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

Written Answers — Department of Finance: Tax Code (11 Apr 2017)

Michael Noonan: The normal tax treatment afforded to Irish collective investment funds is that the funds invested are allowed to grow on a tax-free basis within the fund. The income is then taxed at the level of the investor rather than the fund, as is standard international practice. The broad rationale for exempting such funds from direct taxation is to facilitate individuals to invest collectively,...

Written Answers — Department of Finance: Tax Code (11 Apr 2017)

Michael Noonan: The normal tax treatment afforded to Irish collective investment funds is that the funds invested are allowed to grow on a tax-free basis within the fund. The income is taxed at the level of the investor rather than the fund, as is standard international practice. The 'Gross Roll Up' regime is the term applied to the mechanism whereby investment funds are not subjected to taxation on their...

Written Answers — Department of Finance: Debt Collection (11 Apr 2017)

Michael Noonan: I propose to take Questions Nos. 161 to 163, inclusive, together. I responded to written questions from the deputy on this topic, questions 119 and 120 on Wednesday 2nd March 2017, to which AIB offered the following clarification: "AIB has not sold or transferred the ownership of student loans to any third parties. AIB engages with third parties to support the recovery and restructure of the...

Written Answers — Department of Finance: Banking Sector Redundancies (11 Apr 2017)

Michael Noonan: As the Deputy will be aware, under the relationship framework the State does not have a role in the day-to-day operations of the banks in which it holds investments or their management decisions regarding commercial matters. Hence, decisions around redundancies, appropriate staffing numbers and determining the skill sets required across each institution is a matter for each bank's executive...

Written Answers — Department of Finance: Workplace Relations Commission (11 Apr 2017)

Michael Noonan: I understand the Deputy is referring to the bodies under the aegis of my Department. There are 18 bodies under the aegis of my Department, all of which have provided a nil response to the information sought.

Written Answers — Department of Finance: Connectivity Fund (6 Apr 2017)

Michael Noonan: The Connectivity Fund was established as a sub-fund of the Ireland Strategic Investment Fund (ISIF) to invest the €335 million proceeds from the sale of the State's shareholding in Aer Lingus with the aim of enabling and enhancing Ireland's physical, virtual and energy connectivity. The ISIF has completed the first two investments from this fund with a combined value of €57...

Written Answers — Department of Finance: Help-To-Buy Scheme (6 Apr 2017)

Michael Noonan: I assume the Deputy is referring to the Help to Buy (HTB) tax incentive. As the Deputy will be aware, the HTB 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 HTB incentive is just one.  The...

Written Answers — Department of Finance: Public Interest Directors Data (6 Apr 2017)

Michael Noonan: The date of appointment and date of resignation/cessation of office for each of the public interest directors appointed at AIB, BOI and PTSB are as follows: Bank Appointed Resignation/cessation Allied Irish Banks Dick Spring Jan-09 Dec-14 Declan Collier Jan-09 Jun-12 Bank of Ireland Tom Considine Jan-09 Still in office. Joe Walsh* Jan-09 Nov-14 Permanent TSB Margaret Hayes...

Written Answers — Department of Finance: Tracker Mortgages Examination (6 Apr 2017)

Michael Noonan: The Framework as set out by the Central Bank for conducting the Tracker Mortgage Examination makes it clear that the Board of each lender is responsible for ensuring that the appropriate governance framework and controls are put in place to ensure the successful delivery of the Examination Plan. As part of the governance framework, the Board of each lender is required to establish a...

Written Answers — Department of Finance: Tracker Mortgages Examination (6 Apr 2017)

Michael Noonan: As the Deputy is aware, lenders have been required to appoint external independent third party assurers to oversee the Tracker Examination and to ensure that it is being carried out in line with the Central Bank's Framework for the conduct of the Tracker Examination.  However, the Central Bank has informed me that it is not in a position to comment on the third...

Written Answers — Department of Finance: Tracker Mortgages Examination (6 Apr 2017)

Michael Noonan: I propose to take Questions Nos. 105 and 106 together. The Central Bank has advised that all mortgages within the scope of the Examination are to be reviewed regardless of whether or not documents in respect of such mortgages are available to lenders. As set out in the Examination framework, in circumstances where relevant documents are not available, lenders are to ensure that this will work...

Written Answers — Department of Finance: Tracker Mortgages Examination (6 Apr 2017)

Michael Noonan: I have been advised by the Central Bank that, as set out in the framework for conducting the Examination, the Statute of Limitations does not apply to the Central Bank's powers to enforce compliance with regulatory requirements including those relevant to the Tracker Examination and it does not negate lenders' obligations to comply with the relevant regulatory requirements set out by the...

Written Answers — Department of Finance: Tracker Mortgages Examination (6 Apr 2017)

Michael Noonan: As set out in its update published on 23 March, 2017, the Central Bank expects that once impacted customers are identified, lenders will communicate with them in a clear and timely manner setting out the context and next steps in plain English so that they fully understand how they have been impacted, how the lender proposes to address the impact and what actions, if any, are required of...

Written Answers — Department of Finance: Tracker Mortgages Examination (6 Apr 2017)

Michael Noonan: The Central Bank advises that the information requested by the Deputy is lender specific supervisory information and that it is not in a position to comment on individual lenders due to confidentiality requirements under Central Bank legislation. However, in the most recent update on the Examination which was published on March 23, certain data in relation to the Examination...

Written Answers — Department of Finance: Tracker Mortgages Examination (6 Apr 2017)

Michael Noonan: The Central Bank advises that the information requested by the Deputy is lender specific supervisory information and that it is not in a position to comment on individual lenders due to confidentiality requirements under Central Bank legislation. However, in the most recent update on the Examination which was published on March 23, certain data in relation to the Examination...

Written Answers — Department of Finance: Tracker Mortgages Examination (6 Apr 2017)

Michael Noonan: The Central Bank advises that the information requested by the Deputy is lender specific supervisory information and that it is not in a position to comment on individual lenders due to confidentiality requirements under Central Bank legislation. However, as part of the framework for conducting the Examination, the Central Bank has set out that, in the circumstances of the...

Written Answers — Department of Finance: VAT Rate Reductions (6 Apr 2017)

Michael Noonan: The VAT rating of goods and services is subject to the requirements of EU VAT law with which Irish VAT law must comply. I am advised by The Revenue Commission that the supply of dog grooming services is liable to VAT at the standard rate of 23%. Under the EU VAT Directive, there is no provision to allow the reduced rate to be applied to the supply of dog grooming services. The EU VAT...

Written Answers — Department of Finance: NAMA Portfolio (6 Apr 2017)

Michael Noonan: As outlined in my previous response to Dáil Question 141 of 14 February 2017, NAMA held security over a number of properties within the referenced development. However, these properties were under the control of a receiver who had been appointed by a participating institution before NAMA acquired the associated loans. I am advised by NAMA that it was the appointed...

Written Answers — Department of Finance: Ireland Strategic Investment Fund Investments (6 Apr 2017)

Michael Noonan: As the Deputy will be aware, the Ireland Strategic Investment Fund (ISIF) was established with a double-bottom line mandate to invest, on a commercial basis, to create employment and economic growth in Ireland. In accordance with this, ISIF's investment strategy and its activities are closely aligned with and support Government policy across a wide range of areas, including: housing, the...

Written Answers — Department of Finance: Tax Yield (6 Apr 2017)

Michael Noonan: I propose to take Questions Nos. 115 and 116 together. The following table shows receipts by Excisable commodity from July 2015 to December 2016 (2016 figures are provisional).  It is not possible to estimate associated VAT for them all so only Excise has been provided for consistency. The Deputy may find it useful to compare the excise receipts for the six month...