Results 22,021-22,040 of 27,019 for speaker:Michael Noonan

Written Answers — International Agreements: International Agreements (13 Mar 2012)

Michael Noonan: I propose to take Questions Nos. 166 and 167 together. As I have stated before, the European Stability Mechanism (ESM) Treaty, which was signed by all Euro Area Member States on 2 February, subject to ratification, provides that "the granting of financial assistance in the framework of new programmes under the ESM will be conditional, as of 1 March 2013, on ratification of the TSCG by the ESM...

Finance Bill 2012: Report and Fiinal Stages (13 Mar 2012)

Michael Noonan: The proposed administration charge of €500 is necessary to defray the costs of development and ongoing administration required for the efficient operation of the export refund scheme. The fee will enable development costs to be recouped as quickly as possible to minimise the burden on the taxpayer. In other countries, such as Denmark, where a similar scheme exists, an administrative...

Finance Bill 2012: Report and Fiinal Stages (13 Mar 2012)

Michael Noonan: The Deputy's amendment proposes to introduce a new section in the Bill. This new section would require the Minister for Finance, within three months from the passing of the Finance Act, to prepare a report on the contribution made to the Exchequer, in particular the contribution as a result of the measures introduced by the Finance Act 2012, and to lay that report before Dáil Éireann. The...

Finance Bill 2012: Report and Fiinal Stages (13 Mar 2012)

Michael Noonan: Yes, with the Acting Chairman's permission. My note is addressed to the Ceann Comhairle but, before we conclude today's proceedings, I would be obliged if, in accordance with Standing Order 140, the Acting Chairman would direct the Clerk to make the following minor drafting corrections to the text of the Bill. On page 50, lines 22 and 26, to change the lower case Roman numerals to upper...

Finance Bill 2012: Order for Report Stage (13 Mar 2012)

Michael Noonan: I move: "That Report Stage be taken now."

Finance Bill 2012: Report and Fiinal Stages (13 Mar 2012)

Michael Noonan: I thank the Deputies for their contribution. I will read the speaking note first, to give the official view, and will then comment on the case the Deputies make. As Deputies will be aware, in every annual budget, the budget book includes tables demonstrating the effects of budget changes in respect of income tax, PRSI and the universal social charge, USC, on single, married - with and...

Finance Bill 2012: Report and Fiinal Stages (13 Mar 2012)

Michael Noonan: I do not propose to accept the amendment. However, I fully support the principal of ex ante and ex post economic impact assessments – including cost benefit analysis – in formulating and evaluating tax policy. I am opposing the amendment on a number of grounds. The main reason is the underlying principle of proportionality in cost benefit analysis. The level of resources invested in...

Finance Bill 2012: Report and Fiinal Stages (13 Mar 2012)

Michael Noonan: The amendment was tabled by Deputy Doherty on Committee Stage. The Bill already provides for an increase in the exemption threshold from €4,004 to €10,036. This will cost approximately €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...

Finance Bill 2012: Report and Fiinal Stages (13 Mar 2012)

Michael Noonan: The review, in so far as it arose from the programme for Government, is now completed. Any Government can review any charge or tax on an ongoing basis but the review to which a commitment was made is now completed.

Finance Bill 2012: Report and Fiinal Stages (13 Mar 2012)

Michael Noonan: The Deputy tabled amendments Nos. 10 and 11 on Committee Stage and my response remains the same. The focus behind the provision of the relief in question is to assist in the development of new markets for Irish exports in the BRIC states. The Deputy seems to be proposing that where an employer is either unable to demonstrate an increase in the volume of trade with the relevant state or...

Written Answers — Universal Social Charge: Universal Social Charge (8 Mar 2012)

Michael Noonan: I assume the Deputy is referring to the increase in the lower exemption limit for the Universal Social Charge I announced in the last Budget. I am informed by the Revenue Commissioners that as lone parents who qualify for that increase are not distinguished from other payers of the Universal Social Charge it is not possible to provide a precise estimate of the numbers so qualifying. ...

Written Answers — EU Treaties: EU Treaties (8 Mar 2012)

Michael Noonan: The European Stability Mechanism (ESM) Treaty, was signed by Euro Area Member States on 2 February 2012. The original version of the Treaty was signed on 11 July 2011, but it has been modified to incorporate decisions taken by the Heads of State or Government (HoSG) of the Euro Area on 21 July and 9 December 2011, aimed at improving the effectiveness of the mechanism. The ESM Treaty as signed...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (8 Mar 2012)

Michael Noonan: As the Deputy is aware, the Government has imposed lending targets on the two domestic pillar banks for the three calendar years, 2011 to 2013. Both banks were required to sanction lending of at least €3 billion in 2011, €3.5 billion this year and €4 billion in 2013 for new or increased credit facilities to SMEs. I can confirm to the Deputy that both banks have achieved their 2011...

Written Answers — EU Treaties: EU Treaties (8 Mar 2012)

Michael Noonan: I propose to take Questions Nos. 65 and 66 together. I assume the Deputy is referring to the European Stability Mechanism. The European Stability Mechanism (ESM) Treaty was signed by Euro Area Member States on 2 February 2012. The original version of the treaty was signed on 11 July 2011, but it has been modified to incorporate decisions taken by the Heads of State or Government (HoSG) of the...

Written Answers — Appointments to State Boards: Appointments to State Boards (8 Mar 2012)

Michael Noonan: In response to the Deputy's question the following appointments were made in respect of bodies under the aegis of my Department since March 2011. Fiscal Advisory Council - The following people were appointed to the Fiscal Advisory Council: Mr Sebastian Barnes; Professor Alan Barrett; Dr Donal Donovan; Professor John McHale, Chair; Dr Roisin O'Sullivan. As Minister for Finance I announced...

Written Answers — Tax Code: Tax Code (8 Mar 2012)

Michael Noonan: I am advised by the Revenue Commissioners that the VAT rating of goods and services is subject to the requirements of EU VAT law with which Irish VAT law must comply. In so far as the supply of printed matter is concerned, three different rates may apply. The general position is that books are zero-rated, newspapers and periodicals are subject to VAT at the 9% reduced rate and stationery...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (8 Mar 2012)

Michael Noonan: As a result of the March 2011 PCAR Irish Life & Permanent (IL&P) was required to raise additional capital of €4 billion. In July 2011 €2.3 billion of this requirement was injected by way of a placing of shares to the Minister for Finance, leaving the State with its current holding of 99.24% in IL&P. At that time a further €400 million was also injected into IL&P in return for the...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (8 Mar 2012)

Michael Noonan: The mortgage lenders operating in the Republic of Ireland are independent commercial entities and are subject to compliance with relevant legal, regulatory and accounting requirements. It is a matter for each institution's Board and management to manage and report on the performance of its mortgage book and other activities of the bank. This includes estimating impairment charges on their...

Written Answers — Tax Code: Tax Code (8 Mar 2012)

Michael Noonan: Based on information to date from the Collector General's Office, the amount of PRSI income that was reclassified as income tax in the February Exchequer returns was approximately €221 million. The overall impact on the Exchequer is neutral – what is gained in income tax is counterbalanced through higher net voted current spending.

Written Answers — Banking Sector Redundancies: Banking Sector Redundancies (8 Mar 2012)

Michael Noonan: The Deputy will be aware that Allied Irish Banks announced plans today to shed some 2,500 posts as part of a voluntary severance programme. It is deeply regrettable, for all concerned, that such action has had to be taken but it is an inevitable consequence of the necessary restructuring of the banking system to render it fit to better serve personal and business customers throughout the...