Results 26,541-26,560 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: IBRC Liquidation (11 Apr 2017)

Michael Noonan: I am advised by the Special Liquidators that customers who are eligible for redress as part of the tracker mortgage review will be treated as unsecured creditors of IBRC in respect of any such amounts which are found to be due to them for the period beginning February 2007 up until the date of liquidation. Dividends will be paid to those affected in line with other creditor payments. Amounts...

Written Answers — Department of Finance: Tax Credits (11 Apr 2017)

Michael Noonan: I am informed by Revenue that there is no information available to Revenue on which to estimate a cost to the Exchequer for the reintroduction of the One-Parent Family Tax Credit (OPFTC) in the manner set out by the Deputy, as Revenue would not have the necessary information as to the access arrangements of single parents. The Deputy will be aware that the OPFTC was replaced by the Single...

Written Answers — Department of Finance: Insurance Industry Regulation (11 Apr 2017)

Michael Noonan: As Minister for Finance, I have responsibility for the development of the legal framework governing financial regulation in Ireland, including the regulatory environment for life and non-life insurance.  This legal and regulatory framework for the provision of life insurance, non-life insurance and reinsurance in the European Economic Area (EEA), and the supervision of that activity, is...

Written Answers — Department of Finance: Government Bonds (11 Apr 2017)

Michael Noonan: I do not intend to issue a direction of this nature to the National Treasury Management Agency (NTMA) as I am confident that the NTMA is already pursuing the optimal strategy in its management of this debt. While on the surface it may appear attractive to replace debt that was issued at a higher borrowing cost than the cost that applies to debt issued today, the reality is more complex...

Written Answers — Department of Finance: Mortgage Applications Approvals (11 Apr 2017)

Michael Noonan: The Central Bank is the macro prudential authority in Ireland and it has a range of policy instruments available to it, including the macro prudential measures for residential mortgage lending and the counter-cyclical capital buffer (CCyB) and the other systemically important institution (O-SII) buffer, to help ensure the stability of the financial system. The residential mortgage...

Written Answers — Department of Finance: Tax Collection (11 Apr 2017)

Michael Noonan: I am advised by Revenue that capital gains tax (CGT) is chargeable on the increase in the value of an asset from the time it was acquired to the time of its disposal. Costs relating to the purchase and disposal of an asset are allowed in calculating the amount of CGT due. In addition, indexation relief is available up to and including the year 2002. This relief ensures that gains that relate...

Written Answers — Department of Finance: Inflation Rate (11 Apr 2017)

Michael Noonan: The Purchasing Managers Index (PMI) indicates that input costs have increased for manufacturers in Ireland in recent months. However, data published by the CSO show that manufacturing output prices increased by 2.4 per cent in February year-on-year, compared with a decrease of -0.7 per cent in 2016 as a whole. This suggests that manufacturing firms were able to offset some of their cost...

Written Answers — Department of Finance: Tracker Mortgages Examination (11 Apr 2017)

Michael Noonan: The Central Bank is the statutory supervisory and enforcement authority for regulated financial services providers in Ireland, and it is also responsible for protecting the consumer of financial services. As such, it is the independent responsibility of the Central Bank to ensure that financial institutions and individuals are held accountable for failings where there is sufficient evidence...

Written Answers — Department of Finance: Economic Policy (11 Apr 2017)

Michael Noonan: It is not yet clear what the impact of the new administration in Washington might be on the Irish economy. There is still considerable uncertainty around the specific trade policies which will be pursued and how successful the new administration will be in enacting these policies. However, if US economic policy were to become more protectionist, this would likely have significant...

Written Answers — Department of Finance: Film Industry Tax Reliefs (11 Apr 2017)

Michael Noonan: I am informed by Revenue that prior to 2015, the Film Relief scheme, provided for by Section 481 Taxes Consolidation Act (TCA) 1997, operated by giving relief to individuals and companies investing in the film industry. A table sets out the number of cases of relief in each of the years 2011, 2012, 2013 and 2014: Year No. of cases 2011 2,669 2012 3,372 2013 4,217 2014 4,124 Information...

Written Answers — Department of Finance: Financial Services Regulation (11 Apr 2017)

Michael Noonan: I propose to take Questions Nos. 157 and 160 together. Fund service providers are an important part of the investment fund sector and it is important that we have an appropriate regulatory framework in place for such entities. The Central Bank of Ireland is responsible for the authorisation and supervision of fund service providers operating in Ireland The legislative framework that...

Written Answers — Department of Finance: Tax Code (11 Apr 2017)

Michael Noonan: The normal tax treatment afforded to Irish collective investment funds is that the funds invested are allowed to grow on a tax-free basis within the fund. The income is then taxed at the level of the investor rather than the fund, as is standard international practice. The broad rationale for exempting such funds from direct taxation is to facilitate individuals to invest collectively,...

Written Answers — Department of Finance: Tax Code (11 Apr 2017)

Michael Noonan: The normal tax treatment afforded to Irish collective investment funds is that the funds invested are allowed to grow on a tax-free basis within the fund. The income is taxed at the level of the investor rather than the fund, as is standard international practice. The 'Gross Roll Up' regime is the term applied to the mechanism whereby investment funds are not subjected to taxation on their...

Written Answers — Department of Finance: Debt Collection (11 Apr 2017)

Michael Noonan: I propose to take Questions Nos. 161 to 163, inclusive, together. I responded to written questions from the deputy on this topic, questions 119 and 120 on Wednesday 2nd March 2017, to which AIB offered the following clarification: "AIB has not sold or transferred the ownership of student loans to any third parties. AIB engages with third parties to support the recovery and restructure of the...

Written Answers — Department of Finance: Banking Sector Redundancies (11 Apr 2017)

Michael Noonan: As the Deputy will be aware, under the relationship framework the State does not have a role in the day-to-day operations of the banks in which it holds investments or their management decisions regarding commercial matters. Hence, decisions around redundancies, appropriate staffing numbers and determining the skill sets required across each institution is a matter for each bank's executive...

Written Answers — Department of Finance: Workplace Relations Commission (11 Apr 2017)

Michael Noonan: I understand the Deputy is referring to the bodies under the aegis of my Department. There are 18 bodies under the aegis of my Department, all of which have provided a nil response to the information sought.

Written Answers — Department of Finance: Credit Union Regulation (12 Apr 2017)

Michael Noonan: I propose to take Questions Nos. 110 and 114 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. Credit unions are regulated and supervised by the Registrar of Credit Unions at the Central Bank who is the independent regulator for credit unions.  Within...

Written Answers — Department of Finance: Tax Credits (12 Apr 2017)

Michael Noonan: I assume the Deputy is referring to the potential cost of the introduction of an incentive to install home alarms. I would point out that such works already qualify for such a tax credit under the Home Renovation Incentive (HRI).  I am advised by Revenue that under the specific heading of "Supply and Fit Alarm", there have been 602 claims since 15 October 2013 with an associated...

Written Answers — Department of Finance: Insurance Industry Regulation (12 Apr 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 (12 Apr 2017)

Michael Noonan: The VRT regime is provided for in Irish legislation, primarily in the Finance Act 1992, Part II, Chapter IV.  From time to time the European Commission queries aspects of the operation of the Vehicle Registration Tax system. These queries take the form of Pilots that may or may not escalate to Infringements.  None of these cases has resulted in a fine being imposed on Ireland.