Results 10,881-10,900 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: State Debt (3 Jul 2014)

Michael Noonan: The latest comparative data on government debt are shown in Eurostat's press release for the EDP notification tables on 23 April 2014. Sixteen Member States had government debt ratios higher than 60% of GDP at the end of 2013. Ireland's end-2013 debt was recorded at 202.9 billion which is 123.7% per cent of GDP and is the fourth highest debt ratio in the EU28 area, behind...

Written Answers — Department of Finance: Economic Data (3 Jul 2014)

Michael Noonan: Developments in the Irish economy in the year to date have been largely positive. What is particularly encouraging are the growing signs of recovery in domestic demand which suggest that some of the imbalances built up during the bubble years are being corrected. Supported by the gradual restoration of consumer confidence over the past year, personal...

Written Answers — Department of Finance: Economic Data (3 Jul 2014)

Michael Noonan: Ireland continues to compare favourably internationally in terms of GDP per capita. According to the latest IMF World Economic Outlook, Ireland's per capita GDP expressed in terms of purchasing power parity was estimated at $39,547 in 2013. This compares with the euro area average of $34,015; $37,306 for the UK and $53,101 for the USA.

Written Answers — Department of Finance: Economic Competitiveness (3 Jul 2014)

Michael Noonan: Substantial progress has been made in recent years to improve the competitiveness of Ireland's economy.  Ireland's rate of annual HICP inflation has now been on par with or below that of the euro area average for every month since March 2008. For instance, in 2013 HICP inflation for Ireland was just 0.5 per cent, as compared with a euro area...

Written Answers — Department of Finance: Credit Availability (3 Jul 2014)

Michael Noonan: I propose to take Questions Nos. 57 and 59 together. As the Deputy is aware, as part of the 2011 recapitalisation exercise, the Government imposed SME lending targets on AIB and Bank of Ireland for the three calendar years, 2011 to 2013. Each bank was required to sanction lending of at least €3 billion in 2011, €3.5 billion last year and €4 billion in 2013 for new or...

Written Answers — Department of Finance: Mortgage Resolution Processes (3 Jul 2014)

Michael Noonan: The Central Bank's Code of Conduct on Mortgage Arrears (CCMA) sets out requirements for mortgage lenders dealing with borrowers facing or in mortgage arrears. The CCMA provides a strong consumer protection framework to ensure that borrowers struggling to keep up mortgage repayments are treated in a fair and transparent manner by their lender, and that long term resolution is sought by lenders...

Written Answers — Department of Finance: Bank Charges (3 Jul 2014)

Michael Noonan: The Programme Documents (the Memorandum of Understanding on Specific Economic Policy Conditionality and the Memorandum of Economic and Financial Policies) agreed following the 10th Review of the EU-IMF Programme of Financial Support included a commitment to carry out an assessment of banks' fee income by end-December 2013 as follows: The authorities will assess banks' fee income...

Written Answers — Department of Finance: IBRC Bond Issues (3 Jul 2014)

Michael Noonan: I have been advised by the Central Bank that subsequent to the liquidation of IBRC, the Bank acquired €25bn of Floating Rate Notes (FRNs) and €3.46bn of Government Fixed Coupon 2025 bonds.  The Central Bank's Annual Report for 2013 indicates that it intends to sell the combined portfolio of the FRNs and the fixed rate bond as soon as possible, provided conditions of...

Written Answers — Department of Finance: Tax Yield (3 Jul 2014)

Michael Noonan: I am informed by the Revenue Commissioners that the total tax raised on cigarettes for the period to end June 2014 is €465m, inclusive of VAT (receipts for 2014 are provisional and may be subject to revision) Please note that the VAT receipts are estimated, as the VAT returns do not require the yield from a particular sector or sub-sector of trade to be identified and the actual VAT...

Written Answers — Department of Finance: IBRC Bond Issues (3 Jul 2014)

Michael Noonan: I propose to take Questions Nos. 63 and 64 together. I have been advised by the Central Bank that subsequent to the liquidation of IBRC, the Bank acquired €25bn of Floating Rate Notes (FRNs) and €3.46bn of Government Fixed Coupon 2025 bonds.  The Central Bank's Annual Report for 2013 indicates that it intends to sell the combined portfolio of the FRNs and the fixed rate...

Written Answers — Department of Finance: VAT Rate Application (3 Jul 2014)

Michael Noonan: Certain persons engaged in water rescue can apply for a VAT refund on the purchase of vessels and ancillary related equipment for the purposes of search and rescue at sea, inshore or on inland waterways. A similar provision is not available for persons providing mountain rescue services. VAT law is governed by the EU VAT Directive, with which Irish VAT law must comply.  The EU VAT...

Written Answers — Department of Finance: Mortgage Data (2 Jul 2014)

Michael Noonan: Bank of Ireland made an announcement to the stock exchange in relation to the agreement to sell the ICS distribution platform, together with a mortgage asset pool of €250m, to Dilosk Limited. The full announcement can be found at: The additional analysis requested by the Deputy was not included in this announcement and I have been advised by the Bank that it does not intend to...

Written Answers — Department of Finance: Tax Rebates (2 Jul 2014)

Michael Noonan: I am advised by Revenue that Section 848A of the Taxes Consolidation Act 1997 provides for a scheme of tax relief on donations to eligible charities and other approved bodies.  Revenue has also confirmed to me that all schools providing education, based on a programme prescribed or approved by the Minister for Education and Skills, are approved bodies for the purposes of the scheme and...

Written Answers — Department of Finance: VAT Rate Application (2 Jul 2014)

Michael Noonan: I understand that the fundraising activity in question has utilized text messaging as its main vehicle for facilitating donations. In this context, I am advised by the Revenue Commissioners that charitable donations made by text message, excluding any fees charged by the telecommunications provider or other service provider, are outside the scope of Irish VAT.  However, any fees...

Written Answers — Department of Finance: Mortgage Arrears Report Implementation (2 Jul 2014)

Michael Noonan: I can confirm for the Deputy that Bank of Ireland has agreed to sell a portion of the ICS loan book to the value of €250m to Dilosk Limited. The entire ICS loan book is c€6bn. In addition, Bank of Ireland has agreed to sell the ICS distribution platform to Dilosk Limited. The distribution platform includes the ICS brand, the broker contacts and contracts, and the...

Written Answers — Department of Finance: Banking Sector (2 Jul 2014)

Michael Noonan: Dilosk Limited has 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 market. With the reduced number of lenders currently operating in the...

Written Answers — Department of Finance: Mortgage Data (2 Jul 2014)

Michael Noonan: Bank of Ireland made an announcement to the Stock Exchange on 26 June in relation to the agreement to sell the ICS distribution platform, together with mortgage assets, to Dilosk Limited. In this announcement, the Bank confirmed that the mortgage assets involved amounted to €250m, were performing, and were sold at par. The full announcement can be found at: The number of...

Written Answers — Department of Finance: Banking Sector Regulation (2 Jul 2014)

Michael Noonan: The Deputy will be aware that, although Bank of Ireland has recently announced it has agreed to sell the ICS distribution platform, together with €250m of mortgage loans, the completion of the sale is subject to the satisfaction of regulatory and other approvals. This regulatory approval requirement is standard for a transaction of this nature and would include the necessary due...

Written Answers — Department of Finance: Banking Sector Regulation (2 Jul 2014)

Michael Noonan: I can confirm for the Deputy that, as per its web site, Dilosk Limited has indicated that it has applied for authorisation from the Central Bank of Ireland to act as a retail credit firm. In addition to this, the company has stated that it intends to comply with all the relevant regulatory codes applicable to mortgage lending in Ireland including the Code of Conduct on Mortgage Arrears.

Written Answers — Department of Finance: Mortgage Data (2 Jul 2014)

Michael Noonan: Permanent TSB have informed me that as per the 2013 published annual accounts, the gross book value of the commercial real estate book as at the end of 2013 is €2.1bn. The total provisions on this portfolio are €0.9bn, giving a net book value of €1.2bn. Details regarding the Springboard portfolio are not separately disclosed.  With regard to provisioning, as...