Results 17,141-17,160 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Budget 2012 (21 Mar 2013)

Michael Noonan: I propose to take Questions Nos. 76 to 78, inclusive, together. The position is that a distributional analysis of proposed tax measures is provided each year in Annex A of the Budget Book. The distributional analysis is based on tables demonstrating the effects of budget changes in respect of income tax, PRSI and USC on single, married (with and without children), PAYE and self-employed...

Written Answers — Department of Finance: Tax Reliefs Application (21 Mar 2013)

Michael Noonan: The rationale for existing tax reliefs is already in the public domain. The Commission on Taxation included a comprehensive review of all tax expenditures then current in its 2009 Report, with a view to assessing their economic and social benefits. The Commission examined tax expenditures introduced in legislation up to and including Finance (No. 2) Act 2008 which had not been repealed by...

Written Answers — Department of Finance: Tax Reliefs Cost (21 Mar 2013)

Michael Noonan: As regards tax reliefs currently available, a comprehensive summary of these was provided today in my reply to PQ 14439/13. That reply contains details, as advised to me by the Revenue Commissioners, of the total identifiable costs to the Exchequer relating to income tax and corporation tax allowances, reliefs, exemptions and tax credits available. The information relates to 2008 and 2009,...

Written Answers — Department of Finance: Tax Yield (21 Mar 2013)

Michael Noonan: Minister for Finance ( Mr Noonan) : I am informed by the Revenue Commissioners that a breakdown between rent received from residential property and other types of property is not sought or provided in tax returns. However based on personal income tax returns filed by non-PAYE taxpayers for the year 2010, the latest year for which this information is available, and making certain assumptions...

Written Answers — Department of Finance: Property Taxation Application (21 Mar 2013)

Michael Noonan: The Government agreed with the recommendation of the “Thornhill Group” (the inter-Departmental Group, chaired by Dr Don Thornhill, which considered the structures and modalities of a property tax) that a universal liability to the Local Property Tax should apply to all owners of residential property with a limited number of exemptions. Limiting the exemptions available allows...

Written Answers — Department of Finance: Information and Communications Technology Issues (21 Mar 2013)

Michael Noonan: In response to the Deputy’s question the CMOD Division of the Department of Public Expenditure and Reform provides ICT and telephony services to my Department on a shared services basis. In 2011, CMOD reached an agreement with ComReg to assign a specific block of 200,000 076 numbers to the public service, which it now manages and allocates. Additionally, CMOD architected the...

Written Answers — Department of Finance: Information and Communications Technology Issues (21 Mar 2013)

Michael Noonan: In relation to my Department, the use all technologies including integrated or interactive voice response (IVR) systems have been examined. The decision taken has been not to use the IVR systems because the nature of the work does not lend itself well to an IVR-based approach. Bodies under the aegis of my Department have provided me with the following information. Office of the Revenue...

Written Answers — Department of Finance: Presidential Reports (21 Mar 2013)

Michael Noonan: I can confirm I received a copy of the Being Young and Irish-Take Charge of Change report from the Office of the President. I was very impressed by this report as I am a firm believer in the importance of projects which involve Ireland’s youth. I would like to commend President Higgins on this wonderful initiative. I have taken note of the nine most prominent areas of concern to...

Written Answers — Department of Finance: Mortgage Applications Approvals (21 Mar 2013)

Michael Noonan: The IBF/PWC Mortgage Market profile shows new mortgage lending in Q4 2012 at close to €1 billion and that first time buyers are approximately 60% of this lending, by value and volume. By definition, the mortgage market profile does not include cash buyers but the proportion of mortgages going to first time buyers has increased significantly since 2008. The Deputy may also be aware...

Written Answers — Department of Finance: Banking Sector Remuneration (21 Mar 2013)

Michael Noonan: I propose to take Questions Nos. 88, 89, 100 and 101 together. When publishing the Review of Remuneration Practices and Frameworks at the Covered Institutions, on 12 March 2013, I indicated that the Government had formed the view that with the remaining covered institutions still incurring losses it was an inescapable conclusion that the cost base of the institutions needs to be reduced...

Written Answers — Department of Finance: NAMA Portfolio Issues (21 Mar 2013)

Michael Noonan: As the Deputy will be aware the mortgages under the 80/20 Deferred Payment Initiative are provided by Bank of Ireland, AIB through its subsidiary EBS, and Permanent TSB the details of which are not made available to NAMA. However, I am advised by NAMA that of the houses available under the scheme 60% were acquired using the deferred payment mortgage through one of the participating banks the...

Written Answers — Department of Finance: NAMA Portfolio Issues (21 Mar 2013)

Michael Noonan: I am advised by NAMA that it is continuing to carry out extensive analysis of data on residential property under the control of its debtors and receivers and expects to be in a position to publish the findings from this analysis in its 2012 Annual Report. At this stage in its analysis, NAMA advises that some 10,000 properties securing its loans are currently rented and are generating an...

Written Answers — Department of Finance: Bond Markets (21 Mar 2013)

Michael Noonan: Ireland successfully issued a new €5 billion benchmark bond on 13 March at a yield of 4.15%. This sale was the National Treasury Management Agency’s (NTMA) first new 10-year issuance since January 2010 when €5 billion of the October 2020 bond was issued at a yield of 5.091%. The NTMA recognises seventeen Primary Dealers in Irish Government Bonds all of which are members...

Written Answers — Department of Finance: National Treasury Management Agency Bond Issues (21 Mar 2013)

Michael Noonan: Ireland successfully issued a new €5 billion benchmark bond on 13 March at a yield of 4.15%. This sale was the National Treasury Management Agency’s (NTMA) first new 10-year issuance since January 2010 when €5 billion of the October 2020 bond was issued at a yield of 5.091%. The issue yield of 4.15% represented the fair value price for a bond maturing in 2023 relative...

Written Answers — Department of Finance: Outright Monetary Transaction Scheme Eligibility (21 Mar 2013)

Michael Noonan: I propose to take Questions Nos. 94 and 95 together. In my reply to the Deputy’s Question No. 211 of 12 February last, I set out the principal criteria for the ECB’s Outright Monetary Transactions (OMTs) as set out in its press statement of 6 September 2012. Those criteria have not changed. It is clear is that the ECB will decide on the application of OMTs in any particular...

Written Answers — Department of Finance: EU-IMF Programme of Support Drawdowns (21 Mar 2013)

Michael Noonan: At the end of February 2013, the nominal liability of loans from the IMF under the EU-IMF Programme amounted to €19.14 billion. The details of the individual IMF loan amounts are set out in table format below. The table also provides information on the IMF loan maturities. The Deputy should be aware that all of this information is available on the website of the National Treasury...

Written Answers — Department of Finance: Mortgage Arrears Proposals (21 Mar 2013)

Michael Noonan: I propose to take Questions Nos. 97 and 98 together. On 13 March 2013 the Central Bank announced new measures to address mortgage arrears, including the publication of performance targets for the main mortgage banks and a consultation process on changes to the Code of Conduct on Mortgage Arrears (CCMA). The new approach is aimed at ensuring banks offer and conclude sustainable solutions...

Written Answers — Department of Finance: Property Taxation Application (21 Mar 2013)

Michael Noonan: The introduction of the Local Property Tax will deliver significant economic and fiscal reform by broadening the revenue base to pay for vital public services in a manner that does not directly impact on employment. In that way, it will contribute significantly to meeting the immediate financial requirement of the EU-IMF programme. It will be fair and progressive, with the owners of the...

Seanad: Finance Bill 2013 (Certified Money Bill): Second Stage (20 Mar 2013)

Michael Noonan: It will be this year. I thank the Senators for their comments during what has been an interesting and informed debate today. I am sorry that I was not here for the whole debate but the Minister of State from my Department, Deputy Brian Hayes, substituted and left me some notes. This Finance Bill marks another step on our journey to economic recovery. As the Minister of State noted earlier...

Written Answers — Department of Finance: NewEra Remit (20 Mar 2013)

Michael Noonan: The Government announced the establishment of the New Economy and Recovery Authority (NewERA) within the National Treasury Management Agency (NTMA) in September 2011. NewERA has a centralised shareholder advisory role from a financial and commercial perspective in respect of corporate governance matters for five commercial semi-state companies: ESB, Bord Gais Eireann, EirGrid, Bord na Mona...