Results 11,581-11,600 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Mortgage Arrears Proposals (2 Jul 2013)

Michael Noonan: I have been advised by the Central Bank that confidentiality agreements should not impede consumers' protections under the Code of Conduct on Mortgage Arrears (CCMA). Strong protections are included in the Code to protect indebted borrowers when dealing with their lenders. In addition to these protections, provision 14 of the revised CCMA, which came into effect from 1 July, provides that...

Written Answers — Department of Finance: Personal Insolvency Practitioners (2 Jul 2013)

Michael Noonan: Minister for Finance ( Mr Noonan): I am informed by the Revenue Commissioners that the service provided by personal insolvency practitioners does not qualify for exemption in accordance with the EU VAT Directive, Irish VAT law, and relevant decisions of the European Court of Justice. Therefore, like other insolvency services such as those provided by liquidators, receivers and examiners, the...

Written Answers — Department of Finance: Money Laundering (2 Jul 2013)

Michael Noonan: The Commission published its proposals for a 4th Money Laundering Directive on 5 February 2013. Article 29 of the Draft Directive provides as follows: "Article 29 1. Member States shall ensure that corporate or legal entities established within their territory obtain and hold adequate, accurate and current information on their beneficial ownership. 2. Member States shall ensure that the...

Written Answers — Department of Finance: NAMA Loan Book (2 Jul 2013)

Michael Noonan: Decisions relating to the sale of loans or of properties that secure these loans are an operational matter for the Board of NAMA which is guided by its commercial mandate under the NAMA Act 2009. NAMA advises that decisions as to whether to sell loans or the assets securing them are determined by reference to whichever option will result in the best outcome for the taxpayer. I am advised...

Written Answers — Department of Finance: Banking Sector Regulation (2 Jul 2013)

Michael Noonan: As the Deputy is aware, in response to the Nyberg report and with regard to the restructuring of the banking sector, I stated that: “ "a programme of rotation of board members, commencing with board members appointed before September 2008, will be expected to be part of the plan. This should apply to both Executive and Non-Executive Board members and provides a process to ensure a...

Written Answers — Department of Finance: Budget Consultation Process (2 Jul 2013)

Michael Noonan: As with every Budget there will be considerable consultation with a wide variety of organisations. Officials from my Department are already engaging in meetings related to Budget preparation. Meetings take place throughout the year between my officials and officials of other organisations, such as the NTMA, the Revenue Commissioners and other Government Departments, most notably the...

Written Answers — Department of Finance: Vehicle Registration Issues (2 Jul 2013)

Michael Noonan: Any proposal in the VRT area will be considered in the context of the annual Budget.

Written Answers — Department of Finance: Mortgage Interest Rates Issues (2 Jul 2013)

Michael Noonan: I, as Minister for Finance, have no statutory role in relation to the mortgage interest rates charged by regulated financial institutions. It is a commercial matter for the banks concerned. The Central Bank has responsibility for the regulation and supervision of financial institutions in terms of consumer protection and prudential requirements and for ensuring ongoing compliance with...

Written Answers — Department of Finance: Mortgage Arrears Rate (2 Jul 2013)

Michael Noonan: I propose to take Questions Nos. 87, 177, 191 and 290 together. The recent mortgage arrears and repossession statistics indicated that 95,554 (12.3%) of principal dwelling mortgage accounts were in arrears of over 90 days at the end of March 2013. While this represented an increase of around 3,200 accounts on the position as at end 2012, the rate of increase, while still upward, is not...

Written Answers — Department of Finance: Mortgage Arrears Proposals (2 Jul 2013)

Michael Noonan: I propose to take Questions Nos. 88, 114 and 118 together. The “split mortgage” was suggested by the Inter-Departmental Mortgage Arrears Working Group (Keane Report) as one of the possible viable options for restructuring a mortgage in certain circumstances. The concept of a “split mortgage” involves splitting a distressed mortgage into an affordable mortgage...

Written Answers — Department of Finance: Tax Code (2 Jul 2013)

Michael Noonan: As I have said in answer to other Parliamentary Questions, company profits charged in Ireland fully reflect the functions, assets and risks located here by multinational groups. Profits charged here are aligned with real economic activity here - and these profits are charged at 12.5%. Very low rates computed in some cases are got by dividing the Irish tax by the sum of Irish profits and...

Written Answers — Department of Finance: IBRC Liquidation (2 Jul 2013)

Michael Noonan: I have been advised by the Special Liquidators that they cannot comment on the remuneration packages of individual staff members of IBRC (in Special Liquidation). I have been advised by the Special Liquidators that any amounts paid by way of severance packages were in line with the packages paid to all employees of the bank. In relation to employees at the time of the liquidation, where...

Written Answers — Department of Finance: Tax Code (2 Jul 2013)

Michael Noonan: At their historic Lough Erne meeting, the G8 held a very useful discussion on tax issues, culminating in the Lough Erne Declaration. This declaration outlined G8's commitment to "make a real difference" in ten particular areas. Four of these areas relate to tax. The Taoiseach has already welcomed the Declaration and asserted that it did not present a problem for Ireland. Perhaps the single...

Written Answers — Department of Finance: Banks Recapitalisation (2 Jul 2013)

Michael Noonan: Like every citizen in this country who is working hard to restore the Irish economy I am deeply disturbed by the taped conversations involving Anglo executives in 2008 and dismayed to hear senior banking executives refer to the banking crisis with such arrogance. The Irish taxpayer has grimly endured the austere cost of the Bank recapitalisation and the bank guarantee. They are...

Written Answers — Department of Finance: Banking Sector Regulation (2 Jul 2013)

Michael Noonan: I propose to take Questions Nos. 95 and 113 together. As there are a number of inquiries and investigations on-going into matters at the former Anglo Irish Bank, I am restricted in what I can say in relation to the recently disclosed activities at the former bank. I have already said that I found the taped conversations appalling. The Government is determined to find out exactly what...

Written Answers — Department of Finance: Budget 2014 Issues (2 Jul 2013)

Michael Noonan: As the Deputy is aware, Budget day will be on or before the 15th of October each year from now on, in line with the requirements of the two-pack of European Regulations formally adopted on the 30th of May 2013. Given that the Medium Term Fiscal Statement (MTFS) was published each October/November in prior years, it is proposed to incorporate the information normally published in the MTFS...

Written Answers — Department of Finance: EU Budget (2 Jul 2013)

Michael Noonan: As the Deputy will be aware, Ireland's contribution to the EU Budget is an obligation of EU membership and is a charge on the Central Fund under national legislation. The contribution formula for the EU Budget is comprised of Traditional Own Resources, a VAT-based payment and a residual balancing component paid in accordance with a contribution key derived from each Member State's share of EU...

Written Answers — Department of Finance: Money Laundering (2 Jul 2013)

Michael Noonan: I propose to take Questions Nos. 98, 169, 174, 190, 210, 239, 240, 243, 253 to 255, inclusive, 268 to 270, inclusive, 272, 273 and 275 together. European legislation has been adopted to protect the financial system and certain professions and activities from being misused for money laundering and financing of terrorism purposes. The anti-money-laundering obligations applicable in...

Written Answers — Department of Finance: Promissory Note Issues (2 Jul 2013)

Michael Noonan: As the Deputy will be aware the Promissory Notes were replace with a portfolio of Irish Government Bonds in February 2013. The Promissory Notes were returned to the Department of Finance and cancelled at that time. As part of the transaction the Central Bank committed that the bonds would be sold in accordance with an agreed schedule and only where such a sale is not disruptive to financial...

Written Answers — Department of Finance: Tax Code (2 Jul 2013)

Michael Noonan: I propose to take Questions Nos. 100, 107, 281 and 283 together. Officials in my department, alongside their colleagues in the Revenue Commissioners, the Department of Foreign Affairs and Trade, the IDA, and our embassies and consulates around the world, have been working hard to supply factual information on our corporate tax strategy. This corporate tax strategy is based on the three Rs...