Results 26,841-26,860 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Central Bank of Ireland Supervision (18 May 2017)

Michael Noonan: The Central Bank’s Administrative Sanctions Procedure is governed by Part IIIC of the Central Bank Act 1942. Part IIIC was inserted into the Central Bank Act, 1942, by the Central Bank and Financial Services Authority of Ireland Act, 2004. It provides the Central Bank with the power to administer sanctions in respect of the commission of prescribed contraventions by regulated...

Written Answers — Department of Finance: NAMA Loans Sale (18 May 2017)

Michael Noonan: I propose to take Questions Nos. 31 and 15 together. The Deputy will be aware that Section 9 of the NAMA Act provides that NAMA is independent in the performance of its functions and that, under Section 10 of the Act, its primary objective is to obtain the best achievable financial return for the State from its acquired loan portfolio.  In this regard, I am advised that NAMA is...

Written Answers — Department of Finance: Financial Services Regulation (18 May 2017)

Michael Noonan: The Government considers that measures to encourage and promote a greater level of switching in the mortgage market would help boost the level of competition in the market for existing mortgages.  In particular, the Programme for Partnership Government considers that the development of a code of conduct for switching mortgage provider would be a useful and practical...

Written Answers — Department of Finance: Universal Social Charge Yield (18 May 2017)

Michael Noonan: At the outset it is important to point out that income tax encompasses a broad range of elements, some of which are not directly impacted by employment or wage developments. These include Deposit Interest Retention Tax, Life Assurance Exit Tax, Dividend Withholding Tax, Professional Services Withholding Tax and Back Duty.  These payments can be non-linear in nature and the timing of...

Written Answers — Department of Finance: National Debt Servicing (18 May 2017)

Michael Noonan: As I have outlined in my previous responses to the Deputy’s recent questions on this topic – PQ 16418/17 and PQ 18095/17 – I am confident that the National Treasury Management Agency (NTMA) is pursuing the optimal strategy in its management of this debt. The NTMA has already taken numerous steps to significantly reduce the refinancing requirement in the coming years....

Written Answers — Department of Finance: Fiscal Policy (18 May 2017)

Michael Noonan: As the Deputy is no doubt aware and, as I have previously outlined for the Deputy in Parliamentary Question Number 43 of 4 April this year, the fiscal rules to which Ireland is subject to have direct application through a number of EU regulations.  The European Commission has repeatedly emphasised that budgetary discipline is assessed against reference values that do not...

Written Answers — Department of Finance: Banking Sector (18 May 2017)

Michael Noonan: The Programme for Government contains a commitment to thoroughly investigate the Sparkassen model of local public banks that operate within well-defined regions. The Department of Arts, Heritage, Regional, Rural and Gaeltacht Affairs is the lead Department in respect of this commitment. The Government is also committed to consider a model of community banking that could provide a suite of...

Written Answers — Department of Finance: Tax Credits (18 May 2017)

Michael Noonan: In 2014 the Department of Finance published Tax Expenditure Guidelines to provide direction for evaluating large tax expenditures on a regular basis. The purpose of the guidelines is to ensure the evaluation of tax expenditures in the context of their continued relevance in respect of achieving their policy objective. In line with these guidelines, an economic evaluation of the R&D...

Written Answers — Department of Finance: Ireland Strategic Investment Fund Investments (18 May 2017)

Michael Noonan: The Ireland Strategic Investment Fund (ISIF), in line with its double bottom line mandate, has to date invested in a number of significant financing platforms and projects in the construction sector, and is actively examining other investment opportunities.  ISIF invests on a risk adjusted basis in the various housing financing platforms and these platforms, in turn, provide...

Written Answers — Department of Finance: Help-To-Buy Scheme (18 May 2017)

Michael Noonan: As the Deputy will be aware, the Help to Buy incentive was initially announced on 19 July 2016 as part of 'Rebuilding Ireland: Action Plan for Housing and Homelessness'. This plan contains a significant volume of responses to the current housing crisis, of which the HTB incentive is just one.  The comprehensive Action Plan takes a holistic approach in addressing the many...

Written Answers — Department of Finance: Central Bank of Ireland Enforcement Actions (18 May 2017)

Michael Noonan: As the Deputy will be aware, I as Minister for Finance have no function in the relationship between the Irish banks and their regulator, the Central Bank of Ireland. 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...

Written Answers — Department of Finance: European Fund for Strategic Investments (18 May 2017)

Michael Noonan: I take it that the Deputy is referring to the European Fund for Strategic Investments (EFSI), one pillar of the Investment Plan for Europe, at times referred to as the Juncker Plan. As the Deputy may be aware, since EFSI's enactment in July 2015, it has been possible for any project promoter, either public or private, to engage with the EIB regarding the possibility of receiving loans or...

Written Answers — Department of Finance: Budget 2018 (18 May 2017)

Michael Noonan: The Programme for Partnership Government recognises the need to invest in public services and capital infrastructure, to meet increasing demographic demands, provide targeted expenditure increase for improvements focusing upon health, housing, education, disability, child care and development, and that capital investment in key physical and social infrastructure can support growth and...

Written Answers — Department of Finance: Brexit Issues (18 May 2017)

Michael Noonan: It is worth reiterating that the Government’s absolute preference is to maintain the closest possible trading relationship between the UK and the EU/Ireland. The EU negotiating guidelines include strong acknowledgement of the unique circumstances on the island of Ireland, including with the aim of avoiding a hard border.  Like all Government agencies, the Revenue Commissioners...

Written Answers — Department of Finance: Tracker Mortgages Examination (18 May 2017)

Michael Noonan: As the Deputy is aware, the Central Bank of Ireland published a report providing an update on the Tracker Examination on 23 March. As the Central Bank has set out in the report: - approximately 9,900 customer accounts had been identified as impacted by lenders, as part of the Examination, as at end February 2017; - lenders had commenced contacting impacted customers identified as...

Written Answers — Department of Finance: Excise Duties (18 May 2017)

Michael Noonan: As the Deputy will be aware, it is a longstanding practice of the Minister for Finance not to comment, in advance of the Budget, on any tax matters that might be the subject of Budget decisions.

Written Answers — Department of Finance: Economic Growth (18 May 2017)

Michael Noonan: According to Eurostat, the statistical office of the European Union, Ireland was the fastest growing economy in the EU in 2016.  Real GDP growth in Ireland was 5.2 per cent in 2016 compared with real GDP growth in the EU economy and euro area economy of 1.9 per cent and 1.8 per cent, respectively. Domestic demand made a strong positive contribution to growth in 2016 while on an...

Written Answers — Department of Finance: Sale of State Assets (18 May 2017)

Michael Noonan: The Program for a Partnership Government allows for the sale of not more than 25% of any bank before the end of 2018 (plus any over-allotment option). I have not yet made any decision to proceed with a sale of shares in AIB. In order to proceed with an IPO I would need to be satisfied that the market is prepared to put a fair and reasonable value on the banks equity, bearing...

Written Answers — Department of Finance: Tracker Mortgages Examination (18 May 2017)

Michael Noonan: As the Deputy will be aware, the Central Bank of Ireland published a report providing an update on the Tracker Examination on 23 March. As the Central Bank has set out in the report: - approximately 9,900 customer accounts had been identified as impacted by lenders, as part of the Examination, as at end February 2017; - lenders had commenced contacting impacted...

Written Answers — Department of Finance: Brexit Issues (18 May 2017)

Michael Noonan: Brexit and its aftermath will lead to challenges for SMEs. The exact nature of the impact of Brexit on SMEs is not clear or definitive at present, given the uncertainty surrounding the post Brexit relationship between the UK and the EU.  However, SMEs will require support to diversify their exports to reduce their exposure to the UK, re-price their products and services as well as...