Results 12,001-12,020 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Financial Services Ombudsman Issues (8 Apr 2014)

Michael Noonan: Firstly, I must point out that the Financial Services Ombudsman is independent in the performance of his statutory functions.  I have no role in the day to day workings of the office. The Financial Services Ombudsman  was set up to adjudicate on unresolved disputes between complainants and financial service providers in an independent and impartial manner The Central Bank and...

Written Answers — Department of Finance: Departmental Expenditure (8 Apr 2014)

Michael Noonan: The Department did not engage either firm (PwC, KPMG) for consultancy or any other type of accounting or audit work in the past two and a half years. The Department did second a number of PwC staff. The staff concerned worked in the Financial Services Division where they provided specialist advice. The assignment did not involve the commissioning of any reports. From 1 October 2011 to...

Written Answers — Department of Finance: Tax Code (8 Apr 2014)

Michael Noonan: I assume the Deputy is referring to the windfall gains provisions in Sections 644AB and 649B Taxes Consolidation Act 1997, introduced by Section 240 National Asset Management Agency Act 2009 and amended by Section 25 Finance Act 2010, which apply an 80% rate of tax to the windfall profits or gains from land disposals where those profits or gains are attributable to a relevant planning...

Written Answers — Department of Finance: VAT Rate Application (8 Apr 2014)

Michael Noonan: VAT law is governed by the EU VAT Directive, with which Irish VAT law must comply.  The EU VAT Directive makes specific provision under Articles 148 and 169 for a zero rate of VAT to apply to the supply of vessels for rescue or assistance at sea.  Irish VAT law transposed this provision in 1978 by providing that the zero rate of VAT apply to the supply of large vessels used for sea...

Written Answers — Department of Finance: EU-IMF Programme of Support (8 Apr 2014)

Michael Noonan: As I have previously outlined in my reply to PQ  6839/14 of 11 February 2014, the question of early repayment of any one lender cannot be treated in isolation from other lenders and market expectations for when programme loans are due to be repaid. The early repayment of IMF funds would trigger automatic mandatory proportional early repayments to the EFSF, EFSM, United Kingdom, Kingdom...

Written Answers — Department of Finance: Banking Sector (8 Apr 2014)

Michael Noonan: A way forward for Permanent TSB was agreed with the Troika in April 2012 which envisaged it playing an important role in the future of Irish retail banking, being a more focused retail bank bringing an element of competition to the marketplace which has consolidated significantly since 2008.  In this regard Permanent TSB prepared a Restructuring Plan, which the Department of...

Written Answers — Department of Finance: EU Directives (8 Apr 2014)

Michael Noonan: The proposed 4th Anti-Money Laundering Directive seeks to update the 3rdDirective to take account of the February 2012 revision of the international standards for anti-money laundering requirements the recommendations of the Financial Action Task Force (FATF). This is a very important piece of legislation and we continue to support transparency across all financial services files. The...

Written Answers — Department of Finance: Tax Code (8 Apr 2014)

Michael Noonan: The Deputy will be aware that I have stated my belief that the income tax burden is currently too high in Ireland and that I believe it needs to be reduced. However, I have also said that although it is my intention to alleviate the burden I can only do so when the public finances allow it. Lest it has escaped anybody's attention, the general government debt at end 2013 is currently estimated...

Written Answers — Department of Finance: Banking Sector Remuneration (8 Apr 2014)

Michael Noonan: As the Deputy will be aware the Review of Remuneration Practices & Frameworks at the Covered Institutions (the "Mercer Report") was published by my Department on 12th March 2013. Following the publication I requested that the three banks in which t he State is a shareholder make total remuneration cost savings of 6% to 10%.  The three banks responded with...

Written Answers — Department of Finance: Government Bonds (8 Apr 2014)

Michael Noonan: I assume the Deputy is referring to the bonds issued to the Central Bank of Ireland to replace the IBRC Promissory Notes in February 2013. The Central Bank of Ireland is independent in the exercise of its functions and the management of it's investment holdings are a matter for the bank themselves, neither I nor the Department of Finance have any role in the matter.  ...

Written Answers — Department of Finance: Banks Recapitalisation (8 Apr 2014)

Michael Noonan: As I have outlined in my replies to a number of previous Parliamentary Questions, the Euro-area Heads of State or Government (HoSG) agreed in June 2012 that "it is imperative to break the vicious circle between banks and sovereigns", and that when a Single Supervisory Mechanism, involving the ECB, is in place and operational, the European Stability Mechanism could recapitalize banks directly....

Written Answers — Department of Finance: IBRC Liquidation (8 Apr 2014)

Michael Noonan: I have been advised by the Special Liquidators that they have held discussions with McCann Fitzgerald who have confirmed that their work during the period concerned did not involve assessing the business strategy of Irish Nationwide Building Society ( INBS ), corporate governance and/or audit issues. The Special Liquidators have informed me that McCann Fitzgerald confirmed...

Written Answers — Department of Finance: Property Taxation Exemptions (8 Apr 2014)

Michael Noonan: I am advised by the Revenue Commissioners that the most recent Local Property Tax (LPT) data published by them is available on the Commissioners website at: . This covers statistics for both 2013 and 2014 (to February 2014). As indicated in the Revenue Commissioner s statistics, there are about 18,700 properties where deferrals have been claimed and around 28,300 claims for exemptions among...

Written Answers — Department of Finance: Tax Code (8 Apr 2014)

Michael Noonan: I have not been involved in any discussions at an EU level as regards the feasibility of a global wealth tax, nor am I aware of any work at a global level on a wealth tax.  A global wealth tax would interfere with the sovereign right of countries to set their own taxes, and given that there is no international framework for such a global tax it is not clear how it might work. While all...

Written Answers — Department of Finance: Bank Charges (8 Apr 2014)

Michael Noonan: As the Deputy is aware, bank fees, charges  and commissions are subject to regulation under Section 149 of the Consumer Credit Act 1995, as amended. Section 149 came into effect in 1996 and currently requires that credit institutions, prescribed credit institutions and bureaux de change must make an  application to the Central Bank if they wish to introduce a new...

Written Answers — Department of Finance: Mortgage Arrears Proposals (8 Apr 2014)

Michael Noonan: I propose to take Questions Nos. 32 and 167 together. The strong view of the Government is that, in respect of co-operating borrowers under the Central Bank's 'Mortgage Arrears Resolution Process', repossession of a person's primary home should only be considered as a last resort and that every effort should be made to agree a sustainable arrangement as an alternative to loss of ownership....

Written Answers — Department of Finance: Small and Medium Enterprises Debt (8 Apr 2014)

Michael Noonan: I am informed by the Central Bank that a meeting has taken place between Professor Morgan Kelly and representatives of the Central Bank, but I am not privy to the details of any such meetings conducted by the Central Bank.   As the Deputy is aware, the remarks by the UCD academic Morgan Kelly relate to the forthcoming stress testing by the ECB and in this context the Governor of the...

Written Answers — Department of Finance: Tax Code (8 Apr 2014)

Michael Noonan: The conditions which must be met for the higher threshold of €225,000 to apply in the case of gifts or inheritances taken by a foster child are set out in legislation. I understand the Deputy is referring to the requirement that, in the case of gifts to formally adopted children and gifts and inheritances to informally adopted children, the child must reside with the foster parent for...

Written Answers — Department of Finance: Banking Sector (8 Apr 2014)

Michael Noonan: One of the key pillars of the Government's Medium Term Economic Strategy, MTES, is making sufficient credit available in the economy and in this regard I am examining a whole series of options for both bank credit and non-bank credit.   A legacy of the financial crisis is that banks across Europe consolidated in order to better match the needs of the economies.  This has also...

Written Answers — Department of Finance: Mortgage Arrears Proposals (8 Apr 2014)

Michael Noonan: In circumstances where a regulated financial service provider outsources its debt collection activities, any agent acting on behalf of that regulated financial services provider must comply with the requirements of Irish financial services law, including the Code of Conduct on Mortgage Arrears. Failure to do so may result in the Central Bank imposing penalties on the regulated financial...