Results 17,121-17,140 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Bank Codes of Conduct (16 Oct 2014)

Michael Noonan: As the Deputy will be aware the Relationship Frameworks we have in place provide that the State will not intervene in the day-to-day operations of the State supported banks or their management decisions. Moreover, I have been informed that due to data protection rules and customer confidentiality the banks are not in a position to discuss details of individual customer circumstances.

Written Answers — Department of Finance: Banking Sector (16 Oct 2014)

Michael Noonan: As the Deputy will be aware the coupon due on the AIB preference shares is payable in the month of May each year.  Under the preference share agreement it is a matter for the Board of the bank to decide on whether this payment is made in the form of cash or shares.   When taking this decision the Board must review the financial position of the bank to ensure that the...

Written Answers — Department of Finance: Employment Investment Incentive Scheme (16 Oct 2014)

Michael Noonan: As the Deputy will be aware, my Department carried out a review of the Employment and Investment Incentive (EII) and Seed Capital Scheme (SCS) in advance of this year's Budget. This scheme provides income tax relief for risk capital investments in a broad range of SMEs. Part of the review of the incentive included a public consultation process. A report on this review was published on...

Written Answers — Department of Finance: Tax Code (16 Oct 2014)

Michael Noonan: The rate of CGT is 33% and has been increased four times since 2008 when it stood at 20%. These rate increases were necessary to protect the yield from CGT in the context of the rebalancing of the public finances. In the circumstances, increases in the taxation of capital were considered preferable from the point of view of the impact on the economy as compared to an increase in employment...

Written Answers — Department of Finance: Banking Sector (16 Oct 2014)

Michael Noonan: The Central Bank of Ireland published a Consultation paper on 7 October 2014 which includes proposals for new macro-prudential measures to enhance the resilience of the banking sector and households to housing market developments. I understand that the consultation paper proposes a number of measures, one of which is to require lenders to restrict new lending for primary dwelling...

Written Answers — Department of Finance: Pensions Levy (16 Oct 2014)

Michael Noonan: I propose to take Questions Nos. 67, 68 and 73 together. The position in this matter is that I announced in my Budget 2014 speech that the 0.6% Pension Fund Levy introduced to fund the Jobs Initiative in 2011 would be abolished after this year. I did, however, introduce an additional levy on pension fund assets at a rate of 0.15% for 2014 and 2015. I did this to continue to help fund the...

Written Answers — Department of Finance: Mortgage Repayments (16 Oct 2014)

Michael Noonan: Neither I nor the Central Bank has a statutory role in relation to the issue raised by the Deputy and the decision on whether and when to pay out on a policy depends on the specific contract. However I have been advised by Insurance Ireland that in accordance with policy conditions, insurers would usually be unable to make a payment on a policy until the cause of death is confirmed. I...

Written Answers — Department of Finance: Universal Social Charge Payments (16 Oct 2014)

Michael Noonan: The Universal Social Charge (USC) was introduced in Budget 2011 to replace the Income Levy and the Health Levy. It was a necessary measure to widen the tax base, remove poverty traps and raise revenue to reduce the budget deficit.  It is applied at a low rate on a wide base, and is a more sustainable charge than those it replaced.  It was designed and incorporated in to the...

Written Answers — Department of Finance: VAT Rate Application (16 Oct 2014)

Michael Noonan: I am informed by the Revenue Commissioners that the approximate annual yield from VAT on solid fuels from 2000 to 2013 is as set out below.  Please note the 2014 figures are not yet available. Year Estimated VAT Yield Applicable VAT Rate 2000 €13m 12.5% 2001 €28m 12.5% 2002 €23m 12.5% 2003 €23m 13.5% 2004 €39m 13.5% 2005 €24m 13.5% 2006...

Written Answers — Department of Finance: Carbon Tax Collection (16 Oct 2014)

Michael Noonan: The carbon tax rates that apply per tonne of solid fuel, based upon a charge of €20 per tonne of CO2emitted on combustion of the fuel, are set out in the following table. Description of Solid Fuel Rate of Tax Coal Peat: Peat briquettes Milled peat Other peat €52.67 per tonne - €36.67 per tonne €17.99 per tonne €27.25 per tonne...

Written Answers — Department of Finance: VAT Rate Application (16 Oct 2014)

Michael Noonan: The VAT rating of goods and services is subject to the requirements of EU VAT law, with which Irish VAT law must comply. EU VAT exemptions are set out in Articles 132 and 135 of the EU VAT Directive and do not cater for the supply of the personal protective equipment, as mentioned by the Deputy.  Furthermore, it is not possible under the VAT Directive to apply a zero or reduced VAT...

Written Answers — Department of Finance: Mortgage Schemes (16 Oct 2014)

Michael Noonan: Last May, the Government launched 'Construction 2020: A strategy for a renewed construction sector'. The strategy includes the Government's desire for a return to sustainable levels of mortgage lending as part of a healthy market. This involves the consideration of measures to stimulate the development of housing in a sustainable manner. In order for developers to be supported, they...

Written Answers — Department of Finance: Licensed Moneylenders (16 Oct 2014)

Michael Noonan: I propose to take Questions Nos. 76, 77, 82 and 83 together. Moneylenders have to apply to the Central Bank on an annual basis to have their licences granted or renewed. Part VIII of the Consumer Credit Act 1995 (as amended) sets out the Central Bank's powers, duties and responsibilities in relation to the granting or refusal of a moneylender's licence and in relation to their regulation...

Written Answers — Department of Finance: Licensed Moneylenders (16 Oct 2014)

Michael Noonan: I propose to take Questions Nos. 78 and 79 together. Compliance with supervisory and legislative requirements is monitored by the Central Bank on an ongoing basis through a robust annual licensing process, advertising and market intelligence monitoring and themed and institution-specific inspections. Issues identified are addressed with the relevant firms. The Central Bank has drawn my...

Written Answers — Department of Finance: Illegal Moneylenders (16 Oct 2014)

Michael Noonan: I have been advised by the Central Bank that it does not regularly publish figures in relation to customers of legal moneylenders.   However, in its Report on the Licensed Moneylending Industry published in November 2013, the Bank said that customer numbers have increased from approximately 300,000 in 2005 to around 360,000 at present and outstanding loan...

Written Answers — Department of Finance: Credit Unions Regulation (16 Oct 2014)

Michael Noonan: As the Deputy will be aware the Relationship Frameworks we have in place for the banks provide that the State will not intervene in the day-to-day operations of the State supported banks or their management decisions. Neither the Central Bank nor the Department of Finance has a statutory function in relation to interest rate decisions made by individual lending institutions at any particular...

Irish Fiscal Advisory Council's Pre-Budget 2015 Statement: Statements (21 Oct 2014)

Michael Noonan: I welcome the opportunity to discuss the Irish Fiscal Advisory Council, IFAC's pre-budget 2015 statement. As a result of the actions of this Government and the sacrifices of the Irish people, the fiscal and economic framework underpinning the budget was much more favourable than in previous years. However, like all other EU member states, Ireland is required to take actions to not run...

Written Answers — Department of Finance: Tax Code (21 Oct 2014)

Michael Noonan: The EU VAT Directive, with which Irish VAT legislation must comply, provides a public interest exemption for education.  This exemption is set out in paragraph 4(3) of Schedule 1 of the Value-Added Tax Consolidation Act 2010 as children's or young people's education and school or university education provided by educational establishments recognised by the State and education of a...

Written Answers — Department of Finance: Departmental Bodies (21 Oct 2014)

Michael Noonan: In response to the Deputy's question there is no central organisation of the State Bodies and Agencies under the aegis of my Department that receive payments by means of credit/debit card machines.

Written Answers — Department of Finance: Pension Provisions (21 Oct 2014)

Michael Noonan: Superannuation entitlements of NTMA staff are conferred under a defined benefit superannuation scheme set up under Section 8 of the National Treasury Management Agency Act 1990.  Contributions are transferred to an externally managed fund. Members of the Scheme prior to 1 January 2010 will receive benefits based on final salary. Members of the Scheme from 1 January 2010 will receive...