Results 3,381-3,400 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Credit Unions (21 Jul 2016)

Michael Noonan: My role as Minister for Finance is to ensure that the legal framework for credit unions is appropriate for the effective operation and supervision of credit unions. The Registrar of Credit Unions at the Central Bank is the independent regulator for credit unions. Within her independent regulatory discretion, the Registrar acts to support the prudential soundness of individual credit...

Written Answers — Department of Finance: Credit Union Data (21 Jul 2016)

Michael Noonan: I have been informed by the Central Bank that 26% of credit unions are operating under lending restrictions. Almost all credit unions with a lending restriction in place have a maximum individual loan size restriction. In the majority of cases, the maximum individual loan size is in excess of €10,000 as detailed in the table below. Lending Restriction on Individual Loans Number of...

Written Answers — Department of Finance: Credit Union Data (21 Jul 2016)

Michael Noonan: The Credit Union Act, 1997 (the 1997 Act) and the Credit Union Act 1997 (Regulatory Requirements) Regulations 2016 (which set out services exempt from additional services regulations) set out the services that a credit union may provide to its members. These include loans; savings; account access by phone; account access by internet; third party payments (including EFT); ATM services; bureau...

Written Answers — Department of Finance: Credit Union Services (21 Jul 2016)

Michael Noonan: My role as Minister for Finance is to ensure that the legal framework for credit unions is appropriate for the effective operation and supervision of credit unions. The Registrar of Credit Unions at the Central Bank is the independent regulator for credit unions.  Within her independent regulatory discretion, the Registrar acts to support the prudential soundness of individual...

Written Answers — Department of Finance: Economic Growth (21 Jul 2016)

Michael Noonan: I propose to take Questions Nos. 121 and 168 together. The latest estimates of fiscal space available for Budget 2017 were set out in the Summer Economic Statement (SES). The significant revision to 2015 GDP by the Central Statistics Office is not expected to materially change the fiscal space of just under €1 billion for 2017 set out in the Summer Economic Statement...

Written Answers — Department of Finance: IBRC Liquidation (21 Jul 2016)

Michael Noonan: The status of the Special Liquidation as at 31 December 2015 is set out in a third progress update report published by the Special Liquidators on 27 May 2016 and which is available on the Department of Finance website through the following link: I am advised by the Special Liquidators that there are €3.55 billion of loans remaining to be sold. The main reason these loans have not...

Written Answers — Department of Finance: UK Referendum on EU Membership (21 Jul 2016)

Michael Noonan: The Government's IFS 2020 strategy is a framework in which both public and private stakeholders will work to ensure the further growth and development of the international financial services (IFS) sector in Ireland. The IFS sector now employs about 38,000 people across over 400 companies with a 10,000 of those employed outside Dublin. In terms of the vision underpinning the Strategy, we...

Written Answers — Department of Finance: UK Referendum on EU Membership (21 Jul 2016)

Michael Noonan: I can assure the Deputy that the Central Bank has confirmed to me that it is committed to providing a clear, open and transparent authorisation process and it is open to applications. At present, the Central Bank Commission is satisfied that it has the resources required to regulate the financial sector. I am confident based on the Central Bank's ability to significantly expand its regulatory...

Written Answers — Department of Finance: Foreign Direct Investment (21 Jul 2016)

Michael Noonan: The Government will continue, through the IDA, to promote the attractiveness of Ireland as a location of choice for investment and talent.  This is based on our unique competitive strengths and our position as an English-speaking country in Europe. Naturally, there may be new opportunities arising for Ireland in certain sectors, many of which already form part of the IDA's marketing...

Written Answers — Department of Finance: Departmental Correspondence (21 Jul 2016)

Michael Noonan: I propose to take Questions Nos. 127 and 129 to 131, inclusive, together. I or my Department did not give assurances in any form to the bidders and purchasers of any distressed debt loan books sold by NAMA, IBRC, or any other entity in relation to the offshoring of profits by such companies or the establishment of section 110 companies to purchase and or manage the loans. Furthermore...

Written Answers — Department of Finance: Departmental Correspondence (21 Jul 2016)

Michael Noonan: I am advised that NAMA, as the seller of loans does not provide assurances to bidders and/or purchasers of loans from it concerning the establishment of section 110 companies to purchase or manage sold loans. The company structures set up by purchasers for purchasing or managing loans are a matter for the bidder and/or purchaser acting on their own tax and legal advice.

Written Answers — Department of Finance: Tax Code (21 Jul 2016)

Michael Noonan: I propose to take Questions Nos. 132, 133, and 137 to 140, inclusive, together. I am informed by Revenue that a company that is, or intends to be, a qualifying company within the meaning of section 110 Taxes Consolidation Act 1997 must notify Revenue in writing.  In notifying Revenue of such intent, the company confirms that it complies with the conditions attaching to a qualifying...

Written Answers — Department of Finance: Tax Code (21 Jul 2016)

Michael Noonan: I propose to take Questions Nos. 134 and 136 together. NAMA's market activities mean that it competes on an ongoing basis with banks and other financial institutions to attract investors and competitive bids for its loans and for the assets securing them. In that context, and in line with its competitors, I am advised that NAMA does not identify the counterparties with which it transacts,...

Written Answers — Department of Finance: Lobbying Data (21 Jul 2016)

Michael Noonan: I propose to take Questions Nos. 135, 144 and 145 together. I am unaware of any contacts from legal firms, financial firms or any other sources in relation to the establishment of section 110 companies for entities interested in purchasing loan books from NAMA, IBRC or any other source. Furthermore, I am unaware of any lobbying carried out by the Irish Debt Securities Association or the...

Written Answers — Department of Finance: Banking Sector Regulation (21 Jul 2016)

Michael Noonan: Individual credit policy and lending criteria are in the first instance a matter for the boards and management of each of the individual institutions.  I am advised by AIB that the bank applies a 20% stress factor on the currency exchange rate to mitigate against currency risk as part of the banks' mortgage assessment process. The gross income as...

Written Answers — Department of Finance: Banking Sector Regulation (21 Jul 2016)

Michael Noonan: Under Section 149 of the Consumer Credit Act, 1995 (as amended), the ('Act') a credit institution must submit a notification to the Central Bank for approval if they wish to introduce any new customer charge or increase any existing customer charge, for certain services. The provision of foreign exchange facilities, as the Deputy is referring specifically to, is covered by this Act. The...

Written Answers — Department of Finance: Revenue Commissioners Investigations (21 Jul 2016)

Michael Noonan: I am informed by the Revenue Commissioners that Section 110 companies are assigned to the Financial Services (Banking) District in Revenue's Large Cases Division.  As for all taxpayers, Section 110 companies are selected for compliance interventions based on the presence of various risk indicators and interventions are conducted in accordance with the "Code of Practice for Revenue Audit...

Written Answers — Department of Finance: Economic Data (21 Jul 2016)

Michael Noonan: The National Income and Expenditure accounts figures for 2015 published by the CSO last week are the definitive measure of Irish national output. On the basis of these figures, however, it is not possible to isolate an underlying measure which directly strips out the factors cited by the Deputy. As I have previously stated, these various factors are clearly exaggerating headline GDP...

Written Answers — Department of Finance: Economic Growth Rate (21 Jul 2016)

Michael Noonan: The 2015 National Income and Expenditure data published last week by the CSO revised Ireland's 2015 GDP level upwards significantly. This has resulted in a mechanical improvement in the general government debt-to-GDP ratio. In April the CSO estimated the end-2015 debt-to-GDP ratio at 94%. Following the recent revisions to GDP figures, it is now estimated at 79%. Notwithstanding the...

Written Answers — Department of Finance: Economic Growth Rate (21 Jul 2016)

Michael Noonan: The macroeconomic forecasts set out in the Summer Economic Statement were based on preliminary estimates of GDP published by the CSO in March, which incorporated all available information at that time. This is the accepted practice adopted by all forecasting institutions. The substantial upward revision to the level of GDP in 2015 is largely related to the activities of a small number of...