Results 3,781-3,800 of 27,019 for speaker:Michael Noonan

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: Credit Availability (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: General Government 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: Corporate Tax Compliance (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: Carbon Tax Yield (23 Jun 2016)

Michael Noonan: I am aware of the concerns that fuel traders in the border counties have expressed 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 detriment of the environment. In this regard solid fuels,...

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

Michael Noonan: My Department has engaged with An Post in relation to the provision of payment accounts and the requirements of the Payment Accounts Directive which my Department is currently transposing.  A public consultation on the national discretions contained in the Payment Accounts Directive was held last year and my Department is engaging with An Post and other stakeholders on this issue. ...

Written Answers — Department of Finance: Universal Social Charge Abolition (23 Jun 2016)

Michael Noonan: The Summer Economic Statement published by Government this week reflects the tax and spending priorities set out in the Programme for a Partnership Government (PPG) and sets out the expected available fiscal space from 2017 to 2021. Over the period to 2021, the split in the use of fiscal space between spending and tax reductions is broadly in line with the Government Programme commitment...

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

Michael Noonan: I have attended a number of meetings in Germany to date in 2016. I recently met with my German counterpart, Minister Wolfgang Schäuble on the 9th June to discuss general economic matters and financial services issues of mutual interest to both Ireland and Germany. I also met with Jörg Asmussen, former member of the Executive Board of the European...

Written Answers — Department of Finance: Insurance Costs (23 Jun 2016)

Michael Noonan: Differing reasons have been put forward by various interested parties to explain Ireland's current increasing insurance costs.  Motor insurance appears to be particularly affected with the cost of premiums increasing significantly in the past 12 months. Reasons often presented include the increased level of insurance claims and the increasing value of compensation awards. ...

Written Answers — Department of Finance: Disabled Drivers and Passengers Scheme (23 Jun 2016)

Michael Noonan: I am informed by the Medical Board of Appeal that as of June 2016, there are 168 appeals active at the Board with an additional 15 appeals to be heard at a regional sitting of the Board in Cork in September.  Since January 2016 to date, the Board has heard 220 appeals.  However, 2016 has seen an average monthly increase of 20% in the number of appeals lodged on previous years. ...

Written Answers — Department of Finance: Insurance Industry Regulation (23 Jun 2016)

Michael Noonan: As Minister for Finance, I am responsible for the development of the legal framework governing financial regulation. Insurance companies are required under European law to price in accordance with risk and neither I, nor the Central Bank of Ireland, can direct insurance companies on the pricing or the provision of insurance products.  The EU framework for insurance expressly...

Written Answers — Department of Finance: Insurance Costs (23 Jun 2016)

Michael Noonan: As Minister for Finance, I am concerned that there should be a stable insurance sector and that the risk to policyholders and to the wider financial system are limited.  An adequately-reserved, cost-competitive insurance sector is a vital component of economic activity and financial stability. The current high cost of insurance is a concern for the Government.  While...

Written Answers — Department of Finance: Home Repossessions (23 Jun 2016)

Michael Noonan: The Government attaches great importance to addressing the issue of mortgage arrears and wants to keep families in their homes and avoid repossessions insofar as possible.  In this context, it is important to note that there are a number of protections already in place to protect borrowers in arrears.  In particular, the Code of Conduct on Mortgage Arrears...

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

Michael Noonan: The rates of corporation tax in Ireland are 12.5% for active trading income and 25% for other income.  This is long standing settled policy and the cornerstone of our tax system.  I do not have any plans to amend Ireland's corportation tax rates or introduce specific higher rates. I understand that a number of the funds referred to would...

Written Answers — Department of Finance: Disabled Drivers Grant Eligibility (23 Jun 2016)

Michael Noonan: The Disabled Drivers and Disabled Passengers (Tax Concessions) Scheme provides relief from VAT and VRT (up to a certain limit) on the purchase of an adapted car for transport of a person with specific severe and permanent physical disabilities, payment of a fuel grant, and an exemption from Motor Tax. To qualify for the Scheme an applicant must be in possession of a Primary Medical...

Written Answers — Department of Finance: VAT Rate Reductions (23 Jun 2016)

Michael Noonan: The 9% reduced VAT rate for tourism related services was introduced in July 2011 as part of the Government Jobs Initiative. The measure was designed to boost tourism and create additional jobs in that sector. The Programme for a Partnership Government published in May, includes a commitment to retain the hugely successful 9% VAT rate on tourism related services, providing that prices remain...

Written Answers — Department of Finance: Revenue Commissioners Staff (23 Jun 2016)

Michael Noonan: The deployment of Revenue staff is a matter for the Revenue Commissioners.  Revenue reviews its business and staff resource requirements in all locations on an on-going basis as part of its workforce planning.  This is an iterative process that looks to identify and address critical posts that may require to be filled in the future. As I previously advised the Deputy in my reply to...

Written Answers — Department of Finance: Home Repossessions (23 Jun 2016)

Michael Noonan: I propose to take Questions Nos. 94, 96 and 97 together. The Deputy will be aware that regulated lenders are required under the Code of Conduct on Mortgage Arrears (CCMA) to have in place a Mortgage Arrears Resolution Process as a framework for handling cases in mortgage arrears or at risk of falling into arrears.  Under MARP, a lender must examine each case on its individual merits...

Written Answers — Department of Finance: Home Repossessions (23 Jun 2016)

Michael Noonan: The Government attaches great importance to addressing the issue of mortgage arrears. The recently published Central Bank Residential mortgage arrears and repossessions statistical bulletin to the end of the first quarter of 2016 reports that BTL mortgage accounts in arrears for more than 90 days decreased by 3.5 per cent during the quarter and BTL accounts in arrears for more...