Results 25,421-25,440 of 27,019 for speaker:Michael Noonan

Written Answers — National Asset Management Agency: National Asset Management Agency (3 May 2011)

Michael Noonan: The National Asset Management Agency (NAMA), while a statutory body in its own right, operates under the aegis of the National Treasury Management Agency (NTMA) and, in common with the NTMA's other business functions, it draws on the NTMA's shared services in a number of areas including the press office facility. The NTMA does not have an internal press office. Instead, the NTMA's...

Written Answers — EU-IMF Fund: EU-IMF Fund (3 May 2011)

Michael Noonan: Interest on borrowings from the IMF is charged as follows: · For borrowings up to three times quota, the interest rate is the SDR rate (which is calculated on a weekly basis – it is 0.55% as of 2 May 2011) plus a margin set by the IMF (currently 1%). · Borrowings above the threshold of three times quota are charged an additional 2%. · From 18 January 2014, the third anniversary of the...

Written Answers — Fiscal Policy: Fiscal Policy (3 May 2011)

Michael Noonan: I am not aware of any such proposal. The stated aim of the existing EU - IMF Programme is to enable Ireland to return to the financial markets, and the programme provides the breathing space to achieve that. As the Deputy will be aware, the European Council has agreed on the need for euro-area Member States to establish a permanent stability mechanism: the European Stability Mechanism...

Written Answers — Housing Grants: Housing Grants (3 May 2011)

Michael Noonan: The allocations for the National Energy Retrofit Scheme in the Communications, Energy and Natural Resources Vote were set out in the 2011 Estimates, to be approved by the Dáil. Any adjustment to the allocations in the context of the Jobs Initiative or in future years would fall to be considered by Government and then approved by Dáil Éireann.

Written Answers — Tax Code: Tax Code (3 May 2011)

Michael Noonan: The Programme for Government (Government for National Recovery 2011-2016) contains a commitment to amend the R&D tax credit scheme in a number of ways, subject to the outcome of a cost benefit analysis. I would envisage that it would be feasible to carry out the required cost benefit analysis before next year's Budget or Finance Bill process. Digital games are essentially software...

Written Answers — Credit Availability: Credit Availability (3 May 2011)

Michael Noonan: The approval of the European Commission has not yet been received for the Employment and Investment Incentive (EII) and Seed Capital Scheme, which is set to replace the current Business Expansion Scheme (BES) and Seed Capital Schemes (SCS). My officials are currently in discussions with the Commission with regard to the changes proposed. These include the following: An increase in the...

Written Answers — Credit Availability: Credit Availability (3 May 2011)

Michael Noonan: The Programme for Government contains a clear commitment to creating a Strategic Investment Bank that will become a provider of finance to large capital projects, a conduit for venture capital and a lender to SMEs. As I indicated in a reply to you on 23 March (PQ 5399), the Government will only be in a position to decide on the timing and the structure for setting up the Strategic Investment...

Written Answers — Financial Services Regulation: Financial Services Regulation (3 May 2011)

Michael Noonan: The Programme for Government sets out that the Government is committed to the future development of the International Financial Services Centre (IFSC) as a source of future employment growth subject to appropriate regulation. More than 32,000 people are directly employed in international financial services, in over 500 firms. Substantial indirect employment is also generated, and the sector...

Written Answers — Tax Code: Tax Code (3 May 2011)

Michael Noonan: Charities and non-profit groups engaged in non-commercial activity are exempt from VAT under the EU VAT Directive, with which Irish VAT law must comply. This means they do not charge VAT on the services they provide and cannot recover VAT incurred on goods and services that they purchase. Essentially only VAT registered businesses which charge VAT are able to recover VAT. I have no plans to...

Written Answers — Personal Debt: Personal Debt (3 May 2011)

Michael Noonan: As the Deputy will appreciate, it would not be appropriate for me, as Minister for Finance to comment on individual cases. As regards assisting homeowners who are struggling to pay off mortgages, the Deputy will be aware of the work of the Expert Group on Mortgage Arrears and Personal Debt. This Group produced two Reports, an Interim Report published in July 2010 and a Final Report...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (3 May 2011)

Michael Noonan: The Deputy will appreciate that the mortgage interest rates, financial institutions operating in Ireland, charge to customers are a commercial decision for the institutions concerned. While my Department monitors the impact of changes in mortgage interest rates on the Consumer Price Index, it has no direct function in relation to the individual institution's decisions on the matter. A...

Written Answers — Illicit Trade in Tobacco Products: Illicit Trade in Tobacco Products (3 May 2011)

Michael Noonan: I propose to take Questions Nos. 145 and 146 together. I am advised by the Revenue Commissioners that the following tables represent the amounts of cigarettes and tobacco products seized by Revenue in Dublin Port and Airport for each year since 2007 and to date in 2011. Dublin Airport Cigarettes Tobacco 2007 38,825,920 788.20 KGM 2008 37,890,477 1685.76 KGM 2009 32,305,432 2685.51 KGM...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (3 May 2011)

Michael Noonan: The Government operates at arms' length from the banks and does not become involved in these types of operational matters. I do not have any views on the development or redevelopment of branch offices by the banks mentioned and I do not consider it appropriate to get involved in these matters. I might add that I have already received representations in relation to a redevelopment in the...

Written Answers — Tax Code: Tax Code (3 May 2011)

Michael Noonan: Irish VAT law is governed by the EU VAT Directive. Articles 146 and 147 of this Directive provide for a scheme whereby persons from outside the EU can claim a refund on VAT charged to them on any goods purchased here that are brought outside the Community. This is known as the retail export scheme. The scheme specifically applies to goods and not services, and refunds can be obtained only...

Written Answers — National Asset Management Agency: National Asset Management Agency (3 May 2011)

Michael Noonan: NAMA has a commercial remit and its overriding objective is to generate a return for the taxpayer. However, within the context of its commercial remit and consistent with section 2 of the National Asset Management Agency Act 2009, NAMA is at all times open to considering proposals aimed at contributing to broader social and economic objectives. This includes facilitating public bodies in the...

Written Answers — Programme for Government: Programme for Government (3 May 2011)

Michael Noonan: I refer the Deputy to the Statement of Common Purpose in the Government Programme in which we indicate that we will get the economy moving, restore confidence, fix our banking system and support the creation and protection of jobs. We further indicate that the success of our economic plans will lay the foundation for the rest of our agenda for change. The Government share collective...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (3 May 2011)

Michael Noonan: The Credit Institutions (Financial Support) Scheme 2008 (CIFS) provided that each covered institution pay a charge to the Exchequer for its guarantee. The sum of €760,467,567 was paid into the Exchequer on 28 October 2010 in respect of all fees and interest accumulated under the Credit Institutions (Financial Support) Scheme which terminated on 29 September 2010. Including payments...

Written Answers — Tax Code: Tax Code (3 May 2011)

Michael Noonan: I propose to take Questions Nos. 152 and 176 together. There is a commitment in the Programme for Government to help homeowners in distress to weather the recession. 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...

Written Answers — Interest Rates: Interest Rates (3 May 2011)

Michael Noonan: I propose to take Questions Nos. 153, 154 and 166 to 168, inclusive, together. There is a general appreciation at European level of the importance of debt sustainability considerations in the pricing of EU and euro area financial assistance loans to member states. In this regard, the Heads of State or Government of the euro area decided on 11 March last that the "pricing of the EFSF (loans)...

Written Answers — Tax Code: Tax Code (3 May 2011)

Michael Noonan: The Government has committed in the Programme for Government to lower the reduced rate of VAT up to the end of 2013. Details of this measure will be introduced in the forthcoming jobs initiative.