Results 13,921-13,940 of 27,019 for speaker:Michael Noonan

Other Questions: Property Taxation Administration (16 Jan 2014)

Michael Noonan: He does it in consultation with the Minister for Public Expenditure and Reform. The Deputy will note from the 2014 Book of Estimates that €490 million will be transferred from the Local Government Fund to Irish Water. The Deputy's question is whether that funding will be used locally. The agencies that provide water supply, domestically and commercially, are the local authorities....

Other Questions: Banking Sector Issues (16 Jan 2014)

Michael Noonan: I thank the Deputy for his question. As he will be aware, in 2013 the Central Bank of Ireland conducted a Balance Sheet Assessment, BSA, of the PCAR banks, namely, the banks that were subject to the Prudential Capital Assessment Review, being AIB, Bank of Ireland and Permanent TSB, which assessment incorporated an Asset Quality Review, AQR. The results of the review were shared with the...

Other Questions: Banking Sector Issues (16 Jan 2014)

Michael Noonan: First, one would need to distinguish between capital requirements and provisioning. Provisioning against bad debt was what arose from the asset quality review. It was clearly stated by the bank that arising from the asset quality review, no extra capital was required. Obviously, they are interrelated because to make the extra provisioning, a bank draws down on the store of core tier 1...

Other Questions: Banking Sector Issues (16 Jan 2014)

Michael Noonan: It was Central Bank speak for "Get your provisioning done". It is self-evident, because of the asset quality review, that extra provisioning is required. The banks are doing that now and that is what they should do. I assume Mr. Draghi had the mortgage issue in mind as well because he has been speaking to that topic for some time. From my conversations with Deputy Doherty, I imagine we...

Other Questions: Mortgage Arrears Proposals (16 Jan 2014)

Michael Noonan: As I have indicated, the Government is aware of the significant difficulties some home owners are facing in meeting their mortgage obligations. A comprehensive strategy to tackle the problem is in place and its implementation throughout Government and by lenders is the priority. In that context, the Central Bank mortgage arrears resolution targets, MART, framework is key. Under this...

Other Questions: Mortgage Arrears Proposals (16 Jan 2014)

Michael Noonan: My officials have noted what the Deputy said. His approach is the correct one and we will make sure the information is conveyed to the six banks involved and to the Central Bank. There should be no misunderstanding of what the House requires.

Written Answers — Department of Finance: Credit Availability (16 Jan 2014)

Michael Noonan: As the Deputy will be aware, the Taoiseach mentioned in this House shortly before the recess that he had held discussions with Chancellor Merkel on finding ways to reinforce Ireland’s economic recovery by improving funding mechanisms for the real economy, including access to finance for Irish SMEs. The German Government has asked KfW, the German development bank, to work with the...

Written Answers — Department of Finance: NAMA Operations (16 Jan 2014)

Michael Noonan: The Deputy, as a member of the Dáil Committee of Public Accounts (PAC), will be aware that the Chairman and Chief Executive of NAMA appeared before that Committee on 20th December 2013 and robustly defended the Agency against allegations that had been circulated to certain outlets in the media and to certain members of the Oireachtas during the preceding week. The NAMA Chief...

Written Answers — Department of Finance: Mortgage Resolution Processes (16 Jan 2014)

Michael Noonan: As the deputy will be aware Tracker mortgages were a particular feature of the Irish mortgage market in the recent past with many tracker mortgages originated during the property market boom in 2004 to 2008. Tracker mortgages were lent for both primary dwellings and buy-to-let investments and represent 60 per cent of the aggregate mortgage lending of AIB, BoI, and PTSB. These are low...

Written Answers — Department of Finance: Tax Reliefs Application (16 Jan 2014)

Michael Noonan: Section 216A of the Taxes Consolidation Act 1997 provides for the rent-a-room scheme. This scheme was introduced in Finance Act 2001 as an incentive to encourage individuals to let rooms in their principal private residence in order to bring about an increase in the availability of rental accommodation, particularly for the student sector. The scheme provides an exemption from Income Tax,...

Written Answers — Department of Finance: Proposed Legislation (16 Jan 2014)

Michael Noonan: I propose to take Questions Nos. 14 and 16 together. I am informed by the Revenue Commissioners that farmers and agricultural contractors are subject to the same requirements in relation to record keeping as other businesses. All businesses are required to keep proper books and records and to retain such books and records for a period of six years. In particular, any farming or other...

Written Answers — Department of Finance: Consumer Protection (16 Jan 2014)

Michael Noonan: I have no statutory role in the sale of loan books which is a commercial matter for the financial institutions concerned. The Code of Conduct on Mortgage Arrears and the Consumer Protection Code apply to services providers regulated by the Central Bank. The Consumer Protection Code obliges the regulated entities to ensure that their own activities and any outsourced activity, such as debt...

Written Answers — Department of Finance: Economic Policy (16 Jan 2014)

Michael Noonan: The baseline scenario set out in the Medium-Term Economic Strategy (MTES) is based on the Budget 2014 projections out to 2016. Projections thereafter are based on an estimate of Ireland’s potential output, factoring in assumptions regarding population growth, participation rates and labour productivity growth. Projections over 2017 to 2020 benefitted from input from PMCA consultants...

Written Answers — Department of Finance: Ministerial Correspondence (16 Jan 2014)

Michael Noonan: The European Parliament has decided to draft an own initiative report evaluating the structure, role and operation of the Troika’s actions in euro area programme countries, including Ireland. The EU Parliament’s review of the role and operations of the Troika is ongoing, indeed a delegation from the Parliament’s Economic and Monetary Affairs Committee is in Ireland...

Written Answers — Department of Finance: Budget 2014 (16 Jan 2014)

Michael Noonan: I would firstly point out that the ESRI analysis showed that the highest income decile was the hardest hit in Budget 2014 not the lowest income decile. Furthermore, notwithstanding the fact that the lowest income bracket was impacted significantly, I note that the ESRI’s research continues to show that the highest losses have been borne by those in the highest 10 per cent of the income...

Written Answers — Department of Finance: Stock Markets Regulation (16 Jan 2014)

Michael Noonan: Proposals to regulate food securities at an EU level form part of the current MiFID II and MiFIR proposals which aim to make financial markets more efficient, resilient and transparent, and to strengthen the protection of investors. The Irish Presidency achieved a Council General Approach on this file which has enabled negotiations, via Trilogues, with the European Parliament and the...

Written Answers — Department of Finance: Economic Policy (16 Jan 2014)

Michael Noonan: Recent Quarterly National Accounts data show that the Irish economy recorded a second successive quarter of growth in the third quarter of 2013, with real GDP increasing by 1.5 per cent when compared with the second quarter. Particularly encouraging have been the recent tentative signs of recovery in domestic activity, with total domestic demand increasing by 2.4 per cent over the quarter to...

Written Answers — Department of Finance: Better Energy Homes Scheme Administration (16 Jan 2014)

Michael Noonan: As the Deputy is aware, I announced the Home Renovation Incentive in the recent Budget. This scheme came into operation on 25 October 2013 and will run until 31 December 2015. The incentive provides tax relief for homeowners by way of a tax credit at 13.5% of qualifying expenditure incurred on repair, renovation or improvement work carried out on a principal private residence. Qualifying...

Written Answers — Department of Finance: Equality Proofing of Budgets (16 Jan 2014)

Michael Noonan: The Social Justice Ireland (SJI) report to which the Deputy refers, makes reference to the percentage change in average real incomes by decile of disposable income per adult equivalent between 2008-2011. These figures capture wider effects on incomes over the period which are not as a direct result of budgetary measures taken during the period. A more recent analysis by the ESRI focuses on...

Written Answers — Department of Finance: Equality Proofing of Budgets (16 Jan 2014)

Michael Noonan: Under section 84 of the Credit Union Act 1997, the functions of the Registrar of Credit Unions at the Central Bank are to regulate credit unions with a view to the protection by each credit union of the funds of its members and the maintenance of the financial stability and wellbeing of credit unions generally. The Registry of Credit Union applies a risk based approach to the supervision...