Results 24,681-24,700 of 27,019 for speaker:Michael Noonan

EU-IMF Programme (5 Jul 2011)

Michael Noonan: It is very fair to say that when we talk about a bailout for Ireland, or indeed Greece or Portugal, we are not talking about grant-in-aid. We are getting a facility to borrow money and we are paying a very high interest charge on it. We are not in receipt of charity or of grant-in-aid. It is simply a loan facility to keep us going when we could not raise money on the markets, and the...

Tax Code (5 Jul 2011)

Michael Noonan: I propose to take Questions Nos. 33, 55 and 78 together. I wish to advise the Deputies that companies operating in Ireland are chargeable to corporation tax at the 12.5% rate on their trading profits. A higher 25% rate applies in respect of investment, rental and other non-trading profits and chargeable capital gains. This rate also applies in respect of certain petroleum, mining or land...

Tax Code (5 Jul 2011)

Michael Noonan: I do not have the figures sought by the Deputy to hand but, in overall terms, there has been a debate on who pays what rate of corporation tax across the European Union. If one takes the effective rate rather than the nominal rate, Ireland is positioned in the lower segment of mid-table. Our effective rate is 11.9% whereas our nominal rate is 12.5%. The two rates are very close because...

Tax Code (5 Jul 2011)

Michael Noonan: As corporation tax is a tax on company profits, obviously costs are taken out before one calculates the base on which the 12.5% rate is applied.

Tax Code (5 Jul 2011)

Michael Noonan: If it is a cost, it is a cost. It is a tax on profits. That is straightforward. The source is a survey carried out by one of the international accountancy firms. I do not have further information to hand but I will get it for the Deputy. The survey investigated nominal rates and effective rates throughout the European Union and we circulated the results widely through the diplomatic...

Tax Code (5 Jul 2011)

Michael Noonan: More than 28,000 companies pay tax at the 12.5% rate but the Deputy wants to know how many pay smaller amounts. I do not have the precise figures to hand and I do not think anybody does. In general terms, there are few allowances but the tax is levied on profits. Obviously companies can deduct costs before the tax break arises. The one break of which I am aware was introduced in the...

Tax Code (5 Jul 2011)

Michael Noonan: We have shared this information through our diplomatic system. The initial reaction of colleagues in Europe was surprise but they all accept it now. We got the information published in the leading French newspapers, including Les Echos, which is the French equivalent of the Financial Times, and I think it was also published in Le Monde. There has been a change in the French position. It...

Programme for Government (5 Jul 2011)

Michael Noonan: Put down a question.

Written Answers — Departmental Funding: Departmental Funding (30 Jun 2011)

Michael Noonan: I am highly conscious of the centre to which the Deputy refers and of its track record in relation to peace-building on the island of Ireland and beyond. My Department has worked closely with the centre on its programming activities in the peace-building area. Most recently, the centre received an award of €112,500 from my Department's Reconciliation Fund towards its work in three key...

Written Answers — Tax Code: Tax Code (30 Jun 2011)

Michael Noonan: It is understood that the question relates to the Air Travel Tax (ATT). The ATT is currently applied at the rate of €3 to all passenger departures from Irish airports whose passenger departure numbers are greater than 50,000 in the preceding year. The Finance (No 2) Act 2011 provides for the suspension of the ATT to all departures. The ATT rate will now be reduced to zero on or after...

Written Answers — Garda Stations: Garda Stations (30 Jun 2011)

Michael Noonan: Bailieborough Garda Station is currently located in a building which is deemed inadequate by An Garda Síochána for policing needs and has been prioritised for replacement. In light of the requirement for more modern facilities, OPW has advised An Garda Síochána that the optimum solution in this case is the construction of new purpose-built facilities on a greenfied site. Bailieborough...

Written Answers — European Financial Stability FAcility: European Financial Stability FAcility (30 Jun 2011)

Michael Noonan: I am not aware of any proposals to use European Financial Stability Facility to establish a European Bank Restructuring Agency. The Euro Area Member States agreed in May 2010 to create a European Financial Stability Facility (EFSF) in order to financially support euro area Member States who are in difficulties caused by exceptional circumstances beyond their control. The EFSF was...

Written Answers — EU-IMF Fund: EU-IMF Fund (30 Jun 2011)

Michael Noonan: Ireland is meeting its targets under the EU/IMF Programme and the troika teams have concluded that we have made a strong start. Nevertheless, yields on Ireland's sovereign bonds are remaining at elevated levels and it is clear that this position is being exacerbated by the ongoing uncertainties due to the wider situation in Europe. Clearly, the current market view of Ireland as illustrated...

Written Answers — Redundancy Payments: Redundancy Payments (30 Jun 2011)

Michael Noonan: There are no redundancy 'packages' available currently in the Civil/Public Service. As part of the programme to correct the public finances, the Government is committed to reducing numbers in the Public Service in the period to 2015 and is currently carrying out a comprehensive review of expenditure to examine all areas where savings and numbers reductions might be identified. Part of the...

Written Answers — National Asset Management Agency: National Asset Management Agency (30 Jun 2011)

Michael Noonan: NAMA advises me that the most efficient way to deal with issues arising in connection with period buildings and protected structures controlled by NAMA debtors, is to consider circumstances on a case by case basis. Should it be brought to NAMA's attention that one of its debtors is failing to comply with his or her obligations as regards protected buildings or structures, the Agency's first...

Written Answers — EU Funding: EU Funding (30 Jun 2011)

Michael Noonan: The purpose of EU Regional/Cohesion policy is to reduce the significant economic, social and territorial disparities that still exist between Europe's regions. The budget for the 2007-2013 round is €347bn. Most of this budget is allocated for those countries and regions whose gross domestic product per capita is less than 75% of EU average (81.5% for convergence objective). The remainder...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (30 Jun 2011)

Michael Noonan: I am advised by the institution that the statistics, covering the Republic of Ireland and the United Kingdom areas, sought by the Deputy are as listed below. Year Total Cars Cars purchased/leased 2009 730 102 2010 671 90 2011 (to May) 571 81

Written Answers — Banking Sector Regulation: Banking Sector Regulation (30 Jun 2011)

Michael Noonan: The total number of cars in the Bank of Ireland fleet is 567. Their year of purchase or lease commencement is shown in the table below. Year of purchase or lease commencement Total Fleet 2011 2010 2009 Pre 2009 567 74 167 99 227

Written Answers — Departmental Expenditure: Departmental Expenditure (30 Jun 2011)

Michael Noonan: In response to the Deputy's question some € 47,211 can be attributed to costs incurred or due to be incurred in relation to the establishment of the new Department of Public Expenditure and Reform. The following table gives a breakdown of the costs. All figures include VAT. Cost Breakdown Cost Breakdown Costs € Details 31,350 Fit-out of offices (inclusive of equipment such as...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (30 Jun 2011)

Michael Noonan: The day-to-day regulation of banks and other regulated financial service providers is primarily a matter for the Central Bank. The Central Bank has a range of enforcement tools available to it to ensure the regulation of the financial services industry up to and including the bringing of summary prosecutions. The Central Bank is also implementing a fitness and probity regime for all persons...