Results 1,481-1,500 of 27,019 for speaker:Michael Noonan

Ceisteanna - Questions (Resumed) - Priority Questions: Central Bank of Ireland Investigations (17 Jan 2017)

Michael Noonan: The Central Bank has strong powers. The committee of the House invited the Governor of the Central Bank to attend one of its meetings and I understand the Governor had a good exchange with Deputy Doherty on 19 December. From reports in the media, that seemed to have been a satisfactory meeting. My information from the Central Bank is that, based on current progress, it anticipates that...

Ceisteanna - Questions (Resumed) - Priority Questions: Central Bank of Ireland Investigations (17 Jan 2017)

Michael Noonan: I propose to take Questions Nos. 29 and 30 together. As Deputies are aware, the Central Bank has commenced an industry-wide examination of tracker mortgage related issues covering, among other things, transparency of communications with and contractual rights of tracker mortgage customers. The examination is ongoing, and while all lenders are currently in the process of carrying out...

Ceisteanna - Questions (Resumed) - Priority Questions: Central Bank of Ireland Investigations (17 Jan 2017)

Michael Noonan: It is a very serious situation, as the Deputy has outlined. It is worse than was described by Deputy McGrath. Some 15 lenders are covered by the inquiry including Bank of Ireland, Permanent TSB, AIB, Ulster Bank, KBC, ACC Loan Management, Bank of Scotland, Danske Bank, Dilosk limited, Irish Bank Resolution Corporation limited, Leeds Building Society, Pepper Asset Servicing, Springboard...

Written Answers — Department of Finance: Tax Code (17 Jan 2017)

Michael Noonan: I propose to take Questions Nos. 41 and 72 together. The Finance Act 2016 has introduced provisions to deal with the issues concerning the use of the section 110 regime by international investors for Irish property transactions. The amendments made in Finance Act 2016 will ensure that tax will be payable by section 110 companies on their profits from Irish property transactions from...

Written Answers — Department of Finance: Central Bank of Ireland (17 Jan 2017)

Michael Noonan: The independence of the Central Bank is enshrined in the Treaties of the European Union and by the Statute of the European System of Central Banks and in that context the Central Bank Commission is responsible for the Bank's overall staffing levels and the allocation of those staff across the Bank.  I am informed by the Central...

Written Answers — Department of Finance: NAMA Portfolio (17 Jan 2017)

Michael Noonan: Such a direction or legislative change is not necessary as NAMA already plays a significant role in the provision of social housing and housing in general and continuously reviews the assets of every NAMA debtor to establish if properties securing their loans could be utilised for residential development or social housing.   NAMA has an established policy of...

Written Answers — Department of Finance: Help-To-Buy Scheme (17 Jan 2017)

Michael Noonan: As the Deputy will be aware, the 'Help to Buy' incentive was initially announced on 19 July 2016 as part of 'Rebuilding Ireland: Action Plan for Housing and Homelessness'. This plan contains a significant volume of responses to the current housing crisis, of which the Help to Buy incentive is one.  This comprehensive Action Plan takes a holistic approach in addressing the many...

Written Answers — Department of Finance: Financial Services Regulation (17 Jan 2017)

Michael Noonan: I propose to take Questions Nos. 46, 338 and 340 together. The Consumer Protection (Regulation of Credit Servicing Firms) Act, 2015 was enacted on 8 July 2015. It was introduced to fill the consumer protection gap where loans were sold by the original lender to an unregulated firm. It introduced a regulatory regime for a new type of entity called a 'credit servicing firm' and...

Written Answers — Department of Finance: NAMA Loans Sale (17 Jan 2017)

Michael Noonan: Ireland's national debt levels and dependence on international support at the time of the crisis, prohibited the State from directly investing in the distressed assets resulting from the crisis.  Exposure to the banks, IBRC and NAMA each became exposures of the taxpayer net liabilities - that had to be reduced for the State to regain financial...

Written Answers — Department of Finance: NAMA Loans Sale (17 Jan 2017)

Michael Noonan: In 2016, NAMA sold loans, the debtor for which I understand, owns the units in question in the Strand apartment buildings.  As is NAMA's policy, in order to minimise disruption to tenants, the owner did not seek vacant possession of these apartments in advance of NAMA's sale of his loans.  Furthermore, the sale of...

Written Answers — Department of Finance: Interest Rates (17 Jan 2017)

Michael Noonan: The latest positions communicated by the relevant central banks are as follows: - The Governing Council of the ECB decided in December 2016 to keep the key interest rates in the euro area unchanged and stated that it expects interest rates to remain at current or lower levels for an extended period of time, and well past the end of this year. - In the US, the Federal Open Market...

Written Answers — Department of Finance: Tax Code (17 Jan 2017)

Michael Noonan: This question relates to the taxation treatment of patronage shares issued by Kerry Co-Op. I am advised by Revenue that there has been no change in policy in relation to this matter and the position adopted by Revenue is in accordance with long established taxation principles. Deputies will be aware that Revenue has committed to facilitate the appeals process should a taxpayer raise an...

Written Answers — Department of Finance: Tax Code (17 Jan 2017)

Michael Noonan: The Deputy's question would appear to suggest that Revenue should, or indeed could, analyse a transaction and select a tax treatment based on the maximum potential yield for the Exchequer.  This is most certainly not the case as the Oireachtas sets out in legislation the relevant tax treatment that should be applicable to various sources of income or gains. The Revenue Commissioners,...

Written Answers — Department of Finance: NAMA Loans Sale (17 Jan 2017)

Michael Noonan: I propose to take Questions Nos. 52 and 69 together. I appreciate the questions and have considered these issues since the establishment of NAMA.  It is important to understand NAMA and how it is achieving its purposes. One of many important purpose of the NAMA Act is "to contribute to the social and economic development of the State."  The...

Written Answers — Department of Finance: Tax Code (17 Jan 2017)

Michael Noonan: The Deputy will be aware that the Tax Strategy Group (TSG) is in place since the early 1990's and is chaired by the Department of Finance with membership comprising senior officials and political advisers from a number of Civil Service Departments and Offices. Papers on various options for tax policy changes are prepared annually for the Group by Department of Finance officials.  Papers...

Written Answers — Department of Finance: Tax Code (17 Jan 2017)

Michael Noonan: There is a time delay between an activity taking place and the filing of the corporation tax return covering that entity.  A company which commenced trading in 2014 with a year end of 31 December 2014, for example, would not be required to file its first tax return until 23 September 2015.  As 2014 saw the first bulk sales of distressed Irish debt, the first corporation tax returns...

Written Answers — Department of Finance: Tax Code (17 Jan 2017)

Michael Noonan: The Section 110 regime in its current form was inserted by Finance Act 2003.  It was introduced to facilitate structured financial products, including the securitisation of loan books by banks and was designed to provide a tax neutral structured finance vehicle.  An effective securitisation regime is vital to the efficient working of the financial service industry.  It...

Written Answers — Department of Finance: Brexit Issues (17 Jan 2017)

Michael Noonan: I met with Chancellor Philip Hammond during his recent visit to Dublin on 9th January last. I was glad to have the opportunity to continue our bilateral discussions, following on from my meeting with him last September in London. This is, of course, in addition to our regular contacts at monthly meetings of EU Finance Ministers at ECOFIN. Chancellor Hammond and I engaged constructively...

Written Answers — Department of Finance: EU Issues (17 Jan 2017)

Michael Noonan: I am aware of reports that the company concerned has been invited to attend at the Finance Committee and it is a matter for the company to decide whether it will accept the invitation; I have no role in the matter.

Written Answers — Department of Finance: Tax Code (17 Jan 2017)

Michael Noonan: The Deputy's question would appear to suggest that Revenue should, or indeed could, analyse a transaction and select a tax treatment based on the maximum potential yield for the Exchequer.  This is most certainly not the case. It would also be unfair to taxpayers in the event that they ended up paying more to the Exchequer than actually required by the law. The Revenue Commissioners,...