Results 21,881-21,900 of 27,019 for speaker:Michael Noonan

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

Michael Noonan: IBRC has confirmed that the engagement of the company in question has been extended for a further one month. The weekly calls are part of IBRC's ordinary course of business for which the bank is responsible. My Department dials in to these calls, depending on the agenda, to keep appraised of progress and developments.

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

Michael Noonan: The recommendations referred to in the question arose from a limited review exercise focussed on the organisation and structural elements of NAMA. It did not focus on the commercial strategy of NAMA. IBRC is working in accordance with a plan which has been approved by the EU for the work out of the organisation by 2020. A redacted version of this approved EU plan is in the public domain....

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

Michael Noonan: Bank of Ireland's (the "Bank") Annual Report for the year ended 31 December 2011, states that the outstanding subordinated liabilities in issue amount to €417 million. Adjusting for fair value accounting (€8 million) and excluding preference stock (€39 million) which is not a debt instrument, results in an outstanding unguaranteed subordinated debt amount of €370 million. As...

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

Michael Noonan: NAMA presents its financial statements in accordance with International Financial Reporting Standards ("IFRS"). It is required to do so under EU legislation due to the fact it has listed debt securities. In accordance with IFRS NAMA uses the effective interest rate methodology ("EIR") for the recognition of interest income on its loan portfolio from the date due diligence is completed. For...

Bank Guarantee Scheme (22 Mar 2012)

Michael Noonan: During the course of 2009 and 2010, it was determined that Anglo Irish Bank Corporation Limited and Irish Nationwide Building Society, now together known as Irish Bank Resolution Corporation, required significant additional capital. Of this capital, a total of €4.1 billion was provided in the form of equity, or special investment shares for INBS, and a total of €30.6 billion in the form...

Bank Guarantee Scheme (22 Mar 2012)

Michael Noonan: I thank the Deputy for his good wishes. I am quite constrained in what I can say but I would like to keep the House informed. At the conclusion of these talks I will come back to the House and give the Deputy all the details to which he is entitled as a finance spokesperson of an Opposition party. I can confirm that the principal agenda item is to negotiate an overall settlement to have an...

Bank Guarantee Scheme (22 Mar 2012)

Michael Noonan: I am as hopeful as I was last night. I am constrained because negotiations have been proceeding both here and in Frankfurt today but as well as that I have spent four hours in the Seanad dealing with the Finance Bill and I have only now got to this House to deal with this issue. I am sure I would have got a note advising me if anything adverse had occurred. My understanding is that matters...

Bank Guarantee Scheme (22 Mar 2012)

Michael Noonan: No. I was not expecting a statement, which is different. I cannot really go beyond that but as soon as I am not constrained I will give the Deputy the full information either in a private briefing or here in the House.

Seanad: Finance Bill 2012 (Certified Money Bill): Committee and Remaining Stages (22 Mar 2012)

Michael Noonan: In every annual budget, the budget book includes tables demonstrating the effects of budget changes in respect of income tax, PRSI, the universal social charge on single, married - with or without children - PAYE and self-employed income earners over a wide distribution of income levels. The tables also demonstrate the effective changes to some payments from the Department of Social...

Seanad: Finance Bill 2012 (Certified Money Bill): Committee and Remaining Stages (22 Mar 2012)

Michael Noonan: For the sake of completeness, I want to add some further remarks about the ESRI budget analysis. Senator Reilly quoted it accurately but if she quoted the remainder she would have noted it said the weight of overall adjustments in the past four years has been on the wealthiest in society, not the poorest. She will also recall this budget exempted over 300,000 people from the universal...

Seanad: Finance Bill 2012 (Certified Money Bill): Committee and Remaining Stages (22 Mar 2012)

Michael Noonan: The Department of Public Expenditure and Reform produces the annual Estimates of expenditure every February. These demonstrate in great detail all expenditure, voted and non-voted, by each Department and office. The Estimates are published and available on the website of the Department of Public Expenditure and Reform. Also, every taxpayer is already provided annually with an assessment...

Seanad: Finance Bill 2012 (Certified Money Bill): Committee and Remaining Stages (22 Mar 2012)

Michael Noonan: The Senator made a reasonable case. I will ask the Revenue to monitor the progress made in the United Kingdom in the introduction of a similar measure to that proposed. We will revisit the matter in light of experience in that country.

Seanad: Finance Bill 2012 (Certified Money Bill): Committee and Remaining Stages (22 Mar 2012)

Michael Noonan: As Senator Reilly acknowledged, the Bill already provides for an increase in the exemption threshold from €4,004 to €10,036. This measure will cost in the region of €47 million for a full year and will remove nearly 330,000 people from the charge. While this is a significant cost, I do not expect it to result in a reduced yield for the Exchequer because of the switch to an...

Seanad: Finance Bill 2012 (Certified Money Bill): Committee and Remaining Stages (22 Mar 2012)

Michael Noonan: Nach mbeadh teacht ar ais ag an Rialtas ar chúrsaí cánach ó thaobh VAT, cáin breis luacha, agus mar sin de ar an taobh eile? Mar sin, ní gá go mbeadh an caillteanas de €117 milliún chomh hard agus atá á rá. Cinnte le Dia, caithfidh sé go bhfuil áiteanna eile go bhféadfaí an t-airgead seo a fháil, seachas a bheith dhá bhualadh anuas arís ar na daoine atá ar ioncam íseal.

Seanad: Finance Bill 2012 (Certified Money Bill): Committee and Remaining Stages (22 Mar 2012)

Michael Noonan: I will read out the briefing note first and then we can talk about it. Illness benefit and occupational injury benefit are taxable by virtue of section 126 of the Taxes Consolidation Act 1997. However, the first 36 days, in practice the first six weeks of the payment, in a tax year are disregarded for tax purposes. Under certain employer and employee arrangements, an employee may remain on...

Seanad: Finance Bill 2012 (Certified Money Bill): Committee and Remaining Stages (22 Mar 2012)

Michael Noonan: It applies in the private sector but it is not as prevalent because, as the Senator said, not that many private sector employers would pay a full salary while people were on sick leave. The social welfare payment people receive when they are out is not liable to tax, so one combines the two. It would apply in the public service and private sector but it is more prevalent in the public...

Seanad: Finance Bill 2012 (Certified Money Bill): Committee and Remaining Stages (22 Mar 2012)

Michael Noonan: No. This is separate.

Seanad: Finance Bill 2012 (Certified Money Bill): Committee and Remaining Stages (22 Mar 2012)

Michael Noonan: I will deal first with the recommendations at face value even though I gather from Senator Barrett's remarks that they have been tabled for the purpose of debate on wider issues. Recommendation No. 21 would reduce the health insurance levy payable by health insurers in respect of health insurance policies for individuals aged 60 and over from €285 to €95. I presume the intention is to...

Seanad: Finance Bill 2012 (Certified Money Bill): Committee and Remaining Stages (22 Mar 2012)

Michael Noonan: This section amends section 89 of the Capital Acquisitions Tax Consolidation Act 2003. That section provides that only 10% of the value of agricultural property taken by a farmer as defined is taken into account in calculating gift or inheritance tax in respect of such property. A farmer for this purpose means an individual at least 80% of whose assets consist of agricultural property after...

Seanad: Finance Bill 2012 (Certified Money Bill): Committee and Remaining Stages (22 Mar 2012)

Michael Noonan: I accept the principle enunciated by the Senator that there should be an equivalence under tax law between persons who are in civil partnership and married persons. If there are any anomalies in the law, we will move to amend them on the next appropriate occasion. My difficulty with the recommendation is that I have been advised that what is proposed is already in the law and is therefore...