Results 11,401-11,420 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Mortgage Schemes (27 May 2014)

Michael Noonan: The Government recently launched 'Construction 2020: A strategy for a renewed construction sector'. The purpose of the strategy is to underpin the future competitiveness of the country, ensuring that we continue to be well-positioned to attract the inward investment that has been so important to our economic development. The strategy includes the Government's desire for a return to...

Written Answers — Department of Finance: Small and Medium Enterprises Supports (27 May 2014)

Michael Noonan: As the Deputy will be aware, the Government on Thursday 22 May 2014 announced that over €500million in additional credit will be made available to Irish SMEs through the establishment of the Strategic Banking Corporation of Ireland (SBCI). The SBCI is a new company and it is intended that it will be initially financed by the German Promotional Bank KfW, the European Investment...

Written Answers — Department of Finance: Tax Reliefs Application (27 May 2014)

Michael Noonan: As the Deputy will be aware, it is not customary for the Minister of Finance to set out his or her plans in advance of the Budget. However I can assure the Deputy that in general, all tax reliefs and incentives are reviewed as part of the annual Budget and Finance Bill process.

Written Answers — Department of Finance: Mortgage Interest Relief Eligibility (27 May 2014)

Michael Noonan: I assume the Deputy is referring to the loss of mortgage interest relief in this particular circumstance. That relief is available in respect of interest paid on qualifying loans taken out on or after 1 January 2004 and on or before 31 December 2012 and such relief applies up to and including the tax year 2017. As the Deputy will be aware, mortgage interest relief is available at...

Written Answers — Department of Finance: IBRC Mortgage Loan Book (27 May 2014)

Michael Noonan: I have been advised by the Special Liquidators that the sale of a residential mortgage does not change the terms and conditions of the loan agreement in any way. Irrespective of who acquires the loan(s) they will be required to honour the legal terms and conditions of the existing loan agreement(s), including previous restructuring arrangements put in place as well as offers made to...

Written Answers — Department of Finance: NAMA Loans Sale (27 May 2014)

Michael Noonan: I am advised that there is no evidence that NAMA is aware of to indicate that selling assets or loans to investors is a contributory factor to increased rents.  Market factors such as restricted supply, which NAMA is helping to address through a number of initiatives, and long-term average market rates weigh far more heavily on rents than the controller of the asset, who will generally...

Written Answers — Department of Finance: Banks Recapitalisation (27 May 2014)

Michael Noonan: The Euro-area Heads of State or Government agreed in June 2012 that "it is imperative to break the vicious circle between banks and sovereigns", and that when a Single Supervisory Mechanism (SSM), involving the ECB, is in place and operational, the European Stability Mechanism could recapitalise banks directly. The Eurogroup meeting on 20 June 2013 agreed on the main features of the European...

Written Answers — Department of Finance: Bank Stress Tests (27 May 2014)

Michael Noonan: I can confirm that I have seen the letter of 20 March 2014 from Mr Draghi to the Deputy and have noted the contents therein which are not at variance with views shared by the ECB as part of the Troika programme. In particular I note that Mr Draghi has highlighted that the Balance Sheet Assessment completed in 2013 by the Central Bank of Ireland is different to the SSM comprehensive...

Written Answers — Department of Finance: Financial Transactions Tax (27 May 2014)

Michael Noonan: The Government's position is that a financial transaction tax would be best applied on a wide international basis to include the major financial centres to prevent the danger of activities gravitating to jurisdictions where taxes are not levied on financial transactions.  Notwithstanding this, the Government is not prepared to stand in the way of EU Member States that wish to...

Written Answers — Department of Finance: Economic Data (27 May 2014)

Michael Noonan: As the Deputy will be aware, my Department published updated macro-economic and fiscal forecasts as part of the 2014 Stability Programme Update last month. As detailed in these forecasts, my Department expects real GDP growth of 2.1 per cent for this year, with a continuation of the positive labour market developments we have seen recently. The data flow in the...

Written Answers — Department of Finance: Credit Availability (27 May 2014)

Michael Noonan: The credit union sector nationally plays an important role in providing financial services, but in doing so retains responsibility to ensure  members' funds are not put at undue risk. I have been informed by the Registrar of Credit Unions at the Central Bank that in relation to lending generally, arising from their findings from on-site engagements with credit...

Written Answers — Department of Finance: Mortgage Applications Approvals (27 May 2014)

Michael Noonan: As Minister for Finance, it is not appropriate for me to become involved in individual cases. The decision on the approval of a mortgage for a borrower is a commercial decision for the lending institution concerned.  It is important that each lending institution is allowed to properly and independently assess the risks that it is considering when deciding whether to approve...

Written Answers — Department of Finance: Tax Credits (27 May 2014)

Michael Noonan: As you are aware the One-Parent Family Tax Credit (OPFTC) has been replaced with a new Single Person Child Carer Credit from 1 January 2014. The restructured credit is of the same value i.e. €1,650 per annum as the one-parent family tax credit and also includes the same entitlement to the additional €4,000 extended standard rate band, which increases it to €36,800 per...

Written Answers — Department of Finance: Carbon Tax Collection (27 May 2014)

Michael Noonan: The Deputy will be aware that, in general, I am opposed to the hypothecation of revenue funds as it reduces the flexibility of the Government to prioritise and allocate funds as deemed necessary at a particular time. However the Deputy will be aware that Exchequer funding has been used, among other things, to boost energy efficiency (for example the Better Energy Warmer Homes Scheme),...

Written Answers — Department of Finance: NAMA Operations (27 May 2014)

Michael Noonan: I propose to take Questions Nos. 75 and 76 together. As has been published in the Secretary General's diary on the Department of Finance's website , the Secretary General along with other senior officials met with Mr Crosbie on December 13thof last year. The meeting was not related to Mr Crosbie's dealings with NAMA. Neither myself nor my Officials have made any attempt to influence NAMA...

Written Answers — Department of Finance: Tax Code (27 May 2014)

Michael Noonan: I am informed by the Revenue Commissioners that there have been no changes to the taxation of '4 x 4' vehicles other than the general VRT increases from 1 January 2013 and the increase in the standard rate of VAT on 1 January 2012.  The VRT changes extended the number of CO2 categories from seven to eleven for passenger cars while the rates on commercial vehicles were left unchanged. In...

Written Answers — Department of Finance: Pension Provisions (27 May 2014)

Michael Noonan: The tax treatment of pension savings in the State is one that is common across most other EU Member States and involves the broad exemption from tax on pension contributions paid into a pension scheme or fund and the exemption from tax of any investment growth in the pension fund, all on the understanding that the pension benefits will be subject to tax when paid out at retirement (with the...

Written Answers — Department of Finance: Banking Sector (27 May 2014)

Michael Noonan: As previously advised, I have been informed by AIB that the bank's underwriting criteria are based on the repayment capacity of the borrower. As a general rule, personal loans to individuals are not made on a non-recourse basis. Where non-recourse lending occurs (typically on higher value transactions) an appropriate alternative repayment source must be identified. AIB does not...

Written Answers — Department of Finance: Insurance Industry (27 May 2014)

Michael Noonan: Setanta Insurance Company Limited (Setanta) is a Maltese incorporated company which was both authorised and prudentially supervised by the Malta Financial Services Authority (MFSA). While its financial position is not supervised by the Central Bank of Ireland, the firm is supervised by the Central Bank for conduct of business rules, i.e. consumer protection obligations.  The...

Written Answers — Department of Finance: Civil Service Code of Conduct (27 May 2014)

Michael Noonan: The current Secretary General of my Department is subject to Section 20 of the Civil Service Code of Standards and Behaviour which relates to the acceptance of outside appointments and of consultancy engagement following resignation or retirement. He is also subject to the provisions of the Official Secrets Act. As Minister for Finance, I have no role in the employment or departure of...