Results 26,361-26,380 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: VAT Yield (30 Mar 2017)

Michael Noonan: As I informed the Deputy in response to Parliamentary Question number 71 of 23 March 2017, on 1 January 2015 new EU VAT rules came into effect changing the place of supply in respect of all supplies of telecommunications, broadcasting and electronic (TBE) services to consumers, from the place where the supplier is located to the place where the consumer resides. The VAT Mini One Stop Shop...

Written Answers — Department of Finance: VAT Rate Application (30 Mar 2017)

Michael Noonan: The new EU VAT rules relating to the supply of telecommunications, broadcasting and electronic (TBE) services were introduced by Council Directive 2008/8/EC and Council Implementing Regulation (EU) No 1042/2013 and took effect from 1 January 2015. Under the new regulation, the applicable VAT rules on the supply of TBE services in intra-EU transactions are those in the Member State where the...

Written Answers — Department of Finance: Tracker Mortgages Data (30 Mar 2017)

Michael Noonan: The Central Bank of Ireland published a report providing a further update on the Examination of Tracker Mortgage Related Issues on 23 March. The report is the latest in a series of status updates since the Examination commenced and sets out the progress being made by lenders in completing the review. The report also sets out information on the Central Bank's enforcement powers and activity...

Written Answers — Department of Finance: Tracker Mortgages (30 Mar 2017)

Michael Noonan: It is important to note that the Central Bank does not have the statutory power to compel lenders to implement redress and compensation programmes in respect of failures that occurred prior to the introduction of the Central Bank (Supervision and Enforcement) Act 2013. However, where customer detriment is identified, the Central Bank has advised that it has clearly articulated its...

Written Answers — Department of Finance: Tracker Mortgages (30 Mar 2017)

Michael Noonan: The Central Bank has advised that it requires lenders to complete the Examination in four phases as follows: - Phase 1: Development and Submission of Detailed Plan; - Phase 2: Information Gathering/Review/Report Submission; - Phase 3: Calculation of Redress and Compensation (where relevant); and - Phase 4: Implementation of Redress Programme (where relevant). Phase 1 of the Examination...

Written Answers — Department of Finance: Credit Union Regulation (30 Mar 2017)

Michael Noonan: I have been informed by the Central Bank that it engages with credit unions wishing to expand the range of products and services they provide to their members but that it is clear that the ownership of business model development in credit unions rests with individual credit unions themselves.  This engagement is framed in the context of the Credit Union...

Written Answers — Department of Finance: Credit Union Regulation (30 Mar 2017)

Michael Noonan: I propose to take Questions Nos. 143 and 144 together. My role as Minister for Finance is to ensure that the legal framework for credit unions is appropriate for the effective operation and supervision of credit unions. The Registrar of Credit Unions at the Central Bank is the independent regulator for credit unions.  Within her independent regulatory discretion, the Registrar acts...

Written Answers — Department of Finance: Banking Sector Regulation (30 Mar 2017)

Michael Noonan: As the Deputy is aware, notwithstanding the State's various shareholdings in the banking sector, the strategic and commercial direction taken by each bank is solely the responsibility of the management team and board of that institution. I have no role in their strategic decision making or indeed day to day operations. The average Credit Union sector loan to asset ratio is currently...

Written Answers — Department of Finance: Credit Union Regulation (30 Mar 2017)

Michael Noonan: I propose to take Questions Nos. 146 and 148 together. My role as Minister for Finance is to ensure that the legal framework for credit unions is appropriate for the effective operation and supervision of credit unions. The Registrar of Credit Unions at the Central Bank is the independent regulator for credit unions.  Within her independent regulatory discretion, the Registrar acts...

Written Answers — Department of Finance: Central Bank of Ireland Supervision (30 Mar 2017)

Michael Noonan: Under section 18E (1)(b) of the Central Bank Act, 1942, the Central Bank shall establish an advisory group to advise the Central Bank, where the Bank requests, on the performance of its functions and the exercise of its powers in relation to credit unions.  I have been advised by the Central Bank that given the establishment of the Commission on Credit Unions (May 2011-March 2012),...

Written Answers — Department of Finance: Credit Union Regulation (30 Mar 2017)

Michael Noonan: My role as Minister for Finance is to ensure that the legal framework for credit unions is appropriate for the effective operation and supervision of credit unions. The Registrar of Credit Unions at the Central Bank is the independent regulator for credit unions.  Within her independent regulatory discretion, the Registrar acts to support the prudential soundness of individual...

Written Answers — Department of Finance: Credit Union Services (30 Mar 2017)

Michael Noonan: The role of the Consumer Advisory Group ('CAG') is to advise the Central Bank on the performance of its functions in relation to protecting consumers. I understand from the Central Bank that the CAG has indicated that the matter raised by Deputy McGrath has not been discussed by the group.

Ceisteanna - Questions: EU Meetings (4 Apr 2017)

Michael Noonan: He always does.

Priority Questions: Commissions of Investigation (4 Apr 2017)

Michael Noonan: Following the publication of the Comptroller and Auditor General's report, the Taoiseach met party leaders in September 2016 and received submissions from them on the issue. At a subsequent meeting with party leaders in October, there was agreement in principle to establish a commission of investigation. That remains the Government's position. It is the Government's policy to establish a...

Priority Questions: Commissions of Investigation (4 Apr 2017)

Michael Noonan: As I said, before the Government makes a decision on how to proceed it will be important to receive and discuss proposed terms of reference from party leaders and other interested parties. In so far as the Department of Finance is concerned, I would expect that the Department and Minister for Finance will be within the scope of the terms of reference. As a consequence, it would be...

Priority Questions: Commissions of Investigation (4 Apr 2017)

Michael Noonan: Given the manner in which I expect the terms of reference to develop, the Department of Finance would be an interested party and would stand back from the process, which would be the appropriate thing to do. The Deputy should direct any further questions to the Taoiseach to find out what the position might be.

Priority Questions: Ireland Strategic Investment Fund Investments (4 Apr 2017)

Michael Noonan: The Ireland Strategic Investment Fund, ISIF, was established in December 2014. The creation of ISIF was a commitment in the last Government's programme for Government. The previous Government gave ISIF a unique double bottom line mandate to invest on a commercial basis in a manner designed to support economic activity and employment in Ireland. This mandate sought to demonstrate that the...

Priority Questions: Ireland Strategic Investment Fund Investments (4 Apr 2017)

Michael Noonan: We should give credit where credit is due. It is a very recently established fund, having been set up in 2014. By the end of 2016, an investment of €7 billion in total had been committed. That is the direct investment and the funds triggered by it. It is a significant chunk of money. When one compares it to the overall capital programme, €7 billion is a significant...

Priority Questions: Ireland Strategic Investment Fund Investments (4 Apr 2017)

Michael Noonan: The Deputy's submission is very reasonable. However, infrastructural investment is divided between social investment and investment in economic infrastructure and it is difficult to be certain of an income stream from the former whether it is schools, health centres, etc. It is also the case that while there is potential in some economic investment such as tolling certain roads, there is no...

Priority Questions: Corporation Tax Regime (4 Apr 2017)

Michael Noonan: I thank the Deputy for her question. I am aware of the report which was published by Oxfam on 27 March. The report makes a number of comments about the level of tax paid by certain banks in respect of their operations in each country of operation, including Ireland. The report also asserts that 31 different jurisdictions, including Ireland, should be considered tax havens. I understand...