Results 301-320 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Motor Insurance Fraud (4 May 2017)

Michael Noonan: The recommendations in the Report on the Cost of Motor Insurance are being progressed in accordance with the Action Plan contained in the Report.  The first quarterly progress update in respect of the implementation of the recommendations is now available on the Insurance Policy section of the Department of Finance’s website. This update shows the progress to date on the...

Written Answers — Department of Finance: Motor Insurance (4 May 2017)

Michael Noonan: The recommendations in the Report on the Cost of Motor Insurance are being progressed in accordance with the Action Plan contained in the Report. The first quarterly progress update in respect of the implementation of the recommendations is now available on the Insurance Policy section of the Department of Finance’s website. This update shows the progress to date on the...

Written Answers — Department of Finance: Central Bank of Ireland Investigations (3 May 2017)

Michael Noonan: As the Deputy may be aware, the Central Bank has the power to prosecute summary offences under the Consumer Credit Act 1995 ("the CCA"). I understand from the Central Bank that, to date, it has not prosecuted any summary offences subject to the powers available to it in the CCA. The Central Bank also has a statutory reporting obligation to An Garda Síochána, and other...

Written Answers — Department of Finance: NAMA Loans Sale (3 May 2017)

Michael Noonan: The Deputy will be aware that Section 9 of the NAMA Act provides that NAMA is independent in the performance of its functions and that, under Section 10 of the Act, its primary objective is to obtain the best achievable financial return for the State from its acquired loan portfolio. In this regard, I am advised that NAMA is confident it upheld its mandate in the Project Shift...

Written Answers — Department of Finance: Economic Policy (3 May 2017)

Michael Noonan: I note the proposals announced by the Trump Administration for tax reform. At this stage, we have yet to see the substantive detail of the overall package proposed by the Trump Administration. Agreement between the House of Representatives, the U.S. Senate and President Trump will be needed before any changes can be introduced. It also remains to be seen whether any reduction in the...

Written Answers — Department of Finance: Tax Code (3 May 2017)

Michael Noonan: A Real Estate Investment Trust (REIT) is a quoted company, used as a collective investment vehicle to hold rental property. A REIT generally has a diverse ownership requirement, so no one person or group of connected persons can control the REIT. REITs originated in the USA in the 1960s, and aspects of the REIT model have now spread to become a globally recognised investment standard in...

Written Answers — Department of Finance: Property Tax (3 May 2017)

Michael Noonan: I am advised by Revenue that the person in question filed the statutory Local Property Tax (LPT) Return on 9 May 2013. He has paid his LPT liabilities for the years 2013 to 2017, based on his valuation, and also paid the 2012 Household Charge and on that basis he is compliant with his LPT obligations.

Written Answers — Department of Finance: NAMA Property Sales (3 May 2017)

Michael Noonan: I propose to take Questions Nos. 142 to 144, inclusive, together. As I pointed out in my replies to parliamentary questions 82 and 83 of 13 April 2017, NAMA initiated a targeted marketing process for the sale of the Project Tolka portfolio based on its assessment that such a process would yield a superior return to alternative options, as required by reference to its obligations under...

Written Answers — Department of Finance: NAMA Property Sales (3 May 2017)

Michael Noonan: The Deputy will appreciate that NAMA's engagement with its debtors and any decisions it makes arising from that engagement are confidential matters for the NAMA Board in line with its statutory independent mandate. The Deputy will be aware that NAMA owns and sells loans and not property. Separately, assets securing NAMA's loans are owned by the debtor or receiver. As such...

Written Answers — Department of Finance: Departmental Reports (3 May 2017)

Michael Noonan: The Cost of Insurance Working Group, chaired by Minister of State Eoghan Murphy T.D., finalised its Report on the Cost of Motor Insurance in December 2016 and it was published on 10 January 2017. The Report makes 33 recommendations with 71 associated actions to be carried out in agreed timeframes, which are clearly set out in an Action Plan. 45 of these action points are due to be...

Written Answers — Department of Finance: Central Bank of Ireland Reports (3 May 2017)

Michael Noonan: The Central Bank of Ireland has published a number of status updates on the systems-wide Examination of Tracker Mortgage Related Issues. The most recent update report, which was published on 23 March 2017, sets out the progress being made by lenders in completing the review. That update report, together with additional material regarding the Examination, is attached - The Central Bank...

Written Answers — Department of Finance: Departmental Expenditure (3 May 2017)

Michael Noonan: In response to the Deputy's question, I have been advised that there have been no payments made by my Department or by any of the 18 bodies under the aegis of my Department to Mr. Kieran Mulvey in the past 36 months and to date in 2017.

Written Answers — Department of Finance: Property Tax Data (2 May 2017)

Michael Noonan: I am advised by Revenue that the most recently available information relating to Local Property Tax (LPT) can be found on the statistics webpage of the Revenue website at . The information provided includes LPT collected by Local Authority for the years 2013 to 2016 and the first quarter of 2017.

Written Answers — Department of Finance: VAT Rate Reductions (2 May 2017)

Michael Noonan: While most Member states apply the standard rate to construction services – on average 21.5% - Ireland already applies a 13.5% reduced rate of VAT to all construction services under a derogation from the EU VAT Directive. Applying a lower VAT rate to the construction of new residential properties would result in different VAT rates between residential and non-residential...

Written Answers — Department of Finance: Brexit Issues (2 May 2017)

Michael Noonan: The European Banking Authority is an important part of the European System of Financial Supervision that arose after the financial crisis. It is key that the EBA can continue its critical work with minimal disruption following the decision of the United Kingdom to leave the European Union. The Government made a public declaration of interest in hosting the European Banking Authority in...

Written Answers — Department of Finance: Vehicle Registration Data (2 May 2017)

Michael Noonan: I propose to take Questions Nos. 218 and 219 together. I am informed by Revenue that the cost of the Vehicle Registration Tax (VRT) rebate for electric vehicles in 2016 was €3 million. Finance Act 2016 extended this relief to end 2021, at an estimated cost of €3 million per annum assuming no change in registration numbers. I am further informed by Revenue that the cost of the...

Written Answers — Department of Finance: Banking Sector Remuneration (2 May 2017)

Michael Noonan: As the Deputy will understand, third party supplier costs and professional service fees incurred by a bank are solely a matter for the management team of that institution, and the detail of specific supplier arrangements would be commercially sensitive information. This is notwithstanding the Relationship Framework Agreement in place between my office and each of the banks in which the State...

Written Answers — Department of Finance: Banking Sector Data (2 May 2017)

Michael Noonan: As the Deputy is aware, I have not announced any sale of the State’s shares in AIB. I have indicated that an IPO (Initial Public Offering) is the optimal route to recouping value from our investment and that the earliest possible IPO window for the bank is the second quarter of 2017, with the opportunity available over the course of May, June and into July. In December 2016,...

Written Answers — Department of Finance: National Debt (2 May 2017)

Michael Noonan: It is not possible to ascribe a current market value to the States shareholding in AIB at this juncture as AIB's share price is not a reliable indicator of the bank's underlying value given the very small free float available in the market. That said, at the end of 2016, the ISIF valued the State’s 99.9% shareholding in AIB at €11.3bn, as part of their Q4 update. It should...

Written Answers — Department of Finance: Banking Sector Remuneration (2 May 2017)

Michael Noonan: There are no bonus or incentive plans in place for AIB’s executives or staff linked to a potential IPO of AIB. As the Deputy will be aware, the previous Government placed restrictions on such types of remuneration in the Irish banks and these remain in place.