Results 10,121-10,140 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Mortgage Arrears Proposals (2 Oct 2014)

Michael Noonan: As the Deputy is aware, the Central Bank has the power, from both a prudential and consumer protection perspective, to require banks to meaningfully and sustainably address mortgage arrears cases on their books.  The Central Bank's Mortgage Arrears Resolution Targets (MART) process, as announced in March 2013, sets time bound and measurable targets for the main banks requiring them to...

Written Answers — Department of Finance: NAMA Social Housing Provision (2 Oct 2014)

Michael Noonan: The Deputy's premise is incorrect as NAMA has made significant numbers of housing units available through the Housing Agency to local authorities and approved housing bodies.  As the Deputy is aware, NAMA was established firstly to acquire property and related loans from five financial institutions so as to remove this systemic risk to the Irish banking system and secondly, to obtain the...

Written Answers — Department of Finance: National Debt (2 Oct 2014)

Michael Noonan: As the Deputy will be aware, I am proposing to make an early repayment of a portion of Ireland's IMF programme loan. Specifically the proposal is to make an early repayment of up to €18.3 billion of our €22.5 billion IMF loan, which is the portion subject to the highest rate of charge, and to replace it, in a measured way, with less expensive...

Written Answers — Department of Finance: Tax Code (2 Oct 2014)

Michael Noonan: I have had no discussions with the Minister for Social Protection in relation to providing tax relief for landlords who accept tenants in receipt of rent supplement. I have no plans to introduce such a relief. As you will appreciate, I receive numerous requests for the introduction of new tax reliefs and the extension of existing ones. You will also appreciate that I must be mindful of the...

Written Answers — Department of Finance: Mortgage Interest Rates (2 Oct 2014)

Michael Noonan: Firstly, I must confirm to the Deputy that neither the Central Bank nor I have any responsibility for any variation in the variable mortgage interest rate charged by regulated financial institutions.  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...

Written Answers — Department of Finance: Irish Fiscal Advisory Council (2 Oct 2014)

Michael Noonan: The Irish Fiscal Advisory Council was established on a statutory basis on the 31 December 2012 under the Fiscal Responsibility Act 2012. The Act sets out the Council's functions, which can only be amended through primary legislation. In that context, Regulation (EU) 473/2013 introduced a requirement that draft budgets and the stability programme update must be based on macroeconomic...

Written Answers — Department of Finance: Promissory Notes (2 Oct 2014)

Michael Noonan: Subsequent to the liquidation of IBRC the Central Bank of Ireland acquired €25bn of Floating Rate Notes (FRNs) and €3.46bn of Government Fixed Coupon 2025 Government bonds. According to the Central Bank's 2013 Annual Report the FRNs were valued at €27.8 billion at the end of December 2013 giving rise to an unrealised gain of €2.8 billion. According...

Written Answers — Department of Finance: Civil Registration Legislation (2 Oct 2014)

Michael Noonan: There is no Irish law prohibiting the giving of a gift to or making a settlement in favour of a bride, a groom or a couple who are to be married, whether or not that gift or settlement is termed a 'dowry'. The term 'dowry' is not defined under Irish law and can have different roles in relation to marriage in different cultures. I, as Minister for Finance, do not have the primary role in...

Written Answers — Department of Finance: Excise Duties (2 Oct 2014)

Michael Noonan: I am advised that EU Directive 92/ 83, which governs the structure of alcohol taxation in Member States, requires alcohol taxes to be applied by reference to the nature and alcoholic strength of the product and does not allow for different tax treatment of alcohol products depending on where the product is sold. Therefore any such proposal would not be permitted under the Directive.

Written Answers — Department of Finance: Tax Reliefs Availability (2 Oct 2014)

Michael Noonan: While there are no existing "direct" tax incentive schemes specifically relating to expenditure by property-owners on coastal protection works, there are a number of provisions in the Tax Acts which might, depending on the owner's circumstances and the nature of the work on which the expenditure is incurred, provide a measure of relief in respect of such expenditure. The Home Renovation...

Written Answers — Department of Finance: Tax Code (2 Oct 2014)

Michael Noonan: While there are no existing "direct" tax incentive schemes specifically relating to expenditure by property-owners on flood protection barriers, there are a number of provisions in the Tax Acts which might, depending on the owner's circumstances and the nature of the work on which the expenditure is incurred, provide a measure of relief in respect of flood prevention works. The Home...

Written Answers — Department of Finance: Appointments to State Boards (2 Oct 2014)

Michael Noonan: In relation to the Deputy's question, please find herewith details of vacant positions on State Boards which I make appointment to or on which I make recommendations in respect of appointments. Board Name 2011 2012 2013 To date 2014 Comment Irish Fiscal Advisory Council 0 0 0 0 All five members of the Fiscal Council were directly appointed with effect from 7th July 2011....

Written Answers — Department of Finance: Tax Code (2 Oct 2014)

Michael Noonan: In June this year, the European Commission announced their intention to open formal state aid investigations into a number of companies in Member States of the European Union.  This included Ireland's case in respect of the company in question.  As is usual procedure, at the same time as this announcement, the European Commission sent a letter to Ireland in which they outlined...

Written Answers — Department of Finance: Strategic Banking Corporation of Ireland Establishment (2 Oct 2014)

Michael Noonan: The Strategic Banking Corporation of Ireland (SBCI) has been established by the Government as a means of ensuring that SMEs in Ireland are provided with sufficient finance for growth. As the Deputy will be aware, the legislation enabling the establishment of the SBCI was passed by the Oireachtas prior to the Summer recess and the SBCI was incorporated as a company in September. The company is...

Written Answers — Department of Finance: Strategic Banking Corporation of Ireland Remit (2 Oct 2014)

Michael Noonan: The Strategic Banking Corporation of Ireland (SBCI) has been established by the Government as a means of ensuring that SMEs in Ireland are provided with sufficient finance for growth. As the Deputy will be aware, the legislation enabling the establishment of the SBCI was passed by the Oireachtas prior to the Summer recess and the SBCI was incorporated as a company in September. The company is...

Written Answers — Department of Finance: Financial Services Regulation (2 Oct 2014)

Michael Noonan: Primary responsibility for the supervisory oversight and regulation of financial institutions, funds and insurance companies rests with the Central Bank of Ireland.  If I understand the Deputy's use of the term "vulture funds" to be a reference to the funds which have purchased loan books from banks operating in Ireland in the recent past, there has been some commentary on the...

Written Answers — Department of Finance: Revenue Commissioners Investigations (2 Oct 2014)

Michael Noonan: I am advised by the Revenue Commissioners that they have received a number of reports of problems relating to petrol quality from around the country in recent weeks.  Approximately 12 complaints have been received since June 2014 in relation to suspect petrol quality in Co. Mayo.  In general, such reports are followed up as a matter of course and samples sent to the State Laboratory...

Written Answers — Department of Finance: NAMA Social Housing Provision (2 Oct 2014)

Michael Noonan: NAMA has, to date, made 5,455 houses and apartments, one third of the completed housing stock held by its debtors and receivers in Ireland, available through the Housing Agency to local authorities and approved housing bodies for social housing.  This is almost all of the unoccupied housing stock under NAMA's control.  Of the 5,455 properties made available by NAMA, local...

Written Answers — Department of Finance: VAT Exemptions (2 Oct 2014)

Michael Noonan: It is assumed that the Deputy is referring to the VAT registration threshold for goods, which is currently €75,000. On this basis, I am informed by the Revenue Commissioners that it is tentatively estimated that the full year cost to the Exchequer of raising the threshold from €75,000 to €150,000 is between €310 million and €430 million. I would point out...

Written Answers — Department of Finance: Economic Growth (2 Oct 2014)

Michael Noonan: I propose to take Questions Nos. 72, 74 and 76 together. Following successful implementation of the EU-IMF programme, the Irish economy is emerging from the crisis and there are clears signs that economic recovery is under way. First estimates of economic activity for the second quarter of this year were very strong and were well ahead of consensus expectations, with GDP growing by...