Results 16,361-16,380 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Property Taxation Exemptions (1 May 2013)

Michael Noonan: I refer the Deputy to my detailed reply to similar questions, No. 115 on 27 March (15664/13) and No. 231 on 16 April (16212/13). The Finance (Local Property Tax) Act 2012 (as amended) provides two potential measures of relief from Local Property Tax (LPT) for persons who have a disability. Section 10B provides an exemption for permanently incapacitated individuals, while section 15A...

Written Answers — Department of Finance: Mortgage Interest Rates Issues (1 May 2013)

Michael Noonan: While the Government is acutely aware of the increasing financial stress that some households are facing in the current environment, ultimately the pricing of financial products, including standard variable mortgage interest rates, is a commercial matter for the management and the Board of the Institution. As the Deputy will be aware the Relationship Framework with AIB provides that the State...

Written Answers — Department of Finance: Liquor Licence Applications (1 May 2013)

Michael Noonan: I am informed by the Revenue Commissioners that they may only facilitate the issue of a Licence where the appropriate Court certificate is submitted within 12 months of issue, and certain conditions, as set down in legislation, are met. These include: - Valid Tax Clearance Certificate - Short Certificate of Incorporation (if Licensee is a company) - Certificate of Registration of...

Written Answers — Department of Finance: Tax Code (1 May 2013)

Michael Noonan: I am advised by the Revenue Commissioners that the provisions in primary legislation relating to the €500 administration charge are contained in section 135D(4)(b) of the Finance Act 1992 (as inserted by section 83(1)(j), Finance Act 2012). The charge is applied when the Revenue Commissioners are satisfied that a vehicle has been permanently removed or exported from the State, when...

Written Answers — Department of Finance: Disabled Drivers and Passengers Scheme (1 May 2013)

Michael Noonan: The criteria relating to the engine size of a vehicle and the relief available for vehicles which qualify under the Disabled Drivers and Passengers Scheme have been in place since 1989. The purpose of the scheme was to provide for ways in which people with a physical disability could become more mobile; it is felt that the present limit of 2000cc is sufficient to allow for an extensive...

Written Answers — Department of Finance: Mortgage Resolution Processes (1 May 2013)

Michael Noonan: In terms of significant mortgage arrears and difficulty, the Government has significantly advanced a number of key measures, including; (i) An intensification by the Central Bank of its engagement with mortgage lenders to require them to propose sustainable and durable alternative arrangements to their customers in mortgage arrears; (ii) Significant reforms to personal insolvency to...

Written Answers — Department of Finance: Banking Sector Remuneration (1 May 2013)

Michael Noonan: The present policy on remuneration at the covered institutions dictates that no individual may receive annual aggregate remuneration (excluding pension contributions) exceeding €500,000 unless specifically authorised. This overarching policy is now supplemented by the inescapable conclusion arising out of the recently published Review of Remuneration Practices and Frameworks at the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Stability Programme Update: Discussion with Minister for Finance (30 Apr 2013)

Michael Noonan: Every modern economy has a functioning and dynamic structural and development sector. It is about 5% and 6% of GDP now whereas it should be 9% or 10%, and it was more than 20%, which was unsustainable. It seems that as the property market in Dublin, in particular, begins to sort itself out and there is some demand for houses again, construction is also beginning in Dublin. In the greater...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Stability Programme Update: Discussion with Minister for Finance (30 Apr 2013)

Michael Noonan: The policy was 2:1, namely, for every €2 of adjustment by way of expenditure cuts there would be €1 adjustment by way of tax. However, while the expenditure side is more difficult to manage, tax goes up with the economic cycle. In the first three months of this year, income tax was up 8%, but I did not increase income tax in either of the budgets I brought in. While we get...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Stability Programme Update: Discussion with Minister for Finance (30 Apr 2013)

Michael Noonan: This is a matter for the Minister, Deputy Howlin. I do not have the role of controlling expenditure. Normally, what happens when edicts like that are issued is we might get the adjustment for one year but it does not change the base. It is like elastic - it goes back again the following year. What we need are base changes so the permanent base of expenditure is reduced. That is why the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Stability Programme Update: Discussion with Minister for Finance (30 Apr 2013)

Michael Noonan: I suppose the simple way of saying what "exiting the programme" means is funding ourselves on the markets rather than through the funds from the European authorities and the IMF. Exiting the programme and full sustainable market access are the two sides of the same coin. That is one way of explaining it. The other way is that the troika has gone home and is not coming in every three months...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Stability Programme Update: Discussion with Minister for Finance (30 Apr 2013)

Michael Noonan: As long as we owe something in excess of 17% of the money borrowed to the European institutions, there will be continuing oversight. On that basis, we will have the programme for a long time, but it will not be hands-on scrutiny. The other point is that while we are all working very hard in our small space in Ireland to sort out things, the fiscal rules in Europe have been changing very...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Stability Programme Update: Discussion with Minister for Finance (30 Apr 2013)

Michael Noonan: The two-pack, the six-pack, the Stability Growth Fund, the excess deficit procedures - there is now a whole raft of fiscal measures. It is going towards a fiscal union and a banking union.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Stability Programme Update: Discussion with Minister for Finance (30 Apr 2013)

Michael Noonan: The promissory note, with an interest rate holiday, is being replaced by Exchequer bonds on which interest is chargeable. The promissory note had this holiday, but I do not want to describe it in adverse terms; it was probably clever negotiation. However, this created a difficulty for the incoming Government, while it eased the problems of the outgoing Government in an election year and the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Stability Programme Update: Discussion with Minister for Finance (30 Apr 2013)

Michael Noonan: On the information Deputy Dara Murphy is seeking, the answer is complicated. If the Deputy looks at page 21 of the document, he will see the bar graphs and if he looks at the footnotes, they explain them. Effectively, our position was so good this year because once-off events contributed largely to our getting from the target of 8.6% imposed by the troika to 7.6%. These events will not be...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Stability Programme Update: Discussion with Minister for Finance (30 Apr 2013)

Michael Noonan: No, that will kick in after 2019. The debt ratio must fall. We believe, based on the figures we have included, that GDP growth will do the heavy lifting. The strategy must be to keep expenditure below the growth rate in the economy. There will be a little head room for extra expenditure but not a lot, based on current growth projections. Obviously, if growth increases, we will have more...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Stability Programme Update: Discussion with Minister for Finance (30 Apr 2013)

Michael Noonan: No, when we take account of the gains and the losses, there might even be a loss. The gains or savings will be made next year.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Stability Programme Update: Discussion with Minister for Finance (30 Apr 2013)

Michael Noonan: The deficit increases; it does not decrease.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Stability Programme Update: Discussion with Minister for Finance (30 Apr 2013)

Michael Noonan: It was not taken into account on budget day, but it is taken into account in these figures. What was included in the budget was a figure of just over €1 billion, but a further €120 million is now included in additional profits.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Stability Programme Update: Discussion with Minister for Finance (30 Apr 2013)

Michael Noonan: It is included in this set of figures, but it was not included in the budget figures.