Results 3,761-3,780 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: State Aid Investigations (23 Jun 2016)

Michael Noonan: In June 2014, the Competition Directorate of the European Commission announced its intention to open formal State Aid investigations into tax rulings provided to a number of companies in various Member States of the European Union. Since October 2015, investigations in three other Member States have concluded.  In each of these cases the Commission found that the Member States granted...

Written Answers — Department of Finance: EU Budgets (23 Jun 2016)

Michael Noonan: I am aware of Mr. Dijsselbloem's views on the matter.  However, this topic was not in the agenda of the last Eurogroup meeting. I believe all Member States should be treated equally concerning the application of EU budget laws, regardless of whether they are small or large countries. However, I also understand that some degree of flexibility should be allowed in certain circumstances,...

Written Answers — Department of Finance: NAMA Assets Sale (23 Jun 2016)

Michael Noonan: NAMA's purpose and objectives are set out in the NAMA Act as established by the Oireachtas.  NAMA's primary objective is, as per Section 10 of the NAMA Act, to obtain the best achievable financial return for the State and to deal expeditiously with its assets in acheiving this objective.  The strategy which NAMA adopts in pursuing its objectives is a matter...

Written Answers — Department of Finance: Carbon Tax Implementation (23 Jun 2016)

Michael Noonan: I am aware of concerns that fuel traders in the border counties have expressed about the impact the carbon tax is having, and that the price differential with Northern Ireland for solid fuel could give rise to trade distortions.  The introduction of Carbon Tax was about sending a price signal that there is a cost associated with the consumption of fossil fuels to the...

Written Answers — Department of Finance: Tax Code (23 Jun 2016)

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: NAMA Accounts (23 Jun 2016)

Michael Noonan: NAMA's continued progress is evident in the recently published 2015 Annual Report and Accounts. These results highlight the continued achievements of NAMA and the positive impact NAMA is having on Ireland's sustained recovery in carrying out its mandate. NAMA has reached its the year-end 2016 target, to redeem 80% of debt, 9 months ahead of schedule, in March of...

Written Answers — Department of Finance: Public Interest Directors (23 Jun 2016)

Michael Noonan: In the Programme for a Partnership Government ('PPG') the Government has committed to, "Cease to appoint new Public Interest Directors to the banks, and reform the procedures for the appointment of bank directors by the State, with a view to increasing transparency in the process". As the Deputy will be aware the rights for the State to appoint public...

Written Answers — Department of Finance: Public Private Partnerships (23 Jun 2016)

Michael Noonan: To the extent that Exchequer expenditure is not matched by Exchequer revenue, the difference, known as the Exchequer Borrowing Requirement or EBR, is funded through borrowing undertaken by the National Treasury Management Agency (NTMA). It is worth making the point that singling out the gross EBR implications of a single transaction or group of transactions would represent, at best, a very...

Written Answers — Department of Finance: Flood Risk Insurance Cover Provision (23 Jun 2016)

Michael Noonan: I am aware of the difficulties that the absence or withdrawal of flood insurance cover can cause to homeowners and the flooding crisis last winter has raised issues in relation to insurance and flooding. However, 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...

Written Answers — Department of Finance: Financial Services Ombudsman (23 Jun 2016)

Michael Noonan: 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 financial service providers. This legislation also provides the Financial Services Ombudsman with various powers in order to...

Written Answers — Department of Finance: Banking Sector (23 Jun 2016)

Michael Noonan: Our strategy envisages Permanent TSB ("PTSB") playing an important role in the future of Irish retail banking ( including personal and consumer banking) as a retail bank bringing competition to the marketplace which has consolidated significantly since 2008.  PTSB is an important bank in a highly concentrated Irish market lending...

Written Answers — Department of Finance: Property Tax (23 Jun 2016)

Michael Noonan: The Deputy will be aware that in 2015, Dr. Don Thornhill, who chaired the 2012 Inter-Departmental Group which designed the Local Property Tax, conducted a review at my request to consider, and make recommendations, on the operation of the LPT, and any impacts on LPT liabilities due to property price developments. The Finance (Local Property Tax) (Amendment) Act...

Written Answers — Department of Finance: Tax Exemptions (23 Jun 2016)

Michael Noonan: In Budget and Finance Act 2013, I introduced a capital gains tax (CGT) relief to cover situations where the proceeds from the sale of agricultural land by farmers are used to reinvest in other farmland for farm restructuring purposes. The rationale behind the relief is to enable farmers to consolidate disparate holdings of farmland in order to make their farming business more productive and...

Written Answers — Department of Finance: Central Bank of Ireland Staff (23 Jun 2016)

Michael Noonan: I am informed by the Central Bank that at the end of April 2016, the Enforcement Division had 53.8 active staff. Its target staff level is 71.5. The Central Bank is currently in the midst of a recruitment campaign aimed at filling vacancies at varying levels of experience. The Bank has informed me that it keeps its resource allocation under constant review and will be...

Written Answers — Department of Finance: Loan Books Purchasers (23 Jun 2016)

Michael Noonan: As the Deputy will be aware, the Consumer Protection (Regulation of Credit Servicing Firms) Act, 2015 was enacted on 8 July 2015. It was introduced to fill the consumer protection gap where loans were sold by the original lender to an unregulated entity. The 2015 Act introduced a regulatory regime for a new type of entity called a 'credit servicing firm'.  Credit Servicing Firms are now...

Written Answers — Department of Finance: Central Bank of Ireland (23 Jun 2016)

Michael Noonan: The Central Bank, which has an independent mandate to preserve and protect financial stability, introduced mortgage lending regulations to increase the resilience of the banking and household sectors to the property market and to reduce the risk of bank credit and house price spirals from developing in the future.  The current regulations, as introduced in February 2015, provide for...

Written Answers — Department of Finance: National Debt (23 Jun 2016)

Michael Noonan: The General Government sector consists of what are typically thought of as Government units in Ireland's case these would include Departments of State and their associated Offices and Local Authorities. However, other units may also be classified to the government sector if they are controlled by Government and if they are classified as "non-market producers". The General Government sector...

Written Answers — Department of Finance: Corporation Tax (23 Jun 2016)

Michael Noonan: In June 2014, the Competition Directorate of the European Commission announced its intention to open formal State Aid investigations into tax rulings provided to a number of companies in various Member States of the European Union. Since October 2015, investigations in three other Member States have concluded.  In each of these cases the Commission found that the Member States granted an...

Written Answers — Department of Finance: Property Tax (23 Jun 2016)

Michael Noonan: The Deputy will be aware that in 2015, Dr. Don Thornhill, who chaired the 2012 Inter-Departmental Group which designed the Local Property Tax, conducted a review at my request to consider, and make recommendations, on the operation of the LPT, and any impacts on LPT liabilities due to property price developments.  The Finance (Local Property Tax) (Amendment)...

Written Answers — Department of Finance: Tax Exemptions (23 Jun 2016)

Michael Noonan: In Budget and Finance Act 2013, I introduced a capital gains tax (CGT) relief to cover situations where the proceeds from the sale of agricultural land by farmers are used to reinvest in other farmland for farm restructuring purposes. The rationale behind the relief is to enable farmers to consolidate disparate holdings of farmland in order to make their farming business more productive and...