Results 25,621-25,640 of 27,019 for speaker:Michael Noonan

Written Answers — Valuation Act: Valuation Act (5 Apr 2011)

Michael Noonan: I should point out that the Commissioner of Valuation is independent in the exercise of his duties under the Valuation Act, 2001 and that I, as Minister for Finance, have no function in decisions in this regard. The Valuation Act 2001 which came into effect on 2 May 2002, provides that all buildings used or developed for any purpose are rateable unless expressly exempted under Schedule 4 of...

Written Answers — Departmental Schemes: Departmental Schemes (5 Apr 2011)

Michael Noonan: The cycle-to-work scheme was introduced in Finance (No. 2) Act 2008 and continues to operate. At present there are no plans for its amendment.

Written Answers — Tax Code: Tax Code (5 Apr 2011)

Michael Noonan: The Valuation Act 2001 which came into effect on 2 May, 2002 provides for the valuation of all commercial and industrial property in the State. I should point out that the Commissioner of Valuation is independent in the exercise of his duties under the Act and that I, as Minister for Finance, have no function in decisions in this regard. The recent revaluation of the Dun Laoghaire-Rathdown...

Written Answers — FÁS Training Programmes: FÁS Training Programmes (5 Apr 2011)

Michael Noonan: The Public Service Agreement 2010-2014 ("Croke Park" Agreement) provides that there will be full support in the Civil Service and State Agencies with the FÁS Work Placement Programme. The Programme, which comprises two streams, stream 1 for graduates and stream 2 for other unemployed persons, provides up to 9 months work experience and aims to assist the unemployed persons to retain their...

Written Answers — Public Sector Pay: Public Sector Pay (5 Apr 2011)

Michael Noonan: I propose to take Questions Nos. 72 and 73 together. The Government supports a strong policy of pay restraint within the public sector, including the application of pay caps. On assumption of office the Taoiseach, other members of the Government and a number of other officeholders have, in line with that commitment, voluntarily reduced their salary rates, with the Taoiseach's salary now set...

Written Answers — Proposed Legislation: Proposed Legislation (5 Apr 2011)

Michael Noonan: I propose to take Questions Nos. 74 and 86 together. The Credit Institutions (Stabilisation) Act 2010 ('the Act') enacted in December 2010 provides legislative scope for appropriate burden-sharing in relation to subordinated debt. A subordinated liabilities order can be made under the Act in relation to the subordinated liabilities of a relevant institution to which the Minister has...

Written Answers — Programme for Government: Programme for Government (5 Apr 2011)

Michael Noonan: The Government Programme includes a commitment to establish a Fiscal Advisory Council. Indeed, the issue of reform of Ireland's Budgetary framework, including the establishment of a Fiscal Advisory Council, is a priority for the Government. As mentioned by the Deputy, the EU/IMF Programme of Financial Support requires that such a body be in place by the end of the second quarter of 2011....

Written Answers — Social and Affordable Housing: Social and Affordable Housing (5 Apr 2011)

Michael Noonan: One of the purposes set out in the National Asset Management Agency Act 2009 is "to contribute to the social and economic development of the State". Where it can be shown that, for example, providing units for social and affordable housing needs can create a commercial proposition for NAMA, then NAMA may play a role in the provision of social and affordable housing. I understand that...

Written Answers — Tax Code: Tax Code (5 Apr 2011)

Michael Noonan: I am advised by the Revenue Commissioners that the EU VAT Directive 2006 permits Member States to limit the scope of the VAT exemption for betting, lotteries and other forms of gambling. Under Irish VAT law, the exemption for gambling is confined to licensed betting, betting on the Tote and lotteries. Accordingly, all gambling and gaming activities carried on in casinos and private members...

Written Answers — Pension Provisions: Pension Provisions (5 Apr 2011)

Michael Noonan: Occupational pension contributions made by public service employees are not generally paid into a separate or ring-fenced fund. The vast majority of public service occupational pension schemes are financed on a pay-as-you-go basis, with the annual cost of pensions being met from current revenue. The contributions received from employees are usually recorded under the Appropriations-in-Aid...

Written Answers — Tax Code: Tax Code (5 Apr 2011)

Michael Noonan: 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 finance this in part by abolishing mortgage interest relief...

Written Answers — Departmental Schemes: Departmental Schemes (5 Apr 2011)

Michael Noonan: It is understood that the Deputy is referring to the Biofuels (Mineral Oil Tax) Relief scheme that ended on 31 December 2010. Consequently, with effect from 1 January 2011, biofuels are subject to full mineral oil tax rates; however, unlike conventional fuels, biofuels are exempt from the carbon charge. The promotion of biofuel is primarily a matter for my colleague, the Minister for...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (5 Apr 2011)

Michael Noonan: As announced last week, the recent bid for EBS did not represent good value for the State as the shareholder and the sale of EBS has been discontinued. The intention, with the consent of the European Commission, is to merge the operations of AIB and EBS to build a second pillar bank using the strengths of both institutions.

Written Answers — Tax Yield: Tax Yield (5 Apr 2011)

Michael Noonan: I propose to take Questions Nos. 82 and 92 together. The Universal Social Charge (USC) is a tax which replaces the income and health levies. It is intended to broaden the tax base in an equitable manner and applies to approximately 500,000 more income earners than the income and health levies. USC receipts will be collected under the income tax sub-head. The Budget 2011 projections for...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (5 Apr 2011)

Michael Noonan: As I stated in the Dáil last week, a new bank will be created from Bank of Ireland which will be smaller, more focused on core operations, better funded and better capitalised and more focused on serving the economy of the island of Ireland. The bank will split into separately managed non-core and core divisions and will begin to shed €30 billion of assets by 2013. It will become a...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (5 Apr 2011)

Michael Noonan: I stated in my statement of 31 March 2011, to the Dáil on banking matters, that the banking system must be the enabler of economic recovery by restoring public and market confidence in its financial health, management competence and ethical integrity. Consequent upon the results of the banks stress testing and to achieve the above objective, the Government has decided to reduce the number...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (5 Apr 2011)

Michael Noonan: I stated in my announcement of 31 March 2011, to the Dáil on banking matters, that the banking system must be the enabler of economic recovery by restoring public and market confidence in its financial health, management competence and ethical integrity. The Government has decided to reduce the number of domestic banks by creating two new strong universal Pillar banks which will be fully...

Written Answers — Bank Guarantee Scheme: Bank Guarantee Scheme (5 Apr 2011)

Michael Noonan: The sum of €760,467,567.60 was paid into the Exchequer on 28 October 2010 in respect of all fees and interest accumulated under Credit Institutions (Financial Support) Scheme which terminated on 29 September 2010. The Eligible Liabilities Guarantee Scheme 2009 (ELG) came into effect on 9th December 2010. The sum of €572,878,664.46 was also paid into the Exchequer on 28 October 2010 in...

Written Answers — National Treasury Management Agency: National Treasury Management Agency (5 Apr 2011)

Michael Noonan: State Savings is the brand name used by the National Treasury Management Agency (NTMA) for the range of savings products offered by the NTMA to personal savers. I understand from the NTMA that, at end-March 2011, the amount being saved in State Savings products was €13.4 billion. This is held in the various savings products as set out in the table. € million Prize Bonds 1,392 3-year...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (5 Apr 2011)

Michael Noonan: The legal position is that in the absence of a subordination agreement, where a financial institution is being wound up the principle that applies is pari passu, meaning all unsecured creditors have equal ranking to be repaid by the financial institution. So, where there is a shortfall in assets all unsecured creditors are entitled to an equal dividend. The principle of creditor equality is...