Results 4,521-4,540 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Tracker Mortgage Data (6 Apr 2016)

Michael Noonan: As the deputy may be aware, the Central Bank launched its review of tracker mortgages at the end of 2015. AIB has informed me that it is carrying out a comprehensive and robust tracker mortgage review. AIB Group has provided €105 million relating to the refund of interest and other compensation amounts. Furthermore, the Group has recognised an additional provision of...

Written Answers — Department of Finance: Tracker Mortgage Data (6 Apr 2016)

Michael Noonan: I understand that the question should have read 'receive' instead of 'revive' and I will answer the question accordingly. The Central Bank have informed me that with regard to the examination of tracker mortgage related issues (the Examination), it is important that each lender carries out a comprehensive and robust review of their mortgage books, which achieves a fair outcome for all...

Written Answers — Department of Finance: Credit Unions (6 Apr 2016)

Michael Noonan: I propose to take Questions Nos. 163, 180 and 181 together. The Department of the Environment, Community and Local Government is the Department primarily responsible for the formulation and implementation of policy and for the preparation of legislation in relation to housing.  I have been informed that Minister Alan Kelly and Minister of State Paudie Coffey at the...

Written Answers — Department of Finance: Credit Unions (6 Apr 2016)

Michael Noonan: In December 2015 I invited the Credit Union Advisory Committee (CUAC) to carry out a review of the Implementation of the Recommendations set out in the Report of the Commission on Credit Unions.  Work on the review has commenced. I have been informed that as part of the review the CUAC has had discussions with a number of credit union stakeholders to...

Written Answers — Department of Finance: Credit Union Regulation (6 Apr 2016)

Michael Noonan: The Deposit Guarantee Scheme (DGS) protects depositors in the event of a bank, building society or credit union, authorised by the Central Bank of Ireland being unable to repay deposits. The DGS protects depositors up to €100,000 per person per institution. While Article 13(1) of the DGS Directive states that Member States may provide for lower contributions for low-risk sectors...

Written Answers — Department of Finance: Financial Services Regulation (6 Apr 2016)

Michael Noonan: As the Deputy is aware, the Consumer Protection (Regulation of Credit Servicing Firms) Act, 2015 was enacted on 8 July 2015 and was introduced to augment the consumer protection framework to address those circumstances where loans were sold by the original lender to an unregulated firm. The 2015 Act introduced a regulatory regime for a new type of entity called a 'credit...

Written Answers — Department of Finance: Social and Affordable Housing Provision (6 Apr 2016)

Michael Noonan: As the Deputy is aware, in November 2014, the Department of Environment Community and Local Government (DECLG) launched their Social Housing Strategy 2020 as part of a multi-annual housing expenditure programme. The strategy provided for the establishment of a working group to examine the viability of off-balance sheet mechanisms for the delivery of new social housing. In this context, the...

Written Answers — Department of Finance: Social and Affordable Housing (6 Apr 2016)

Michael Noonan: As the Deputy will be aware, the challenges that we are facing in different sectors of the housing market, including social housing, are both multifaceted and inextricably bound up with one another. Within that context, policy initiatives in the area of housing must seek to address all of the various sectors of the market, including the private owner occupier market, the rental market and...

Written Answers — Department of Finance: Banking Sector (6 Apr 2016)

Michael Noonan: My Department have examined the concept of local public banking and its potential for Ireland. Officials examined how local public banking, with a focus on supporting SMEs, could complement existing Government policy and other initiatives already in place in a range of areas such as improving competition in the banking market, augmenting competition and innovation in the SME finance market...

Written Answers — Department of Finance: Banking Sector (6 Apr 2016)

Michael Noonan: Following the creation of the Direct Recapitalisation Instrument (DRI) on the 8th December 2014, in accordance with Article 19 of the ESM Treaty, there now exists a specific provision which allows a potential retroactive application of the instrument on a case-by-case basis and by mutual agreement. This optionality remains in place however, unlike back in 2012, the ESM is...

Written Answers — Department of Finance: IBRC Bonds (6 Apr 2016)

Michael Noonan: I am advised that the nominal value of the Central Banks current holdings of floating rate bonds related to the liquidation of IBRC amounts to €22.034 billion. The Central Bank indicated a minimum disposal schedule of €0.5 billion up to the end of 2014, €0.5 billion per annum 2015-2018, €1 billion per annum 2019-2023 and €2 billion per annum after that...

Written Answers — Department of Finance: IBRC Liquidation (6 Apr 2016)

Michael Noonan: I am advised by the Special Liquidators that they are currently working on a third progress update report which will provide an update on the winding up of Irish Bank Resolution Corporation Limited (in Special Liquidation). This will be available on the Department of Finance website once it has been finalised. The Special Liquidators have cash receipts in excess of €2.1...

Written Answers — Department of Finance: VAT Rate Application (6 Apr 2016)

Michael Noonan: I am advised by the Revenue Commissioners that the VAT rating of goods and services is subject to the requirements of the EU VAT Directive with which Irish VAT law must comply. The Directive provides that all goods and services are liable to VAT at the standard rate, currently 23% in Ireland, unless there is a provision in the Directive that permits a lower rate. Settled case law of the...

Written Answers — Department of Finance: Property Tax Exemptions (6 Apr 2016)

Michael Noonan: The Finance (Local Property Tax) Act 2012 (as amended) provides that any property that is in use as, or that is suitable for use as, a dwelling house, is liable to the local property tax (LPT). Therefore, the condition of a property is not relevant where the property is actually occupied as a dwelling house. Where a property is not occupied and is in such bad condition that it is...

Written Answers — Department of Finance: Banking Sector Regulation (6 Apr 2016)

Michael Noonan: I have answered a number of Parliamentary Questions in the past in relation to rules adopted by banks when valuing assets including loans. These rules are determined by the relevant accounting standards and it is the responsibility of the directors of the respective banks to ensure these rules have been properly applied. To provide assurance that this is the case, the proper...

Written Answers — Department of Finance: NAMA Assets Sale (6 Apr 2016)

Michael Noonan: I propose to take Questions Nos. 176 and 177 together. The Deputy will be aware that NAMA does not own residential property and therefore is not in a position to sell such properties to any prospective purchaser. Rather, NAMA has acquired loans that are secured by property, which in some cases may be residential property. The properties that secure these loans are owned by NAMA borrowers,...

Written Answers — Department of Finance: Additional Voluntary Contributions (6 Apr 2016)

Michael Noonan: Finance Act 2013 introduced Section 782A of the Taxes Consolidation Act 1997 which provided members of occupational pension schemes with a once-off opportunity to access up to 30% of their Additional Voluntary Contributions (AVCs) prior to retirement. The option was available for a three year period from 27 March 2013, the date that Finance Act 2013 was passed into law, and came to an end on...

Written Answers — Department of Finance: Tax Code (6 Apr 2016)

Michael Noonan: Section 246 Taxes Consolidation Act 1997 (TCA 1997) imposes on companies generally, and on others who pay interest to persons whose usual place of abode is outside the State, the obligation to deduct tax from payments of annual interest and to account to Revenue for the tax deducted. Section 246(3) TCA 1997 provides for several exceptions/exemptions from the obligation to deduct...

Written Answers — Department of Finance: Small and Medium Enterprises Debt (22 Mar 2016)

Michael Noonan: As the Deputy will be aware, Chapter 7 (Finance for Growth) of this year's Action Plan for Jobs (APJ) sets out a range of commitments to ensure viable SME's can access appropriate finance at a reasonable cost from both bank and non-bank sources. In line with Action 144 of the APJ, officials from my Department continue to collate and examine data...

Written Answers — Department of Finance: VAT Rate Increases (22 Mar 2016)

Michael Noonan: I am advised by the Revenue Commissioners that the VAT rating of goods and services is subject to the requirements of EU VAT law with which Irish VAT law must comply.  The EU VAT Directive (Council Directive 2006/112/EC) generally provides that supplies of goods and services be chargeable to VAT at the standard rate but that lower rates are permitted in very limited circumstances. ...