Results 5,301-5,320 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: National Debt (18 Nov 2015)

Michael Noonan: Once finalised the proposed Capital Reorganisation of AIB will allow for the redemption of €1.36 billion of the State's Preference Shares for €1.7 billion in cash. The State will convert its remaining Preference Shares (€2.14 billion nominal) into €2.67 billion of ordinary shares at a price to be agreed with AIB. The cumulative effect of these measures, along...

Written Answers — Department of Finance: Corporation Tax Regime (18 Nov 2015)

Michael Noonan: Corporation Tax receipts have been unexpectedly strong in 2015. At end-October receipts were just under 74% higher than expected and up by over 60% in year-on-year terms.   I am advised by the Revenue Commissioners that the over-performance is a result of a combination reasons and that the improvement is relatively broad based with improved receipts in other...

Written Answers — Department of Finance: Credit Unions Regulation (18 Nov 2015)

Michael Noonan: The Credit Union and Co-operation with Overseas Regulators Act 2012 (the "2012 Act") was signed into law by the President in December 2012. It was agreed at that time that it would be neither practical nor feasible to commence the 2012 Act in its entirety in one fell swoop. Following on from that, an implementation timetable for the 2012 Act was devised in...

Written Answers — Department of Finance: Insurance Costs (18 Nov 2015)

Michael Noonan: As Minister for Finance, I am concerned that there should be a stable insurance sector and to limit risks to policyholders and the wider financial system.  I am aware of recent EU and IMF reports about the challenges facing the insurance sector at European level and, separately, of poor financial reports from some domestic insurance...

Written Answers — Department of Finance: State Banking Sector (18 Nov 2015)

Michael Noonan: As the Deputy is aware, AIB recently announced that it had received approval from its regulator, the SSM (Single Supervisory Mechanism), for a significant reorganisation of its capital structure. The approved reorganisation involves a number of elements including a redemption of the State's Preference Shares to the value of €1.7 billion in cash, as well as converting the...

Written Answers — Department of Finance: State Banking Sector (18 Nov 2015)

Michael Noonan: As outlined in previous parliamentary questions regarding the sale of financial assets, these type of transactions do not result in a beneficial impact to the General Government Balance (GGB) under EUROSTAT rules. This is due to the fact that is classified as a 'financial transaction' whereby it is essentially the exchange of one form of asset (shares, equities, loans) for another kind...

Written Answers — Department of Finance: NAMA Loans Sale (18 Nov 2015)

Michael Noonan: The Deputy is aware that all sales are conducted by NAMA in accordance with its statutory independent commercial mandate.  Whilst I therefore have no role as Minister for Finance in such sales, I have full confidence in the transparent and competitive manner in which all NAMA sales are conducted.    Against that backdrop, the sale of the Project Arrow portfolio of...

Written Answers — Department of Finance: Post Office Network (18 Nov 2015)

Michael Noonan: As set out in my previous reply to your question on this matter, my Department has continued to engage with An Post in relation to their proposal to provide a payment account.  My consultation with the Governor of the Central Bank around the drafting of a Ministerial Order under Section 67 of the Postal and Telecommunications Act 1983, commenced in July this year, and the...

Written Answers — Department of Finance: Infrastructure and Capital Investment Programme (18 Nov 2015)

Michael Noonan: Unless provided for by specific legislation, all revenues including the proceeds of Government borrowing are paid into the Exchequer's Central Fund.  Revenues are not pledged/linked to specific projects but are used to fund Government expenditure generally, including capital expenditure. Liabilities under the State Savings products offered by the National Treasury Management...

Written Answers — Department of Finance: Real Estate Investment Trusts (18 Nov 2015)

Michael Noonan: The function of the Real Estate Investment Trust (REIT) framework is to facilitate collective investment in rental property by removing a double layer of taxation which would otherwise apply to property investment via a corporate vehicle. The REIT framework is designed to produce an after-tax result for shareholders similar to that from direct investment in property, while also providing the...

Written Answers — Department of Finance: Tax Code (18 Nov 2015)

Michael Noonan: I am advised by the Revenue Commissioners that the annual turnover threshold for VAT registration depends on the nature of the business carried on. In general, there are two thresholds: the goods threshold, which is currently €75,000, and the services threshold, which is €37,500. These thresholds were increased to their current values in the Finance Act 2008.   ...

Written Answers — Department of Finance: Property Tax (18 Nov 2015)

Michael Noonan: I engaged Dr. Thornhill to consider the operation of the Local Property Tax, in particular, any impacts on LPT liabilities due to recent property price developments.  The review was informed by the outcomes of a public consultation initiated in March 2015 in response to which fifty-one written submissions were received. Dr. Thornhill presented the report of his review of the...

Written Answers — Department of Finance: Economic Growth (18 Nov 2015)

Michael Noonan: In Budget 2016, my Department projected the Irish economy to grow by 6.2 per cent this year and by 4.3 per cent in 2016.  This follows strong GDP growth of 5.2 per cent in 2014. To put this performance into perspective, as well as being the fastest growing economy in Europe in 2014, the European Commission expects Ireland to be the fastest growing economy in Europe again...

Written Answers — Department of Finance: Retail Sector (18 Nov 2015)

Michael Noonan: In the recent Budget I introduced a range of measures aimed at ensuring that, for the second Budget in a row, every income earner who currently pays tax or USC will see an increase in their net income as a result of the Budget package.  These measures are aimed at instilling confidence among our citizens that the economic recovery is under way, which should in turn increase domestic...

Written Answers — Department of Finance: Central Bank of Ireland Investigations (18 Nov 2015)

Michael Noonan: Last month the Central Bank announced publicly that it had commenced a broad examination of tracker mortgage related issues including, among other things, transparency of communications with, and contractual rights of, tracker mortgage borrowers.  It is currently developing an appropriate methodology for this examination, which includes engaging with consumer groups as well as...

Written Answers — Department of Finance: Property Tax Exemptions (18 Nov 2015)

Michael Noonan: The Finance (Local Property Tax) Act 2012 (as amended) provides that any property that is in use as, or that is suitable for use as, a dwelling house, is liable to the local property tax (LPT). Therefore, the condition of a property is not relevant where the property is actually occupied as a dwelling house. Where a property is not occupied and is in such bad condition that it is...

Written Answers — Department of Finance: Tax Credits (18 Nov 2015)

Michael Noonan: The Single Person Child Carer Credit (SPCCC) is provided for in Section 462B of the Taxes Consolidation Act 1997 and is available to a parent or a person, defined as the "primary claimant", who has custody of and maintains a child who is living with him or her. The primary claimant may, if he or she so wishes, relinquish it to a "secondary claimant" with whom the child resides for at least...

Written Answers — Department of Finance: Rent Controls (18 Nov 2015)

Michael Noonan: On Tuesday 10 November last, Minister Kelly and I announced the Rent Certainty and Housing Supply package. The policies that we announced were the culmination of analysis on the part of our two Departments as well as other Departments, including the Department of Public Expenditure and Reform. The time taken in formulating the package reflects the complexity of the...

Written Answers — Department of Finance: Credit Unions Regulation (18 Nov 2015)

Michael Noonan: The credit union sector is aware of the need to consider ways of increasing its income and developing its business model. I am pleased that this topic is being seriously considered by the sector and that various options are being explored. My Department has received a number of such proposals. While the Department of the Environment, Community and Local Government is the Department...

Written Answers — Department of Finance: Credit Unions Regulation (18 Nov 2015)

Michael Noonan: My role as Minister for Finance is to ensure that the legal framework for credit unions is appropriate for the effective operation and supervision of credit unions. The Registrar of Credit Unions at the Central Bank is the independent regulator for credit unions. Within her independent regulatory discretion, the Registrar acts to support the prudential soundness of individual credit...