Results 26,881-26,900 of 27,019 for speaker:Michael Noonan

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

Michael Noonan: There is no functional difference between the terms of use for the proceeds of the sale of Aer Lingus and proceeds from the partial disposal of AIB shares. In statistical terms, the disposal of the shares is considered a financial transaction, meaning that the proceeds will not be recognised as general government revenue and will not improve the general government...

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

Michael Noonan: As I have previously stated for the Deputy in Parliamentary Question number 87 of the 09/03/2017 the proceeds from the partial disposal of AIB shares would, in the first instance, go to the ISIF.  Such proceeds can then be transferred on to the Exchequer if the Minister for Finance so directs.  In statistical terms, the disposal of shares will be a financial transaction, which means...

Written Answers — Department of Finance: Protected Disclosures Data (18 May 2017)

Michael Noonan: New protections for persons making protected disclosures to the Central Bank came into force on 1 August 2013. This also introduced new obligations on certain categories of persons in regulated firms to disclose breaches of financial services legislation to the Central Bank. The Central Bank has established a whistleblower desk and put in place policies and procedures to ensure that such...

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

Michael Noonan: I understand that the Deputy is interested in cyber security arrangements for my Department and a number of Bodies under the Aegis of my Department, namely the National Treasury Management Agency (NTMA), the Central Bank, the Financial Services Ombudsman and  the Office of the Revenue Commissioners. In relation to my Department, I wish to advise that ICT services are provided by the...

Written Answers — Department of Finance: Home Repossessions Rate (18 May 2017)

Michael Noonan: I propose to take Questions Nos. 90 and 91 together. The  Government attaches great importance to the resolution of mortgage arrears and wants to keep families in their homes and avoid repossessions insofar as possible.  The Deputy will be aware of the recent establishment of the Abhaile mortgage arrears resolution service to ensure that those either in mortgage...

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

Michael Noonan: I propose to take Questions Nos. 92, 93, 96, 99 and 102 together. In general, recent indicators have been very positive, indicating that the economic recovery is continuing at a robust pace. The preliminary estimate for full-year GDP growth in 2016 is 5.2 per cent, based on National Accounts data for the fourth quarter of the year, making Ireland the fastest growing economy in the...

Written Answers — Department of Finance: Motor Insurance Regulation (18 May 2017)

Michael Noonan: I established the Cost of Insurance Working Group, chaired by Minister of State, Eoghan Murphy T.D in July 2016.  This Working Group is examining the factors contributing to the increasing cost of insurance and identifying what short, medium and long-term measures can be introduced to help reduce the cost of insurance for consumers and businesses.  The initial focus of the Working...

Written Answers — Department of Finance: Pension Provisions (18 May 2017)

Michael Noonan: Mmembers of defined benefit (DB) pension schemes who have the option of putting funds accumulated under their DB scheme into an Approved Retirement Fund (ARF) on retirement are required, as is the case with members of defined contribution pension arrangements, to invest those funds in an Approved Minimum Retirement Fund (AMRF) or use the funds to purchase an annuity in certain circumstances....

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

Michael Noonan: The position is that cumulative Exchequer tax revenues at the end of March 2017 were slightly below profile, coming in just 2.4% or €282 million under expectations. In terms of the “Big 4” tax headings, corporation tax, income tax and excise duties recorded shortfalls against profile, but VAT was ahead of expectations. Corporation tax receipts of €520 million...

Written Answers — Department of Finance: Credit Availability (18 May 2017)

Michael Noonan: As the Deputy is aware, supporting SMEs in terms of access to finance has been a cornerstone policy for Government in our efforts to rebuild the economy and bring back jobs. 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. In this regard the Government has developed a number of...

Written Answers — Department of Finance: Mortgage Interest Rates (18 May 2017)

Michael Noonan: Although Ireland is in a monetary union with other Euro area Member States, it has to be acknowledged that there are many factors, such as differences in national legal and housing systems, cultural preferences, language, the proximity of lenders to borrowers, which will continue to inhibit the full integration of the residential mortgage market, and of mortgage...

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

Michael Noonan: VAT is governed by the EU VAT Directive, with which Irish VAT law must comply. While most economic activity is subject to the standard VAT rate of 23%. Construction services already avail of the reduced VAT rate of 13.5%.  Ireland has historically applied the 13.5% reduced rate of VAT to all construction services under a derogation from the EU VAT Directive.  The Programme...

Written Answers — Department of Finance: Inflation Rate (18 May 2017)

Michael Noonan: Over the past few years consumer price inflation has been near zero in Ireland and in the euro area more generally. In 2016 annual inflation in Ireland - as measured by the Harmonised Index of Consumer Prices (HICP) was slightly negative at -0.2 per cent. However, in Ireland and in the euro area, there are signs that inflation is starting to pick-up gradually as the drag on consumer...

Written Answers — Department of Finance: VAT Rebates (23 May 2017)

Michael Noonan: The VAT rating of goods and services is subject to EU VAT law, with which Irish VAT law must comply. In accordance with the EU VAT Directive 2016, defibrillators, other than implantable defibrillators, are liable to VAT at the standard rate of 23%. The EU VAT Directive provides, in general, that all goods and services are liable to VAT at the standard rate unless they fall...

Written Answers — Department of Finance: Small and Medium Enterprises Supports (23 May 2017)

Michael Noonan: The Strategic Banking Corporation of Ireland is Ireland’s National Promotional Institution; its strategic mission is to deliver effective financial supports to Irish SMEs that address failures in the Irish credit market, while driving competition and innovation and ensuring the efficient use of available EU resources. The European Investment Bank (EIB Group) was one of the...

Written Answers — Department of Finance: Brexit Issues (23 May 2017)

Michael Noonan: I propose to take Questions Nos. 165 and 166 together. I would draw the Deputy's attention to the fact that while according to the latest EIB Group Survey, 13% of firms in Ireland can be considered finance constrained, Ireland does not have the highest proportion in the EU as reported in the same survey. I acknowledge that SMEs are concerned about the negative impact of Brexit on...

Written Answers — Department of Finance: Insurance Coverage (23 May 2017)

Michael Noonan: I understand following consultation with the Deputy's office that it is the provision of motor insurance specifically which is being referred to in this question. 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...

Written Answers — Department of Finance: Disabled Drivers Grant Eligibility (23 May 2017)

Michael Noonan: I am advised by Revenue that the person concerned does not qualify under the Drivers/Passengers with Disabilities Scheme as she is not a family member of the person with the disability and does not reside with that person. In order to qualify under the scheme, the applicant must be a family member who resides with the person with the disability and must be responsible for their care and...

Written Answers — Department of Finance: Tax Rebates (23 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: VAT Rebates (23 May 2017)

Michael Noonan: Irish VAT law does not provide for a VAT rebate for diesel or petrol.  The different treatment of VAT as regards petrol and diesel relates to the VAT input deductibility entitlement of VAT registered taxpayers.  Businesses who make supplies that are charged to VAT are entitled to claim input VAT on their business expenses.  VAT registered persons are entitled to claim the...