Results 17,621-17,640 of 27,019 for speaker:Michael Noonan

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: Terms such as “a money tree in the back garden” or “magic bean economics” are pretty normal in debates such as this. No offence is intended to anybody. As a matter of fact, Deputy Richard Boyd Barrett spoke about the money tree when he was discussing the property tax in the Dáil several days ago.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: There is no intention to diminish what the Deputy is saying. However, when I use these terms, I am saying there is not any unidentified source that will yield more tax if the Government had enough courage to tax that particular piece. There is no hidden source of tax. If only we had the courage or the imagination to tax it, then it would be fine. My criticism of the Deputy's amendments is...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: On the progressivity of income tax, the proposal made in the amendment would not yield the sums forgone. Deputy Pearse Doherty talked about Deputy Michael McGrath's amendment in respect of a new rate of income tax of 48%. A third rate would increase the top rate by seven percentage points.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: Okay. The proposal would mean the top marginal rate of tax would be 59% for employees and 62% for the self-employed. One reaches a point where the levels of personal taxation are counterproductive. Not only would such a rise not yield the revenue estimated but people might do different things with their money like moving out of the country, as well as it being a tax on jobs. I fully...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: I propose to take amendments Nos. 2 and 3 together. The Deputy will be aware that I announced in my Budget Statement that individuals earning more than €60,000 would not be entitled to benefit from the lower rates of the universal social charge. If I were to accept the amendments, it would mean that every individual with an income that did not exceed €65,000 would not pay any...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: The universal social charge is a tax which was in place before the Government took office. There is a very high yield of in excess of €4 billion. The yield is so high because it applies at very low levels of income. The percentage increases as income increases, which is in line with Deputy Richard Boyd Barrett's idea of progressivity. The amendment seeks to exempt all income below...

Written Answers — Department of Finance: Property Taxation Collection (6 Mar 2013)

Michael Noonan: I propose to take Questions Nos. 59 and 60 together. In line with all other taxes, the Finance (Local Property Tax) Act 2012 provides for the charging of interest on overdue taxes at annual rate of 8% or 0.0219% per day, the same as the rate chargeable in relation to overdue income or capital gains taxes. The legislation provides for the possibility of full or partial deferral in certain...

Written Answers — Department of Finance: Tax Collection (6 Mar 2013)

Michael Noonan: I consider that intervention by me in an issue involving Revenue and an individual taxpayer would not be appropriate. It is a longstanding convention that the Minister for Finance does not intervene in such matters. I would note also the provision enacted by the Oireachtas last year in the Ministers and Secretaries (Amendment) Act 2011 whereby the independence of the Revenue Commissioners...

Written Answers — Department of Finance: Banking Sector Regulation (6 Mar 2013)

Michael Noonan: I propose to take Questions Nos. 62 to 64, inclusive, together. As the Deputy will be aware Allied Irish Bank, Permanent TSB and Bank of Ireland all hold Irish banking licences issued by the Central Bank of Ireland. I have been also advised by the Central Bank that under Section 33AK of the Central Bank Act, the Central Bank of Ireland is restricted in its ability to detail specific...

Written Answers — Department of Finance: Banking Sector Regulation (6 Mar 2013)

Michael Noonan: I propose to take Questions Nos. 65 to 68, inclusive, together. The Central Bank of Ireland has informed me that under Section 33AK of the Central Bank Act 1942, the Bank is restricted in its ability to detail specific elements of the licensing and supervision requirements of individual Credit Institutions, and cannot therefore provide details of the licensing criteria of the Banks...

Written Answers — Department of Finance: Mortgage Arrears Proposals (6 Mar 2013)

Michael Noonan: The Central Bank, under its MARs project, has for some time been intensively working with lenders to ensure that they can offer a range of longer term options to their customers who are experiencing mortgage difficulty. These can include mortgage-to-rent, trade-down mortgages, equity participation, interest rate reduction, split mortgages and sale by agreement, or other appropriate options...

Written Answers — Department of Finance: Mortgage Arrears Report Implementation (6 Mar 2013)

Michael Noonan: I have been informed by the Central Bank that, under Section 33AK of the Central Bank Act 1942, the Bank is restricted in its ability to provide information in relation to the performance of the functions of the Bank or the exercise of its powers. Therefore the Central Bank is unable to provide the information requested by the Deputy. The high level findings from both the research and Code...

Written Answers — Department of Finance: Government Bonds (6 Mar 2013)

Michael Noonan: The Irish Government fully understands the need for the ECB to ensure it is operating within its mandate. As previously outlined by the Central Bank of Ireland, the bonds will be placed in the Central Bank’s trading portfolio and will be sold, provided that conditions of financial stability permit. The disposal strategy will of course maintain full compliance with the Treaty...

Written Answers — Department of Finance: IBRC Staff (6 Mar 2013)

Michael Noonan: I propose to take Questions Nos. 72 and 76 together. As the Deputy is aware, the legislation surrounding liquidation ranks employees as preferential creditors in respect of certain amounts owing to them on a winding up, including accrued wages and salaries, holiday pay, sick pay, statutory redundancy, pensions contributions and claims for damages arising from accidents. Any claims, over...

Written Answers — Department of Finance: Government Bonds (6 Mar 2013)

Michael Noonan: I welcome the outcome of the ECB Governing Council meeting last month and I am not concerned that the transactions accompanying the liquidation of IBRC, involving the exchange of Promissory Notes for Government bonds, is in breach of any Articles of the Treaty on the Functioning of the European Union. The transaction was unanimously noted by the ECB Governing Council, as indicated by...

Written Answers — Department of Finance: Government Bonds (6 Mar 2013)

Michael Noonan: As the Deputy will know, the Promissory Notes were replaced with a portfolio of long term non-amortising Irish Government bonds as a result of the transaction last month. The nominal value of the new bonds is €25bn which is equal to the nominal value of the IBRC Promissory Notes previously. With regard to an estimated comparison of the new arrangement with the Promissory Notes...

Written Answers — Department of Finance: Government Bonds (6 Mar 2013)

Michael Noonan: I am advised that the Central Bank of Ireland will sell the bonds but only where such a sale is not disruptive to financial stability. The Central Bank have undertaken that a minimum of bonds will be sold in accordance with the following schedule: €0.5bn by the end of 2014, €0.5bn per annum from 2015 to 2018, €1bn per annum from 2019 to 2023 and €2bn per annum from...

Written Answers — Department of Finance: IBRC Staff (6 Mar 2013)

Michael Noonan: The abruptness of the decisions taken on the 6th and 7th February and how it was communicated was regrettable but was unavoidable given the scale, sensitivity and complexity of the economic issues involved. I acknowledge the significant efforts and commitment made by the staff in IBRC over the past few difficult years whilst the bank was in wind down and the difficulties that arise for staff...

Written Answers — Department of Finance: IBRC Staff (6 Mar 2013)

Michael Noonan: Following the liquidation of IBRC, all employment contracts in the Republic of Ireland were terminated and the Special Liquidators have confirmed that unlike in other liquidations, the vast majority of employees have now been re-hired by the special liquidators, for a minimum period of 3 months, to ensure an orderly wind-down of the business. At this early stage of the liquidation process,...

Written Answers — Department of Finance: IBRC Liquidation (6 Mar 2013)

Michael Noonan: I am advised that development bonds that were previously entered into by IBRC in favour of the various county councils or local authorities remain in place. However it should be noted that it is likely that any liabilities arising under these arrangements, if called upon, will rank as unsecured claims in the special liquidation. It must be stressed that these bonds are contingent...