Results 18,181-18,200 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Departmental Expenditure (7 Feb 2013)

Michael Noonan: Amounts received from the pension fund levy are paid into the Exchequer central fund. Central fund is made up of tax revenue, non-tax revenue and borrowing. These funds are used in the day-to-day running of the State and it is therefore extremely difficult to quantify which specific funds are used for which purpose. That said, it is possible to cost the measures contained in the Jobs...

Written Answers — Department of Finance: Pension Provisions (7 Feb 2013)

Michael Noonan: While the liabilities and terms and conditions of the pension schemes to which the Deputy refers are primarily matters of responsibility of other Ministers, I am given to understand that the position on the issues raised in his question are as follows: Pension Fund Levy The pension fund levy applies at a rate of 0.6% per annum to the market value, on the valuation date, of assets under...

Written Answers — Department of Finance: Proposed Legislation (7 Feb 2013)

Michael Noonan: As the Deputy will be aware, the Government announced the establishment of the Strategic Investment Fund (SIF) in September 2011. The SIF will channel commercial investment from the National Pensions Reserve Fund (NPRF) towards productive investment in the Irish economy, following appropriate changes to the legislation under which the NPRF operates. As well as money from the NPRF, the SIF...

Written Answers — Department of Finance: Personal Debt (7 Feb 2013)

Michael Noonan: I propose to take Questions Nos. 55 and 56 together. I note the launch of a protocol on unsecured credit which was an initiative of the IBF. Initiatives such as the IBF protocol can certainly assist in encouraging and facilitating creditors and debtors to engage with one another in an open, constructive manner to address debt arrears and genuine debt difficulty. This can resolve positions...

Written Answers — Department of Finance: Official Engagements (7 Feb 2013)

Michael Noonan: The Minister speaks regularly with President Draghi, including on the margins of Eurogroups/Ecofins and this topic is regularly covered – there were some 15 Eurogroups or Ecofins or both in 2012 and there has been one this year to date. Furthermore there were also three scheduled meetings with President Draghi in Europe during 2012. I am satisfied that every available and appropriate...

Written Answers — Department of Finance: Tax Code (7 Feb 2013)

Michael Noonan: The tax practices of multinational corporations, online or otherwise, are currently the focus of work being carried out by a number of international oganisations, in particular the OECD and the EU. There is a broad consensus that responses to this issue need international coordination in order to be effective. Coordination is needed because the problems that arise are typically as a result of...

Written Answers — Department of Finance: Pension Provisions (7 Feb 2013)

Michael Noonan: In my Budget 2013 speech, I announced that I would make provision in Finance Bill 2013 for persons making Additional Voluntary Contributions (AVCs) used to supplement their main scheme retirement benefits to withdraw up to 30% of the value of those contributions. The provisions will not apply to contributions made to a PRSA (other than additional voluntary contributions made by a scheme...

Written Answers — Department of Finance: Property Taxation Application (7 Feb 2013)

Michael Noonan: The Local Property Tax will be based on the market value of residential properties as at 1 May 2013 and will be self-assessed by liable persons. The Government agreed with the recommendation of the Inter-Departmental Expert Group on the Design of a property tax (the “Thornhill group”) that the Local Property Tax should be centered on the principles of equity, transparency and...

Written Answers — Department of Finance: Tax Collection (7 Feb 2013)

Michael Noonan: I am informed by Revenue that the Collector-General’s Division has already accepted proposals from the persons in question to meet their outstanding tax liabilities by way of deferred payments. The phased payment arrangement was agreed with the persons on submission of outstanding tax returns. It must be remembered that the granting of an instalment arrangement is not something to...

Written Answers — Department of Finance: Departmental Staff (7 Feb 2013)

Michael Noonan: In response to the Deputy’s question, information regarding my Department in relation to the number of retired public servants who have been re-hired is detailed in the Appropriation Accounts. The Appropriation Accounts are available online at www.audgen.gov.ie I am advised by the Revenue Commissioners that having examined their Personnel records, Declarations received following the...

Irish Bank Resolution Corporation Bill 2013: Second Stage (6 Feb 2013)

Michael Noonan: If we did not have a stamped copy of the Bill, we could not bring it into the House so ipso facto, it is constitutionally proofed by the Attorney General. A number of Deputies have drawn attention to potential difficulties they see in section 17. This would be a serious issue if it was not part of our law already. Under section 17, powers are transferred from the Minister for Finance of...

Irish Bank Resolution Corporation Bill 2013: Second Stage (6 Feb 2013)

Michael Noonan: I realise the difficulties for the staff. The legal position is as I outlined in my introductory remarks. The liquidator will require the specialist expertise of the staff who are familiar with the portfolios within the banks and they will be hired on a contract basis by the liquidator. As well as that, in running down certain portfolios, NAMA will be recruiting from the staff who have...

Irish Bank Resolution Corporation Bill 2013: Second Stage (6 Feb 2013)

Michael Noonan: I thank everyone who contributed to the debate. I appreciate that the hour is late and the time limited. I ask Deputies one question initially. Did they ever hear of a liquidation that was announced on one day and not implemented for several days or weeks? Are all liquidations not announced when the liquidator has moved in? Is it not simple to understand why that is? If that is not...

Irish Bank Resolution Corporation Bill 2013: Second Stage (6 Feb 2013)

Michael Noonan: I am making a serious point. Let us look at the purpose of the Bill. It is to put a special liquidator with special powers into IBRC first thing tomorrow morning when the President has signed the Bill so that Irish taxpayers' assets of, potentially, €14 billion are protected. Let us think of the purpose of the Bill. We can go on to the detail later, when we have a short Committee...

Irish Bank Resolution Corporation Bill 2013: Second Stage (6 Feb 2013)

Michael Noonan: We straightened NAMA out and freed it up.

Irish Bank Resolution Corporation Bill 2013: Second Stage (6 Feb 2013)

Michael Noonan: That will be done by the liquidator.

Irish Bank Resolution Corporation Bill 2013: Second Stage (6 Feb 2013)

Michael Noonan: I wish to emphasise that the reason these steps are being taken is entirely distinct from the performance or direction of the board or management of the IBRC. It is simply compelling in the larger public interest to now take this action and the Government has made its decision on that basis alone. I wish to acknowledge, with much appreciation, the significant efforts the directors and staff...

Irish Bank Resolution Corporation Bill 2013: Second Stage (6 Feb 2013)

Michael Noonan: I move: "That the Bill be now read a Second Time." I thank the Deputies for their attendance at such short notice and at such a late hour. As I have consistently informed the House, the Government has been in ongoing discussions with the European Central Bank to reach an agreed position on resolving the promissory note satisfactorily for all sides, namely, the Irish State, the European...

Seanad: Irish Bank Resolution Corporation Bill 2013: Committee and Remaining Stages (6 Feb 2013)

Michael Noonan: First, on the overall cost of liquidation, the assets being liquidated are valued at somewhere between ¤12 billion and ¤14 billion. Therefore, we are talking about a liquidation of assets worth ¤13 billion. The cost I was given earlier - it was more of a guesstimate than an estimate - was ¤30 million to ¤35 million based on standard NAMA fees. It is in that space, which does not...

Seanad: Irish Bank Resolution Corporation Bill 2013: Committee and Remaining Stages (6 Feb 2013)

Michael Noonan: Senator Ó Clochartaigh, ar an gcéad dul síos, ní raibh ísliú riamh san Eoraip ar na fiacha oifigiúil, fiú amháin sa Ghréig. Cé go raibh ísliú ar na fiacha príobháideacha sna bainc, ní raibh ísliú riamh, ná ní bheidh, ar na fiacha oifigiúil. Níl sé ar intinn ag an ECB ísliú mar sin a chur ar fáil do thír ar bith san Eoraip. Ní dhearnadar é sa Ghréig. Ba...