Results 6,141-6,160 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Universal Social Charge Application (22 Sep 2015)

Michael Noonan: The Universal Social Charge (USC) comprises an exemption provision and is calculated on the basis of five income bands and rates (including the surcharge for certain self-assessed non-PAYE income earners).  The SIPTU proposal, as I understand it, retains the USC but would introduce a Social Solidarity Contribution (SSC) credit of...

Written Answers — Department of Finance: Property Tax Exemptions (22 Sep 2015)

Michael Noonan: I am advised by Revenue that Section 10A of the Finance (Local Property Tax) Act 2012 (as amended) provides for a temporary exemption of at least three years from the charge to Local Property Tax (LPT) for residential properties that have been certified under Regulations made by the Minister for the Environment, Community and Local Government (S.I. No 147 of 2013) as having "significant...

Written Answers — Department of Finance: Mortgage Arrears (22 Sep 2015)

Michael Noonan: I appreciate the difficult position many people find themselves in with respect to mortgage arrears.  While it would not be appropriate for me to intervene directly in individual cases there are a number of supports available that should be able to help.  With over 118,500 restructure arrangements already in place on primary dwelling homes, it is certainly possible to...

Written Answers — Department of Finance: VAT Payments (22 Sep 2015)

Michael Noonan: The VAT Margin Scheme may be applied to the sale of second-hand vehicles and second-hand agricultural machinery which meet the eligibility criteria of that Scheme. I am advised by Revenue that eligibility for the VAT Margin Scheme is a matter of fact which is not determined exclusively by the presentation of a Margin Scheme invoice.  In most cases, determination of eligibility...

Written Answers — Department of Finance: Home Repossession (22 Sep 2015)

Michael Noonan: The requested breakdown of repossession cases is not available in either the Central Bank or Department of Finance statistical data on residential mortgage arrears.  More generally in terms of interest rates on outstanding loans, the most recent Central Bank of Ireland Household Credit Market Report () indicates that as of quarter one of 2015, 43 per cent of all principal dwelling...

Written Answers — Department of Finance: Government Bonds (22 Sep 2015)

Michael Noonan: The Central Bank reports annually in its Annual Report on the unrealised capital gain on the holdings of bonds from the promissory note arrangement in 2013.  The 2014 Annual Report includes an unrealised capital gain on the floating rate notes of €9.1 billion. Unrealised gains contribute to the Central Bank's accounting reserves but not to its profits, unless or until the...

Written Answers — Department of Finance: Home Renovation Incentive Scheme Eligibility (22 Sep 2015)

Michael Noonan: I am advised by the Revenue Commissioners that the tax credit available under the Home Renovation Incentive (HRI) scheme for works carried out from 25 October 2013 to 31 December 2013 is granted by reducing an individual's tax liability for 2015 and 2016. The tax credit will be applied to the person concerned when she files her Income Tax returns for 2015 and 2016. The 2015 return can be...

Written Answers — Department of Finance: Tax Code (22 Sep 2015)

Michael Noonan: Maintaining a low tax burden on labour is key to incentivising labour supply and to preserving Ireland's attractiveness as a location for foreign and domestic capital to invest and create jobs. The potential behavioural impacts of reduced taxes on labour are an important consideration particularly in light of the effect that lower labour taxes can have in incentivising participation in...

Written Answers — Department of Finance: Financial Services Sector (22 Sep 2015)

Michael Noonan: The Strategy for Financial Inclusion called for the nationwide launch of a Standard Bank Account to promote financial inclusion. A pilot project for a Standard Bank Account was run, which finished on 31 March 2013 after a 9-month pilot period. A total of 205 accounts were opened during the pilot, which the Financial Inclusion Working Group felt was disappointing. The Report...

Written Answers — Department of Finance: Departmental Functions (22 Sep 2015)

Michael Noonan: In response to the Deputy's question, please find outlined below the status of internal audit across my Department; internal audit's relationship with external auditors and audit committees, as well as internal audit's adherence to professional standards. Status of Internal Audit The Internal Audit Unit of the Department of Public Expenditure and Reform (DPER) provides an internal...

Written Answers — Department of Finance: Departmental Contracts Data (22 Sep 2015)

Michael Noonan: The information requested by the Deputy could not be collated in the time available. I will respond directly to the Deputy as soon as possible.

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)

Michael Noonan: Thank you very much.

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)

Michael Noonan: Thank you very much, Mr. Chairman. I welcome the opportunity to appear before this very important committee. The banking crisis has had a profound impact on country and it is essential that we learn from the mistakes of the past to ensure that they are not repeated. It was unprecedented in its scale and the measures that were required to address it and I will do my best to help the...

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)

Michael Noonan: Well, first of all, I agree with you that the widespread availability of tax breaks for property investment was a contributory cause to the banking crisis and, consequently, to the fiscal crisis. The property market was stimulated beyond what an economy of our size could justifiably bear and it led, in the first instance, to ... when the property bubble burst, it led to a situation where the...

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)

Michael Noonan: This was an entirely different incentive. This incentive was to enhance the possibility that people with a lot of capital would buy vacant properties and underused properties in Ireland. It wasn't for building; it was for purchase. And it was when nobody was buying anything and there was properties all over Dublin, either not used or underused. So, it was a tax incentive to purchase, to...

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)

Michael Noonan: Yes, I think the inquiry probably has that information already because it was provided in a number of PQs and the PQs were available to the inquiry, but I'll provide it again if the inquiry think they don't have that information. On a general comment, you know, there were fees paid on the guarantee, for example. The much maligned guarantee was given to banks but they have to pay fees on...

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)

Michael Noonan: Yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)

Michael Noonan: There was a briefing. The normal process that we had from the start of the Government was to brief the Economic Management Council first, the EMC. That was Minister Howlin and the Taoiseach and the Tánaiste and myself. But that would be reinforced subsequently then, because we didn't have the constitutional authority to make decisions. So, I would have carried ... I would have taken...

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)

Michael Noonan: On the Tuesday before I announced the recapitalisation of the banks on the Thursday, which I think was 30 March, the end of March anyway.

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)

Michael Noonan: Yeah, I mean ... you referenced something I said in the Dáil in November of 2010. I don't recall saying it. But my position on burning bondholders or haircuts or burden-sharing, whatever phrase you like to use, has been consistent. I became finance spokesman for my party in the summer of 2010. And all the way through - and you can check the record - I said that I thought that we...