Results 13,581-13,600 of 27,019 for speaker:Michael Noonan
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)
Michael Noonan: No. There is no time limit on their use to write off against expected profits.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)
Michael Noonan: However, there is a time restriction on core tier 1 capital under CRD4.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)
Michael Noonan: I move amendment No. 65: In page 59, between lines 20 and 21, to insert the following:“Acceleration of wear and tear allowances for certain energy-efficient equipment 38. (1) The Principal Act is amended in the Table in Schedule 4A by inserting the following in column (2) opposite the reference in column (1) to “Electric and Alternative Fuel Vehicles”: “Natural Gas...
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)
Michael Noonan: There would be general agreement that the country needs strong banks that are profitable and that can provide the credit lines necessary for private citizens and businesses in the country. We are down to two banks with leverage and clout, Bank of Ireland and AIB. It is in everyone's interest that those banks are strong and do not operate under disadvantages that no other bank in Europe is...
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)
Michael Noonan: Absolutely.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)
Michael Noonan: There were two separate decisions. There is speculation in the media that there was some kind of quid pro quo, but that was not the case. They were two separate decisions that were made on their merits. I am of the view, as the banks move towards profitability, that it is about time they pony up something for the Exchequer. That is the reason the levy is in, because the alternative is to...
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)
Michael Noonan: No.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)
Michael Noonan: In an accounting period.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)
Michael Noonan: Obviously their losses would run out over time.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)
Michael Noonan: No. It is important because-----
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)
Michael Noonan: -----I am trying to point out that from a policy point of view, it was not my predecessor's intention when the Bill was published.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)
Michael Noonan: Yes, and I will check that again to ensure I have the correct information.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)
Michael Noonan: The impact of easing this restriction of the normal ROS relief will be a cashflow timing issue, and there will be no tax loss.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)
Michael Noonan: What is taxed is profit. To calculate profit in any company, it is normal to deduct losses. What we have here is a restriction, which applies uniquely to two banks in Ireland and nowhere else, on their ability to subtract losses when calculating profit.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)
Michael Noonan: Section 396C of the Taxes Consolidation Act 1997 was introduced by the National Asset Management Agency Act 2009. It limits the amount of prior-year losses that a NAMA participating institution can offset against trading profits to 50% of the trading profit for each accounting period. Bank of Ireland and AIB are the two remaining participating institutions in existence. Given the extensive...
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)
Michael Noonan: The repeal of section 396C will extend the period over which the State will collect.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)
Michael Noonan: What I propose is that a restriction that applies uniquely to Bank of Ireland and AIB and to no other bank in the European Union will be removed, so that the Irish banks are not at a disadvantage. If I recall correctly, when the NAMA legislation was initiated, there was no such provision in the text as published by the Minister. However, in the course of the debate, the Minister accepted an...
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)
Michael Noonan: We will take a step-by-step approach. We must first secure the consent of the European Commission, after which we will consult local authorities. The measure will then be subject to regulatory guidelines, in which the details the Deputy is raising will be expanded on. Local authorities have experience of dealing with schemes involving property. The target of the measure is not investors...
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)
Michael Noonan: I accept that we must be careful and cautious.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)
Michael Noonan: We are proceeding very cautiously. When I introduced this last year, I explained that it was subject to assessment under State aid rules, that we would have to make an application to Commissioner Almunia and that the Commission would require a cost benefit analysis before the submission could be made. We are expanding the scheme because the cost benefit analysis recommended specifically...