Results 13,881-13,900 of 27,019 for speaker:Michael Noonan

Ceisteanna - Questions - Priority Questions: Insurance Industry Regulation (20 Nov 2013)

Michael Noonan: The information I have to brief me in replying to the question comes from the Central Bank; therefore, what I have stated is its view. According to the first point, RSA brought the findings of the internal audit report to the attention of the Central Bank as soon as they became known on 1 November 2013. The RSA group then took action and last week injected €100 million in capital...

Ceisteanna - Questions - Priority Questions: Insurance Industry Regulation (20 Nov 2013)

Michael Noonan: According to the reply, with regard to RSA, the programme of inspection included eight on-site inspections over a two year period and ongoing meetings with the key role holders. The reply also states the Central Bank carried out an on-site review of claims cases in RSA in August 2013 and at this point identified an issue with delays in increasing case reserves for large claims in a timely...

Ceisteanna - Questions - Priority Questions: Mortgage Arrears Proposals (20 Nov 2013)

Michael Noonan: I have stated on many occasions that it is a key responsibility of financial institutions to do more to assist those in severe financial difficulty. The implementation of sustainable mortgage arrears strategies and solutions by individual banks for their distressed customers, with Central Bank oversight, is, therefore, a key element of the overall framework to address the mortgage arrears...

Ceisteanna - Questions - Priority Questions: European Stability Mechanism (20 Nov 2013)

Michael Noonan: The Eurogroup agreed in June 2012 to break the vicious circle between banks and sovereigns, and that when a single supervisory mechanism involving the ECB was in place and operational the European Stability Mechanism could recapitalise banks directly. The Eurogroup meeting of 20 June 2013 agreed on the main features of the ESM's direct bank recapitalisation, DBR, instrument. There is a...

Ceisteanna - Questions - Priority Questions: European Stability Mechanism (20 Nov 2013)

Michael Noonan: It is a long process, and the question of whether banks will be recapitalised through the ESM is part of the process of moving towards banking union. The conclusions of the October 2013 European Council outline the hierarchy of decision-making for bank recapitalisation - to which the Deputy referred - and continue to provide for direct bank recapitalisation by the ESM as part of the process....

Ceisteanna - Questions - Priority Questions: European Stability Mechanism (20 Nov 2013)

Michael Noonan: The meetings of the Eurogroup and ECOFIN, like meetings in this House, are run in an orderly fashion. If these issues are on the agenda they are raised, but if not, we do not get up and shout and roar during discussion of another topic. On any occasion on which the issue of bank recapitalisation has been part of the agenda, I have raised the question of retroactive recapitalisation.

Ceisteanna - Questions - Priority Questions: Insurance Industry Regulation (20 Nov 2013)

Michael Noonan: In my role as Minister for Finance I have responsibility for the development of the legal framework governing financial regulation, including insurance. Day-to-day responsibility for the supervision of financial institutions is a matter for the Central Bank, which is statutorily independent in the exercise of its regulatory functions. The Central Bank of Ireland has had an ongoing programme...

Ceisteanna - Questions - Priority Questions: Economic Policy (20 Nov 2013)

Michael Noonan: Very interesting. As the Deputy will be aware, the Government decided on 14 November that Ireland is now in the best position to exit the EU-IMF programme of financial assistance on 15 December without the need to prearrange a new precautionary credit line from our EU and IMF partners. Following a careful and thorough assessment of all of the available options, and various consultations...

Ceisteanna - Questions - Priority Questions: Economic Policy (20 Nov 2013)

Michael Noonan: We never applied for a precautionary credit line; nor did I ask for one in my discussions. However, I gathered an amount of useful information as I talked to different people. There is a misunderstanding in Ireland, even at the highest levels of economic thinking, about OMT. I had a long conversation with Mario Draghi and his two deputy presidents in Frankfurt. OMT is not a policy for...

Ceisteanna - Questions - Priority Questions: Economic Policy (20 Nov 2013)

Michael Noonan: I am not quoting him.

Ceisteanna - Questions - Priority Questions: Economic Policy (20 Nov 2013)

Michael Noonan: I am recounting the narrative. According to Mr. Draghi and the other ECB officials, it is a policy device to deal with a systemic crisis across the eurozone. By definition, if that happens, several countries will need and get that assistance under certain conditions. Because there is conditionality, they would be in some kind of programme, so they would fulfil the precondition of being in...

Written Answers — Department of Finance: Departmental Bodies Data (20 Nov 2013)

Michael Noonan: In response to the Deputy’s question each Department is responsible for monitoring the bodies which come under their remit. Details in respect of bodies which come under the remit of my Department are contained in the following table: Name of  Board No Of Board Members and Total Remuneration paid to members. Was the body set up or abolished since march 2011 Projected cost to...

Written Answers — Department of Finance: Personal Insolvency Practitioners (20 Nov 2013)

Michael Noonan: The relevant parts of the Central Bank (Supervision and Enforcement) Act 2013 commenced on 1 August 2013. This legislation provides a new regulatory regime for debt management firms under the Central Bank Act 1997. A debt management firm is defined as “a person who for remuneration provides debt management services to one or more consumers, other than an excepted person”....

Written Answers — Department of Finance: VAT Rate Application (20 Nov 2013)

Michael Noonan: The 9% reduced VAT rate for tourism related services was introduced in July 2011 as part of the Government Jobs Initiative. The measure was designed to boost tourism and create additional jobs in that sector, which includes leisure and recreational services. As the Deputy will be aware, I announced in the recent Budget that the 9% VAT rate would be retained. The goods and services to which...

Written Answers — Department of Finance: Property Taxation Yield (20 Nov 2013)

Michael Noonan: Regarding the yield from the Local Property Tax (LPT), I am advised by the Revenue Commissioners that preliminary yield and compliance data in relation to LPT for 2013 are compiled on the basis of the numbers of properties and are available broken down by City and County Councils nationally. The most up to date figures are published on the Revenue Commissioners website at: and details of...

Written Answers — Department of Finance: Tax Credits (20 Nov 2013)

Michael Noonan: As the Deputy is aware, the One-Parent Family Tax Credit is being replaced with a new Single Person Child Carer Tax Credit from 1 January 2014. The Single Person Child Carer Tax Credit will be of the same value, i.e. €1,650, as the existing credit and will also carry the same entitlement to the extended standard rate tax band of €36,800 per annum. The new credit will be...

Written Answers — Department of Finance: VAT Exemptions (20 Nov 2013)

Michael Noonan: I am informed by the Revenue Commissioners that the service provided by personal insolvency practitioners does not qualify for exemption in accordance with the EU VAT Directive, Irish VAT law, and relevant decisions of the European Court of Justice. Therefore, like other insolvency services, such as those provided by liquidators, receivers and examiners, the service provided by a personal...

Written Answers — Department of Finance: Property Taxation Administration (20 Nov 2013)

Michael Noonan: The Local Property Tax (LPT) was required to be introduced before the end of 2012 due to our Troika commitments, which meant it had to be passed by the Oireachtas before the end of the year. The introduction of the LPT was the largest extension of the self-assessment system in its history and represents a very great legislative, logistical and administrative challenge for all concerned. Any...

Written Answers — Department of Finance: Credit Unions (20 Nov 2013)

Michael Noonan: I propose to take Questions Nos. 18 and 32 together. As I have previously stated, credit unions have a key role to play in providing access to credit and other important services in local communities throughout the country. The Government recognises this and has provided €500 million in funding to support the stability of credit unions through restructuring and resolution. The...

Written Answers — Department of Finance: Corporation Tax (20 Nov 2013)

Michael Noonan: The corporate sector is already making an important contribution to the recovery of the Irish economy in terms of employment creation which has taken place over the past year. The contribution of this sector to Ireland's economic recovery is also apparent in the form of direct tax receipts which feed into the Exchequer and in turn are paid out again for the services highlighted by the...