Results 19,281-19,300 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Credit Card Interest Rates (15 Apr 2015)

Michael Noonan: The Central Bank has advised me that there is no statutory obligation on credit card companies to notify the Bank of a decision to raise their interest rates but the Central Bank is usually informed as a matter of courtesy. Both of the replies to which the Deputy refers make it clear that the Central Bank does not regulate these interest rates. The Consumer Protection Code...

Written Answers — Department of Finance: Mortgage Lending (15 Apr 2015)

Michael Noonan: The Deputy should be aware that the ICS platform was sold to Dilosk Limited. As Dilosk Limited is a private company, I do not have access to business information relating to the company and accordingly, am not in a position to answer the Deputy's question.

Written Answers — Department of Finance: Mortgage Lending (15 Apr 2015)

Michael Noonan: At the time of its acquisition of the ICS distribution platform, Dilosk Limited stated the following on its web site: "The Company will offer mortgages to borrowers seeking to purchase or refinance residential property with a particular focus on residential investment properties (i.e. Buy-to-Let). " This is an important segment of the overall residential mortgage...

Written Answers — Department of Finance: National Treasury Management Agency (15 Apr 2015)

Michael Noonan: The Clearing House Group includes a broad range of stakeholders nominated by industry, including the entity to which the Deputy refers.   The IFS2020 Strategy, launched on 11th March, proposes a new governance structure built on a public sector implementation board and a private sector consultation group which will, once again, be nominated by industry...

Written Answers — Department of Finance: Tax Reliefs Eligibility (15 Apr 2015)

Michael Noonan: I am advised by the Revenue Commissioners that this question relates to an issue that has arisen with a company owned and controlled by the person concerned.  The issue relates to a refusal by Revenue to grant relief under Section 486C, Taxes Consolidation Act, 1997 as amended by Section 34(2) Finance Act 2011.  The original enactment, providing relief from tax for certain start-up...

Written Answers — Department of Finance: Tax Exemptions (15 Apr 2015)

Michael Noonan: I would disagree with the Deputy that the purpose of tax reliefs is to allow anyone to avoid paying their fair share of taxes. No tax relief is introduced without a specific purpose in mind and all are reviewed on a regular basis. Where it becomes apparent that any given provision is being abused or is not working to best effect, appropriate action is taken, whether by implementation of...

Written Answers — Department of Finance: Ministerial Meetings (15 Apr 2015)

Michael Noonan: As Minister for Finance, I meet with the Governor of the Central Bank on a regular basis. Our latest meeting took place on 2 April 2015. The meeting covered a broad range of issues, among them the issue of mortgage interest rates. The Governor provided an update on the ongoing work that he and his officials are carrying out on the issue of the standard variable rates...

Written Answers — Department of Finance: VAT Rebates (15 Apr 2015)

Michael Noonan: I am advised by the Revenue Commissioners that VAT is a tax on consumption and is applied to supplies being made by a person and not to supplies received by a person.  VAT is an EU-wide tax and is governed by the EU VAT Directive with which the VAT legislation in each EU Member State must apply.  Where a Member State's VAT legislation is not in compliance with the EU VAT Directive...

Written Answers — Department of Finance: Tax Code (15 Apr 2015)

Michael Noonan: Crèche owners who rent out the operation of a crèche are obligated to ensure that the premises is used as a crèche if they wish to continue to claim the tax incentives for it that are set out in Finance Act 1999. Where the premises are subject to a lease arrangement, the level of the rent will be set by market forces. The tax legislation does not specify the level of...

Written Answers — Department of Finance: Mortgage Arrears Proposals (15 Apr 2015)

Michael Noonan: The Deputy will be aware that I in my role as Minister for Finance, have no direct or statutory function in relation to banking policies and decisions made by individual lending institutions at any particular time and these are taken by the board and management of the relevant institution. A Relationship Framework has also been specified that defines the nature of the...

Written Answers — Department of Finance: Mortgage Lending (15 Apr 2015)

Michael Noonan: The Central Bank of Ireland has put in place new macro prudential regulations for residential mortgage lending (S.I. No. 47 of 2015). These provide for a maximum loan-to-value (LTV) for a First Time Buyer (FTB) to be no more than 90% of the first €220,000 of a property's value and 80% thereafter where the property is a principal home. For Non-FTBs, the maximum LTV is 80%. The...

Written Answers — Department of Finance: Budget Targets (15 Apr 2015)

Michael Noonan: As the Deputy will be aware from previous responses, it is expected that from 2016, the public finances in Ireland will be subject to the rules of the preventive arm of the Stability & Growth Pact.  Assessment of compliance with the rules of the preventive arm is based on two pillars: the annual improvement in the structural balance and the expenditure benchmark.  Budget...

Written Answers — Department of Finance: Irish Water Funding (15 Apr 2015)

Michael Noonan: As a result of the approach agreed between the CSO and Eurostat during the 2014 EDP dialogue visit, Irish Water has provisionally been classified within general government for the March EDP returns.  A classification proposal on Irish Water is currently with Eurostat. This is a closed process and the CSO will now await the final adjudication of Eurostat. This resulted in all Irish Water...

Written Answers — Department of Finance: Pensions Levy (15 Apr 2015)

Michael Noonan: The original 0.6% pension fund levy introduced to fund the Jobs Initiative in 2011 ended last year. The additional levy on pension funds at 0.15% which I introduced for 2014 and 2015, mainly to help continue to fund Jobs Initiative, will also end after this year. The position is that the equivalent value of all of the money raised from the stamp duty levy has been used to fund the wide...

Written Answers — Department of Finance: VAT Rebates (15 Apr 2015)

Michael Noonan: I am advised by the Revenue Commissioners that VAT is a tax on consumption and is applied to supplies being made by a person and not to supplies received by a person.  VAT is an EU-wide tax and is governed by the EU VAT Directive with which the VAT legislation in each EU Member State must apply.  Where a Member State's VAT legislation is not in compliance with the EU VAT Directive...

Written Answers — Department of Finance: Mortgage Interest Rates (15 Apr 2015)

Michael Noonan: The lending institutions in Ireland - including those in which the State has a significant shareholding - are independent commercial entities. I have no statutory role in relation to regulated financial institutions passing on the European Central Bank interest rate change or to the mortgage interest rates charged.  It is a commercial matter for each institution...

Written Answers — Department of Finance: Tax Code (15 Apr 2015)

Michael Noonan: Capital Acquisitions Tax (CAT) is the overall title for both Gift and Inheritance Tax. The tax is charged on the amount gifted to, or inherited by, the beneficiary of the gift or inheritance. For the purposes of CAT, the relationship between the person who provides the gift or inheritance (i.e. the disponer) and the person who receives the gift or inheritance (i.e. the beneficiary),...

Written Answers — Department of Finance: Budget Consultation Process (15 Apr 2015)

Michael Noonan: In responses to a recent parliamentary questions, I indicated that the establishment of an independent budgetary office should be considered in depth.  This Government is very much in favour of initiatives that improve the quality of debate around budgetary priorities and the best allocation of resources. I also pointed out in my previous replies on this matter that it is a...

Written Answers — Department of Finance: Tax Reliefs Application (15 Apr 2015)

Michael Noonan: Relief in respect of health expenses is allowed in accordance with the provisions of section 469 of the Taxes Consolidation Act 1997 (TCA). Any contribution made by an individual in defraying expenses in the nature of maintenance or treatment in a nursing home on behalf of an individual, where that individual has received State support under section 3 of the nursing home support scheme Act...

Written Answers — Department of Finance: Proposed Legislation (15 Apr 2015)

Michael Noonan: The drafting process is well advanced on the Taxation and Certain Other Matters (International Mutual Assistance) Bill and it is intended that it will shortly be sent forward for Pre-Legislative Scrutiny. Once the Pre-Legislative Scrutiny process has been completed, arrangements will be made to publish the Bill.