Results 9,061-9,080 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Mortgage Loan Books (3 Dec 2014)

Michael Noonan: My Department and I actively monitor the evolving situation with regard to mortgages arrears.  The Government is very aware of the difficulties some homeowners are facing in meeting their mortgage commitments and has a clear strategy to support households in arrears.  The Government published the Report of the Inter-Departmental Mortgage Arrears Working Group in October 2011...

Written Answers — Department of Finance: Corporation Tax Regime (3 Dec 2014)

Michael Noonan: In the Budget I announced several changes to Ireland's corporation tax policy, as part of an overall strategy to "play fair and play to win".   This included a change to Ireland's rules on company tax residence which will bring our company residence rules into line with those in the rest of the OECD and an end to the so-called 'Double Irish'.  This was balanced with a number of...

Written Answers — Department of Finance: Budget 2015 (3 Dec 2014)

Michael Noonan: I thank the Deputy for acknowledging and welcoming the changes introduced in the recent Budget. I have long said that the burden of the income tax system in Ireland is too high and that I would seek to reduce it as soon as it was prudent to do so. The improvement in the public finances coupled within increased economic growth and rising employment which have followed from our prudent...

Written Answers — Department of Finance: Banking Sector (3 Dec 2014)

Michael Noonan: Now that the bank has returned to profit, is on a stable path and has passed the ECB's Comprehensive Assessment, my officials will engage with the management team to explore how we can reconfigure the bank's capital structure to make it fit for purpose. Regulatory rules and expectations have changed dramatically in the past couple of years and we need to lay out a...

Written Answers — Department of Finance: Revenue Commissioners Investigations (3 Dec 2014)

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. Every Filling Station about which a complaint was made has been visited by Revenue Enforcement officers and samples were taken for analysis by the State...

Written Answers — Department of Finance: Property Taxation Exemptions (3 Dec 2014)

Michael Noonan: As I previously advised the Deputy in response to Parliamentary Questions Nos. 14 (37016/14) and 31 (37015/14) on 2/10/14 and Parliamentary Question No. 38 (41718/14) of 5/11/2014, officials of my Department, together with officials of the Department of Environment, Community & Local Government, are examining the alternatives other than testing that may be available in order to...

Written Answers — Department of Finance: Tax Reliefs Availability (3 Dec 2014)

Michael Noonan: As the Deputy is aware, I announced a number of changes to the Employment and Investment Incentive in the recent Budget, as a result of a significant review that was carried out by my Department in consultation with the Revenue Commissioners, which included a public consultation process. The EII is being amended to raise company limits, increase the holding period from 3 to 4 years and...

Written Answers — Department of Finance: Banking Sector (3 Dec 2014)

Michael Noonan: AIB's return to profitability is good news from the perspective of the Irish taxpayer, as it enhances the value of the bank for the taxpayer. The last valuation of our AIB shares was carried out by the NPRFC at the end of 2013, and this valued the State's ordinary and preference shareholding at €10 billion. Including the Contingent Capital Notes we hold or coco's, this brings the...

Written Answers — Department of Finance: Economic Growth Rate (3 Dec 2014)

Michael Noonan: The Government's principal strategy for economic and budgetary policy for the last number of years has been to put the economy and the public finances on a more stable footing.  Through the implementation of substantial adjustments, significant progress has been made in restoring fiscal stability and economic growth. The recovery in employment began in 2012 and by the third quarter...

Written Answers — Department of Finance: Mortgage Lending (3 Dec 2014)

Michael Noonan: As the Deputy is aware, the Central Bank of Ireland has recently published a consultation paper regarding macro-prudential measures for residential mortgage lending in Ireland. The Central Bank measures, as set out in the consultation document, would place restrictions on the loan to value (LTV) and loan to income (LTI) ratios banks can apply when lending for house purchase. They would...

Written Answers — Department of Finance: Economic Growth (3 Dec 2014)

Michael Noonan: I note the views expressed by the Irish Fiscal Advisory Council in its recent Fiscal Assessment Report and welcome its assessment that targeting a deficit of 2.7 per cent of GDP in 2015 is considered conducive to prudent economic and budgetary management. With regard to the Council's assertion that Budget 2015 represents a 'missed opportunity' and further consolidation...

Written Answers — Department of Finance: Tax Code (3 Dec 2014)

Michael Noonan: There is a view that owners of zoned and serviced land are waiting for higher prices and that is why they are not taking steps to develop their land or sell it to others who will. As I announced on Budget Day, it is my intention to launch a public consultation in the coming months on this issue. If this turns out to be a valid point of view, I will examine what taxation...

Written Answers — Department of Finance: Revenue Commissioners Investigations (3 Dec 2014)

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. Every Filling Station about which a complaint was made has been visited by Revenue Enforcement officers and samples were taken for analysis by the State laboratory. ...

Written Answers — Department of Finance: VAT Rate Application (3 Dec 2014)

Michael Noonan: The EU VAT Directive does not provide specific rules that are applicable only to multinationals or allow for cash flow advantages that are available to multinational corporations and not to small indigenous business. My officials believe the Deputy may be referring to VAT groups. I am advised by the Revenue Commissioners that the EU VAT Directive establishes the EU Community VAT legislation...

Written Answers — Department of Finance: Banking Sector Staff (3 Dec 2014)

Michael Noonan: As the Deputy will be aware under the Relationship Frameworks the State does not intervene in the day to day operations of the banks or their management decisions regarding commercial matters. Any staff who transfer under outsourcing arrangements transfer under the TUPE regulations. I have recently answered a parliamentary question on the same topic as follows: With regard to the number of...

Written Answers — Department of Finance: Revenue Commissioners Investigations (3 Dec 2014)

Michael Noonan: I propose to take Questions Nos. 36 to 39, inclusive, together. 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. Revenue undertakes, on an ongoing basis, an extensive programme of compliance and enforcement actions...

Written Answers — Department of Finance: Mortgage Data (3 Dec 2014)

Michael Noonan: The Central Bank has informed me that it does not collect data on the number of mortgages in securitisation SPVs. However, data is available on the value of mortgage loans that have been transferred from Irish resident banks to securitisation vehicles. This data is published in Table A.18.2 on the Central Bank's website: . This table shows that securitised loans serviced...

Written Answers — Department of Finance: IBRC Liquidation (3 Dec 2014)

Michael Noonan: It is incorrect to state that these bonds are worthless. It is likely that any liabilities arising under bonds/guarantees/indemnities entered into by IBRC in favour of the various County Councils will rank as unsecured claims in the special liquidation. The Special Liquidators have confirmed that there is likely to be a  dividend for unsecured creditors of the liquidation. As...

Written Answers — Department of Finance: VAT Rate Application (3 Dec 2014)

Michael Noonan: VAT is guided by EU VAT law, with which Irish VAT law must comply.  The EU VAT Directive generally provides that supplies of goods and services be chargeable to VAT at the standard rate but that lower rates are permitted in very limited circumstances.  Food products can only benefit from the zero rating in accordance with Article 110 of the VAT Directive which permits the retention...

Written Answers — Department of Finance: Government Expenditure (3 Dec 2014)

Michael Noonan: Under the expenditure benchmark as introduced by the six-pack, the estimated general government expenditure is as set out as follows: €bn 2015* 2016 2017 2018 2019 Permitted gross general government expenditure 71.0 71.4 73.0 74.7 75.9 Year on Year Change 0.6% 2.3% 2.3% 1.7% *Expenditure Benchmark not applicable in 2015 In generating these figures, we have had...