Results 10,101-10,120 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Insurance Industry Regulation (2 Oct 2014)

Michael Noonan: With regard to Setanta, you will appreciate that a liquidation of an insurance company is a legally complex and time consuming process.  In general terms, under the Statute of Limitations, claimants are given two years following an accident to make an initial claim.  However, it could take several years for a particular case to be finalised.  Setanta is a Maltese...

Written Answers — Department of Finance: Fiscal Policy (2 Oct 2014)

Michael Noonan: Following successful implementation of the EU-IMF programme, the Irish economy is emerging from the crisis and there are clears signs that economic recovery is underway.  First estimates of economic activity for the second quarter of this year were very strong and were well ahead of consensus expectations with GDP growing by 1.5 per cent over the quarter and by 7.7 per cent...

Written Answers — Department of Finance: Tax Agreements (2 Oct 2014)

Michael Noonan: The double taxation agreement between Ireland and the United States was signed in 1997 and entered into force in 1998.  The treaty is working well and currently there are no plans to amend it.

Written Answers — Department of Finance: Financial Services Sector (2 Oct 2014)

Michael Noonan: I understand that the Deputy is referring to the Global Financial Centres Index 15. It is the case that Dublin has decreased in its ranking compared to the 2014 survey. The change in the ratings is not an issue unique to Dublin, 23 of the 27 centres in Europe declined in the rankings including Copenhagen, Edinburgh, Madrid, Lisbon and Rome.  However, in the survey Dublin continues to...

Written Answers — Department of Finance: Banks Recapitalisation (2 Oct 2014)

Michael Noonan: The Euro-area Heads of State or Government (HoSG) agreed in June 2012 that "it is imperative to break the vicious circle between banks and sovereigns" and that when a Single Supervisory Mechanism, involving the ECB, is in place and operational, the European Stability Mechanism, the ESM, could recapitalize banks directly. On 10 June 2014 the euro area Member States reached a preliminary...

Written Answers — Department of Finance: IBRC Loans (2 Oct 2014)

Michael Noonan: I am advised by the Special Liquidators that it is policy to notify all commercial borrowers whose loans are sold as part of the liquidation of IBRC of the sale of their loan and the identity of the purchaser of that loan.  In addition, the Special Liquidators also require purchasers to send separate written notifications to borrowers, such notifications to include the identity of...

Written Answers — Department of Finance: Pensions Levy (2 Oct 2014)

Michael Noonan: The original 0.6% stamp duty levy on pension fund assets will end this year while the additional 0.15% levy is legislated to apply for this year and 2015. Preparations for Budget 2015 and the consequent Finance Bill are ongoing. It would not be appropriate for me to comment on what changes, if any, are being considered in the pension fund levy or any other tax measure.

Written Answers — Department of Finance: Financial Services Regulation (2 Oct 2014)

Michael Noonan: A comprehensive overhaul of the regulatory framework in the financial sector has been pursued at EU level since the financial crisis. Through the introduction of various initiatives, the stability and resilience of the financial sector has been strengthened and restored to a position where it better serves the economies and people of Europe. We have played a crucial role in driving that...

Written Answers — Department of Finance: Corporation Tax Regime (2 Oct 2014)

Michael Noonan: The importance of maintaining the standard 12.5% rate of corporation tax to Ireland's international competitive position is fully appreciated by the Government.  A competitive corporate tax rate is a tool to address the economic limitations that come with being a peripheral country, as compared to larger core countries. Ireland's corporation tax rate plays an important role in attracting...

Written Answers — Department of Finance: Budget 2015 (2 Oct 2014)

Michael Noonan: My Department produces a large range of documentation to accompany the Budget. This documentation includes tables of distributional analysis at set income levels, of income tax, USC and PRSI changes. These tables also include changes to certain social welfare payments where appropriate. In addition, a number of illustrative cases are developed and published. The Department of...

Written Answers — Department of Finance: Pensions Levy (2 Oct 2014)

Michael Noonan: I announced in my Budget 2014 speech that the 0.6% Pension Fund Levy introduced to fund the Jobs Initiative in 2011 would be abolished from the 31st of December 2014. I did, however, introduce an additional levy on pension funds at 0.15% for 2014 and 2015. I did this to continue to help fund the Jobs Initiative and also to help make provision for potential State liabilities which may emerge...

Written Answers — Department of Finance: Credit Unions Restructuring (2 Oct 2014)

Michael Noonan: On 16 December 2013, Mr Jim Luby of McStay Luby Chartered Accountants was appointed by the High Court as liquidator of Newbridge Credit Union Limited (in liquidation).  I have been informed by the Central Bank that the liquidator is engaging with a potential purchaser of the Newbridge Credit Union Limited premises. All matters in relation to the sale of...

Written Answers — Department of Finance: Tax Code (2 Oct 2014)

Michael Noonan: Living City Initiative The Living City Initiative, announced in Finance Bill 2013, is a pilot project which provides certain tax incentives to make it more attractive for people to live in historic and culturally significant city centre houses. The initiative also offers incentives for retailers and small businesses in those areas. This Initiative is subject to EU State Aid approval and a...

Written Answers — Department of Finance: Tax Code (2 Oct 2014)

Michael Noonan: I assume from the Deputy's references to capital taxes and investment that his question relates to capital gains tax (CGT). The rate of CGT is currently 33% and has been increased four times since 2008 when it stood at 20%. These rate increases were necessary to protect the yield from CGT in the context of the rebalancing of the public finances. An increase in the taxation of capital is...

Written Answers — Department of Finance: Tax Code (2 Oct 2014)

Michael Noonan: As the Deputy is no doubt aware we are almost at the halfway point in the OECD BEPS project. Following on from the seven reports released two weeks ago, another batch of deliverables are due for completion in September 2015, with the remaining BEPS reports expected to be finalised in December 2015. We have welcomed the first set of reports as they are the first milestones...

Written Answers — Department of Finance: Property Taxation Application (2 Oct 2014)

Michael Noonan: The Pyrite Panel appointed by the Minister for the Environment, Community & Local Government recommended that consideration be given to providing an exemption from LPT where damage from pyritic heave had been proven by testing in accordance with a National Standards Authority of Ireland (NSAI) standard capable of determining if there was reactive pyrite in the sub-floor hard core...

Written Answers — Department of Finance: IBRC Mortgage Loan Book (2 Oct 2014)

Michael Noonan: The Special Liquidators continue to implement the orderly and efficient wind down of IBRC in accordance with the provisions of the IBRC Act and the instructions issued by the Minister for Finance under the IBRC Act 2013. As the Deputy is aware, for operational reasons, the loan assets of IBRC were divided into six portfolios: Evergreen, Sand, Rock, Salt, Stone and...

Written Answers — Department of Finance: Living City Initiative (2 Oct 2014)

Michael Noonan: Officials from my Department have held preliminary discussions with the relevant local authorities to identify the areas of the six cities, Cork, Dublin, Galway, Kilkenny, Limerick and Waterford, which might fall within the scope of the scheme. Each of the local authorities have submitted proposals on the areas which they believe should be included.  My...

Written Answers — Department of Finance: Personal Insolvency Act (2 Oct 2014)

Michael Noonan: As the Deputy is aware, the Personal Insolvency Act 2012 was a complex piece of legislation that significantly modernised Ireland's insolvency regime.  However, as with any such major reform, I have been advised that the Department of Justice and Equality will keep the effectiveness of the legislation under review to ensure that it achieves the objective of providing an efficient way of...

Written Answers — Department of Finance: National Debt (2 Oct 2014)

Michael Noonan: My Department published the Stability Programme Update (SPU) in April this year which contained fiscal forecasts out to 2018. As general government debt expressed as a percentage of gross domestic product is the standard metric internationally for assessing debt levels, general government interest rather than national debt interest is the more appropriate metric to look at.  The SPU...