Results 1,441-1,460 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Credit Union Regulation (19 Jan 2017)

Michael Noonan: The Registrar of Credit Unions at the Central Bank recognises the strategic challenges facing the sector, the need to revitalise business models and to find ways of doing business to better serve members, delivering on their expectations. The Registrar of Credit Unions is currently engaging with both credit unions and the Representative Bodies on their business model development...

Written Answers — Department of Finance: Credit Union Data (19 Jan 2017)

Michael Noonan: I propose to take Questions Nos. 84 and 87 together. I have been informed that in February 2015 the Central Bank commenced a lending restriction review initiative, whereby credit unions subject to a lending restriction that are satisfied they have made the necessary improvements and have embedded these improvements in robust risk sensitive lending practices, could apply for a review of their...

Written Answers — Department of Finance: Credit Union Data (19 Jan 2017)

Michael Noonan: I propose to take Questions Nos. 85, 86 and 88 together. The Credit Union Act 1997 (the 1997 Act) and the Credit Union Act 1997 (Regulatory Requirements) Regulations 2016 (which set out services exempt from additional services regulations) set out the services that a credit union may provide to its members. These include loans; savings; account access by phone; account access by...

Written Answers — Department of Finance: Help-To-Buy Scheme Eligibility (19 Jan 2017)

Michael Noonan: The commencement date for the Help to Buy scheme of 19 July 2016 was chosen as it was the date of the launch of 'Rebuilding Ireland Action Plan for Housing and Homelessness, in which the development of such a scheme for inclusion in the Budget was initially announced. The intention to backdate this tax incentive to this date was announced at that time with a view to...

Written Answers — Department of Finance: NAMA Portfolio Value (19 Jan 2017)

Michael Noonan: The Deputy will be aware that NAMA does not generally own property. Rather it has acquired loans for which the properties act as security. NAMA has been very active in seeking to facilitate the provision of social housing through its portfolio wherever possible. Working in conjunction with the Department of Housing, Planning, Community & Local Government, NAMA offered...

Written Answers — Department of Finance: Banking Sector (19 Jan 2017)

Michael Noonan: I am firmly of the view that the Irish banking system has an important role to play in the normalisation of the Irish housing sector through the speedy return of properties in their possession to the general market. I am also conscious that where a bank comes into possession of a property the institution has a fiduciary responsibility to dispose of the property in a manner that satisfies its...

Written Answers — Department of Finance: Help-To-Buy Scheme Administration (19 Jan 2017)

Michael Noonan: I am informed by Revenue that completed applications for registration as a 'qualifying contractor', for the purposes of the Help To Buy incentive are generally processed within one week of their application. Once the application contains all the relevant information required, which is set out in section 477C(2) Taxes Consolidation Act 1997, Revenue are able to determine if an applicant...

Written Answers — Department of Finance: Credit Union Regulation (19 Jan 2017)

Michael Noonan: My role as Minister for Finance is to ensure that the legal framework for credit unions is appropriate for the effective operation and supervision of credit unions. The Registrar of Credit Unions at the Central Bank is the independent regulator for credit unions.  Within her independent regulatory discretion, the Registrar acts to support the prudential soundness of individual...

Written Answers — Department of Finance: Office of the Comptroller and Auditor General (19 Jan 2017)

Michael Noonan: I wish to advise the Deputy that the Design Crafts Council of Ireland does not fall under the remit of my Department. However, the Office of the Comptroller and Auditor General has advised that it does not audit the annual accounts of this Council.  If you have any further queries in relation to the Council you may wish to refer them to my colleague the Minister for Jobs, Enterprise and...

Written Answers — Department of Finance: Strategic Banking Corporation of Ireland Funding (19 Jan 2017)

Michael Noonan: The Strategic Banking Corporation of Ireland (SBCI) began lending in March 2015 and its purpose is to increase the availability of low cost, flexible funding to SMEs. The SBCI does not lend directly to SMEs, rather it channels its funds through lending partners, known as on-lenders. At present, the SBCI has eight on-lending partners, including both bank and non-bank finance...

Written Answers — Department of Finance: Ministerial Meetings (19 Jan 2017)

Michael Noonan: Since the UK referendum outcome, I have met with my EU counterparts at the monthly Ecofin and Eurogroup meetings, most recently at the December meetings which took place on 5-6 December last. In addition, in relation to specific individual meetings where Brexit has been discussed, the following have taken place: Bilateral Meetings Location Date Philip Hammond, UK Chancellor of the...

Written Answers — Department of Finance: VAT Rate Reductions (18 Jan 2017)

Michael Noonan: The VAT rating of goods and services is subject to the requirements of the EU VAT Directive with which Irish VAT law must comply.  In general, the Directive provides that all goods and services are liable to VAT at the standard rate, currently 23% in Ireland, unless they fall within the lists of goods and services specified in Annex III of the Directive, in respect of which Member States...

Written Answers — Department of Finance: Vehicle Registration (18 Jan 2017)

Michael Noonan: I am informed by Revenue that the application from the person (details supplied) for a refund of VRT on a car under the VRT Export Refund Scheme was approved for payment on 16thJanuary 2017 and payment will be in the person's bank account within 3-5 working days. The person concerned has been informed of this by...

Written Answers — Department of Finance: Banking Sector Regulation (18 Jan 2017)

Michael Noonan: There were a number of issues raised in the course of the interview referred to. Firstly, on the issue of liquidity breaches at Unicredit Ireland in 2007, the Central Bank has informed me of the sequence of events and the actions of the Central Bank in relation to those breaches, which are as follows. In August 2007, the Central Bank of Ireland was notified by Unicredit Ireland of an...

Written Answers — Department of Finance: Tax Reliefs Costs (18 Jan 2017)

Michael Noonan: I propose to take Questions Nos. 91 and 92 together. It is worth noting that a similar question was raised in 2012 (Ref No: 12336/12). Therefore, this response follows on from the information provided in 2012. Claims for relief from double taxation ("correlative adjustments") arise in Ireland as a result of an upward adjustment to company profits in a country with which we have a double...

Other Questions: Motor Insurance (17 Jan 2017)

Michael Noonan: I propose to take Questions Nos. 40, 58, 67 and 317 together. The working group on the cost of motor insurance, chaired by the Minister of State at the Department of Finance, Deputy Eoghan Murphy, completed its report in December 2016.  The report, which was approved by the Government on 10 January 2017 and subsequently published, contains 33 recommendations and 71 actions....

Other Questions: Motor Insurance (17 Jan 2017)

Michael Noonan: The Minister of State, Deputy Eoghan Murphy, whose work generated the report, is very conscious of the need to press on now to the implementation phase and to prioritise the implementation actions. He is getting the co-operation of the industry, hopefully, to do this. He is also conscious of the fact that there is no silver bullet that will bring down premiums overnight but if a new base is...

Other Questions: Motor Insurance (17 Jan 2017)

Michael Noonan: I will bring the Deputy's views to the attention of the Minister of State, Deputy Eoghan Murphy.

Other Questions: Financial Services Sector (17 Jan 2017)

Michael Noonan: There is no lack of activity. The Taoiseach and I along with other Ministers, the Minister of State, Deputy Eoghan Murphy, and senior civil servants in various Departments have all been in the City of London in the past six months and are in direct contact with several companies that have expressed interest is setting up in Ireland - in Dublin and outside Dublin. It is premature to make...

Other Questions: Motor Insurance Regulation (17 Jan 2017)

Michael Noonan: Setanta was placed in liquidation by the Malta Financial Services Authority on 30 April 2014. This liquidation is being carried out under Maltese law. As of 31 December 2016, the number of open claims is 1,664. Progress in the liquidation has been delayed due to court proceedings in the case of Law Society of Ireland v.the MIBI. The current position is that we are awaiting the outcome the...