Results 19,201-19,220 of 27,019 for speaker:Michael Noonan

Residential Mortgage Interest Rates: Motion (Resumed) [Private Members] (1 Apr 2015)

Michael Noonan: I have listened carefully to all that has been said on the motion last night and tonight. I appreciate the fact that this standard variable rate charge by the various financial institutions in Ireland has a huge impact on individual households and has a constraining effect on their consumption of other goods and services. This interest rate issue was discussed here earlier during Questions...

Written Answers — Department of Finance: Mortgage Arrears Report Implementation (1 Apr 2015)

Michael Noonan: The Government's Strategy to address the problem of mortgage arrears was formulated in response to the recommendations of the Keane Report (2011) and the main elements of it are: - Engagement with the banks to develop appropriate measures for their customers in mortgage arrears; - Personal insolvency law reform and implementation; - Mortgage to rent; and - A mortgage Advisory...

Written Answers — Department of Finance: Tax Compliance (1 Apr 2015)

Michael Noonan: As I have previously advised this House, confronting tax evasion in all its guises, including the use of offshore accounts for that purpose, is a priority for the Revenue Commissioners.  They have been to the forefront internationally in addressing evasion using offshore accounts and other mechanisms, and a series of special investigations that they have undertaken in this field has...

Written Answers — Department of Finance: Economic Growth Rate (1 Apr 2015)

Michael Noonan: First estimates of economic activity for 2014 show that real GDP rose 4.8 per cent in 2014 compared with 2013.  GNP rose by 5.2 per cent. Domestic demand grew on an annual basis for the first time since 2007.  Both private consumption and investment contributed to this growth. Exports rose by 12.6 per cent annually in 2014.  This was the fastest rate of expansion since 2001....

Written Answers — Department of Finance: Property Tax Exemptions (1 Apr 2015)

Michael Noonan: I have initiated a review of the operation of the LPT. The Review will primarily have regard to recent residential property price developments, the overall yield from LPT and the desirability of achieving relative stability in LPT payments. It will also address a number of issues which have arisen in relation to the efficient and effective administration of the LPT, among which is likely to...

Written Answers — Department of Finance: Betting Legislation (1 Apr 2015)

Michael Noonan: The impact of gambling addiction is one that every public representative has come across in the course of their work. The recently enacted Betting (Amendment) Act 2015 was a first step in providing protection for vulnerable people through the supervision of operators offering remote betting services in this jurisdiction. Sections 4 and 5 of the Act provide that it will be an offence to offer...

Written Answers — Department of Finance: Eurozone Crisis (1 Apr 2015)

Michael Noonan: On 20 February 2015, the Eurogroup noted the request from the Greek authorities for an extension of the second programme in order to allow for the successful completion of the fifth review and allow for discussions on a possible follow-up arrangement between the Eurogroup, the Institutions and Greece.  Given the immediate financing needs, the short term focus has been on...

Written Answers — Department of Finance: Credit Availability (1 Apr 2015)

Michael Noonan: While the data contained in the European Commission Staff Working Document referred to by the Deputy pertains to stock of lending in the first two quarters of 2014, a more relevant barometer of funding activity is the level of new lending to the SME sector. The most recent Central Bank statistical release entitled "Trends in Business Credit and Deposits, Q4 2014", published last...

Written Answers — Department of Finance: Credit Unions Services (1 Apr 2015)

Michael Noonan: I have been informed by the Central Bank that credit unions are currently not prohibited from providing mortgages to members. Mortgages are currently subject to the maturity limits contained in section 35(2) of the Credit Union Act, 1997 which sets out the percentage of a credit union's loan book that can be outstanding for periods exceeding both five and ten years, as well as...

Written Answers — Department of Finance: Property Tax Exemptions (1 Apr 2015)

Michael Noonan: The Deputy may be aware that I have initiated a review of the operation of the LPT. The Review will primarily have regard to recent residential property price developments, the overall yield from LPT and the desirability of achieving relative stability in LPT payments. It will also address a number of issues which have arisen in relation to the efficient and effective administration of the...

Written Answers — Department of Finance: Mortgage Arrears Proposals (1 Apr 2015)

Michael Noonan: It is important to note that there is no such regulated category as "sub-prime lender".  However, Retail Credit Firms are authorised to provide credit, in the form of cash loans, directly to individuals (these firms are not licensed to accept deposits).  Some firms authorised in this category are mortgage lenders.  Retail Credit Firms have been subject to regulation by the...

Written Answers — Department of Finance: Tax Code (1 Apr 2015)

Michael Noonan: The EU Commission published the proposal for a Common Consolidated Corporate Tax Base (CCCTB) in March 2011.  The proposal provides for common rules for calculating the corporate tax base, a consolidated tax base for all group entities within the EU and apportionment of the consolidated tax base between Member States under a formula of apportionment.  While Ireland remains...

Written Answers — Department of Finance: Tax Code (1 Apr 2015)

Michael Noonan: The EU Commission published the proposal for a Common Consolidated Corporate Tax Base (CCCTB) in March 2011.  The proposal provides for common rules for calculating the corporate tax base, a consolidated tax base for all group entities within the EU and apportionment of the consolidated tax base between Member States under a formula of apportionment.  While Ireland remains...

Written Answers — Department of Finance: European Fund for Strategic Investment (1 Apr 2015)

Michael Noonan: The informal meeting of Finance Ministers (ECOFIN) in Milan last September noted that a lack of capital investment from both the public and private sectors was leading to a lag in growth in the EU's economy. Ecofin then agreed the establishment of a Special Task Force to develop an EU project pipeline of viable investments of European significance. As part of this process Ireland...

Written Answers — Department of Finance: Mortgage Arrears Report Implementation (1 Apr 2015)

Michael Noonan: The Central Bank's Code of Conduct on Mortgage Arrears (CCMA) governs the relationship between a regulated lender and a borrower who is experiencing difficulty in meeting the commitments on a mortgage which is secured either on the borrower's primary residence or on a residential property which is the only residential property in the State owned by the borrower.  The Consumer Protection...

Written Answers — Department of Finance: Mortgage Arrears Report Implementation (1 Apr 2015)

Michael Noonan: The Government has put in place a broad strategy to address the problem and a key part of this was the 2013 Central Bank Mortgage Arrears Resolution Targets (MART) framework, which set out demanding quanititative targets for mortgage arrears resolution at the six main Irish mortgage lenders who account for around 90% of the mortgages in Ireland.  These targets required the six lenders to...

Written Answers — Department of Finance: Property Tax Data (1 Apr 2015)

Michael Noonan: I am advised by Revenue that where a property owner fails to meet Local Property Tax (LPT) or arrears of Household Charge (HHC) payment obligations by the relevant due dates then he/she is likely to be subjected to various debt recovery/enforcement sanctions, including: - Mandatory deduction at source from salary or occupational pension - Withholding or offsetting of any refunds due in other...

Written Answers — Department of Finance: IBRC Bond Issues (1 Apr 2015)

Michael Noonan: The Special Liquidators continue to implement an orderly and efficient wind down of Irish Bank Resolution Corporation Limited (in Special Liquidation) in accordance with the provisions of the IBRC Act and the instructions issued by me under that Act. By February 2015, loans with a par value of €21.7bn had been prepared, brought to market and ultimately sold through a series of...

Written Answers — Department of Finance: IBRC Operations (1 Apr 2015)

Michael Noonan: I am advised that, on foot of a meeting between officials from my Department and senior management of IBRC held on 31 May 2012, it was agreed that my Department would review this transaction to better understand the decisions taken by IBRC. This review took place, by way of a meeting between officials from my Department and senior management of IBRC, on 11 June 2012. At this meeting,...

Written Answers — Department of Finance: Knowledge Development Box (1 Apr 2015)

Michael Noonan: In Budget 2015 I announced my intention to introduce the Knowledge Development Box (KDB) in Finance Bill 2015. The purpose behind the introduction of the KDB in Ireland is to enhance the competitiveness of the Irish tax offering for intellectual property and thereby to ensure Ireland continues to be the location of choice for foreign direct investment. A public consultation to gather views on...