aware that Regulated financial services providers are subject to the Central Bank Code of Conduct on Mortgage Arrears (CCMA). The CCMA provides a strong consumer protection framework to ensure that each borrower who is struggling to keep up mortgage repayments is treated in a timely, transparent and fair manner...

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

Michael Noonan: The most up to date information on repossessions published by the Central Bank is contained in their publication for quarter 3 of 2016 on Residential Mortgage Arrears and Repossessions Statistics . There were 640 Buy-to-Let (BTL) properties in the banks' possession at the beginning of Quarter 3 of 2016.  A total of 288 properties were taken into possession by lenders...

Written Answers — Department of Finance: Mortgage Interest Rates (28 Feb 2017)

Michael Noonan: I propose to take Questions Nos. 270 and 271 together. The issue of standard variable mortgage rates is a significant one for this Government and it has made it clear that it is not acceptable for lenders to charge excessive rates on such mortgages. The Programme for a Partnership Government, therefore, sets out a number of important and practical measures which can be taken to improve...

Written Answers — Department of Finance: Construction Industry (28 Feb 2017)

Michael Noonan: Over the last number of years, the construction industry, like many parts of the economy, has gone through a period of deleveraging. According to the Central Bank's Credit, Money and Banking Statistics, outstanding loans have fallen from a peak of over €10.28 billion in December 2007 to €1.14 billion in September 2016. Although this process of deleveraging continues, the...

Written Answers — Department of Finance: Small and Medium Enterprises Supports (28 Feb 2017)

Michael Noonan: As the Deputy is aware, supporting SMEs, including those in the farming community, in terms of access to finance has been a cornerstone policy for Government in our efforts to rebuild the economy and bring back jobs. In terms of monitoring the working capital requirements for SMEs, my Department commissions biannual surveys to ascertain the demand for credit by SMEs. This survey series, most...

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

Michael Noonan: As the Deputy will be aware that in my role as Minister for Finance I have no direct function in the relationship between the banks and their customers. I have no statutory function in relation to the banking decisions made by individual lending institutions at any particular time and these are taken by the board and management of the relevant institution. This includes decisions in...

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

Michael Noonan: All credit institutions in Ireland are independent commercial entities. I, as Minister for Finance, have no statutory role in relation to the charges applied by credit institutions. Section 149 of the Consumer Credit Act 1995, as amended, requires that credit institutions, prescribed credit institutions and bureaux de change must make a submission to the Central Bank if they wish to...

Written Answers — Department of Finance: Small and Medium Enterprises Supports (28 Feb 2017)

Michael Noonan: As the Deputy is aware, small and medium sized businesses play a central role in the sustainable recovery of the Irish economy. Government policy is focused on ensuring that all viable SMEs have access to an appropriate supply of credit from a diverse range of bank and non-bank sources. The Deputy will also be aware that in my role as Minister for Finance I have no direct function in the...

Written Answers — Department of Finance: Bank Branch Closures (28 Feb 2017)

Michael Noonan: I propose to take Questions Nos. 279 and 280 together. As the Deputy is aware the relationship between the Minister for Finance and the banks in which the State is a shareholder are governed by Relationship Frameworks which can be found on my Department's website. In accordance with these Relationship Frameworks the Minister for Finance has no direct function in commercial...

Written Answers — Department of Finance: Customs and Excise Controls (1 Mar 2017)

Michael Noonan: I propose to take Questions Nos. 94 and 101 together. I am informed by the Revenue commissioners that relief from payment of Customs Duty and VAT is allowed on gift consignments from outside of the EU where the following conditions are met: 1. The customs value of the gift does not exceed €45. 2. The gift is correctly declared. 3. It has been sent from a private individual outside of...

Written Answers — Department of Finance: Financial Services Regulation (1 Mar 2017)

Michael Noonan: The role of the Financial Services Ombudsman (FSO) is to independently and impartially investigate and resolve disputes between consumers and regulated financial service providers. When a complaint is made by a Consumer to the FSO, every effort is made by the Ombudsman to facilitate the parties in achieving a mediated settlement. If no settlement is achieved, the matter will...

Written Answers — Department of Finance: Tax Code (1 Mar 2017)

Michael Noonan: As you are aware, 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...

Written Answers — Department of Finance: Tax Reliefs Application (1 Mar 2017)

Michael Noonan: Section 473A of the Taxes Consolidation Act (TCA) 1997 provides for tax relief at the standard rate of income tax (20%) in respect of qualifying fees paid by an individual for a third level education course, subject to the terms and conditions set out in that section.  Qualifying fees mean tuition fees in respect of an approved course at an approved college, reduced by the amount of the...

Written Answers — Department of Finance: Tax Compliance (1 Mar 2017)

Michael Noonan: I have been advised that as a result of greater co-operation and information sharing between tax authorities worldwide, Revenue will receive details of offshore assets and accounts held by Irish tax-residents under a range of international agreements including FATCA the Inter-Governmental Agreement to share financial account information with the United States, the OECD Common Reporting...

Written Answers — Department of Finance: Tax Data (1 Mar 2017)

Michael Noonan: I am informed by Revenue that, in respect of 2015, the latest year for which there is complete figures, 22,024 individual taxpayers declared themselves to be non-resident for tax purposes on their self assessment tax return. The overall number of individuals who filed self assessed income tax returns for 2015 was 528,533. The tax affairs of high net worth individuals, also referred to as the...

Written Answers — Department of Finance: Credit Union Regulation (1 Mar 2017)

Michael Noonan: The Credit Union Act, 1997 (the 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. These include certain insurance services on an agency basis and insurance on an introduction basis. Loan Protection...

Written Answers — Department of Finance: Help-To-Buy Scheme Eligibility (1 Mar 2017)

Michael Noonan: As the Deputy will be aware, the purpose of the Help to Buy incentive is to help first-time buyers fund their first home, whether purchased from a builder or self-built. The incentive applies for the period from 19 July 2016 to 31 December 2019. The legislative provisions for the Help to Buy incentive are set out in Section 477C of the Taxes Consolidation Act 1997, as inserted by Section 9...

Written Answers — Department of Finance: Motor Insurance Regulation (1 Mar 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 position is...

Written Answers — Department of Finance: Pension Provisions (1 Mar 2017)

Michael Noonan: I am advised by Revenue that Section 772 of the Taxes Consolidation Act (TCA) 1997 prescribes the conditions required for the approval of a retirement benefits scheme. Under section 772 of the TCA a retirement benefits scheme shall be approved once it is established and Revenue is satisfied that the conditions set out in subsections 2 and 3 have been complied with. As referred to by the...

Written Answers — Department of Finance: Help-To-Buy Scheme Eligibility (2 Mar 2017)

Michael Noonan: The tax treatment referred to by the Deputy, regarding an exemption from Stamp Duty for certain first-time buyers ceased to apply to instruments executed on or after 8 December 2010. The legislation that introduced the Help to Buy incentive in Finance Act 2016, now contained in Section 477C of the Taxes Consolidation Act 1997, defines a first-time purchaser as "an...