Results 21-40 of 19,717 for in 'Written Answers' speaker:Michael Noonan

Written Answers — Department of Finance: Economic Statements (1 Jun 2017)

Michael Noonan: The Summer Economic Statement (SES) is a key element of the reformed budgetary process which complements the Stability Programme Update. While the macroeconomic outlook will be as set out in the Stability Programme Update, the SES will provide an updated assessment of the fiscal space available for 2018. It will also outline the key elements of the Government’s economic strategy. ...

Written Answers — Department of Finance: Help-To-Buy Scheme Data (1 Jun 2017)

Michael Noonan: As the Deputy will be aware, there are two stages involved in the Help to Buy process. Stage 1 is the Application Stage, wherein prospective applicants can query whether they qualify for the incentive. They can also get clarity on the maximum amount of rebate they could potentially benefit from, based on their tax paid in a four-year period. Stage 2 is the Claims Stage,...

Written Answers — Department of Finance: Tax Yield (1 Jun 2017)

Michael Noonan: In the 2016 Finance Act I introduced provisions to address concerns raised in both the media and the Dáil regarding the use of section 110 companies and certain Irish collective investment vehicles by international investors to minimise their tax payments on Irish property transactions. In relation to Section 110 companies the amendments made in Finance Act 2016 will ensure that tax...

Written Answers — Department of Finance: Tracker Mortgages Examination (1 Jun 2017)

Michael Noonan: I am informed by the Central Bank that business loans provided to businesses are not in the scope of the Central Bank’s ongoing tracker examination. However some business loans which are connected to Private Dwelling Homes and Buy to Lets may come within scope due to the connection. The Tracker Mortgage Examination requires lenders, which offered tracker interest rate...

Written Answers — Department of Finance: Insurance Industry (1 Jun 2017)

Michael Noonan: Enterprise Insurance Company plc (Enterprise) is a Gibraltar incorporated company and, therefore, the Enterprise liquidation is being carried out under the laws of Gibraltar.  The situation around the Enterprise liquidation is an evolving one.  The position as it currently stands is as set out below. A Provisional Liquidator was appointed to Enterprise on 25...

Written Answers — Department of Finance: Mortgage Data (1 Jun 2017)

Michael Noonan: The Mortgage Arrears and Repossessions data published by the Central Bank indicates that over €3 billion of loan balances were classified as “Split Mortgage” restructures at end Q4 2016, based on PDH and BTL portfolios across all entities (including banks, retail credit firms and unregulated loan owners). The Central Bank does not publish information on the...

Written Answers — Department of Finance: Financial Services Regulation (1 Jun 2017)

Michael Noonan: Personal Contract Plans (PCP) are a form of Hire Purchase and both the Central Bank and the Competition and Consumer Protection Commission (CCPC) have certain functions and legal powers in relation to the provision of hire-purchase agreements. The CCPC is responsible under the Consumer Credit Act 1995, for the authorisation of credit intermediaries, some of whom may...

Written Answers — Department of Finance: Vehicle Registration (1 Jun 2017)

Michael Noonan: The relief from Vehicle Registration Tax when transferring residence is provided for in the Finance Act 1992, section 134 and Statutory Instrument No. 59 of 1993 Vehicle Registration Tax (Permanent Reliefs) Regulations, 1993.  Regulation 4(5)(a) of that S.I. provides that the relief will not be granted where the vehicle is brought into the State more than twelve months after the...

Written Answers — Department of Finance: VAT Registration (31 May 2017)

Michael Noonan: VAT is governed by the EU VAT Directive (Council Directive 2006/112/EC),with which Irish VAT law must comply. The thresholds for Ireland date from accession into the EU and the Directive only provides for the raising of those thresholds by Member States to maintain their value in real terms. That is, they may only be increased in line with inflation. The Irish VAT thresholds were increased...

Written Answers — Department of Finance: Revenue Commissioners Data (31 May 2017)

Michael Noonan: Revenue’s clear preference is always to engage positively with insolvent individuals who enter into Personal Insolvency or Debt Settlement arrangements and has to date agreed terms in five hundred cases since the Personal Insolvency Act was enacted. However Revenue can only ‘opt in’ to the process where the Personal Insolvency Practitioner on behalf of the insolvent...

Written Answers — Department of Finance: Liquor Licence Data (31 May 2017)

Michael Noonan: I propose to take Questions Nos. 118 to 122, inclusive, together. I am advised by Revenue that the average payment made by publicans holding an on-trade liquor licence in 2016 was €737 and that the average payment made by retailers in the off-trade holding beer, spirit and wine licences in 2016 was €1,265. Table 1 sets out the current cost of a wine, beer and spirit licence for...

Written Answers — Department of Finance: Liquor Licence Fees (31 May 2017)

Michael Noonan: The issue of applying turnover-based licensing to the off trade was considered in TSG15/05 General Excise Duties Tax Strategy Group paper in advance of Budget 2016, and is available on my Department's website: . In relation to the off-trade, a separate licence is required to sell spirits, wine, beer, cider or sweets for consumption off the premises. The duty for each licence is...

Written Answers — Department of Finance: Disabled Drivers and Passengers Scheme (30 May 2017)

Michael Noonan: The Disabled Drivers and Disabled Passengers (Tax Concessions) Scheme provides relief from VAT and VRT (up to a certain limit) on the purchase of an adapted car for transport of a person with specific severe and permanent physical disabilities, payment of a fuel grant, and an exemption from Motor Tax. To qualify for the Scheme an applicant must be in possession of a Primary Medical...

Written Answers — Department of Finance: Flood Risk Insurance Cover Provision (30 May 2017)

Michael Noonan: I am conscious of the difficulties that the absence or withdrawal of flood insurance cover can cause to householders and businesses alike, and that is one of the reasons the Government has been prioritising investment in flood defences over the last number of years in order to minimise the risk of flooding.  However, the provision of insurance cover and the price at which it is...

Written Answers — Department of Finance: Stability and Growth Pact (30 May 2017)

Michael Noonan: The European Commission published its recommendation for a Council Recommendation on the 2017 National Reform Programme of Ireland and delivering a Council opinion on the 2017 Stability Programme of Ireland on the 22 May 2017.  My officials are currently examining the recommendation and the Commission staff's assessment of Ireland's 2017 Stability Programme Update. Recital eight of...

Written Answers — Department of Finance: Brexit Issues (30 May 2017)

Michael Noonan: I did not raise the possibility of utilising the unusual event clause when at the Eurogroup meeting last week as Ireland currently does not qualify for its use. As outlined for Deputy Doherty in PQ number 24 of the 18/05/2017 the Commission’s guidance on the implementation of the ‘unusual event clause’ in the preventative arm of the Stability and Growth pact (SGP) allows...

Written Answers — Department of Finance: Brexit Issues (30 May 2017)

Michael Noonan: The Department of Finance has been assessing and preparing for the impact of Brexit since well before the referendum on 23 June 2016. Work was carried out in the Department to assess the potential economic and financial sector implications arising, including the study, published in November 2015, under the ESRI-Department of Finance research programme, entitled 'Scoping the Possible Economic...

Written Answers — Department of Finance: Ministerial Meetings (30 May 2017)

Michael Noonan: Irish SMEs will require support to diversify and restructure their businesses in light of Brexit. It is a key Government strategy to support the growth of and investment in this important sector of the economy. As the Deputy will be aware, there are already significant Government measures to support the financing needs of SMEs and these will be available to assist SMEs deal with the effects...

Written Answers — Department of Finance: Brexit Issues (30 May 2017)

Michael Noonan: The first meeting of the Ireland-EIB Financing Group coincided with the formal opening of the EIB’s office in Dublin in December 2016, which in itself was a very welcome development. I chaired the meeting since the Minister for Finance is the Governor for Ireland of the EIB - this mirrors the position pertaining in the other 27 EU Member States.  My Cabinet colleagues, the...

Written Answers — Department of Finance: Insurance Costs (30 May 2017)

Michael Noonan: As Minister for Finance, I am responsible for the development of the legal framework governing financial regulation.  Neither I nor the Central Bank of Ireland can interfere in the provision or pricing of insurance products, as these matters are of a commercial nature, and are determined by insurance companies based on an assessment of the risks they are willing to accept.  This...