Results 15,501-15,520 of 27,019 for speaker:Michael Noonan

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

Michael Noonan: A valid point is raised by the Senator in respect of the lack of competition in the Irish financial services industry, particularly in respect of the domestic economy. There is a danger of a duopoly being controlled by two banks. One approach is to get the economy growing and make it worthwhile for foreign banks to have offices here. The amendment I will table on Report Stage is to enable...

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 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: 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.

Written Answers — Department of Finance: VAT Exemptions (27 Jun 2013)

Michael Noonan: I have been advised by the Revenue Commissioners that the fees charged by insolvency practitioners, including Personal Insolvency Practitioners (PIPs) are liable to VAT at the standard rate, currently 23%. A PIP will be involved in Debt Settlement Arrangements and Personal Insolvency Arrangements as provided for in the Personal Insolvency Act 2012. It has to be said that a PIP is acting in a...

Written Answers — Department of Finance: Vehicle Registration Issues (27 Jun 2013)

Michael Noonan: I propose to take Questions Nos. 88 and 89 together. I am advised by the Revenue Commissioners that they have appointed the National Car Testing Service (NCTS) to carry out a range of vehicle registration functions in relation to used vehicles. There are two NCTS centres in County Donegal, one in Letterkenny and the other in Donegal Town. The register of vehicles is available for each county...

Written Answers — Department of Finance: Fuel Prices (27 Jun 2013)

Michael Noonan: The Deputy will be aware that I engaged on a number of occasions last year with the Irish Road Haulage Association and, out of that engagement, a working group was set up between Department officials, Revenue, the IRHA and public representatives to examine the issue of fuel prices. In Budget 2013 I announced that I would be introducing a commercial diesel relief thus allowing qualifying...

Written Answers — Department of Finance: Disabled Drivers Grant Eligibility (27 Jun 2013)

Michael Noonan: Section 134(3) of the Finance Act 1992 (as amended) and Statutory Instrument No. 353 of 1994 (Disabled Drivers and Disabled Passengers (Tax Concessions) Regulations, 1994) (as amended) provide for permanent relief from the payment of specified maximum amounts of VAT and VRT for persons registered under the scheme. The disability criteria for eligibility for the tax concessions under this...

Written Answers — Department of Finance: Departmental Staff Numbers (27 Jun 2013)

Michael Noonan: I propose to take Questions Nos. 92 and 93 together. In my Department, 12 staff members availed of the shorter working year scheme (SWYS) during 2012. The duration of the leave ranged from 2 weeks to 13 weeks as provided for in Circular 14/2009 - Shorter Working Year Scheme which superseded the term time circular. This circular is available on www.per.gov.ie 22 staff members have...

Written Answers — Department of Finance: Departmental Staff Training (27 Jun 2013)

Michael Noonan: I propose to take Questions Nos. 94 and 95 together. In my Department, 13 staff availed of paid study leave in 2012. The average number of days taken was 4.92 days. At present it is envisaged that 22 people may take paid study leave in 2013. This figure is subject to change. Employees continue to receive their salary while on study leave. The National Treasury Management Agency...

Written Answers — Department of Finance: VAT Rates Reductions (27 Jun 2013)

Michael Noonan: I am informed by the Revenue Commissioners that the full year cost of reducing the standard rate of VAT from 23% by 1.5% to 21.5% is estimated at €380 million. Any changes to the VAT rates in 2014 will be considered in the context of the forthcoming Budget.

Written Answers — Department of Finance: VAT Rebates (27 Jun 2013)

Michael Noonan: I am informed by the Revenue Commissioners that Section 92 of the Finance Act 1989 and the Disabled Drivers and Disabled Passengers (Tax Concessions) Regulations, 1994 (S.I.353 of 1994) provide for permanent relief from the payment of specified maximum amounts of VAT and VRT for persons registered under the scheme. The person (details supplied) submitted an invoice in respect of the purchase...

Written Answers — Department of Finance: Pensions Levy Issues (27 Jun 2013)

Michael Noonan: I propose to take Questions Nos. 98 and 99 together. In my Budget 2013 speech, I made a point of confirming that the pension fund levy introduced as part of the Jobs Initiative will not be renewed after 2014. The pension fund levy introduced in 2011 and the public service Pension-Related Deduction (PRD) introduced in 2009 are two entirely different charges which apply in different...

Written Answers — Department of Finance: Tracker Mortgage Numbers (27 Jun 2013)

Michael Noonan: Firstly, I must confirm to the Deputy that lending institutions in Ireland, including those in which the State has a significant shareholding, are independent commercial entities. It is not appropriate for me, as Minister for Finance, to comment on or become involved in the detailed mortgage position of mortgage holders. I have been advised by the Central Bank that there are no statistics...

Written Answers — Department of Finance: Tax Code (27 Jun 2013)

Michael Noonan: I am advised by the Revenue Commissioners that in broad terms retirement relief is a relief given to an individual on the disposal of all or part of the qualifying assets of his business. Section 599 Taxes Consolidation Act 1997 provides that where an individual who is at least 55 years of age makes a disposal to his or her child of all or part of the individual’s qualifying business...