Results 6,381-6,400 of 27,019 for speaker:Michael Noonan

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

Michael Noonan: No, but everyone is on-side now. It's European policy and it's a matter of European law now to ... in future problems with banks across the banking union, bank ... senior bondholders will be bailed in. So I'm consistent and it's my policy position and we've succeeded in making it European law. On the Ajai Chopra statement, first of all, I'd like to say that he was certainly, in my view,...

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

Michael Noonan: The question is beyond my pay scale, Chairman.

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

Michael Noonan: No, we never took the retrospective recapitalisation across the table, but when I bring it up with some of the colleagues who are helpful, they say, "But, sure, didn't you get your deal on the promissory note." So it certainly is an argument, but we succeeded in making it part of the regulatory ... statutory regulation governing the ESM, that the ESM may directly recapitalise banks or...

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

Michael Noonan: -----Deputy McGrath-----

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

Michael Noonan: -----what the position is on that. And the alternative way of getting money back for the Irish taxpayer is to sell AIB shares, in particular, on the market, but, subsequently, Bank of Ireland ... and PTSB is becoming profitable now and it's already valued at €1.6 billion, so there's an asset there as well.

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

Michael Noonan: But we needn't-----

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

Michael Noonan: -----we needn't do it. I think I said before that I had a colleague in Sweden who's no longer finance minister, but he spent seven or eight years there, and he told me that in the Swedish banking crisis which was in the early '90s, he only sold the last tranche of shares into the market 18 months ago and they made two and half times the nominal value of what they put in.

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

Michael Noonan: I wouldn't have a lot of expertise in the field now but, first of all, I needed to ensure that we didn't have to look for extra money to do it. So it had to fall ... less than €35 billion, I think, was the issue. And the stress test figure came up with something like €16 billion or €17 billion or €18 billion, somewhere in that neighbourhood. And the authorities...

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

Michael Noonan: I'd like to thank you, Chairman, and I'd like to thank all your colleagues and wish you well and ... you've done a great job and it's an honour to be the last witness.

Written Answers — Department of Finance: VAT Rate Application (16 Jul 2015)

Michael Noonan: I am advised by the Revenue Commissioners that VAT is an EU-wide tax and Irish VAT law must comply with the EU VAT Directives.  Article 78 of EU Council Directive 2006/112/EC provides that the taxable amount shall include taxes, duties, levies and charges, excluding the VAT itself.  This is transposed in section 37(1) of the Value-Added Tax Consolidation Act 2010 which provides...

Written Answers — Department of Finance: Ireland Strategic Investment Fund Investments (16 Jul 2015)

Michael Noonan: I propose to take Questions Nos. 123 and 124 together. Due to commercial sensitivities the Ireland Strategic Investment Fund (ISIF) does not report on economic impact at individual transaction level, but instead at the aggregate portfolio level. The €450 million BlueBay SME Credit Fund has completed 11 loan transactions totalling approximately €190 million as at 30 June 2015....

Written Answers — Department of Finance: Ireland Strategic Investment Fund Management (16 Jul 2015)

Michael Noonan: Following the commencement of the relevant section of the National Treasury Management Agency (Amendment) Act 2014 on 22 December 2014 the assets of the National Pensions Reserve Fund (NPRF) became the assets of the Ireland Strategic Investment Fund (ISIF). The ISIF has advised that the Turnaround Fund was focused on turnaround investing in troubled companies as the Irish...

Written Answers — Department of Finance: Employment Investment Incentive Scheme (16 Jul 2015)

Michael Noonan: As the Deputy is aware, a number of amendments to the EII were announced in the recent Budget: - The scheme has been expanded to include, subject to certain conditions, medium-sized enterprises in non-assisted areas, the management and operation of nursing homes and to internationally traded financial services as certified by Enterprise Ireland. This will result in an increase in the...

Written Answers — Department of Finance: Tax Code (16 Jul 2015)

Michael Noonan: The introduction of Carbon Tax was about sending a price signal that there is a cost associated with the consumption of fossil fuels to the detriment of the environment. It should be noted that as solid fuels have the highest carbon content of all fossil fuels they are considered the dirtiest fuels and given the environmental impact it is important that they are taxed. While tax increases...

Written Answers — Department of Finance: Departmental Strategy Statements (16 Jul 2015)

Michael Noonan: My Department remains focused on maintaining the reform momentum necessary to achieve the goals of creating more jobs, enhancing living standards and, ultimately, achieving full employment as set out in the Government's Statement of Government Priorities 2014-2016. This statement prioritises the actions needed to build on the economic recovery that is already under way to ensure that the...

Written Answers — Department of Finance: Insurance Compensation Fund (16 Jul 2015)

Michael Noonan: Setanta Insurance Company Limited is a Maltese incorporated company. Setanta was formally placed into liquidation by the Maltese Financial Services Authority on 30th April 2014 when a liquidator was appointed under the provisions of the Maltese Companies Act 1995. The liquidation is proceeding according to Maltese law. The liquidation of an insurance company is a legally complex and time...

Written Answers — Department of Finance: Tax Data (16 Jul 2015)

Michael Noonan: I am informed by Revenue that, given the volume of Questions received for answer today, it has not been possible to compile the information requested in the time available. A response is being prepared and will be forwarded to the Deputy as soon as possible.

Written Answers — Department of Finance: Tax Yield (16 Jul 2015)

Michael Noonan: I am informed by Revenue that, as tax returns require information in respect of the consideration associated with the disposal of principal private residences but not the actual capital gain, there is no basis for separately identifying the yield that would arise from applying the caps to the relief as proposed by the Deputy.  As the Deputy will be aware, Capital Gains Tax is applicable...

Written Answers — Department of Finance: Tax Data (16 Jul 2015)

Michael Noonan: I am advised by Revenue that the number of individuals about whom data has been provided, on request, to the Health Service Executive (HSE) under section 8 of the Health (Alteration of Criteria for Eligibility) Act 2013 is as follows: Date No. of persons October to December 2013 247,093 2014 965,340 2015 to date 558,658 The nature of the data supplied by Revenue to the HSE generally...

Written Answers — Department of Finance: EU-IMF Programme of Support (16 Jul 2015)

Michael Noonan: I propose to take Questions Nos. 133 and 153 together. I am advised by the National Treasury Management Agency (NTMA) that the position regarding the EU/IMF Programme loan facilities, including interest rates and maturities, as at end-June 2015, is as set out in the table below.  Facility Loan Amount (bn) € Equivalent (bn)1 Interest Rate on Loan Amount Reference Rate Basis...