Results 25,061-25,080 of 27,019 for speaker:Michael Noonan

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

Michael Noonan: I understand that following the recent publication of the report of the Review Group on State Assets and Liabilities, my colleague the Minister for Public Expenditure and Reform intends to bring proposals to Government on the matter. This will be done in the context of the commitments made in the Programme for Government to fund investment in key networks of the economy through the sale of...

Written Answers — Tax Code: Tax Code (7 Jun 2011)

Michael Noonan: A derogation under EU Directive 2003/96 on energy taxation allowed the application of a reduced rate of Mineral Oil Tax to fuel used for the purposes of certain road passenger services. That derogation has expired and the arrangement was, therefore, terminated by the Finance Act 2008. It would not be possible, having regard to the relevant provisions of EU law, to reintroduce a scheme of...

Written Answers — Tax Code: Tax Code (7 Jun 2011)

Michael Noonan: The Finance (No. 3) Bill 2011 will be published on Thursday 9 June 2011. It will provide for the necessary taxation changes to the various Taxation Acts arising from the Civil Partnership and Certain Rights and Obligations of Cohabitants Act 2010. I expect the Bill to be enacted before the summer.

Written Answers — Tax Code: Tax Code (7 Jun 2011)

Michael Noonan: The position is that the Universal Social Charge, which came into effect on 1 January 2011, is a tax payable on gross income, including notional pay, after any relief for certain trading losses and capital allowances, but before pension contributions. All individuals are liable to pay the Universal Social Charge if their gross income exceeds the threshold of €4,004 per annum (€77 per...

Written Answers — Tax Code: Tax Code (7 Jun 2011)

Michael Noonan: The Department of Finance commissioned an Economic Impact Assessment of the proposed CCCTB from Ernst and Young in the US during 2008 and 2009. The purpose of the study was to analyse the budgetary and economic implications for the European Union and individual member states of the introduction of a Common Consolidated Corporate Tax Base. The potential impacts were estimated for three...

Written Answers — Tax Collection: Tax Collection (7 Jun 2011)

Michael Noonan: I have been advised by the Revenue Commissioners that it has noted the matter raised by the Deputy but, for reasons of taxpayer confidentiality, it is unable to comment further on an individual case.

Written Answers — Government Debt: Government Debt (7 Jun 2011)

Michael Noonan: The figures for National Debt and General Government debt for the years 2006-2010 as well as the latest estimates of each for 2011 are set out in the following table. National debt is defined as the total outstanding amount of principal borrowed by Central Government and not repaid to date less liquid assets available for redemption of those liabilities at the same date. General Government...

Written Answers — Budget Deficit: Budget Deficit (7 Jun 2011)

Michael Noonan: The figures for the Exchequer Balance for the years 2006-2010 as well as the latest estimate for 2011 are set out in the following table, along with nominal GDP figures for the years 2006-2010 as well as the latest estimate for 2011. The Deputy may wish to note that the Exchequer Balance figures for the years 2006-2009 are available from the September 2010 edition of my Department's...

Written Answers — Economic Growth: Economic Growth (7 Jun 2011)

Michael Noonan: At our regular meetings, my fellow European finance ministers and I discuss the economic situation in the eurozone and in individual Member States. Such discussions draw on the work of the various technical and policy committees that feed into the Council. At these meetings, we explore all available avenues that will accelerate economic recovery across the Euro zone. An example of this is...

Written Answers — Economic Growth: Economic Growth (7 Jun 2011)

Michael Noonan: The Irish economy is expected to return to growth this year. On the back of a strong export performance, my Department is forecasting that GDP will grow by around 0.75% in 2011 and 2.5% in 2012. In the second half of 2010 we witnessed some easing in the annual rate of decline of GDP activity. Exports are expected to continue supporting economic activity over the medium-term, with a gradual...

Written Answers — Banking Sector: Banking Sector (7 Jun 2011)

Michael Noonan: The Central Bank of Ireland published the findings of its review of remuneration policies and practices in a number of Irish retail banks on its website on 1 December 2010. The review assessed whether banks have changed how they remunerate employees, particularly those in senior executive positions, to reflect incoming regulatory standards and the lessons of the financial crisis. In...

Written Answers — Banking Sector: Banking Sector (7 Jun 2011)

Michael Noonan: As the Deputy will be aware, restoring the funding position of the Irish banks to health is a major priority of the programme agreement concluded with the IMF and EU. Significant elements of the programme are intended to contribute to this objective. This includes the right-sizing of the Irish banking system through the implementation of the bank deleverage plans to ensure that in the...

Written Answers — Banking Sector: Banking Sector (7 Jun 2011)

Michael Noonan: Both AIB and Bank of Ireland provide my Department with monthly figures on balance sheet volumes, sanctioned facilities and geographic and sectoral breakdowns of their SME lending. In addition, under the terms of the government recapitalisation, both banks also produce a quarterly report which incorporates figures for sanctions and drawdowns by SMEs. The data contained in these reports will...

Written Answers — Banking Sector: Banking Sector (7 Jun 2011)

Michael Noonan: I propose to take Questions Nos. 123 and 125 together. On 23 May last, the CSO published data in "Access to Finance" which showed that 74% of firms were successful or partially successful in applying for bank loans in the twelve-month period to September 2010. Clearly, it is important that the banks continue to make credit available to support economic recovery. However, it is not in the...

Written Answers — Tax Yield: Tax Yield (7 Jun 2011)

Michael Noonan: As the Deputy will be aware, my Department publishes the Exchequer statement on its website two working days following the end of the month. The most recent Exchequer statement was published last Thursday, 2 June, and this contains details of the tax revenue performance in the first five months of the year. During this period, €12.8 billion in tax revenue was collected, an increase of...

Written Answers — Economic Competitiveness: Economic Competitiveness (7 Jun 2011)

Michael Noonan: The Deputy will be aware that the CSO produces detailed sub-indices of the CPI and HICP components and it is relatively easy to identify particular sectors where the rate of inflation is significant. Most recently, these include increases in energy-related, insurance and mortgage interest components. With regard to energy, given that Ireland is a price taker in the international energy...

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

Michael Noonan: I am not aware of any such reference that the Governor may have made on national television. In principle, the Government is in favour of burden-sharing with bondholders in banks and there are strong arguments for doing so, particularly in circumstances in which a bank has been provided with significant taxpayer support. The question of burden-sharing with senior unguaranteed bondholders of...

Tax Reliefs (7 Jun 2011)

Michael Noonan: It is acceptable, provided Revenue can assure me that the cost of the tax reliefs is nugatory and that if they were abolished the yield would be insignificant. Revenue can do that. If it tells me a certain tax relief exists but does not amount to more than €50,000 there is no point in diverting resources from tax collection into an examination, purely in order to have statistics. One...

Tax Reliefs (7 Jun 2011)

Michael Noonan: They were of very little consequence to those who benefitted from them or to the Exchequer. Tax keeps changing.

Job Protection (7 Jun 2011)

Michael Noonan: The Deputy should note that as Minister for Finance, I have had no direct dealings with Liberty Mutual in regard to this transaction, including the issue of the future of all existing job holders. However, I have been informed by the joint administrators that aside from the redundancies in Manchester, all 1,570 jobs in Quinn Insurance Limited have been protected for at least two years. When...