Results 8,541-8,560 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Real Estate Investment Trusts (4 Feb 2015)

Michael Noonan: The tax framework for Real Estate Investment Trust companies was introduced into law in Finance Act 2013.  My officials have been advised by the Revenue Commissioners that there is no tax return data available yet in relation to the three REITs that have been established:  - The first REIT to be listed on the Irish Stock Exchange was the Green REIT plc in July 2013 but my...

Written Answers — Department of Finance: Home Repossession (4 Feb 2015)

Michael Noonan: This Government is tackling the issue of mortgage arrears head on.  We overhauled the structures to support customers in arrears to find solutions.The Deputy will be aware that the Government's Strategy to address the problem of mortgage arrears was formulated in response to the recommendations of the Keane Report (2011) and the main elements of it are: - Engagement with the banks to...

Written Answers — Department of Finance: European Council Meetings (4 Feb 2015)

Michael Noonan: The Ecofin Council met on 27thJanuary 2015. It was the first Ecofin meeting held under the Latvian Presidency of the Council. I represented Ireland at the meeting which was attended by representatives of the other 27 EU Member States along with representatives of the European Commission; the European Central Bank; the European Investment Bank; the Economic and Financial Committee of the...

Written Answers — Department of Finance: Bank Restructuring (4 Feb 2015)

Michael Noonan: A way forward for Permanent TSB was agreed with the Troika in April 2012 which envisaged it playing an important role in the future of Irish retail banking, being a more focused retail bank bringing competition to the marketplace which has consolidated significantly since 2008. In this regard Permanent TSB prepared a Restructuring Plan, which was submitted to the European Commission ("the...

Written Answers — Department of Finance: Tax Code (4 Feb 2015)

Michael Noonan: In Budget 2015 I announced my intention to launch a public consultation on the issue of unused zoned and serviced land with a view to examining what taxation measures might be taken to penalise land owners who do not develop such land. I expect to launch this consultation shortly. The aim of the public consultation will be to assess the extent to which the taxation system - through penal...

Written Answers — Department of Finance: Tax Exemptions (4 Feb 2015)

Michael Noonan: The most recent year for which data is currently available in respect of levels of income from all sources, including exempt artistic income, of those who claimed the Artists' Exemption is 2012. In that year, approximately 44% of claimants had incomes of between €0 and €20,000, while almost 20% of claimants had incomes of between €20,000 and...

Written Answers — Department of Finance: Strategic Banking Corporation of Ireland (4 Feb 2015)

Michael Noonan: The Strategic Banking Corporation of Ireland (SBCI) is built on the foundation stone that was laid by the Taoiseach and Chancellor Merkel when they agreed that the German promotional bank Kreditanstalt für Wiederaufbau (KfW) would help finance the Irish SME sector when Ireland was exiting the EU/IMF programme in late 2013. I asked my Department and the National...

Written Answers — Department of Finance: European Central Bank (4 Feb 2015)

Michael Noonan: As widely anticipated, the ECB, announced an expanded asset purchase programme on January 22nd to include bonds issued by euro area central governments, agencies and European institutions. Under this expanded programme, the combined monthly purchases of public and private sector debt securities will amount to €60 billion. These monthly purchases are intended to be carried out from...

Written Answers — Department of Finance: Fuel Laundering (4 Feb 2015)

Michael Noonan: I am advised by the Revenue Commissioners, who are responsible for tackling fuel fraud, that they are very aware of the risks posed to consumers' vehicles, legitimate businesses and the Exchequer by all forms of fuel fraud. Over the past number of months the Revenue Commissioners have received reports from a variety of locations around the country of problems relating to petrol quality,...

Written Answers — Department of Finance: Tax Code (4 Feb 2015)

Michael Noonan: First of all, I would point out to the Deputy that the USC surcharge only impacts on a small proportion of the high earning self-employed. In 2012, the latest year for which definitive figures are available, just over 11,000 taxpayers paid the 3% USC surcharge. This represents approximately 6% of taxpayers whose primary income is not subject to PAYE, or half of one per cent of...

Written Answers — Department of Finance: Mortgage Arrears Rate (4 Feb 2015)

Michael Noonan: This Government tackled the issue of mortgage arrears head on.  We overhauled the systems and structures to support customers in arrears to find solutions. The Deputy will be aware that the Government's Strategy to address the problem of mortgage was formulated in response to the recommendations of the Keane Report (2011) and the main elements of it are: - Engagement with the banks to...

Written Answers — Department of Finance: Credit Unions Restructuring (4 Feb 2015)

Michael Noonan: The Credit Union Restructuring Board (ReBo) is actively involved with 147 credit unions in 68 different projects. Of these, 8 credit union mergers involving 20 credit unions have been completed to date; 4 proposals involving 12 credit unions are at approval stage and are due to complete shortly; 30 proposals, involving 69 credit unions are at an advanced...

Written Answers — Department of Finance: Economic Growth (4 Feb 2015)

Michael Noonan: Growth prospects in Europe were discussed by Madame Lagarde and all participants, including myself, during the panel discussion at a conference in Dublin Castle entitled Ireland Lessons from Its Recovery from the Bank-Sovereign Loop. These discussions were streamed live by the event organisers and are available at:  The latest economic developments in the euro...

Written Answers — Department of Finance: Debt Conference (4 Feb 2015)

Michael Noonan: The issue of a debt conference was discussed by Madame Lagarde and all participants, including myself, during the panel discussion at a conference in Dublin Castle entitled Ireland Lessons from Its Recovery from the Bank-Sovereign Loop. These discussions were streamed live by the event organisers and are available at: As you will see from the recording, Madame Lagarde stated the view...

Written Answers — Department of Finance: Debt Conference (4 Feb 2015)

Michael Noonan: My view is that when countries encounter difficulties, a process of negotiation is always better than one of conflict. Specifically in the case of euro area Member States, all programme negotiations have been conducted within the Eurogroup and Ecofin, with IMF involvement as appropriate.  My view is that these are the appropriate fora for resolving outstanding issues.

Written Answers — Department of Finance: Water Conservation Grant (4 Feb 2015)

Michael Noonan: To promote sustainable use of water and to enhance water conservation in households, the Government decided to introduce a €100 water conservation grant for all households (principal private dwellings) that complete a valid response to Irish Water s customer registration process. The grant of €100 per annum will be available to all households, irrespective of the manner in...

Written Answers — Department of Finance: NAMA Assets Sale (4 Feb 2015)

Michael Noonan: As the Deputy will be aware, a significant consequence of the financial crises in Ireland has been the deleveraging of our financial services system, which includes the individual bank asset sales programmes which are now largely complete, the liquidation of IBRC and the ongoing disposal of NAMA's assets. A key objective in each of these deleveraging...

Written Answers — Department of Finance: Tax Code (4 Feb 2015)

Michael Noonan: As the Deputy will be aware, the Statement of Priorities issued by the Government in July 2014 included a commitment for an income tax reform plan  to be delivered over a number of budgets, to reduce the 52% marginal tax rate on low and middle-income earners, in a manner that maintains the highly progressive nature of the Irish tax system. The first stage of the plan was given effect...

Written Answers — Department of Finance: VAT Rate Application (4 Feb 2015)

Michael Noonan: In relation to safety equipment, Article 110 of the EU VAT Directive law provides that it is only possible to apply a zero rate to goods and services where a Member State applied a zero rate to that specific good or service on and from 1 January 1991. Zero-rating is an historical derogation from the normal VAT rules, where the intention is that such VAT treatment is temporary, and...

Written Answers — Department of Finance: IBRC Operations (4 Feb 2015)

Michael Noonan: For clarity's sake, the sale of Siteserv occurred prior to the Special Liquidation of IBRC, under the previous board and management of IBRC.  As already indicated to the Deputy in Parliamentary Question No. 220 of 16 December 2014, notwithstanding the State s ownership of the bank at the time, it was a matter for the board and management of IBRC to determine and...