Results 15,461-15,480 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Consultancy Contracts Issues (2 Jul 2013)

Michael Noonan: I am informed by the Central Bank that it does not currently engage nor has it procured any such services over the last five years. In 2011, a one off specific service was provided by an external PR adviser at a cost of €169.40. The Central Bank has also informed me that as part of the National Payments Plan, marketing agencies have been and will be engaged to assist in developing...

Written Answers — Department of Finance: Banking Sector Issues (2 Jul 2013)

Michael Noonan: As the Deputy will be aware Allied Irish Bank and Permanent TSB each hold Irish banking licences issued by the Central Bank of Ireland and are subject to regulations which require inter-alia each institution to be solvent. Further details of the financial position of each institution are available in the respective annual reports which are available on their websites. AIB and Permanent TSB...

Written Answers — Department of Finance: VAT Rates Reductions (2 Jul 2013)

Michael Noonan: I would point out that a reduced rate of VAT (13.5%) already applies to the supply of housing repair, maintenance and improvement work on residential properties. In order to apply a lower reduced VAT rate to these services, the only rate possible would be the 9% VAT rate. While EU VAT law provides that a VAT rate of 5% or more may be applied to the supply of construction services on...

Written Answers — Department of Finance: Tax Reliefs Availability (2 Jul 2013)

Michael Noonan: Section 473A of the Taxes Consolidation Act 1997 provides, subject to certain conditions, for tax relief at the standard rate of income tax (20%) as regards a portion of qualifying fees paid by an individual in respect of a third level education course including a postgraduate course. Qualifying fees means tuition fees in respect of an approved course at an approved college and includes what...

Written Answers — Department of Finance: Tax Residency Issues (2 Jul 2013)

Michael Noonan: The globally recognised definition of what constitutes a "tax haven" is set down by the OECD. Four criteria have been identified: minimal or no tax rates; lack of transparency; lack of exchange of information and lack of substance or economic activity. None of these four criteria apply to Ireland, a fact that has been acknowledged in recent months by Algirdas Semeta, the European Commissioner...

Written Answers — Department of Finance: IBRC Investigations (2 Jul 2013)

Michael Noonan: I am obviously very concerned at the contents of these tapes. I am advised that the Central Bank is carefully studying the various transcripts emerging. This is something that is viewed very seriously by the Central Bank and they will be liaising with the Gardaí in this regard and is also examining whether or not any breaches of regulatory requirements may have occurred arising from the...

Written Answers — Department of Finance: Bank Charges (2 Jul 2013)

Michael Noonan: I propose to take Questions Nos. 285 to 287, inclusive, together. I, as Minister for Finance have no statutory role in relation to bank charges imposed by regulated financial institutions. This is a commercial matter for the lending institutions concerned. The Central Bank has advised me that under Section 149 of the Consumer Credit Act, 1995 (as amended), credit Institutions and bureaux...

Written Answers — Department of Finance: Banking Sector Issues (2 Jul 2013)

Michael Noonan: I propose to take Questions Nos. 288 and 289 together. As you are aware the Euro-area Heads of State and Government agreed on 29th June 2012 to break the vicious circle between banks and sovereigns, and that when a Single Supervisory Mechanism is in place involving the ECB, the European Stability Mechanism (ESM) could recapitalise banks directly. The Euro-area Heads of State and Government...

Written Answers — Department of Finance: EU-IMF Programme of Support Value (2 Jul 2013)

Michael Noonan: There have been a number of improvements to the terms and conditions of our Programme of Financial Support, including the loans, since it was initially agreed in late 2010. For example, we have agreed the reversal of the minimum wage cut, and also on the use of up to half of the proceeds of asset sales for investment in projects of a commercial nature. Changes to the programme loans have...

Written Answers — Department of Finance: Small and Medium Enterprises Supports (2 Jul 2013)

Michael Noonan: Access to finance for SMEs is a key aspect of the Action Plan for Jobs 2013. It is the Government's vision that all viable businesses operating in Ireland should have the opportunity to access sufficient finance to meet their enterprise needs in a manner that supports growth and employment in the economy. The working capital requirements of many SMEs are often fulfilled by short term credit...

Written Answers — Department of Finance: Mortgage Protection Policies (2 Jul 2013)

Michael Noonan: My Department does not keep up to date information on the level of default by insurance companies with particular reference to mortgage protection or life cover. I have made enquiries with the Central Bank about this matter which I understand relates to cases where a person can no longer afford to pay for the protection and/or has claim rejected. The Central Bank has informed me that it...

Seanad: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (27 Jun 2013)

Michael Noonan: This amendment is technical in nature and is designed to remedy an incorrect reference in the Central Bank and Credit Institutions (Resolution) Act 2011. The objective of this amendment is to ensure the Central Bank is legally able to share confidential information to facilitate the Central Bank, the Minister, the Governor, the head of financial regulation or a special manager appointed...

Seanad: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (27 Jun 2013)

Michael Noonan: I thank Senators for the expeditious handling of this important legislation on Committee Stage. In particular, I thank Senator Barrett who did most of the heavy lifting today.

Seanad: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (27 Jun 2013)

Michael Noonan: I will draw the Central Bank's attention to this short debate on this set of amendments today. I shall ask it to look at the views expressed by Senators Michael D'Arcy and Reilly to see if, in its opinion, any further action is necessary.

Seanad: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (27 Jun 2013)

Michael Noonan: These amendments seek to increase the maximum penalty under the administrative sanction regime tenfold, from €500,000 to €5 million for an individual and from €5 million to €50 million for a body corporate. It is important that the fines are of sufficient scale to act as a deterrent to those who seek to profit from breaching their requirements. The Bill already...

Seanad: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (27 Jun 2013)

Michael Noonan: I wish to make a point for the sake of the record. The base legislation is the 1942 Act but I believe that the penalties have been updated more than once in the meantime.

Seanad: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (27 Jun 2013)

Michael Noonan: The amendment seeks to require the Financial Services Ombudsman to include in its report the responses of the financial services provider to complaints made and reported by the Financial Services Ombudsman. However, I am satisfied that the naming provisions provided for in the Bill are sufficiently robust to provide consumers with information to assist them in making decisions about availing...

Seanad: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (27 Jun 2013)

Michael Noonan: This is a technical amendment. The amendment involves an amendment to section 47 of the Central Bank and Credit Institutions (Resolution) Act 2011. It is a drafting amendment and is consequential on changes made to section 46 of the 2011 Act on Report Stage in the Dáil.

Seanad: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (27 Jun 2013)

Michael Noonan: Amendments Nos. 21 and 22 seek to make provision for debt collectors and debt collection services. As the Minister for Finance, I have no responsibility for the regulation of debt collectors and debt collecting firms. Debt collection services apply across a significantly wider range of activities than the recovery of money for financial products, for example, in the case of utilities,...

Seanad: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (27 Jun 2013)

Michael Noonan: I look forward to discussing this again on Report Stage if the Senator frames an amendment. The Minister for Public Expenditure and Reform is introducing comprehensive legislation in the area of whistleblowing. The protections in this Bill may need to be examined in respect of that Bill because we need to align procedures between the two Bills. I will examine it in context of the Bill of...