Results 101-120 of 19,717 for in 'Written Answers' speaker:Michael Noonan

Written Answers — Department of Finance: Insurance Industry Regulation (23 May 2017)

Michael Noonan: As Minister for Finance, I have responsibility for the development of the legal framework governing financial regulation in Ireland, including the regulatory environment for life and non-life insurance.  The legal and regulatory framework for the provision of life insurance, non-life insurance and reinsurance in the European Economic Area (EEA), and the supervision of that activity,...

Written Answers — Department of Finance: Banking Sector (23 May 2017)

Michael Noonan: The 2015 capital reorganisation at AIB resulted in a number of changes to the shareholding structure. Principal among these was the consolidation of shares as well as the redemption and conversion of the State’s Preference Shares. As you know, AIB had in excess of 523 billion Ordinary Shares in issue (increasing to around 678 billion as a result of the conversion) which was...

Written Answers — Department of Finance: Insurance Coverage (23 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...

Written Answers — Department of Finance: Company Liquidations (23 May 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 July...

Written Answers — Department of Finance: Tax Data (23 May 2017)

Michael Noonan: I am advised by Revenue Commissioners that, at end 2016, there were around 2,375,600 live PAYE employees on Revenue records. This includes cases earning but not in the tax net. It should be noted that PAYE employments on Revenue records also include retired persons in receipt of private or occupational pensions. Comparison between Revenue and CSO figures are not straightforward for a number...

Written Answers — Department of Finance: Fiscal Data (23 May 2017)

Michael Noonan: At a national level, the Central Statistics Office is responsible under EU regulation for ensuring that all units within the economy are classified according to the rules set out under the European System of Accounts 2010 (ESA 2010). Eurostat is the ultimate arbiter on classification decisions under ESA 2010. Classifications are determined on a case by case basis and a great deal of...

Written Answers — Department of Finance: Help-To-Buy Scheme Eligibility (23 May 2017)

Michael Noonan: The “Help to Buy” scheme is provided for in section 477C of the Taxes Consolidation Act 1997. The section provides that, in order to qualify for the scheme a first-time purchaser must be “an individual who, at the time of a claim - has not, either individually or jointly with any other person, previously purchased or previously built, directly or indirectly, on his or her...

Written Answers — Department of Finance: Banking Sector Regulation (18 May 2017)

Michael Noonan: I am informed by the Central Bank that, while it cannot generally comment on interactions with regulated firms, Ulster Bank Ireland D.A.C. is engaging with the Bank in relation to this matter.  As the Deputy is aware, in November 2016, RBS announced a new complaints review process overseen by an independent third party and the automatic refund of complex fees to SME customers in the...

Written Answers — Department of Finance: Real Estate Investment Trusts (18 May 2017)

Michael Noonan: A Real Estate Investment Trust or REIT is a quoted company, used as a collective investment vehicle to hold rental property. A REIT is exempt from corporation tax on qualifying income and gains from rental property, subject to a high profit distribution requirement to. A REIT provides the same after-tax returns to investors as direct investment in rental property, by eliminating the double...

Written Answers — Department of Finance: Central Bank of Ireland Supervision (18 May 2017)

Michael Noonan: Within the remit of the Central Bank’s responsibilities for safeguarding stability and protecting consumers, its approach to mortgage arrears resolution is focused on ensuring the fair treatment of borrowers through a strong consumer protection framework and ensuring that lenders have appropriate arrears resolution strategies and operations in place.  The Code of Conduct on...

Written Answers — Department of Finance: Central Bank of Ireland Supervision (18 May 2017)

Michael Noonan: The Central Bank’s Administrative Sanctions Procedure is governed by Part IIIC of the Central Bank Act 1942. Part IIIC was inserted into the Central Bank Act, 1942, by the Central Bank and Financial Services Authority of Ireland Act, 2004. It provides the Central Bank with the power to administer sanctions in respect of the commission of prescribed contraventions by regulated...

Written Answers — Department of Finance: NAMA Loans Sale (18 May 2017)

Michael Noonan: I propose to take Questions Nos. 31 and 15 together. 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...

Written Answers — Department of Finance: Financial Services Regulation (18 May 2017)

Michael Noonan: The Government considers that measures to encourage and promote a greater level of switching in the mortgage market would help boost the level of competition in the market for existing mortgages.  In particular, the Programme for Partnership Government considers that the development of a code of conduct for switching mortgage provider would be a useful and practical...

Written Answers — Department of Finance: Universal Social Charge Yield (18 May 2017)

Michael Noonan: At the outset it is important to point out that income tax encompasses a broad range of elements, some of which are not directly impacted by employment or wage developments. These include Deposit Interest Retention Tax, Life Assurance Exit Tax, Dividend Withholding Tax, Professional Services Withholding Tax and Back Duty.  These payments can be non-linear in nature and the timing of...

Written Answers — Department of Finance: National Debt Servicing (18 May 2017)

Michael Noonan: As I have outlined in my previous responses to the Deputy’s recent questions on this topic – PQ 16418/17 and PQ 18095/17 – I am confident that the National Treasury Management Agency (NTMA) is pursuing the optimal strategy in its management of this debt. The NTMA has already taken numerous steps to significantly reduce the refinancing requirement in the coming years....

Written Answers — Department of Finance: Fiscal Policy (18 May 2017)

Michael Noonan: As the Deputy is no doubt aware and, as I have previously outlined for the Deputy in Parliamentary Question Number 43 of 4 April this year, the fiscal rules to which Ireland is subject to have direct application through a number of EU regulations.  The European Commission has repeatedly emphasised that budgetary discipline is assessed against reference values that do not...

Written Answers — Department of Finance: Banking Sector (18 May 2017)

Michael Noonan: The Programme for Government contains a commitment to thoroughly investigate the Sparkassen model of local public banks that operate within well-defined regions. The Department of Arts, Heritage, Regional, Rural and Gaeltacht Affairs is the lead Department in respect of this commitment. The Government is also committed to consider a model of community banking that could provide a suite of...

Written Answers — Department of Finance: Tax Credits (18 May 2017)

Michael Noonan: In 2014 the Department of Finance published Tax Expenditure Guidelines to provide direction for evaluating large tax expenditures on a regular basis. The purpose of the guidelines is to ensure the evaluation of tax expenditures in the context of their continued relevance in respect of achieving their policy objective. In line with these guidelines, an economic evaluation of the R&D...

Written Answers — Department of Finance: Ireland Strategic Investment Fund Investments (18 May 2017)

Michael Noonan: The Ireland Strategic Investment Fund (ISIF), in line with its double bottom line mandate, has to date invested in a number of significant financing platforms and projects in the construction sector, and is actively examining other investment opportunities.  ISIF invests on a risk adjusted basis in the various housing financing platforms and these platforms, in turn, provide...

Written Answers — Department of Finance: Help-To-Buy Scheme (18 May 2017)

Michael Noonan: As the Deputy will be aware, the Help to Buy 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 comprehensive Action Plan takes a holistic approach in addressing the many...