Results 12,261-12,280 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Consumer Credit Act Review (24 Sep 2013)

Michael Noonan: I propose to take Questions Nos. 162 to 164, inclusive, 166 and 167 together. The Programme Documents (the Memorandum of Understanding on Specific Economic Policy Conditionality and the Memorandum of Economic and Financial Policies) agreed following the 10th Review of the EU-IMF Programme of Financial Support include a commitment to carry out an assessment of banks' fee income by...

Written Answers — Department of Finance: Bank Charges (24 Sep 2013)

Michael Noonan: I, as Minister for Finance, have no statutory role in relation to bank charges imposed by regulated financial institutions. This is a commercial matter for the lending institutions concerned. The Central Bank has advised me that under Section 149 of the Consumer Credit Act, 1995 (as amended), credit institutions, including prescribed credit institutions, and bureaux de change must notify...

Written Answers — Department of Finance: Motor Insurance Regulation (24 Sep 2013)

Michael Noonan: I propose to take Questions Nos. 168 and 169 together. At the outset, I would point out that the calculation of annual premium rates is a commercial decision for the insurance company in question. Neither I, as Minister for Finance, nor the Central Bank of Ireland, can require a company to change its rates or prohibit a company from doing so. The Department of Finance or an agency under...

Written Answers — Department of Finance: Tax Yield (24 Sep 2013)

Michael Noonan: The following table sets out the net yield from Deposit Interest Retention Tax (DIRT) from 2008 to 2012: Year €million 2008 653.8 2009 614.1 2010 445.7 2011 473.3 2012 580.6

Written Answers — Department of Finance: Betting Legislation (24 Sep 2013)

Michael Noonan: The Betting (Amendment) Bill published in July amends the Betting Act 1931 to include regulation and licensing requirements for the remote betting sector. The current legislation contains a definition of a bookmaker and the Betting (Amendment) Bill updates that definition as well as providing definitions of remote bookmakers and remote betting intermediaries (betting exchanges).

Written Answers — Department of Finance: Betting Legislation (24 Sep 2013)

Michael Noonan: The Betting (Amendment) Bill 2013 which, once enacted, will establish the regulatory framework for the licensing regime of the betting sector, was published in July. This Bill sets out the enforcement and compliance measures in terms of licensing of traditional bookmakers and online bookmakers and betting intermediaries. Responsibility for the regulation of all bookmakers falls within the...

Written Answers — Department of Finance: Corporate Tax Regime Issues (24 Sep 2013)

Michael Noonan: I am informed by the Revenue Commissioners that the estimated corporation tax paid in 2012 by companies previously licensed to operate in the International Financial Services Centre is of the order of €456 million. Following the end of the IFSC tax regime, the corporation tax rate applying to international financial services activities increased from 10% to the standard rate of 12.5%,...

Written Answers — Department of Finance: Investment Funds Assets (24 Sep 2013)

Michael Noonan: My Department does not compile detailed figures in respect of the assets in funds administered in Ireland. However, I am informed by the Central Bank of Ireland that the total assets administered by Irish resident Investment Funds at end-Q2 2013 amounted to €1,112 billion. Irish resident Money Market Funds administered an additional €281 billion. Financial Vehicle...

Written Answers — Department of Finance: National Debt (24 Sep 2013)

Michael Noonan: Those persons/entities holding Irish Government debt would be considered Ireland’s main creditors. The most recent estimate of National Debt is for end August 2013, when it stood at €169.75 billion. The largest components of National Debt at end August 2013, as shown in the table below, were Governments bonds and EU/IMF Programme loans. With regard to the ownership of...

Written Answers — Department of Finance: Debt Collection (24 Sep 2013)

Michael Noonan: I wish to inform the Deputy that I have no responsibility for the regulation of debt collectors and debt collecting firms employed by banks and lending institutions to collect outstanding debts. The Minister for Justice and Equality is responsible for legislation - the Non-Fatal Offences against the Person Act 1997 - which applies to all debt collectors that operate across any or all sectors...

Written Answers — Department of Finance: Steering Committee on Mortgage Arrears (24 Sep 2013)

Michael Noonan: I propose to take Questions Nos. 177 and 178 together. The Steering Committee on Mortgage Arrears was put in place shortly after the publication of the Keane Report on Mortgage Arrears to oversee the implementation of the Report’s recommendations, as approved by Government, to address the mortgage arrears problem, together with the implementation of subsequent Government approved...

Written Answers — Department of Finance: Mortgage Arrears Proposals (24 Sep 2013)

Michael Noonan: As the Deputy is aware, last March the Central Bank announced new measures to address mortgage arrears, including the publication of performance targets for the main mortgage banks. I would draw the Deputy’s attention to the Central Bank statement of the 17 September last which outlined details of the targets for concluded arrangements. In the statement the Central Bank indicated...

Written Answers — Department of Finance: Mortgage Arrears Proposals (24 Sep 2013)

Michael Noonan: As I have stated on numerous occasions, it is a key responsibility of financial institutions to do more to assist those in severe financial difficulty. Letters threatening repossession or legal action could not in my opinion be considered as a sustainable solution under the mortgage arrears targets, and should only ever be considered after every possible avenue for solution has been...

Written Answers — Department of Finance: Budget 2014 Issues (24 Sep 2013)

Michael Noonan: The estimate sought by the Deputy requires macroeconomic and budgetary forecasts which will be announced on Budget Day. My officials will incorporate the most recently announced economic data from the Quarterly National Accounts and the forthcoming end September Exchequer Returns to make the forecasts as accurate as possible. The change in the budgetary calendar this year makes the process...

Written Answers — Department of Finance: Banking Sector Remuneration (24 Sep 2013)

Michael Noonan: As I stated in earlier replies to Parliamentary Questions on this matter I can confirm that the three State supported banks responded with their individual strategies, designed to achieve the required savings, by the due date of 30 April as requested by the Government in response to the Mercer Report. I was not prescriptive in how this was to be achieved respecting their differing State...

Written Answers — Department of Finance: Tax Yield (24 Sep 2013)

Michael Noonan: I am informed by the Revenue Commissioners that details from tax returns are not captured in such a way as to provide a basis for compiling the statistical information sought by the Deputy. However, when the 9% VAT rate was introduced as part of the Jobs Initiative in 2011, it was estimated to cost €350 million in a full year.

Written Answers — Department of Finance: VAT Payments (24 Sep 2013)

Michael Noonan: I would point out that VAT is a tax on the value added to a supply, and the collection and recovery of VAT takes place at each stage of the chain of supply from manufacturing to retailer. Under EU and domestic VAT rules traders who are registered for VAT collect VAT on the goods and services that they sell. In turn such traders are entitled to recover the VAT they incur on their business...

Written Answers — Department of Finance: Customs and Excise Controls (24 Sep 2013)

Michael Noonan: I am informed by Revenue that it currently has two Customs Cutters in service. The cost and adequacy of the present level of provision is continually reviewed. Revenue is satisfied that it has an effective service that meets its foreseeable needs and that the acquisition of additional vessels is not under active consideration by Revenue at this time.

Written Answers — Department of Finance: Road Traffic Offences (24 Sep 2013)

Michael Noonan: I am advised by the Revenue Commissioners that the keeping of marked gas oil in the fuel tank of a motor vehicle is an offence under Section 102 of the Finance Act, 1999, and carries on conviction a statutory penalty of €5,000. The vehicle in question was stopped by officers of the Revenue Commissioners on the 23 August 2013, and a detection of marked gas oil was made when the fuel...

Written Answers — Department of Finance: Tax Clearance Certificates (24 Sep 2013)

Michael Noonan: I am advised by the Revenue Commissioners that sections 1094 and 1095 of the Taxes Consolidation Act 1997 were amended by the Finance (Local Property Tax) Act 2012 (as amended) to provide that outstanding Local Property Tax (LPT) Returns and liabilities are taken into account for tax clearance purposes. Section 156 of the Finance (Local Property Tax) Act 2012 (as amended) provides that,...