Results 17,981-18,000 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: VAT Rate Application (3 Dec 2014)

Michael Noonan: VAT is guided by EU VAT law, with which Irish VAT law must comply.  The EU VAT Directive generally provides that supplies of goods and services be chargeable to VAT at the standard rate but that lower rates are permitted in very limited circumstances.  Food products can only benefit from the zero rating in accordance with Article 110 of the VAT Directive which permits the retention...

Written Answers — Department of Finance: Government Expenditure (3 Dec 2014)

Michael Noonan: Under the expenditure benchmark as introduced by the six-pack, the estimated general government expenditure is as set out as follows: €bn 2015* 2016 2017 2018 2019 Permitted gross general government expenditure 71.0 71.4 73.0 74.7 75.9 Year on Year Change 0.6% 2.3% 2.3% 1.7% *Expenditure Benchmark not applicable in 2015 In generating these figures, we have had...

Written Answers — Department of Finance: Universal Social Charge Payments (3 Dec 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 a more sustainable charge than those it replaced.  It is applied at a low rate on a wide base.  I should point out that it was never intended that...

Written Answers — Department of Finance: Insurance Coverage (3 Dec 2014)

Michael Noonan: I am aware that some householders and businesses have difficulties in obtaining flood insurance cover. However, neither I, as Minister for Finance, nor the Central Bank of Ireland, have the power to direct insurance companies to provide flood cover to specific individuals. The provision of new flood cover or the renewal of existing flood cover is a...

Written Answers — Department of Finance: Banking Sector (3 Dec 2014)

Michael Noonan: Given the extent and nature of the financial crisis in Ireland it was inevitable that the banking sector would consolidate in order for the sector to better match the needs of the economy and that individual banks would adjust their business models to focus on their strengths. Under the Central Bank's Consumer Protection Code, banks are required to give a minimum of 2 months' notice before...

Written Answers — Department of Finance: Household Savings Rate (3 Dec 2014)

Michael Noonan: In economic terms the savings rate is defined as the share of household disposable income which is not devoted to consumption in a given period. The savings rate is usually positive, as households accumulate resources for future consumption.  The savings rate can vary with the economic cycle but also because of larger structural changes in the economy such as population...

Written Answers — Department of Finance: GDP-GNP Levels (3 Dec 2014)

Michael Noonan: According to Eurostat, in 2013 Ireland's GDP per capita was more than 20 per cent above the EU average and the fifth highest in the EU. The euro area and the United Kingdom show a GDP per capita level of close to 10 per cent above the EU-28 average while the comparable figure for the United States is more than 50 per cent above the EU-28 average....

Written Answers — Department of Finance: Economic Growth (3 Dec 2014)

Michael Noonan: The most recent data available, Eurostat's flash estimate for Q3 GDP released on 14 November, suggest that GDP grew by 0.2 per cent in the euro area and by 0.3 per cent in the EU in that quarter. This weak growth is driven by developments in the four largest Member States: Germany grew by 0.1 per cent; France grew by 0.3 per cent; Italy contracted by 0.1 per...

Written Answers — Department of Finance: Pension Provisions (3 Dec 2014)

Michael Noonan: In my response to the Deputy's question of 4 November last on the same broad issue (question order number 335), I outlined the various options available to individuals at retirement in relation to their Defined Contribution pension savings other than the immediate purchase of a pension annuity with those funds (after taking their tax-free retirement lump sum). I would reiterate that the...

Written Answers — Department of Finance: Mortgage Lending (3 Dec 2014)

Michael Noonan: I propose to take Questions Nos. 51 and 55 together. As the Deputy is aware, 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. The Central Bank measures, as set out in the consultation document, would place...

Written Answers — Department of Finance: Mortgage Resolution Processes (3 Dec 2014)

Michael Noonan: Where the purchaser of a loan book is not a regulated entity in Ireland, the purchaser may voluntarily apply the Central Bank codes when managing loan books. In the case of homeowners whose loan is now owned by an unregulated entity, the Code of Conduct on Mortgage Arrears (CCMA)  may be applied in the same way that it would be by a regulated lender. The CCMA...

Written Answers — Department of Finance: Mortgage Resolution Processes (3 Dec 2014)

Michael Noonan: The fair resolution of the mortgage arrears problem is a key priority for Government and a comprehensive strategy, in line with the main recommendations of the 2011 Keane Report, has been developed.  The implementation of this strategy is overseen at Government level by the Construction 2020, Housing, Planning and Mortgage Arrears sub-committee which is chaired by the Taoiseach. The...

Written Answers — Department of Finance: Economic Competitiveness (3 Dec 2014)

Michael Noonan: Substantial progress has been made in terms of improving Ireland's competitiveness in recent years.   There has been a significant improvement in economy-wide cost competitiveness. The European Commission in its autumn forecasts estimate that real unit labour costs in Ireland will fall by 4.3 per cent annually in 2014 which is the largest decline...

Written Answers — Department of Finance: Inflation Rate (3 Dec 2014)

Michael Noonan: My Department monitors inflation developments in Ireland and elsewhere on a continuous basis and produces official forecasts twice a year during the two macroeconomic forecasting exercises: the Stability Programme Update in April and the annual budgetary process in October, which are independently endorsed by the Irish Fiscal Advisory Council.  ...

Written Answers — Department of Finance: Credit Availability (3 Dec 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 since 2011 has been 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. Having completed a process of deleveraging, both AIB and Bank of...

Written Answers — Department of Finance: Economic Policy (3 Dec 2014)

Michael Noonan: I propose to take Questions Nos. 58 and 59 together. This Government's principal strategy for economic and budgetary policy has been to put the economy and the public finances on a more stable footing.  Following the successful conclusion of the EU-IMF programme, the Irish economy has emerged from the crisis and there are clears signs that the economic recovery...

Written Answers — Department of Finance: Credit Availability (4 Dec 2014)

Michael Noonan: The Government recognises that small businesses, including those in the hospitality sector, play a central role in the sustainable recovery of the Irish economy. To facilitate this, Government policy since 2011 has been 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. 2013, the year of...

Written Answers — Department of Finance: NAMA Operations (4 Dec 2014)

Michael Noonan: In the context of the management of close to 800 debtor connections, numerous situations arise where debtors disagree with NAMA as to what may be the best outcome for taxpayers.  This is to be expected.  Whilst in many cases debtors may believe from their perspective that a certain course of action will achieve a better outcome, NAMA has been charged by the legislature...

Written Answers — Department of Finance: NAMA Operations (4 Dec 2014)

Michael Noonan: I propose to take Questions Nos. 59 and 64 together. NAMA's approach to unencumbered assets is determined on a case-by-case basis by reference to its assessment of the best achievable commercial outcome in any given situation.  It is not possible therefore to set out a general position in this matter.  It is clearly the case, however, that, in line with its statutory obligation to...

Written Answers — Department of Finance: NAMA Property Sales (4 Dec 2014)

Michael Noonan: I propose to take Questions Nos. 60, 62 and 63 together. NAMA works closely with its debtors to identify opportunities to enhance asset values through the planning process and it therefore evaluates carefully all requests to fund planning applications.  In a large majority of cases, NAMA agrees to such requests and is currently supporting its debtors to advance a number of significant...