Results 21,221-21,240 of 27,019 for speaker:Michael Noonan

EU-IMF Funding (23 May 2012)

Michael Noonan: I will reread my note again on that for the Deputy so there will be no misunderstanding - I have consulted with the NTMA and I consider that a "No" vote on the referendum on the stability treaty would mean in all likelihood that it would not be possible for Ireland to re-enter the bond markets at sustainable rates.

EU-IMF Funding (23 May 2012)

Michael Noonan: It fully concurs with my opinion. However, the NTMA is not reflecting my opinion. It is independent and it is charged with funding the requirements of the State. It is the NTMA's considered opinion that a "No" vote will, in all likelihood, make it not possible for Ireland to re-enter the bond markets at sustainable rates. What the Deputy said in his initial remarks is also true. When it...

Stability and Growth Pact (23 May 2012)

Michael Noonan: I propose to take Questions Nos. 2 and 3 together. As part of the corrective arm of the Stability and Growth Pact, once an excessive deficit has been identified, the focus of budgetary policy is on reducing the headline deficit to below 3% of GDP. Following agreement with the ECOFIN Council in December 2010, we are required to correct our excessive deficit by 2015, a timeframe that balances...

Stability and Growth Pact (23 May 2012)

Michael Noonan: I draw Deputy Doherty's attention to a statement made on "Prime Time" last night by the eminent economist, John McHale, who is chair of the fiscal advisory council. He took the view that no additional consolidation would be required to meet the structural deficit even under very conservative assumptions about growth. One takes note of what somebody with the stature of Professor McHale says....

Stability and Growth Pact (23 May 2012)

Michael Noonan: The only harassment and bullying I have seen in the past couple of weeks involved supporters of the "No" campaign harassing and bullying the Taoiseach as he campaigned across the country. They tried to prevent him from explaining the situation to ordinary, decent citizens. Deputy Higgins should exercise influence over his supporters, if he has any, to stop this harassment of the Taoiseach...

Stability and Growth Pact (23 May 2012)

Michael Noonan: I cited Professor McHale because of his eminence as an economist and the position he occupies as chair of the Fiscal Advisory Council. We should give weight to what he says. I cited his comments so that Deputies will know he made them and can give them due weight. Of course there are other voices on the "Yes" side as well as the "No" side and some people exaggerate the position. Our...

Stability and Growth Pact (23 May 2012)

Michael Noonan: It is fair to point out the grouping is a decision of the Office of the Ceann Comhairle.

National Asset Management Agency (23 May 2012)

Michael Noonan: Under the NAMA Act 2009, the sale of private property by the National Asset Management Agency is a matter for the board of NAMA. I have no function on such matters. I am advised by NAMA that the NAMA board issued policy guidelines in mid-2011, which set out that, in the absence of very exceptional circumstances, the sale of all property assets undertaken by debtors or receivers shall be by...

National Asset Management Agency (23 May 2012)

Michael Noonan: I will clarify the matter according to what NAMA told me about the sale in Cork. In that instance, NAMA advised me the sales agent was acting on behalf of the debtor and that a competitive sales process was undertaken. The debtor was not in liquidation. I understand from NAMA that the sale was managed and implemented on behalf of the debtor by a firm of professional sales agents....

Written Answers — Tax Code: Tax Code (22 May 2012)

Michael Noonan: The Seed Capital Scheme allows an individual, who makes a qualifying investment in a company, to set off the amount of that investment against his or her taxable income in any of the previous 6 years. The activities of the company are required to constitute a qualifying new venture. The individual is required to take up full-time employment with the company and to hold at least 15% of the...

Written Answers — Tax Code: Tax Code (22 May 2012)

Michael Noonan: Sections 472A and 88A of the Taxes Consolidation Act 1997 provide tax incentives for both employers and employees, to help the long-term unemployed to return to employment. The relief under Section 472A, known as the Revenue Job Assist scheme, allows qualifying employees, in addition to their normal tax credits, to claim certain income deductions, including additional deductions for...

Written Answers — National Asset Management Agency: National Asset Management Agency (22 May 2012)

Michael Noonan: Acting on my direction, on 29 March 2012 the NAMA Board approved the short-term facility with Irish Bank Resolution Corporation Limited (IBRC) collateralised by an Irish Government bond. The €3.06 billion facility was drawn on the 3rd April 2012. The maximum maturity under the direction is 90 days. The facility was provided on an arms-length commercial basis with interest accruing on...

Written Answers — State Banking Sector: State Banking Sector (22 May 2012)

Michael Noonan: As the deputy is aware, Bank of Ireland (the "Bank") announced on 29 March 2012 that the Bank had reached a conditional agreement to conduct a securities repurchase transaction with IBRC. The Bank stated: "As the transaction is considered to be a related party transaction under Listing Rules, it is subject to independent stockholder approval. A circular containing additional details of the...

Written Answers — National Asset Management Agency: National Asset Management Agency (22 May 2012)

Michael Noonan: I am advised by NAMA that it is currently carrying out an extensive analysis of data on residential property under the control of its debtors. NAMA's best estimate, at this stage in its analysis, is that some 9,200 units are currently rented, 700 have been sold and 4,000 are vacant. This estimate is subject to additional refinement as the analysis proceeds. I am advised by NAMA that a...

Written Answers — Tax Code: Tax Code (22 May 2012)

Michael Noonan: The position is that family members employed in a family business are taxed at the same rate of tax as non-family members. Therefore, I am assuming that the Deputy is referring to the disallowance of the employee tax credit (more commonly known as the PAYE tax credit) to a spouse and some children in respect of the PAYE tax due on their income from employment in a family business. I am...

Written Answers — Tax Code: Tax Code (22 May 2012)

Michael Noonan: The Government has brought forward a number of improvements to incentives designed to help businesses retain staff and take on new employees over the past year. These include the measures set out as follows. The Employment and Investment Incentive (EII) and Seed Capital Scheme commenced on 25 November 2011 following the receipt of State aid approval from the European Commission. These schemes...

Written Answers — Tax Code: Tax Code (22 May 2012)

Michael Noonan: In general, transactions related to financial instruments are exempt from VAT under the EU VAT Directive with which Irish VAT legislation must comply. The Value-Added Tax Consolidation Act 2010 provides that financial services supplied by a taxable person consisting of the issuing, transfer, or otherwise dealing, in bonds, shares, securities, derivatives or structured financial products are...

Written Answers — Tax Code: Tax Code (22 May 2012)

Michael Noonan: I propose to take Questions Nos. 211 and 214 together. I understand the ESRI and the Central Bank have finalised an assessment of the impact of any potential Financial Transactions Tax. The assessment will be reviewed within the Department and I will consider making it available in due course. I thank the ESRI and the Central Bank for the work they have put into the assessment. The Deputy...

Written Answers — Public Service Staff: Public Service Staff (22 May 2012)

Michael Noonan: Any matters relating to remuneration for public service employees is a matter for my colleague, the Minister for Public Expenditure and Reform. Following the report of the Covered Institutions Remuneration Oversight Committee (CIROC) in February 2009, the then Government decided to implement a base salary cap of €500,000 to be applied to the CEO position at some of the covered...

Written Answers — Departmental Staff: Departmental Staff (22 May 2012)

Michael Noonan: During 2012 and 2013, this Department will actively engage in a threefold action plan to meet its strategic objectives: · This will firstly involve training our existing teams so that they can develop greater technical, management and leadership skills necessary to the challenge. Using the performance management evaluation system, we will review our staff and identify any skills which need...