Results 3,201-3,220 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Insurance Industry Regulation (16 Sep 2016)

Michael Noonan: Enterprise Insurance Company plc (Enterprise) is a Gibraltar incorporated company subject to prudential supervision in Gibraltar by the Gibraltar Financial Services Commission (the GFSC). Enterprise was selling motor insurance in a number of European countries including Ireland on a freedom of services basis. The Central Bank of Ireland has informed me of the following: The Central...

Written Answers — Department of Finance: Insurance Industry Regulation (16 Sep 2016)

Michael Noonan: Insurance companies authorised in a particular Member State are allowed conduct business in other Member States without being authorised there under the EU single market rules. This is done through 'passporting' which is the establishment of a branch or operation by way of freedom of services. Passporting is not applied for but notified. In such circumstances, EU insurance...

Written Answers — Department of Finance: Charities Regulation (16 Sep 2016)

Michael Noonan: The question of whether section 8 of the Charities Act 2009 is functioning as intended is a matter for the Charities Regulator. I believe the matter is currently subject to a separate review.

Written Answers — Department of Finance: Insurance Coverage (16 Sep 2016)

Michael Noonan: The provision of insurance cover is a commercial matter for insurance companies and is based on an assessment of the risks they are willing to accept and adequate provisioning to meet those risks. In my role as Minister for Finance, I have responsibility for the development of the legal framework governing financial regulation. Neither I, nor the Central Bank...

Written Answers — Department of Finance: Tax Reliefs Costs (16 Sep 2016)

Michael Noonan: I am advised by the Revenue Commissioners that they do not have the data necessary to estimate the revenue foregone as a result of lenders claiming mortgage interest relief on interest charges rather than actually paid prior to January 2014. The statutory position in relation to mortgage interest relief entitlement is that individuals can avail of the relief in respect of qualifying...

Written Answers — Department of Finance: Insurance Industry Regulation (16 Sep 2016)

Michael Noonan: The 2016 EIOPA Stress Test Exercise is tailored to assess the insurance sector's vulnerabilities to a combination of market risk adverse scenarios, focussing on two major market risks: a prolonged low-yield environment and a 'double-hit' scenario where a sudden drop in asset prices is combined with a low risk free rate. EIOPA launched the exercise in May and aims to publish the results by...

Written Answers — Department of Finance: Insurance Industry Regulation (16 Sep 2016)

Michael Noonan: The stated aim of the EIOPA 2014 Stress Test was to test the overall resilience of the European insurance sector and to identify any vulnerabilities. The Central Bank of Ireland has provided me with the following details of the 2014 Stress Test. The exercise had two main elements involving two different samples: i) A Core Stress module primarily focused on Group level...

Written Answers — Department of Finance: EU Directives (16 Sep 2016)

Michael Noonan: The Mortgage Credit Directive ("the Directive") was transposed into Irish law by the European Union (Consumer Mortgage Credit Agreements) Regulations 2016 ("the Regulations"). The primary purpose of the Directive and the Regulations is to increase the level of information and protection available to prospective and actual consumer mortgage borrowers and all relevant...

Written Answers — Department of Finance: Tax Reliefs Costs (16 Sep 2016)

Michael Noonan: The Revenue website provides a review of the main tax expenditures; however it is not an exhaustive list. For information to be analysed by Revenue, it must first be provided separately on a tax return form. This is not currently the case with section 110 companies and therefore tax costings cannot be provided at this time. The tax return is designed to...

Written Answers — Department of Finance: Banking Operations (16 Sep 2016)

Michael Noonan: I am informed by the Central Bank that a recommendation contained in the National Payments Plan targeted a significant increase in the number of €10 notes dispensed from Irish ATMs. Targets were designed in order to increase the proportion of €10 notes in circulation with a view to making lower denomination notes available. The specific targets contained in the National...

Written Answers — Department of Finance: Tax Code (16 Sep 2016)

Michael Noonan: EU Directive 92/83/EEC sets out the structure of the taxation of cider and perry.  The tax is based on the bands of alcohol content of the product not the alcohol by volume (ABV) as is the case with beer.  As a result excise on cider must be applied in a series of bands.  The bands and rates applicable in Ireland are set out in a table. Cider & Perry Still and...

Written Answers — Department of Finance: Illicit Trade (16 Sep 2016)

Michael Noonan: I am aware of the report on "Illicit Trade in Ireland 2013-2015", published recently by Grant Thornton, which addresses illicit trade in the sectors referred in the Deputy's Question. I understand that the report looks at the costs associated with illicit trade in those sectors. I would point out, however, that estimating the extent of any illicit activity is inherently problematic and...

Written Answers — Department of Finance: Departmental Expenditure (16 Sep 2016)

Michael Noonan: There were seven credit cards in use by the Minister for Finance and his officials in 2014 and six credit cards in use by the Minister for Finance and his officials in 2015. The amount spent in respect of all these credit cards in 2014 was €13,123.19 inclusive of €13.23 bank interest and €16,927.43 in 2015 inclusive of €1.36 bank interest. There are guidelines...

Written Answers — Department of Finance: Departmental Agencies Expenditure (16 Sep 2016)

Michael Noonan: The Disabled Drivers Medical Board of Appeal (DDMBA) is the only State agency funded by this Department. In response to the Deputy's question, the Deputy should note that the DDMBA issues no credit cards to staff or board members. The need to monitor and control expenses incurred should always be a priority when dealing with public monies. In relation to the controls in...

Written Answers — Department of Finance: Departmental Expenditure (16 Sep 2016)

Michael Noonan: The Disabled Drivers Medical Board of Appeal is the only third-party agency funded by this Department. The Deputy should note that the Disabled Drivers Medical Board of Appeal (DDMBA) issues no credit cards to staff or board members. The need to monitor and control expenses incurred should always be a priority when dealing with public monies. In relation to controls in...

Written Answers — Department of Finance: Financial Services Regulation (16 Sep 2016)

Michael Noonan: I understand that the Deputy may be referring to the time limits that applies for complaints to the Financial Services Ombudsman. The Financial Services Ombudsman's Bureau was established under the Central Bank and Financial Services Authority of Ireland Act 2004. The legislation provides for an independent, impartial investigation and resolution of disputes between consumers and...

Written Answers — Department of Finance: Financial Services Regulation (16 Sep 2016)

Michael Noonan: Credit Servicing Firms have only fallen within the supervisory remit of the Central Bank since 8 July 2015 on the commencement date of the Consumer Protection (Regulation of Credit Servicing) Act 2015. Prior to this, credit servicing firms were unregulated and did not hold banking licences and therefore such firms fell outside the scope of the Industry Funding Levy. At present there are...

Written Answers — Department of Finance: Universal Social Charge Data (16 Sep 2016)

Michael Noonan: The Universal Social Charge (property relief surcharge) of 5% is applicable to individuals with income of €100,000 or more, on that part of an individual's taxable income which is sheltered by any of the property or area based incentive reliefs. I am informed by Revenue that the yield for the years 2012 to 2014, the latest year for which returns are available, is as set out in a...

Written Answers — Department of Finance: Tax Collection (16 Sep 2016)

Michael Noonan: I am advised by Revenue the person concerned received illness benefit, tax free. When he resumed employment his tax credits were reduced to allow for collection of the tax properly due on the illness benefit. In effect the tax on the illness benefit is reflected in the reduced net salary to the person concerned from his employer. As the reduction in tax credits arises from illness...

Written Answers — Department of Finance: Tax Code (16 Sep 2016)

Michael Noonan: All fruit juices, soft drinks and bottled water have been subject to the standard rate with effect from November 1992. The standard rate is the VAT rate applied to such products in the majority of EU Member States. Some years ago, the Revenue Commissioners Appeal Commissioner ruled in relation to a specific vegetable juice product, that the product in question was food/drink but not a...