Results 7,721-7,740 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Insurance Industry Regulation (15 Apr 2015)

Michael Noonan: The day to day responsibility for the regulation and supervision of Irish authorised financial institutions is a matter for the Central Bank of Ireland which is statutorily independent in the exercise of these functions. The Central Bank of Ireland has additional responsibilities in relation to: - Branch establishments of European Economic Area (EEA) authorised Life Insurance...

Written Answers — Department of Finance: Financial Services Regulation (15 Apr 2015)

Michael Noonan: Officials in my Department have referred the Deputy s question to the Central Bank and have received the following response: Firms authorised by the Central Bank of Ireland are required at all times to act within the scope of their respective authorisations including any exemptions granted.  Any firm found to be acting outside its authorisation schedule will be subject to appropriate...

Written Answers — Department of Finance: Tax Rebates (15 Apr 2015)

Michael Noonan: I am advised by the Revenue Commissioners that a PAYE Balancing Statement and a refund of tax for 2014 issued to the person concerned on 10 April 2015.

Written Answers — Department of Finance: Financial Services Regulation (15 Apr 2015)

Michael Noonan: I am informed by the Central Bank of Ireland that its recent Quarterly Bulletin provides disaggregated information on non-bank entities operating in Ireland which includes authorised retail credit firms, as well as entities holding mortgage loans that were previously on the balance sheets of Irish resident banks. A number of these entities are currently unregulated and more details are...

Written Answers — Department of Finance: Mortgage Interest Rates (15 Apr 2015)

Michael Noonan: I propose to take Questions Nos. 148, 158 and 169 together. The lending institutions in Ireland - including those in which the State has a significant shareholding - are independent commercial entities. I have no statutory role in relation to regulated financial institutions setting interest rates. It is a commercial matter for each institution concerned. Nonetheless, the issue of...

Written Answers — Department of Finance: Tax Rebates (15 Apr 2015)

Michael Noonan: I am advised by the Revenue Commissioners that PAYE Balancing Statements were already issued by them to the person concerned for each of the years 2010, 2011, 2012 and 2014 and that such a Statement will shortly issue to the person concerned for 2013. If any of the information or details on those statements is not correct or incomplete, then the person concerned should contact Revenue at the...

Written Answers — Department of Finance: Credit Card Interest Rates (15 Apr 2015)

Michael Noonan: The Central Bank has advised me that there is no statutory obligation on credit card companies to notify the Bank of a decision to raise their interest rates but the Central Bank is usually informed as a matter of courtesy. Both of the replies to which the Deputy refers make it clear that the Central Bank does not regulate these interest rates. The Consumer Protection Code...

Written Answers — Department of Finance: Mortgage Lending (15 Apr 2015)

Michael Noonan: The Deputy should be aware that the ICS platform was sold to Dilosk Limited. As Dilosk Limited is a private company, I do not have access to business information relating to the company and accordingly, am not in a position to answer the Deputy's question.

Written Answers — Department of Finance: Mortgage Lending (15 Apr 2015)

Michael Noonan: At the time of its acquisition of the ICS distribution platform, Dilosk Limited stated the following on its web site: "The Company will offer mortgages to borrowers seeking to purchase or refinance residential property with a particular focus on residential investment properties (i.e. Buy-to-Let). " This is an important segment of the overall residential mortgage...

Written Answers — Department of Finance: National Treasury Management Agency (15 Apr 2015)

Michael Noonan: The Clearing House Group includes a broad range of stakeholders nominated by industry, including the entity to which the Deputy refers.   The IFS2020 Strategy, launched on 11th March, proposes a new governance structure built on a public sector implementation board and a private sector consultation group which will, once again, be nominated by industry...

Written Answers — Department of Finance: Tax Reliefs Eligibility (15 Apr 2015)

Michael Noonan: I am advised by the Revenue Commissioners that this question relates to an issue that has arisen with a company owned and controlled by the person concerned.  The issue relates to a refusal by Revenue to grant relief under Section 486C, Taxes Consolidation Act, 1997 as amended by Section 34(2) Finance Act 2011.  The original enactment, providing relief from tax for certain start-up...

Written Answers — Department of Finance: Tax Exemptions (15 Apr 2015)

Michael Noonan: I would disagree with the Deputy that the purpose of tax reliefs is to allow anyone to avoid paying their fair share of taxes. No tax relief is introduced without a specific purpose in mind and all are reviewed on a regular basis. Where it becomes apparent that any given provision is being abused or is not working to best effect, appropriate action is taken, whether by implementation of...

Written Answers — Department of Finance: Ministerial Meetings (15 Apr 2015)

Michael Noonan: As Minister for Finance, I meet with the Governor of the Central Bank on a regular basis. Our latest meeting took place on 2 April 2015. The meeting covered a broad range of issues, among them the issue of mortgage interest rates. The Governor provided an update on the ongoing work that he and his officials are carrying out on the issue of the standard variable rates...

Written Answers — Department of Finance: VAT Rebates (15 Apr 2015)

Michael Noonan: I am advised by the Revenue Commissioners that VAT is a tax on consumption and is applied to supplies being made by a person and not to supplies received by a person.  VAT is an EU-wide tax and is governed by the EU VAT Directive with which the VAT legislation in each EU Member State must apply.  Where a Member State's VAT legislation is not in compliance with the EU VAT Directive...

Written Answers — Department of Finance: Tax Code (15 Apr 2015)

Michael Noonan: Crèche owners who rent out the operation of a crèche are obligated to ensure that the premises is used as a crèche if they wish to continue to claim the tax incentives for it that are set out in Finance Act 1999. Where the premises are subject to a lease arrangement, the level of the rent will be set by market forces. The tax legislation does not specify the level of...

Written Answers — Department of Finance: Mortgage Arrears Proposals (15 Apr 2015)

Michael Noonan: The Deputy will be aware that I in my role as Minister for Finance, have no direct or statutory function in relation to banking policies and decisions made by individual lending institutions at any particular time and these are taken by the board and management of the relevant institution. A Relationship Framework has also been specified that defines the nature of the...

Written Answers — Department of Finance: Mortgage Lending (15 Apr 2015)

Michael Noonan: The Central Bank of Ireland has put in place new macro prudential regulations for residential mortgage lending (S.I. No. 47 of 2015). These provide for a maximum loan-to-value (LTV) for a First Time Buyer (FTB) to be no more than 90% of the first €220,000 of a property's value and 80% thereafter where the property is a principal home. For Non-FTBs, the maximum LTV is 80%. The...

Written Answers — Department of Finance: Budget Targets (15 Apr 2015)

Michael Noonan: As the Deputy will be aware from previous responses, it is expected that from 2016, the public finances in Ireland will be subject to the rules of the preventive arm of the Stability & Growth Pact.  Assessment of compliance with the rules of the preventive arm is based on two pillars: the annual improvement in the structural balance and the expenditure benchmark.  Budget...

Written Answers — Department of Finance: Irish Water Funding (15 Apr 2015)

Michael Noonan: As a result of the approach agreed between the CSO and Eurostat during the 2014 EDP dialogue visit, Irish Water has provisionally been classified within general government for the March EDP returns.  A classification proposal on Irish Water is currently with Eurostat. This is a closed process and the CSO will now await the final adjudication of Eurostat. This resulted in all Irish Water...

Written Answers — Department of Finance: Pensions Levy (15 Apr 2015)

Michael Noonan: The original 0.6% pension fund levy introduced to fund the Jobs Initiative in 2011 ended last year. The additional levy on pension funds at 0.15% which I introduced for 2014 and 2015, mainly to help continue to fund Jobs Initiative, will also end after this year. The position is that the equivalent value of all of the money raised from the stamp duty levy has been used to fund the wide...