Results 1,641-1,660 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: EU Budget Contribution (16 Dec 2016)

Michael Noonan: Member State contributions to the EU Budget are based upon a formula which includes Traditional Own Resources (customs duties), a VAT-based payment and a residual balancing component paid in accordance with each Member State's share of EU Gross National Income (GNI). Details on EU Budget payments and public sector receipts are published annually by the Department of Finance in the Budget...

Written Answers — Department of Finance: Brexit Issues (16 Dec 2016)

Michael Noonan: Until it formally withdraws from the European Union, the UK remains a full EU Member, with all of its existing rights and obligations including in relation to the EU Budget. Brexit is likely to involve complex discussion on the Multiannual Financial Framework, particularly as the UK is an important net contributor to the EU Budget. Therefore, Brexit will have a significant impact on EU Budget...

Written Answers — Department of Finance: NAMA Operations (16 Dec 2016)

Michael Noonan: The most recent details on NAMA's remaining portfolio are available in the Agency's quarterly accounts for Q2 of 2016.  This is published on the NAMA website via: . Page 44 of the report and accounts provides details on NAMA's outstanding loanbook.  I expect to receive NAMA's report and accounts for Q3 of 2016 in the coming week and expect to lay that report before the...

Written Answers — Department of Finance: Tax Yield (16 Dec 2016)

Michael Noonan: I am informed by Revenue that the net Corporation Tax receipts by the top 10 companies in each year is as shown in the following table. Also shown is the corresponding proportion this represents of overall Corporation Tax paid. I am advised that information on gross Corporation Tax payments is not readily available but earlier analysis by Revenue shows the share of receipts on a gross basis...

Written Answers — Department of Finance: Legal Costs (16 Dec 2016)

Michael Noonan: A summary of the Special Liquidation fees, including legal fees to 31 December 2015 is available on page 61 of the most recent progress update report which is available on the Department of Finance website (). The information sought in the question is not information held in my Department and I am advised by the Special Liquidators that an updated summary of the Special Liquidation fees,...

Written Answers — Department of Finance: Banking Operations (16 Dec 2016)

Michael Noonan: I am informed by the Central Bank that a recommendation of the National Payments Plan targeted a significant increase in the number of €10 and €20 banknotes dispensed from Irish ATMs, with a view to making lower denomination notes more available to cash users. Building on the recommendations in the National Payments Plan, the Central Bank has set targets for the banks to...

Written Answers — Department of Finance: Insurance Compensation Fund (16 Dec 2016)

Michael Noonan: The liquidation of an insurance company is a legally complex process. Setanta is a Maltese incorporated company and therefore, the Setanta liquidation is being carried out under Maltese law. Progress in the liquidation of Setanta has been awaiting the outcome of legal proceedings in the case of Law Society of Ireland v the Motor Insurers' Bureau of Ireland (MIBI). On 4 September 2015, the...

Written Answers — Department of Finance: Mortgage Data (16 Dec 2016)

Michael Noonan: The Central Bank has advised me that it is important to note that there is no such regulated category as "sub-prime lender".  However, Retail Credit Firms are authorised to provide credit, in the form of cash loans, directly to individuals (these firms are not licensed to accept deposits).  Some firms authorised in this category are mortgage lenders.  Retail Credit Firms have...

Written Answers — Department of Finance: Financial Services Regulation (16 Dec 2016)

Michael Noonan: I have been informed by the Central Bank that it does not maintain a record of the number of commercial loans sold on by the original underwriter. Portfolio sales are considered as part of normal supervisory engagement where they are sufficiently material. However, the Deputy will be aware that legislation and regulations have been implemented by the Oireachtas and Central Bank to...

Written Answers — Department of Finance: Credit Register Establishment (16 Dec 2016)

Michael Noonan: As previously indicated, the Central Credit Register (CCR) is being implemented on a phased basis with phase 1 focusing on lending to consumers and phase 2 focusing on lending to businesses.  Data submission by lenders for phase 1 will commence after 30 June 2017.  During the intervening period, technical and operational changes will be implemented by lenders and data quality...

Written Answers — Department of Finance: Corporation Tax Regime (16 Dec 2016)

Michael Noonan: At Budget time I announced that I was appointing an independent expert, Mr. Seamus Coffey, to undertake a review of the Irish corporation tax code. The terms of reference for the review were published as part of the Budget 2017 documentation. Work has commenced on the matters set out in the terms of the reference.  Furthermore, as outlined...

Written Answers — Department of Finance: Legislative Programme (16 Dec 2016)

Michael Noonan: The Deputy will be aware that the passage of Finance Bill 2016 through the Dáil and Seanad has just concluded.  As regards 2017 there will of course be the usual Finance Bill later in the year as part of the Budget process. It is my intention, in the New Year, to consider whether there is merit in the development of an additional Finance Bill during 2017.

Written Answers — Department of Finance: NAMA Social Housing Provision (16 Dec 2016)

Michael Noonan: I would firstly point out that although NAMA works closely with the Minister for the Environment, Community and Local Government and the Minister of State for Housing and Planning in relation to the delivery of social housing, the Agency is not responsible for approving and transferring housing units for social housing. Rather, NAMA has an established initiative of identifying properties,...

Written Answers — Department of Finance: Negative Equity Mortgages Data (16 Dec 2016)

Michael Noonan: Negative equity occurs when the price of a property falls below the value of the outstanding mortgage secured on that property. I have been informed by the Central Bank of Ireland that it does not publish a regular series of data on mortgages in negative equity. Neither do officials in my own Department collect such data. The Central Bank's latest Household Credit Market Report, at...

Written Answers — Department of Finance: Irish Infrastructure Fund (16 Dec 2016)

Michael Noonan: I am informed by the Ireland Strategic Investment Fund (ISIF) that it has a commitment of €250 million to the Irish Infrastructure Fund (IIF). The IIF was established by Irish Life Investment Managers, with AMP Capital appointed as the fund's discretionary investment manager. The IIF has to date secured total investor commitments of over €400 million, including the ISIF...

Written Answers — Department of Finance: Tax Collection (16 Dec 2016)

Michael Noonan: I am advised by Revenue that it reports on the tax debt as at 31 March each year. On 31 March 2016 the total outstanding debt amounted to €1.81 billion. However, this figure included €902m of debt under appeal to the Tax Appeals Commission and €87m of insolvency debt. The remaining amount of €823 million is regarded as a more accurate indicator of the actual debt...

Written Answers — Department of Finance: Central Bank of Ireland Staff (16 Dec 2016)

Michael Noonan: I am informed by the Central Bank that there are currently 106 contractors engaged by the Bank. For commercial reasons it is not possible to disclose individual daily rates, however the average daily rate paid to these contractors is €551 (excluding VAT). The number of contractors varies from time to time and is determined by the business needs of the Bank. The daily rate paid is...

Written Answers — Department of Finance: Small and Medium Enterprises Debt (16 Dec 2016)

Michael Noonan: I have been informed by the Central Bank that the Bank s statistics on SME lending are available in Table A14.1 via the link on the Central Bank website.  The statistics provide a breakdown of outstanding debt across a number of different industries. The Central Bank's SME market report shows default numbers (as per the Basel II definition of default) and can be accessed via...

Written Answers — Department of Finance: Central Bank of Ireland (16 Dec 2016)

Michael Noonan: I am advised by the Central Bank that it imposed fines in excess of €100,000 on eighteen financial institutions over the past three years. Details of these fines are provided by the Bank in the following table: Entity's Name Date of Settlement Fine Imposed Contravention 1 Arch Reinsurance Europe Underwriting dac 15/03/2016 €275,000 Breaches of the Corporate Governance Code...

Written Answers — Department of Finance: Ministerial Travel (16 Dec 2016)

Michael Noonan: The Ministerial Air Transport Service (MATS) provides the Government and the President with an independent, flexible and effective air transport service to assist in meeting national and international obligations.  The use of any Air Corps aircraft for Ministerial transport is subject to the authorisation of An Taoiseach.  Information relating to the Ministerial Air Transport...