Results 16,941-16,960 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Strategic Banking Corporation of Ireland Establishment (2 Oct 2014)

Michael Noonan: The Strategic Banking Corporation of Ireland (SBCI) has been established by the Government as a means of ensuring that SMEs in Ireland are provided with sufficient finance for growth. As the Deputy will be aware, the legislation enabling the establishment of the SBCI was passed by the Oireachtas prior to the Summer recess and the SBCI was incorporated as a company in September. The company is...

Written Answers — Department of Finance: Strategic Banking Corporation of Ireland Remit (2 Oct 2014)

Michael Noonan: The Strategic Banking Corporation of Ireland (SBCI) has been established by the Government as a means of ensuring that SMEs in Ireland are provided with sufficient finance for growth. As the Deputy will be aware, the legislation enabling the establishment of the SBCI was passed by the Oireachtas prior to the Summer recess and the SBCI was incorporated as a company in September. The company is...

Written Answers — Department of Finance: Financial Services Regulation (2 Oct 2014)

Michael Noonan: Primary responsibility for the supervisory oversight and regulation of financial institutions, funds and insurance companies rests with the Central Bank of Ireland.  If I understand the Deputy's use of the term "vulture funds" to be a reference to the funds which have purchased loan books from banks operating in Ireland in the recent past, there has been some commentary on the...

Written Answers — Department of Finance: Revenue Commissioners Investigations (2 Oct 2014)

Michael Noonan: I am advised by the Revenue Commissioners that they have received a number of reports of problems relating to petrol quality from around the country in recent weeks.  Approximately 12 complaints have been received since June 2014 in relation to suspect petrol quality in Co. Mayo.  In general, such reports are followed up as a matter of course and samples sent to the State Laboratory...

Written Answers — Department of Finance: NAMA Social Housing Provision (2 Oct 2014)

Michael Noonan: NAMA has, to date, made 5,455 houses and apartments, one third of the completed housing stock held by its debtors and receivers in Ireland, available through the Housing Agency to local authorities and approved housing bodies for social housing.  This is almost all of the unoccupied housing stock under NAMA's control.  Of the 5,455 properties made available by NAMA, local...

Written Answers — Department of Finance: VAT Exemptions (2 Oct 2014)

Michael Noonan: It is assumed that the Deputy is referring to the VAT registration threshold for goods, which is currently €75,000. On this basis, I am informed by the Revenue Commissioners that it is tentatively estimated that the full year cost to the Exchequer of raising the threshold from €75,000 to €150,000 is between €310 million and €430 million. I would point out...

Written Answers — Department of Finance: Economic Growth (2 Oct 2014)

Michael Noonan: I propose to take Questions Nos. 72, 74 and 76 together. Following successful implementation of the EU-IMF programme, the Irish economy is emerging from the crisis and there are clears signs that economic recovery is under way. First estimates of economic activity for the second quarter of this year were very strong and were well ahead of consensus expectations, with GDP growing by...

Written Answers — Department of Finance: Economic Growth (2 Oct 2014)

Michael Noonan: The pace of economic growth in the euro area stalled in the second quarter of this year. The objective is now to boost the pace of economic growth and to increase the rate of inflation, which is currently excessively low. There are a number of dimensions to this. Firstly, the European Central Bank has adopted a loose monetary policy stance, designed to raise economic activity and reduce...

Written Answers — Department of Finance: EU State Aid Negotiations (2 Oct 2014)

Michael Noonan: The purpose of State Aid control is to ensure that State intervention does not interfere with the smooth functioning of the internal EU market or harm the competitiveness of EU undertakings.  It does not seek to encourage or discourage foreign direct investment into the EU or Eurozone, but rather to remove distortions to competition between EU Member States. State Aid policies are an...

Written Answers — Department of Finance: Departmental Strategies (2 Oct 2014)

Michael Noonan: The Government recognises that recent price and rent developments in the housing market reflect the interaction of a recovery in the economy and in employment and a shortage of supply of new housing, particularly in Dublin and some other urban areas. These issues are being addressed under the Construction 2020 Strategy: A Strategy for A Renewed Construction Sector. The Deputy should be...

Written Answers — Department of Finance: Budget 2015 (2 Oct 2014)

Michael Noonan: It is not my practice to comment on what measures may or may not be introduced in advance of the budget.

Written Answers — Department of Finance: National Debt (2 Oct 2014)

Michael Noonan: There have been a number of improvements to the terms our EU-IMF Programme loans since they were initially agreed in late 2010. These changes have included reductions of the interest rates and, in the case of the EU facilities, extension of maturities. We have also negotiated the replacement of the Promissory Notes issued to the Irish Bank Resolution Corporation (IBRC) with a series of longer...

Written Answers — Department of Finance: Banking Sector Regulation (2 Oct 2014)

Michael Noonan: I propose to take Questions Nos. 80 and 81 together. Some of the companies that purchased loan books from lending institutions in Ireland are regulated entities and are therefore regulated by the Central Bank of Ireland. As statutory regulator of credit institutions, the Central Bank has the power, from both a prudential and consumer protection perspective, to require banks to meaningfully...

Written Answers — Department of Finance: Credit Availability (2 Oct 2014)

Michael Noonan: The Government recognises that small businesses play a central role in the sustainable recovery of the Irish economy. To facilitate this, 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. My Department has been involved in a range of initiatives to encourage access to credit for...

Written Answers — Department of Finance: House Prices (2 Oct 2014)

Michael Noonan: The most recent Residential Property Price Index for August 2014 published by the Central Statistics Office indicates that national residential property prices increased by 2.3 per cent between July and August and by 14.9 per cent on an annual basis. Prices in Dublin increased 3.5 per cent over the month to August and were up 25.1 per cent in year-on-year terms. Outside of Dublin the rate of...

Written Answers — Department of Finance: Insurance Industry Regulation (2 Oct 2014)

Michael Noonan: I am aware of the difficulties that the liquidation of Setanta Insurance Company Limited has caused for Setanta policyholders and those claiming compensation under Setanta insurance policies. My Department and the Central Bank will in due course be reviewing the overall circumstances relating to Setanta and will report to me on what lessons can be learned and how the framework...

Written Answers — Department of Finance: Banking Sector Regulation (7 Oct 2014)

Michael Noonan: The Deputy might be aware that I have responded to a number of recent Parliamentary Questions on  this same topic and, for the benefit of the Deputy I repeat my answer as follows: I have no direct function in the relationship between banks and their customers.  I have no statutory function in relation to banking decisions made by individual lending institutions at any...

Written Answers — Department of Finance: Excise Duties (7 Oct 2014)

Michael Noonan: As the Deputy is aware, it is not my practice to comment on what measures may or may not be introduced in advance of the Budget.

Written Answers — Department of Finance: Fuel Laundering (7 Oct 2014)

Michael Noonan: I am advised by the Revenue Commissioners, who are responsible for tackling fuel fraud, that they are very aware of the risks posed to consumers' vehicles, legitimate businesses and the exchequer by all forms of such fraud. Revenue has made great progress in tackling the problem of diesel laundering over the past three years, and reports now indicate the emergence of another form of fuel...

Written Answers — Department of Finance: Excise Duties Yield (7 Oct 2014)

Michael Noonan: The correspondence attached to the Deputy's question makes a number of points in relation to excise duty increases in Budgets 2013 and 2014.  The correspondence also refers to the incentive for cross-border shopping and the risks to tourism resulting from increases in excise on alcohol. The increases to excise duty on alcohol in Budgets 2013 and 2014 must be seen firstly in the context...