Results 24,981-25,000 of 27,019 for speaker:Michael Noonan

Finance (No. 2) Bill 2011: Committee and Remaining Stages (9 Jun 2011)

Michael Noonan: On the day the jobs initiative was announced, I said "to ensure that the sector is delivering, the effects of the changes announced today will be assessed and the measures reviewed before the end of 2012 in the context of preparing Budget 2013". My approach to this morning's Committee Stage debate is that I would like to give the Opposition as much information as I can. Committee Stage is...

Finance (No. 2) Bill 2011: Committee and Remaining Stages (9 Jun 2011)

Michael Noonan: The purpose of the research and development tax credit scheme, which is open to companies of all sizes, is to encourage research and development here and thereby improve the economy and increase employment. A credit of 25% of incremental spend on research and development is available for this purpose. The scheme has been enhanced in most years since its introduction to improve its...

Finance (No. 2) Bill 2011: Committee and Remaining Stages (9 Jun 2011)

Michael Noonan: As an accountant, he is familiar with the issues that have given rise to this amendment.

Written Answers — Cycle to Work Scheme: Cycle to Work Scheme (8 Jun 2011)

Michael Noonan: The cycle-to-work scheme continues to operate following its introduction in Finance (No. 2) Act 2008. At present there are no plans for its amendment. Similar to the travel pass scheme, an employer and employee may enter into a salary sacrifice arrangement whereby the employee agrees to forego part of his or her salary to cover the costs associated with the purchase of the bicycle/safety...

Written Answers — Tax Code: Tax Code (8 Jun 2011)

Michael Noonan: The tax affairs of a particular company are a matter for the Revenue Commissioners and the company concerned. I am informed by the Revenue Commissioners that their obligation to observe confidentiality in relation to the tax affairs of individual taxpayers or companies precludes them from providing the information requested by the Deputy.

Written Answers — Tax Code: Tax Code (8 Jun 2011)

Michael Noonan: There is a commitment in the Programme for Government to help homeowners in distress. The Government will examine a number of proposals in relation to this commitment. One of these proposals relates to increasing mortgage interest relief to 30% for First Time Buyers who bought between 2004 and 2008 and to finance this in part by abolishing mortgage interest relief for new buyers. When this...

Written Answers — Banking Sector: Banking Sector (8 Jun 2011)

Michael Noonan: I can confirm that formal comfort was provided to the Central Bank that any shortfall on the liquidation of collateral would be made good, as reported in the Central Bank Annual Report 2010. The Deputy will understand, however, that the details of correspondence on this issue between the Minister and the Governor are market-sensitive and must remain confidential.

Written Answers — Freedom of Information: Freedom of Information (8 Jun 2011)

Michael Noonan: The Department of Public Expenditure and Reform is currently carrying out preparatory work to implement the commitments in the Programme for Government in relation to the Freedom of Information Acts. When this work is completed the Minister for Public Expenditure and Reform, Deputy Brendan Howlin, will bring proposals to the Government. The proposals will include consideration of the...

Written Answers — Tax Code: Tax Code (8 Jun 2011)

Michael Noonan: I have received the representations referred to in the Deputy's question and I will be responding directly to those representations shortly.

Written Answers — Tax Reliefs: Tax Reliefs (8 Jun 2011)

Michael Noonan: Section 13 of Finance Act 2011 provided for income tax relief at the standard rate for expenditure incurred by individuals on a range of works carried out to improve the energy efficiency of residential premises situated in the State. The maximum amount of expenditure that could qualify for relief in any one tax year under the scheme was €150 million. The section is subject to a Ministerial...

Written Answers — Banking Sector: Banking Sector (8 Jun 2011)

Michael Noonan: The Central Bank of Ireland has advised me that the latest information they have in relation to the value of bonds held by the six covered institutions is as follows: Senior Bonds Guaranteed: €20,808 m Senior Bonds Unguaranteed secured: €19,632 m Senior Bonds Unguaranteed unsecured: €16,306 m Subordinated bonds: €6,250 m TOTAL €62,996 m The Deputy may wish to note...

Written Answers — Banking Sector: Banking Sector (8 Jun 2011)

Michael Noonan: The position set out in my Banking Statement at the end of March last regarding possible burden sharing with senior bondholders in Anglo Irish Bank and Irish Nationwide Building Society is unchanged notwithstanding the developments highlighted in the Deputy's question. Last week the Central Bank of Ireland published an addendum to the Financial Measures Programme Report detailing the...

Written Answers — Tax Collection: Tax Collection (8 Jun 2011)

Michael Noonan: I know that Revenue has a strong focus on maintaining and indeed improving the rates of timely compliance by businesses with the tax return and payment obligations. Notwithstanding the more difficult economic circumstances in which businesses are operating at present, it is very important that businesses organise their financial affairs in such a fashion as to ensure that tax debts are paid...

Written Answers — Fiscal Policy: Fiscal Policy (7 Jun 2011)

Michael Noonan: The overall fiscal adjustment for 2012 underpinning the Joint EU/IMF Programme of Financial Support is €3.6 billion and this will be implemented through a combination of further reductions to public expenditure and additional revenue raising measures. The Programme agreed in December 2010 provides for the implementation of revenue measures designed to yield €1.5 billion in a full year and...

Written Answers — National Asset Management Agency: National Asset Management Agency (7 Jun 2011)

Michael Noonan: I do not consider it necessary to establish an agricultural review body within the National Asset Management Agency. In the particular case which may have prompted the Deputy's question, NAMA did not consider it appropriate that it should manage the loans, which had been advanced for agricultural purposes and where the property development element was not material, even where the loans were...

Written Answers — Croke Park Agreement: Croke Park Agreement (7 Jun 2011)

Michael Noonan: I propose to take Questions Nos. 31, 64 and 100 together. Progress under the Public Service Agreement 2010-2014 is overseen by the Implementation Body, established in July 2010. In line with paragraph 1.16 of the Agreement, a review of progress is to be conducted on an annual basis by the Body to determine the sustainable savings that have been achieved. The first such review has been...

Written Answers — State Assets: State Assets (7 Jun 2011)

Michael Noonan: Following publication of the report of the Review Group on State Assets and Liabilities in April, my colleague the Minister for Public Expenditure and Reform asked Departments to give their considered views on the group's recommendations. The Departments are reverting now with their views. After considering these submissions, the Minister intends to bring proposals to Government on the matter.

Written Answers — International Organisations: International Organisations (7 Jun 2011)

Michael Noonan: The Organisation for Economic Co-operation and Development produces forecasts twice yearly for Ireland and a number of other economies throughout the world. In addition, the OECD Economic Development and Review Committee carries out a review of each member country periodically. In that context the OECD focuses on structural issues of a more medium-term nature. The last such review of Ireland...

Written Answers — European Council Meetings: European Council Meetings (7 Jun 2011)

Michael Noonan: The usual meeting of the Eurogroup took place on 16 May 2011. The President of the Eurogroup, Mr. Juncker, outlined at the press conference after the meeting the main items discussed at the meeting. It is usual practice for the President of the Eurogroup to speak on behalf of the Eurogroup after each meeting. The main points at the meeting were that: Ministers unanimously agreed to grant...

Written Answers — State Assets: State Assets (7 Jun 2011)

Michael Noonan: The State assets examined by the Review Group on State Assets and Liabilities fall under the auspices of a number of Government Departments. Following publication of the Review Group's report in April, my colleague the Minister for Public Expenditure and Reform asked Departments to give their considered views on the Group's recommendations. Departments are reverting now with their views....