Results 13,921-13,940 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Financial Services Regulation (20 Nov 2013)

Michael Noonan: Officials from my Department were in regular contact with the Central Bank regarding the transfer of assets and liabilities of Newbridge Credit Union to permanent tsb, and I was kept informed of events throughout the process. My role, as Minister for Finance, in this process was as consultee and as such, I was made aware of events as they occurred. The special manager was appointed by the...

Written Answers — Department of Finance: European Stability Mechanism (20 Nov 2013)

Michael Noonan: The Euro Area Heads of State or Government agreed in June 2012 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 (ESM) could recapitalize banks directly. The Eurogroup meeting of 20th June 2013 agreed on the main features of the ESM’s Direct Bank...

Written Answers — Department of Finance: European Stability Mechanism (20 Nov 2013)

Michael Noonan: The European Stability Mechanism Act, 2012 provides for Ireland's membership of the European Stability Mechanism (ESM) and payments into it. Section 3 of the Act provides for payments to the ESM out of the Central Fund. In July 2012 the European Stability Mechanism Act was signed into law and in August 2012 Ireland deposited its instrument of ratification for the Treaty establishing the...

Written Answers — Department of Finance: EU-IMF Programme of Support Issues (20 Nov 2013)

Michael Noonan: I propose to take Questions Nos. 49 and 51 together. As the Deputy will be aware, the Government decided on 14 November that Ireland is now in the best position to exit the EU-IMF programme of financial assistance on December 15 without the need to pre-arrange a new precautionary credit line from our EU and IMF partners. The Government decided that exiting without a pre-arranged...

Written Answers — Department of Finance: Redundancy Payments (20 Nov 2013)

Michael Noonan: Ex-gratia payments can be made in addition to statutory redundancy payments on the termination of the holding of an office or employment, or alternatively on death or disablement grounds. Statutory redundancy payments are exempt from income tax. Furthermore, there are additional exemption limits for ex-gratia discretionary redundancy payments or retirement gratuities in excess of the...

Written Answers — Department of Finance: Credit Unions (20 Nov 2013)

Michael Noonan: It is expected that the freehold title of Newbridge Credit Union Limited’s premises will be sold to a third party in due course, with the benefit of all immovable fixtures and fittings. The sale proceeds generated, net of expenses, will be paid to the Resolution Fund given the Resolution Fund is the only remaining creditor of Newbridge Credit Union Limited following the transfer. The...

Written Answers — Department of Finance: Pension Provisions (20 Nov 2013)

Michael Noonan: I propose to take Questions Nos. 53 to 55, inclusive, together. These questions all relate to early or pre-retirement access to pension savings. I am advised by the Revenue Commissioners that section 782A of the Taxes Consolidation Act 1997 provides members of occupational pension schemes with a once-off opportunity to access their Additional Voluntary Contributions (AVCs),...

Written Answers — Department of Finance: National Pensions Reserve Fund Administration (20 Nov 2013)

Michael Noonan: The National Pensions Reserve Fund (NPRF) was established on 2 April 2001 under the National Pensions Reserve Fund Act 2000 for the purpose of meeting as much as possible of the cost to the Exchequer of social welfare pensions and public service pensions to be paid from the year 2025 until the year 2055, or such other year as may be specified by order. The Government has decided to...

Written Answers — Department of Finance: Property Taxation Administration (20 Nov 2013)

Michael Noonan: The Finance (Local Property Tax) Act 2012 (as amended) provides that liability for Local Property Tax (LPT) will arise where a person owns a residential property on the liability date, which was 1 May 2013 for 2013 and for subsequent years 1 November in the preceding year. The liability date for 2014 is 1 November 2013. I assume that the Deputy is referring to the “Improvement...

Written Answers — Department of Finance: European Stability Programmes (20 Nov 2013)

Michael Noonan: Post programme surveillance is a long standing feature of IMF assistance programmes. In the European context, Regulation No 472/2013 which is part of what is known as the “Two-Pack”, now provides for a similar arrangement for euro area member states in a post-programme situation. This is quite normal and is part of the wider governance changes that have been put in place at the...

Written Answers — Department of Finance: Carbon Tax Implementation (20 Nov 2013)

Michael Noonan: The Revenue Commissioners advise me that the application of solid fuel carbon tax (SFCT) is heavily dependant on the regulatory regime for coal put in place by the Department of the Environment, Community and Local Government. The regulatory regime established higher standards for coal supplied in the State compared with Northern Ireland, and provides for enforcement of those standards....

Written Answers — Department of Finance: Pension Provisions (20 Nov 2013)

Michael Noonan: I propose to take Questions Nos. 60 and 65 together. As both questions 60 and 65 relate to the changes to the Standard Fund Threshold (SFT) regime announced in my 2014 Budget Statement and reflected in the recently published Finance (No.2) Bill 2013, I propose to deal with them together. The primary purpose of the changes I am making to the SFT regime is to further restrict the capacity...

Written Answers — Department of Finance: Tax Rebates (20 Nov 2013)

Michael Noonan: I am informed by the Revenue Commissioners that the person’s tax affairs were the subject of a Revenue audit in 2010. In the course of the audit a number of material discrepancies were identified in the person’s VAT and RCT returns. No explanation for the discrepancies was supplied. The person has subsequently made several approaches to Revenue seeking a refund of tax which he...

Written Answers — Department of Finance: Credit Unions (20 Nov 2013)

Michael Noonan: The Central Bank has placed the affidavit and the Resolution report, in relation to Newbridge Credit Union, on its website*. Any enforcement issues arising at Newbridge are a matter for the Central Bank, in the first instance, in its capacity as Regulator of the Credit Unions. Section 33AK, subsection (3)(a) of the Central Bank Act 1942 requires the Central Bank to report information to...

Written Answers — Department of Finance: Banking Sector Regulation (20 Nov 2013)

Michael Noonan: I propose to take Questions Nos. 63 and 81 to 86, inclusive, together. As the Deputy will be aware, the Taoiseach mentioned in this House last week that he had held discussions with Chancellor Merkel. Germany is keen to help and specifically to find ways to reinforce Ireland’s economic recovery by improving funding mechanisms for the real economy, including access to finance for...

Written Answers — Department of Finance: Property Taxation Administration (20 Nov 2013)

Michael Noonan: In accordance with the Finance (Local Property Tax) Act 2012 (as amended), liability for Local Property Tax (LPT) will arise where a person owns a residential property on the liability date, which was 1 May 2013 for 2013 and for subsequent years, 1 November in the preceding year. As I informed the House in my replies to a number of Questions on this matter, most recently in my reply to...

Written Answers — Department of Finance: Economic Growth Rate (20 Nov 2013)

Michael Noonan: I propose to take Questions Nos. 66, 67 and 72 together. As the Deputy is aware, the Government decided on 14 November that Ireland is now in the best position to exit the EU-IMF programme of financial assistance on December 15 without the need to prearrange a new precautionary credit line. The Government’s assessment is that the best option for Ireland is to exit the programme as...

Written Answers — Department of Finance: State Savings Schemes (20 Nov 2013)

Michael Noonan: I propose to take Questions Nos. 68 and 75 together. The National Treasury Management Agency (NTMA) offers a range of savings products to personal savers under the brand name State Savings. NTMA State Savings products have been an important and dependable component of Government borrowing for many years and make a valuable contribution to the national finances. The suite of State Savings...

Written Answers — Department of Finance: Economic Policy (20 Nov 2013)

Michael Noonan: The Medium Term Economic Strategy, which will be published shortly, will set out the principles that will guide economic and fiscal policy out to 2020. By setting out the macroeconomic and fiscal framework to govern the post-programme period, the Medium Term Economic Strategy will provide certainty and confidence to investors, both domestically and internationally and support economic recovery.

Written Answers — Department of Finance: Tax Yield (20 Nov 2013)

Michael Noonan: Tax revenues in the period to end-October remain largely in line with the 2013 published profile coming in some €37 million (0.1%) ahead of profile, despite some variations at individual tax head level. Notwithstanding this position, the forecast of €37,825 million for 2013, as set out in Budget 2014 stands. This represents a fall of €125 million (0.3%) on the original...