Results 5,501-5,520 of 27,019 for speaker:Michael Noonan

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael Noonan: In my experience, the method adopted is that one decides the policy, includes it in a Finance Bill and indicates that there are state aid considerations. After the will of the Oireachtas is identified, one goes to the Commission to examine its attitude to the policy. Of course one tries to tailor it in a way that is in accordance with state aid guidelines. The Commission needs to examine...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael Noonan: Section 396(1) of the Taxes Consolidation Act 1997 entitles companies to carry forward losses incurred in a trade for an accounting period for offset against income of the same trade for succeeding accounting periods. A restriction on losses was previously in place which limited the amount of prior-year losses that a NAMA-participating institution could offset against trading profits to 50%...

Written Answers — Department of Finance: Insurance Industry Regulation (17 Nov 2015)

Michael Noonan: In my role as Minister for Finance, I have responsibility for policy and legislation governing financial services, including regulation. However, specific arrangements for payments under the Motor Insurers' Bureau of Ireland Agreements with the Minister for Transport, Tourism and Sport are not under my remit.  Similarly, while I have responsibility for the legislative...

Written Answers — Department of Finance: Disabled Drivers and Passengers Scheme (17 Nov 2015)

Michael Noonan: As the Deputy is aware, the Disabled Drivers and Disabled Passengers (Tax Concessions) Scheme provides relief from VAT and VRT (up to a certain limit) on the purchase of an adapted car for transport of a person with specific severe and permanent physical disabilities, a fuel grant, and an exemption from Motor Tax. To qualify for the Scheme, an applicant must have a permanent and severe...

Written Answers — Department of Finance: Tax Residency (17 Nov 2015)

Michael Noonan: I assume that the Deputy's Question relates to individuals who have a connection with this country but do not meet the tests of tax residence. An individual's residence status for Irish tax purposes is determined by the number of days he or she is present in the State during the year.  Section 819 of the Taxes Consolidation Act 1997 prescribes two alternative tests for determining an...

Written Answers — Department of Finance: Credit Unions Regulation (17 Nov 2015)

Michael Noonan: The Government recognises the distinct and important role that credit unions play in Irish society and the financial sector and is committed, with the Central Bank, to achieving our vision of financially strong, well governed credit unions providing services to current and future members. I have met with the three main credit union representative bodies and discussed with...

Written Answers — Department of Finance: Corporation Tax Regime (17 Nov 2015)

Michael Noonan: Corporate tax rates are a matter of national sovereignty and Ireland's 12.5% corporate tax rate is non-negotiable. Therefore, there are no negotiations with the European Union on Ireland's Corporation Tax rate.  I can inform the Deputy that the European Commission are planning to launch proposals in 2016 for a common corporate tax base.  This proposal...

Written Answers — Department of Finance: EU Budget Contribution (17 Nov 2015)

Michael Noonan: I propose to take Questions Nos. 199 and 220 to 222, inclusive, together. EU Budget payments and public sector receipt data are published annually by the Department of Finance in the Budget Statistics bulletin. The latest edition from October 2015 contains these data up to 2014. The public sector receipt measure captures funds under 'shared management' between national and EU...

Written Answers — Department of Finance: Central Bank of Ireland Staff (17 Nov 2015)

Michael Noonan: The Central Bank has informed me that the current vacancy rate within the Enforcement Division is 6.3%. However, staff posts within that Division are not allocated exclusively to one particular industry sector, such as insurance.  Accordingly, it would not be feasible to identify the number of vacancies that relate exclusively to the insurance sector.

Written Answers — Department of Finance: Central Bank of Ireland Staff (17 Nov 2015)

Michael Noonan: I am informed by the Central Bank that the Enforcement Division of the Central Bank currently has a staff complement of 57 full-time employees. The Enforcement Division is multi-disciplinary and uses a wide range of powers to investigate cases across the financial services sector. The allocation of staff within the Division to cases will depend on the requirements for each case. Staff...

Written Answers — Department of Finance: Banks Recapitalisation (17 Nov 2015)

Michael Noonan: As I outlined in my evidence to the Oireachtas Banking Inquiry the issue of burden-sharing with senior bondholders in IBRC was seriously considered in advance of my statement on banking matters on 31 March 2011. There was €3.7 billion of unsecured unguaranteed senior debt remaining in Anglo and INBS at that time and the Government strongly pushed for...

Written Answers — Department of Finance: Banks Recapitalisation (17 Nov 2015)

Michael Noonan: As the Deputy may be aware, I have previously addressed this issue comprehensively during my appearance before the Joint Oireachtas Committee of Inquiry into the Banking Crisis ( the Inquiry). My position on burden sharing with senior bondholders is consistent. I thought that we should burden share with senior bondholders of Anglo and INBS, but that we should do...

Written Answers — Department of Finance: Corporation Tax (17 Nov 2015)

Michael Noonan: At 12.5%, Ireland has one of the most competitive headline corporate tax rates in the OECD.  This rate is applied to a broad base a policy which is endorsed by the likes of the OECD as it is good for growth in our economy. Our competitive rate of corporation tax has been an important part of our industrial policy since the 1950s, and has attracted real and substantive operations to...

Written Answers — Department of Finance: Budget Measures (17 Nov 2015)

Michael Noonan: Exemption from Stamp Duty (Section 70 Finance (No. 2) Act 2013) Exemption from Stamp Duty on the transfer of shares of companies listed on the Enterprise Securities Market of the Irish Stock Exchange, remains subject to State Aid approval.  The proposed measure aims to encourage entrepreneurs and growing businesses to use public equity markets as a source of funding for growth and the...

Written Answers — Department of Finance: Financial Services Sector (17 Nov 2015)

Michael Noonan: In accordance with the Irish Collective Asset-management Vehicle ('ICAV') Act 2015, the Central Bank of Ireland ('the Bank') is the registration body for ICAVs.  The Bank is also the authorisation body for alternative investment funds (AIFs) or undertakings for collective investment in transferable securities (UCITS). ICAVs must be registered as ICAVs and authorised as...

Written Answers — Department of Finance: Bank IT Systems (17 Nov 2015)

Michael Noonan: Payment and securities settlement systems are essential to the efficient functioning of all modern economies and the Central Bank of Ireland is responsible for ensuring that payment systems and associated settlement systems are in place to meet the needs of all users. The Central Bank has informed me that it has engaged extensively with the banks and the Banking and...

Written Answers — Department of Finance: Budget Measures (17 Nov 2015)

Michael Noonan: Estimates of the gross and net fiscal space for the period 2016 to 2021 can be found in Tables A8 and A9 on pages C.50 and C.51 of the Budget 2016 book - . As the use of the available fiscal space for 2016 was set out in the Budget, I assume the Deputy is seeking information for the period from 2017 to 2021.  For the convenience of the Deputy the gross and net fiscal space for the period...

Written Answers — Department of Finance: State Banking Sector (17 Nov 2015)

Michael Noonan: In relation to AIB, the recently announced capital reorganisation is expected to generate proceeds via the redemption of preference shares and accrued interest, however these monies are expected to come through in 2015.  Next year the Contingent Capital Notes, or "CoCos", will mature and these will generate their full nominal value of €1.6 billion, plus a year's interest...

Written Answers — Department of Finance: Stock Markets Regulation (17 Nov 2015)

Michael Noonan: In 2008, Ireland, along with a number of European countries introduced a ban on the short-selling of stocks, following the Lehman's collapse. This temporary prohibition applied to the shares of banks admitted to trading on the regulated market operated by the Irish Stock Exchange the Main Securities Market.  The ban was removed from midnight on 30 December 2011. In the aftermath of...

Written Answers — Department of Finance: VAT Rate Application (17 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. Different VAT...