Results 19,601-19,620 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Economic Growth (7 May 2015)

Michael Noonan: My Department consistently monitors risks and obstacles to economic development over the short- to medium-term. The identification of potential obstacles is essential in the context of economic and fiscal forecasting. This year, my Department expects the economy to grow by 4 per cent and to grow by 3.8 per cent next year. Over the medium term, the economy can probably grow by around...

Written Answers — Department of Finance: National Debt (7 May 2015)

Michael Noonan: As per the Deputy's request debt as a percentage of GDP for the past three years can be outlined as follows: 2012 2013 2014 National debt (€m) 137,632 173,947 182,310 General government debt (€m) 210,238 215,328 203,319 GDP (€m) 172,755 174,791 185,412 National debt (% GDP) 79.7 99.5 98.3 General government debt (%GDP) 121.7 123.2 109.7Source: Central Statistics...

Written Answers — Department of Finance: Property Valuations (7 May 2015)

Michael Noonan: According to the Central Statistics Office, national residential property prices increased by 16.8 per cent over the 12 months to March. Looking at more recent trends, prices decreased by 0.9 per cent in the first quarter of 2015, although the latest figures for March indicated a monthly price increase of 0.9 per cent. It is too soon to say whether the recent developments in...

Written Answers — Department of Finance: Mortgage Lending (7 May 2015)

Michael Noonan: Sub-prime lenders usually lend to borrowers who are unable to borrow from traditional lenders usually due to insufficient income or poor credit history. They charge higher interest rates due to the higher risk involved. Moneylenders are licensed by the Central Bank of Ireland to engage in the business of Moneylending under Part VIII of the Consumer Credit Act, 1995 (as amended). The...

Written Answers — Department of Finance: Credit Availability (7 May 2015)

Michael Noonan: This 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 facilities from a diverse range of bank and non-bank sources. On 19 February 2015, the Strategic Banking...

Written Answers — Department of Finance: Loan Books Purchasers (7 May 2015)

Michael Noonan: The Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015 will require entities dealing with the consumer to be authorised by the Central Bank and subject to its Codes of Conduct. Dealing with the consumer is credit servicing and the definition of credit servicing is broad. Owners of loan books who deal directly with consumers, that is, who are servicing their own loan books,...

Written Answers — Department of Finance: Household Savings Rate (7 May 2015)

Michael Noonan: CSO estimates for 2014 indicate that gross saving for the economy as a whole amounted to €45.6 billion, an increase of 23.9 per cent compared with 2013. On a seasonally adjusted basis, the household savings ratio was almost 14 per cent in Q3 and Q4 of last year- the highest level since Q1 2012. Household indebtedness in Ireland is high in comparative terms and as a result...

Written Answers — Department of Finance: Insurance Costs (7 May 2015)

Michael Noonan: International comparisons of insurance costs can prove problematic as a result of differences in law, in fiscal regime, in policyholder behaviour and in the expectations of policyholders from their insurance provider.  Neither my Department nor the Central Bank of Ireland maintains information on the costs of insurance in Ireland or across the European Union. The calculation of...

Written Answers — Department of Finance: Pension Provisions (7 May 2015)

Michael Noonan: While it is not absolutely clear from the details supplied, I am assuming that the questions at issue relate to past changes that were made to the annual earnings limit which, along with age-related percentage limits, determine the maximum tax-relievable pension contributions that an individual can make in a tax year and to the 0.6% pension fund levy which I introduced in 2011. In that...

Written Answers — Department of Finance: VAT Rate Application (7 May 2015)

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.  The reduced VAT rate of 13.5% applies to the supply of gas and electricity in Ireland.  The majority of EU Member States apply a much higher VAT rate to the supply of gas and electricity as EU VAT law provides that the standard VAT rate should apply to these...

Written Answers — Department of Finance: Public Sector Staff Increment Payments (7 May 2015)

Michael Noonan: I wish to inform the Deputy that the calculation of increments is a matter for the Payroll Shared Service Centre, who have informed me that because of the variables involved i.e. payees starting and leaving, staff moving on/off sick pay, staff changing worksharing patterns, etc. it is virtually impossible to provide an answer to this Parliamentary Question. However my Officials are...

Written Answers — Department of Finance: Unfinished Housing Developments (12 May 2015)

Michael Noonan: Section 10 of the Finance (Local Property Tax) Act 2012 (as amended) provides for a number of exemptions from Local Property Tax (LPT).  These exemptions include any unfinished housing estates or portions of unfinished housing estates, which are prescribed (as unfinished) by the Minister for the Environment, Community and Local Government in Statutory Instrument (SI) No. 91 of 2013. The...

Written Answers — Department of Finance: Tribunals of Inquiry Recommendations (12 May 2015)

Michael Noonan: In response to the Deputy's question the Moriarty Tribunal made a number of recommendations which affected a number of Government Departments. As Minister for Finance I can only respond in relation to the recommendations made in relation to my own Department. The tribunal pointed out problems to be addressed in our system of financial regulation.  Poor supervision, an overly-deferential...

Written Answers — Department of Finance: Tax Credits (12 May 2015)

Michael Noonan: I have been advised by the Revenue Commissioners that the person concerned has been granted the tax credits and reliefs in 2015 based on the married persons allowance and the Home Carers tax credit.  Depending on the level of income it can be more beneficial to opt for the increased standard rate band instead of the Home Carers tax credit and this appears to apply to the person...

Written Answers — Department of Finance: Mortgage Interest Relief Extension (12 May 2015)

Michael Noonan: The Deputy will be aware that mortgage interest relief has been abolished for homes purchased since 1 January 2013. Up until 2018 however, tax relief continues to be available for interest paid on all qualifying home loans taken out on or after 1 January 2004 and on or before 31 December 2012, regardless of whether the individuals concerned are first-time buyers or non-first-time buyers. ...

Written Answers — Department of Finance: Foreign Earnings Deduction (12 May 2015)

Michael Noonan: Section 12 of Finance Act 2012 introduced the Foreign Earnings Deduction (FED), which provides for a limited tax deduction for individuals who temporarily carry out the duties of their office or employment in Brazil, Russia, India, China or South Africa. The provision applies as respects the years 2012, 2013 and 2014. The scheme was extended in Finance Act 2013 to include travel to Nigeria,...

Written Answers — Department of Finance: Financial Services Regulation (12 May 2015)

Michael Noonan: At the outset it should be noted that in my role as Minister for Finance I have no power to intervene in such matters as the responsibility for day to day regulatory issues is a matter for the Central Bank of Ireland which is statutorily independent in the exercise of these functions. Consumer issues are covered by the Central Bank's Consumer Protection Co de which, amongst other things,...

Written Answers — Department of Finance: Tax Exemptions (12 May 2015)

Michael Noonan: For reasons of taxpayer confidentiality, the Revenue Commissioners cannot comment on the tax affairs of individual Bodies or Trusts in receipt of Charitable Tax Exemptions. In addition, the Revenue Commissioners do not collate data in respect of Charitable Tax Exemptions in a manner that facilitates the extraction of separate costings for specific groupings, for example religious...

Written Answers — Department of Finance: Central Bank of Ireland Properties (12 May 2015)

Michael Noonan: Under section 6B of the Central Bank Act 1942, as amended, the Central Bank Commission is responsible for administering the provision of accommodation and office and other equipment with a view to enabling the Central Bank to perform and exercise its functions and powers. As Minister for Finance I have no role in the matter. The Central Bank has a dedicated...

Written Answers — Department of Finance: Central Bank of Ireland Properties (12 May 2015)

Michael Noonan: Under section 6B of the Central Bank Act 1942, as amended, the Central Bank Commission is responsible for administering the provision of accommodation and office and other equipment with a view to enabling the Central Bank to perform and exercise its functions and powers. As Minister for Finance I have no role in the matter. I have been informed by the Central Bank that it owns 4 properties...