Results 24,881-24,900 of 27,019 for speaker:Michael Noonan

Written Answers — Tax Reliefs: Tax Reliefs (15 Jun 2011)

Michael Noonan: I believe the scheme which the Deputy is referring to is the scheme of registered holiday cottages. The relief given is in the form of capital allowances rather than section 23 relief. These registered holiday cottages could be built outside the seaside resort areas, but the relief was terminated in 2008. Any expenditure incurred after 31 July 2008 gets no capital allowances thus at the...

Written Answers — Proposed Legislation: Proposed Legislation (15 Jun 2011)

Michael Noonan: The position is that legislation to provide the same tax treatment for civil partners as that provided for spouses was published on 9 June 2011 as the Finance (No. 3) Bill. The legislation covers all changes relating to Capital Taxes (CGT, CAT, Stamp Duty), Income Taxes and VAT. The changes will be effective for the year of assessment 2011 and subsequent years as respects income tax and...

Written Answers — Consumer Protection: Consumer Protection (15 Jun 2011)

Michael Noonan: As the Deputy can appreciate it is a commercial decision for any Bank as to what customers it wishes to deal with. A balance must be maintained by the Government between support provided for individual banks and financial service providers generally through the bank guarantee scheme, other financial support incentives and broader public policy provisions, while at the same time, ensuring...

Written Answers — Tax Code: Tax Code (15 Jun 2011)

Michael Noonan: A second reduced VAT rate of 9% is being introduced in respect of certain services and goods mainly related to tourism for the period 1 July 2011 to end 2013. This change represents a reduction of 4.5 percentage points in the VAT rate (13.5%) that applied to these items up to now. All other goods and services to which the current reduced rate of 13.5% applies will remain at that rate. VAT...

Written Answers — Departmental Expenditure: Departmental Expenditure (15 Jun 2011)

Michael Noonan: On 14 April 2010 the High Court granted a Subordinated Liabilities Order under the Credit Institutions (Stabilisation) Act 2010 in respect of Allied Irish Banks. Two challenges from subordinated bond holders were received in relation to the Order. The company referred to by the Deputy was one of the two firms involved. This company withdrew its challenge on 3 June 2011 after agreement was...

Written Answers — Credit Union Movement: Credit Union Movement (15 Jun 2011)

Michael Noonan: The Deputy will be aware that under the EU-IMF Programme of Support for Ireland, the Government has certain commitments in relation to the credit union sector. Stress tests on credit unions have been completed by the Central Bank of Ireland and in light of these I have prepared a plan to underpin the solvency and viability of undercapitalised credit unions. This Strategy will be released...

Written Answers — EU-IMF Programme: EU-IMF Programme (15 Jun 2011)

Michael Noonan: I propose to take Questions Nos. 114 and 153 together. To date, Ireland's nominal borrowings are €23 billion under the EU/IMF Programme. The details are set out in the table below. Under the arrangements governing the European Financial Stability Facility (EFSF), part of the loan to a borrower is retained by the EFSF for credit enhancement purposes. This credit enhancement is to ensure...

Written Answers — State Funding Reserves: State Funding Reserves (15 Jun 2011)

Michael Noonan: Cash reserves held by the National Treasury Management Agency on behalf of, and available for use by, the State at the end of each month between October 2010 and May 2011 were as follows: â'¬ billion October 2010 26.0 November 2010 29.1 December 2010 19.0 January 2011 27.2 February 2011 28.6 March 2011 29.8 April 2011 28.9 May 2011 33.2 The figures...

Written Answers — State Funding Reserves: State Funding Reserves (15 Jun 2011)

Michael Noonan: The National Pensions Reserve Fund (NPRF) Commission publishes a performance and portfolio update quarterly on the NPRF website www.nprf.ie. For the Deputy's information, the Commission valued the NPRF at €23.2 billion at 31 March 2011 as set out in the following table. End-March 2011(€ billion) Directed Investments Invested in Bank of Ireland and Allied Irish Banks on the direction...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (15 Jun 2011)

Michael Noonan: The agreed EU-IMF Programme provides for a recapitalisation, fundamental downsizing, restructuring and reorganization of the Irish banking sector. The aim of the process is a smaller banking system, which will be capitalised to highest international standards with renewed access to normal market sources of funding. This will enable the Irish banks to reduce their reliance on euro system and...

Written Answers — Credit Union Movement: Credit Union Movement (15 Jun 2011)

Michael Noonan: I am aware that there are significant financial consequences for a number of credit unions resulting from the recent offer by Irish Life & Permanent and I am aware of the background to the initial purchase of the bond in question. It is Government policy to achieve appropriate burden-sharing from holders of subordinated debt in Irish Life & Permanent and it is appropriate that these measures...

Written Answers — Exchequer Cash Balance: Exchequer Cash Balance (15 Jun 2011)

Michael Noonan: The Exchequer had cash balances of €18.6 billion at end-March 2011, including those in the Exchequer Account and on deposit with commercial banks. The forecasts of General Government debt in the Stability Programme Update (SPU) are based on cash balances being reduced by €0.6 billion to stand at €12 billion at end-2011 as compared with the end-2010 level of €12.6 billion. The SPU...

Written Answers — Fiscal Policy: Fiscal Policy (15 Jun 2011)

Michael Noonan: The Department of Finance publishes a White Paper in advance of the budget each year. This outlines the likely budgetary scenario for the following year on a no-policy change basis, and is underpinned by no-policy change economic forecasts. These economic and budgetary projections are updated with the publication of the Budget. For 2011, White Paper budgetary forecasts were published on...

Written Answers — Fiscal Policy: Fiscal Policy (15 Jun 2011)

Michael Noonan: General Government debt is the standard measurement of gross indebtedness used for comparative purposes within the EU. General Government debt includes the National Debt as well as Local Government debt and some other minor liabilities of Government. Due to the fact that General Government debt operates on an accruals basis, the €31 billion in Promissory Notes committed to financial...

Written Answers — Tax Yield: Tax Yield (15 Jun 2011)

Michael Noonan: I propose to take Questions Nos. 122, 123 and 125 together. I am informed by the Revenue Commissioners that information in relation to the corporation tax yield from financial institutions in the calendar years 2005 to 2009 inclusive is as shown in the following table: Year Tax paid by Financial Institutions€m 2005 1830 (estimated) 2006 2340 (estimated) 2007 2298 2008 1626 2009 1236...

Written Answers — Departmental Expenditure: Departmental Expenditure (15 Jun 2011)

Michael Noonan: My Department has not provided any IT services in respect of my constituency office or home; nor has the Department funded or part-funded the lease or rent of my constituency office. The Department is paying for telephone services in respect of my constituency office and home. The total cost, to date, is €208.64. Within my Department, 4 people, detailed below, are assigned to work on...

Written Answers — Departmental Staff: Departmental Staff (15 Jun 2011)

Michael Noonan: My Department encourages the use of public transport by staff travelling to and from work by enabling them to participate in both the Employer Travel Pass and Cycle to Work schemes. When travelling on Departmental business, staff from my Department are expected to use public transport to the maximum extent possible.

Written Answers — Departmental Bodies: Departmental Bodies (15 Jun 2011)

Michael Noonan: I propose to take Questions Nos. 127 and 162 together. The employment of staff by the Central Bank of Ireland is a matter for the Governor and the Central Bank Commission. I do not have a role in setting or approving the numbers of staff appointed by the Bank or their terms and conditions of employment. The staff costs of the Central Bank of Ireland are not met by Exchequer funds voted by...

Written Answers — Banking Facilities: Banking Facilities (15 Jun 2011)

Michael Noonan: Decisions on the location of ATM facilities are a matter for individual banks and neither I nor the Central Bank of Ireland have any function in this matter. Any concerns relating to the location or reliability of a particular ATM should therefore be addressed to the bank in question.

Written Answers — Tax Code: Tax Code (15 Jun 2011)

Michael Noonan: I am advised by the Revenue Commissioners that an estimated 9,600 persons are working in the Republic of Ireland who have given their address as being in Northern Ireland and in respect of whom income tax returns for the tax year 2009 have been received by way of either P35 end-of-year returns filed by employers in respect of their employees or income tax form 11 returns which are required...