Results 921-940 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: NAMA Operations (28 Feb 2017)

Michael Noonan: To my knowledge, the discussions at the Public Accounts Committee ("PAC") focused on potential "technical breaches" of a non-disclosure agreement by third parties. I expect that all of the testimony provided to the PAC, including these discussions regarding non-disclosure agreements, is being considered by the PAC as works to produce its upcoming...

Written Answers — Department of Finance: Customs and Excise Controls (28 Feb 2017)

Michael Noonan: The Government's position in relation to the border with Northern Ireland in the context of BREXIT is very clear and has been articulated by the Taoiseach on several occasions.  Continued freedom of movement, absence of a hard border, and minimal impact on business and trade are key objectives.  The Government is clear that any manifestation of a hard border would have very negative...

Written Answers — Department of Finance: Commissions of Investigation (28 Feb 2017)

Michael Noonan: I am advised that any reference to an allocation for commissions of investigation in the 2017 revised estimates does not relate to a commission of investigation into NAMA or Project Eagle.  A commission of investigation into NAMA's Project Eagle has not been established and would not receive an appropriate budget allocation until such time as this occurs.

Written Answers — Department of Finance: Bank Debt Restructuring (28 Feb 2017)

Michael Noonan: As the Deputy is aware significant progress has been made across the Irish banking sector in reducing the level of non-performing loans (NPLs) since the financial crisis. Despite this progress, the level of NPLs in Ireland remains well above the European average. Hence the Single Supervisory Mechanism (SSM), as the regulator for larger banks, has tasked the...

Written Answers — Department of Finance: Budget 2018 (28 Feb 2017)

Michael Noonan: The current estimate of the net fiscal space available for 2018 is €1.2 billion. This figure was set out in the documentation that accompanied Budget 2017 last October.   This estimate is consistent with compliance with Ireland's obligations under the fiscal rules, namely the expenditure benchmark pillar of the preventive arm of the Stability and Growth Pact....

Written Answers — Department of Finance: Motor Insurance Regulation (28 Feb 2017)

Michael Noonan: The Report of the Review of the Framework for Motor Insurance Compensation in Ireland was published on 22 July. As you are aware, this review was carried out jointly by the Department of Finance and the Department of Transport, Tourism and Sport and was approved by Government on 19 July.  Since the publication of the report, work has commenced on the implementation...

Written Answers — Department of Finance: Motor Insurance Regulation (28 Feb 2017)

Michael Noonan: I propose to take Questions Nos. 66 and 71 together. It is important to note that neither I nor the Central Bank of Ireland can direct insurers to provide cover to a particular category of drivers at a particular price as this is a matter of a commercial nature and would be contrary to EU rules.   In providing motor insurance, insurers adopt a risk based approach to...

Written Answers — Department of Finance: Tax Yield (28 Feb 2017)

Michael Noonan: I am informed by Revenue that it is not possible to provide the information sought by the Deputy concerning the current yield to the Exchequer from the taxation of investment earnings from crowd-funding loans to small and medium enterprises. Income Tax returns do not seek the information required to enable this data to be separately identified.

Written Answers — Department of Finance: Tax Treaties (28 Feb 2017)

Michael Noonan: In Finance Act 2015, Ireland introduced Country by Country reporting in line with the OECD Base Erosion and Profit Shifting (BEPS) Action 13 recommendation.  I also agreed a Directive with my fellow European Finance Minister's last year which required all EU Member States to introduce similar rules.  The first reports will be filed with the Revenue Commissioners by the end of this...

Written Answers — Department of Finance: NAMA Operations (28 Feb 2017)

Michael Noonan: NAMA was established as an independent commercial body to operate under the direction of its Board of Directors, in accordance with the NAMA Act. Under Section 10 of the NAMA Act, NAMA is mandated to act in a commercial manner to obtain the best financial return for the State.  As such, NAMA's dealings with its debtors, as well as the management, funding and sale of assets are all...

Written Answers — Department of Finance: Financial Services Ombudsman (28 Feb 2017)

Michael Noonan: The Financial Services Ombudsman (FSO) legislation provides for an independent, impartial investigation and resolution of disputes between consumers and financial service providers. The FSO was established to provide an alternative to the Courts for consumers who have unresolved disputes with a financial service provider.  Subject only to an appeal to the High Court, a Finding of the...

Written Answers — Department of Finance: NAMA Portfolio (28 Feb 2017)

Michael Noonan: The Deputy will be aware on January 3, 2017 I received an open letter from the Home Sweet Home Group asking the same question the Deputy has posed here.  That letter is available at the following location: . On 25 January 2017, I responded to the Home Sweet Home Group letter to inform them why their proposals were, for a number of reasons, not possible. As...

Written Answers — Department of Finance: NAMA Board (28 Feb 2017)

Michael Noonan: Under Section 19 the NAMA Act 2009, the NAMA Board is to consist of nine members - the NAMA Chairman, the CEO of NAMA (ex-officio), the CEO of the NTMA (ex-officio), and six ordinary members. There are currently seven members on the NAMA Board and there are, in fact, two vacancies for ordinary members. NAMA has had at least one vacancy on the board since October...

Written Answers — Department of Finance: State Banking Sector (28 Feb 2017)

Michael Noonan: The ISIF issued their Q4 Quarterly Update on Friday 17th February. Included as part of that update was a provisional valuation of the State's investment in AIB at the end of 2016 which stood at €11.3bn, down from €12.25bn at year end 2015. This represents an estimated decline in value of just under 10% during the year and can be compared against a...

Written Answers — Department of Finance: Construction Industry (28 Feb 2017)

Michael Noonan: The Ireland Strategic Investment Fund (ISIF) has invested in a number of significant financing platforms and projects in the construction sector. One such platform is Activate Capital which has provided funding for approximately 1,917 new residential units in the Dublin area and has potential to support up to 11,000 new units. Other platforms in which ISIF is a co-investor include the...

Written Answers — Department of Finance: Credit Servicing Firms (28 Feb 2017)

Michael Noonan: I understand that the Deputy intended referring to credit servicing firms. There are 14 firms on the Register of Credit Servicing Firms which is available on the Central Bank's website at . These firms are currently availing of the transitional arrangements in place under Section 34F of the Central Bank Act 1997 (as amended).  The full suite of financial services legislation,...

Written Answers — Department of Finance: NAMA Property Sales (28 Feb 2017)

Michael Noonan: I, as Minister for Finance, do not have a role in tracking the breakdown of ownership of residential development land - either generally or in relation to land sales by NAMA debtors or receivers.  Therefore, it is not possible for me to comment on specific ownership concentrations or lack thereof. I would suggest the Deputy...

Written Answers — Department of Finance: NAMA Loans Sale (28 Feb 2017)

Michael Noonan: My position is unchanged regarding the establishment of a Commission of Investigation into Project Eagle. If the Deputy is unsure of the Government position, I believe I clarified the stance on public record in the Dáil during Statements on the Establishment of a Commission of Investigation into NAMA on 1st February 2017. During those Statements, I reiterated that...

Written Answers — Department of Finance: Mortgage Arrears Proposals (28 Feb 2017)

Michael Noonan: The Deputy will be aware that the latest Central Bank bulletin on mortgage arrears, published on 12th December, indicated that there were 56,350 mortgages in arrears for more than ninety days.  This represents 7.6 per cent of all residential mortgage loan accounts.  The Deputy will also know from the latest Central Bank bulletin that of the total stock of 79,562 PDH accounts that...

Written Answers — Department of Finance: EU Meetings (28 Feb 2017)

Michael Noonan: I refer to your previous parliamentary question on this matter (39938/16 - question no. 311 of 17th January 2017). A meeting between myself and Commissioner Vestager was held in July 2016, and there was also a discussion that involved the Commissioner at the informal Ecofin meeting in Bratislava in September 2016. I had a meeting with Commissioner Vestager at the end of...