Results 18,321-18,340 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Pension Provisions (22 Jan 2015)

Michael Noonan: I take it that the Deputy is referring to the facility available under the Standard Fund Threshold (SFT) regime whereby individuals can seek a Personal Fund Threshold (PFT) in certain circumstances. The Standard Fund Threshold (SFT) is the maximum allowable pension fund on retirement for tax purposes. Its purpose is to discourage over-funding and over-accrual of pension benefits through...

Written Answers — Department of Finance: Mortgage Lending (22 Jan 2015)

Michael Noonan: The consultation period regarding the macro-prudential policy for residential mortgage lending as set out in Consultation Paper CP87 concluded in early December.  I have now been informed by the Central Bank that it will publish the responses to this consultation paper and the final measures before the end of January 2015.

Written Answers — Department of Finance: NAMA Property Leases (22 Jan 2015)

Michael Noonan: I propose to take Questions Nos. 76 and 77 together. As the Deputy is aware NAMA has acquired loans from the five participating institutions and is not the owner/operator of properties. The Agency's role is that of a secured lender. Other than properties that have been enforced, all of which are listed on NAMA's website and which are managed by the appointed receivers/administrators,...

Written Answers — Department of Finance: State Banking Sector (22 Jan 2015)

Michael Noonan: As the Deputy will be aware the Irish banking system is now in a much stronger position than it has been in recent years. Profitability is improving, balance sheets have been restructured and we have started the process of returning cash to the taxpayer following the huge investments that were made over the 2009-2011 period.  As I have previously stated it...

Written Answers — Department of Finance: Fuel Smuggling (22 Jan 2015)

Michael Noonan: The penalties for offences relating to fuel smuggling and laundering are laid down in section 119 of the Finance Act 2001 and section 102 of the Finance Act 1999. On conviction following summary prosecution under these provisions, a court may impose a fine of €5,000, or a term of imprisonment not exceeding 12 months, or both. Where a person is convicted for an indictable offence, the...

Written Answers — Department of Finance: Financial Services Ombudsman (22 Jan 2015)

Michael Noonan: As the Deputy states, under section 57BX(3)(b) of the Central Bank Act 1942, as amended, a consumer is not entitled to make a complaint to the Financial Services Ombudsman if the conduct complained of occurred more than six years before the complaint is made. As the Deputy may be aware, my Department is currently progressing the amalgamation of the Offices of both the Financial Services...

Written Answers — Department of Finance: Tax Rebates (22 Jan 2015)

Michael Noonan: I am advised by the Revenue Commissioners that the person concerned e-mailed her local Revenue office on 8 January 2015 requesting clarification as to how she would go about making a claim for a tax refund in respect of 2014. A response issued on 19 January setting out the information required to establish her entitlement to a repayment of tax.  On receipt of the requested...

Seanad: Central Bank (Amendment) Bill 2014: Second Stage (22 Jan 2015)

Michael Noonan: I thank the Members for the opportunity to discuss the Central Bank (Amendment) Bill 2014 today. The Government is bringing forward this Bill at the request of the Joint Committee of Inquiry into the Banking Crisis. The Bill includes two main provisions. First, it amends section 33AK of the Central Bank Act 1942 to allow the Central Bank to disclose confidential information to the joint...

Seanad: Central Bank (Amendment) Bill 2014: Second Stage (22 Jan 2015)

Michael Noonan: I thank all Senators who contributed and, in particular, thank them for their support for the Bill. It is good to come to the Seanad and have unanimous support across the parties and the Independents, for which I thank them. A number of issues were raised. Senators Wilson and Cummins raised the participation of the European Central Bank. The Taoiseach had a conversation about this with...

Seanad: Central Bank (Amendment) Bill 2014: Committee and Remaining Stages (22 Jan 2015)

Michael Noonan: I will read into the record the speaking note with which I have been provided, which places the Senator's amendment in context. The Central Bank (Amendment) Bill was published in direct response to an issue that was raised by the Joint Committee of Inquiry into the Banking Crisis in its relevant proposal and the subsequent recommendations of the Committees on Procedure and Privileges of...

Seanad: Central Bank (Amendment) Bill 2014: Committee and Remaining Stages (22 Jan 2015)

Michael Noonan: Under Article 2.1 of the Council Decision 98/415/EC I am required to consult the ECB formally on any new legislative provisions relating to the Central Bank. The ECB has made the point that the scope of section 33AK(6) of the Central Bank Act 1942 should be broadened to comply with Article 37.2 of the Statute of the European System of Central Banks, known as the ESCB. At present, section...

Seanad: Central Bank (Amendment) Bill 2014: Committee and Remaining Stages (22 Jan 2015)

Michael Noonan: I thank the Senator for his contribution. Section 33AK prohibits the Central Bank from disclosing confidential information if such disclosure is prohibited by its own treaty, the ESCB statute or the supervisory EU legal Acts. Subject to this prohibition, 33AK provides the disclosure of confidential information, via any system or gateways, so any form of information is covered in the Bill as...

Written Answers — Department of Finance: Corporation Tax Regime (27 Jan 2015)

Michael Noonan: As myself, the Taoiseach and other members of the Government have repeatedly said, the 12.5% corporation tax rate is settled policy.  This position will not change. A competitive corporate tax rate is a tool to address the economic limitations that come with being a peripheral country, as compared to larger core countries. Ireland's corporation tax rate plays an important role in...

Written Answers — Department of Finance: Primary Medical Certificates Eligibility (27 Jan 2015)

Michael Noonan: As the Deputy is aware, a Primary Medical Certificate is required to claim the tax reliefs provided under the Disabled Drivers and Disabled Passengers (Tax Concessions) Scheme. The Senior Medical Officer for the relevant local Health Service Executive administrative area makes a professional clinical determination as to whether an individual applicant satisfies the medical criteria to...

Written Answers — Department of Finance: Tax Reliefs Availability (27 Jan 2015)

Michael Noonan: The travel pass (Tax Saver) scheme was introduced originally in Finance Act 1999 to encourage greater use of public transport by providing an exemption from BIK (Benefit-In-Kind taxation) for employer-provided bus and rail passes. While the scheme has proved very popular since its introduction it is not practical, in the current economic circumstances, to consider its extension in any...

Written Answers — Department of Finance: Legislative Measures (27 Jan 2015)

Michael Noonan: Among the measures announced in Budget 2014 was reform of the 'Role, functions and structure of the Office of the Appeal Commissioners, who hear appeals against assessments, decisions and determinations of the Revenue Commissioners on a variety of taxes, and of the tax appeals system'. The stated objective was "To ensure an enhanced and cost effective appeal mechanism for tax cases,...

Written Answers — Department of Finance: Bank Charges (27 Jan 2015)

Michael Noonan: As the Deputy is aware, 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 particular time as these decisions are taken by the board and management of the relevant institution. A Relationship Framework has been specified that defines the...

Written Answers — Department of Finance: Banking Sector Remuneration (27 Jan 2015)

Michael Noonan: The recruitment process for AIB's new Chief Executive Officer has only just commenced and the appointment to this position together with the relevant terms (including remuneration) will be a matter for the Board of the bank initially and then be subject to my consent.   As the Deputy will be aware, this Government's policy with respect to banking...

Written Answers — Department of Finance: Legislative Measures (27 Jan 2015)

Michael Noonan: During last summer, my Department undertook a public consultation process in relation to the proposed legislation to protect consumers when loan books were sold. This consultation process highlighted an issue with a passive special purpose vehicle, SPV, which we had not intended to intend regulate, outsourcing servicing to a firm that would not be regulated. It became clear from the...

Written Answers — Department of Finance: Living City Initiative (27 Jan 2015)

Michael Noonan: Officials from my Department have held preliminary discussions with the relevant local authorities to identify the areas of the six cities, Cork, Dublin, Galway, Kilkenny, Limerick and Waterford, which might fall within the scope of the scheme. Each of the local authorities has now submitted proposals on the areas which it believes should be included. Further...