Results 22,321-22,340 of 27,019 for speaker:Michael Noonan

Finance Bill 2012: Second Stage (Resumed) (16 Feb 2012)

Michael Noonan: It took the Republican movement 25 years to wreck the economy in Northern Ireland. Fianna Fáil did the job down here quicker than that and without firing a shot. Both Fianna Fáil and Sinn Féin have wrecked the economies of both parts of the island.

Finance Bill 2012: Second Stage (Resumed) (16 Feb 2012)

Michael Noonan: It is probably no wonder they find it hard to come up with constructive ideas when it comes to debating legislation like the Finance Bill. We have a scattering of socialists in the Opposition who still think, despite the rubble of the Berlin Wall, that socialism is the answer. They should recall two of the countries in bailout programmes were put there by socialist governments. A socialist...

Finance Bill 2012: Referral to Select Sub-Committee (16 Feb 2012)

Michael Noonan: I move: That the Bill be referred to the Select Sub-Committee on Finance pursuant to Standing Order 82A(3)(a) (6)(a). Question put and agreed to.

Written Answers — Pension Provisions: Pension Provisions (15 Feb 2012)

Michael Noonan: This question relates to the flexible options on retirement first introduced in Finance Act 1999. Prior to that Act, any person taking a pension under a defined contribution (DC) scheme or a Retirement Annuity Contract was required to purchase an annuity with their remaining pension pot after drawing down the appropriate tax-free lump sum. Finance Act 1999 introduced significant changes...

Written Answers — Motor Vehicle Registration: Motor Vehicle Registration (15 Feb 2012)

Michael Noonan: I am advised by the Revenue Commissioners that registration numbers are assigned under section 131(5) of the Finance Act 1992. The registration number assigned at the time of first registration in the State remains assigned to that vehicle and must be displayed at all times until the vehicle is scrapped, destroyed or sent permanently out of the State. An owner of a vehicle which is 30 years...

Written Answers — Tax Code: Tax Code (15 Feb 2012)

Michael Noonan: This is a matter for the Revenue Commissioners and the Deputy will be aware of the longstanding independence of the Revenue Commissioners which was recently confirmed by Section 101 of the Ministers and Secretaries (Amendment) Act 2011. However, I have arranged for the Deputy's concerns to be brought to the attention of the Revenue Commissioners. In that context, the Deputy might advise the...

Written Answers — Tax Reliefs: Tax Reliefs (15 Feb 2012)

Michael Noonan: Section 14 of Finance Bill 2012 provides for the Special Assignee Relief Programme (SARP). An exemption from income tax on 30% of salary between €75,000 and €500,000 will be provided for employees that are assigned for a minimum of 1 year. The exemption will be available for a maximum of 5 years. The scheme will operate through the PAYE system as a deduction from income tax, but USC...

Written Answers — Tax Code: Tax Code (15 Feb 2012)

Michael Noonan: For the purpose of this reply it is assumed that the Deputy is referring to a Proprietary Director who is a director of a company who is either the beneficial owner of, or able, either directly or through the medium of other companies or by any other indirect means, to control more than 15 per cent of the ordinary share capital of the company. The 3% surcharge of Universal Social Charge...

Written Answers — Tax Code: Tax Code (15 Feb 2012)

Michael Noonan: For the purpose of this reply it is assumed that the Deputy is referring to: 1. a proprietary director, which is a director of a company who is either the beneficial owner of, or able, either directly or through the medium of other companies or by any other indirect means, to control more than 15 per cent of the ordinary share capital of the company . 2. "€100,000 per year from other...

Written Answers — Tax Collection: Tax Collection (15 Feb 2012)

Michael Noonan: Luxury goods such as the items outlined by the Deputy are currently subject to VAT at 23%, which was increased from 21% in the last Budget, and some luxury items are subject to further taxation such as excise duties. While any additional revenue would be welcome in the current circumstances, it is questionable whether placing a further tax on these goods would produce additional revenue, as...

Written Answers — National Asset Management Agency: National Asset Management Agency (15 Feb 2012)

Michael Noonan: I propose to take Questions Nos. 86 and 87 together. NAMA advises me that interest income is recognised in its quarterly accounts, based on the Effective Interest Rate (EIR) methodology. The EIR methodology is an accounting technique which NAMA is required to adopt for the recognition of interest income on its loan portfolio in accordance with International Financial Reporting Standards...

Written Answers — National Asset Management Agency: National Asset Management Agency (15 Feb 2012)

Michael Noonan: NAMA informs me that as at 30 September 2011, 2,872 of its loans were performing and 8,911 were non-performing. The weighted average contractual interest rate being paid in cash by those performing loans is estimated at 3.40% of the par / nominal debt at 30 September 2011. The non-performing loans at 30 September 2011, by definition, are not meeting their full contractual interest payments....

Written Answers — National Asset Management Agency: National Asset Management Agency (15 Feb 2012)

Michael Noonan: NAMA has advised me that it prepares its quarterly accounts in accordance with International Financial Reporting Standards. In accordance with these standards, sales of assets are included in the income statement (Profit & Loss). NAMA informs me that during Quarter 3 and Quarter 4 of 2011, it sold a number of loans to third parties. When a loan is sold to a third party, the gain or loss on...

Written Answers — National Asset Management Agency: National Asset Management Agency (15 Feb 2012)

Michael Noonan: NAMA advises me that it prepares its quarterly accounts in accordance with International Financial Reporting Standards. In accordance with these standards, foreign exchange gains and losses are included in the income statement (Profit & Loss). The amount included in the income statement represents the gains or losses on the translation to euro of its foreign currency loan portfolio and...

Written Answers — National Asset Management Agency: National Asset Management Agency (15 Feb 2012)

Michael Noonan: The NAMA quarterly accounts are prepared in accordance with section 55 of the National Asset Management Agency Act 2009. NAMA advises that it would not be considered normal practice for any State or commercial entity to have its quarterly accounts audited or prepared by an independent auditing firm. NAMA also advises me that, apart from imposing additional and unnecessary costs, involving...

Written Answers — State Banking Sector: State Banking Sector (15 Feb 2012)

Michael Noonan: I can confirm that I did not approve the use of these consultants in the case of either EBS or Bank of Ireland. The Central Bank has also confirmed to me that it did not approve the use of these consultants. The procurement of external service providers is a matter for the management and board of each respective institution. I have no role in the day-to-day commercial and operational...

Written Answers — EU Presidency: EU Presidency (15 Feb 2012)

Michael Noonan: Preparations for the Irish Presidency of the EU in the first half of 2013 are well advanced in my Department. A steering Committee has been established to coordinate the preparation of the Department's Presidency programme for the Ecofin Council and the organization of the Informal Ecofin meeting in Dublin. The Management Advisory Committee is updated regularly on progress to date. A...

Written Answers — Tax Code: Tax Code (14 Feb 2012)

Michael Noonan: I would point out initially that the carbon tax does not apply to electricity and as such ESB bills do not include a carbon tax element, to which VAT would apply. The amount on which VAT is chargeable, in accordance with section 37(1) of the Value-Added Tax Consolidation Act 2010, is the total consideration receivable by the supplier, "including all taxes, commissions, costs and charges...

Written Answers — International Agreements: International Agreements (14 Feb 2012)

Michael Noonan: The 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 and Government (HoSG) of the Euro Area on 21 July and 9 December 2011, aimed at improving the effectiveness of the mechanism. The treaty will have to be ratified by the 17 Euro...

Written Answers — Tax Code: Tax Code (14 Feb 2012)

Michael Noonan: Unfortunately, it was not possible to collate the information required for this answer in the time allowed. I will provide the Deputy with the answer in writing shortly.