Results 18,541-18,560 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: EU-IMF Programme of Support (16 Jan 2013)

Michael Noonan: Ireland’s EU-IMF Programme of Financial Support, which is due to expire at the end of 2013, comes to €85 billion, of which we are providing €17.5 billion from our own resources, with the balance of €67.5 billion, being provided from the EU’s EFSF (€17.7 billion) and EFSM (€22.5 billion) facilities, the IMF (€22.5 billion) and bilateral...

Written Answers — Department of Finance: General Government Debt (16 Jan 2013)

Michael Noonan: I propose to take Questions Nos. 154 and 160 together. Targets for the underlying General Government balance (GGB) expressed as a percentage of Gross Domestic Product(GDP), covering the period 2012 to 2015, are set in table 9 on page C.18 of the Budget 2013 booklet. Under the Stability and Growth Pact, the general government deficit should not exceed 3% of GDP. As our current GGB is in...

Written Answers — Department of Finance: Bond Markets (16 Jan 2013)

Michael Noonan: The NTMA has announced that it plans to raise €10 billion in the bond debt markets during 2013, of which one quarter has already been done in a syndicated tap issue carried out on 8 January. In addition, the NTMA will continue to raise shorter-term funds via the Treasury Bill auction programme and medium-term funds through the State Savings products.

Written Answers — Department of Finance: General Government Debt (16 Jan 2013)

Michael Noonan: At end 2012, the Exchequer had €19.3 billion on hand in cash and deposits. Because the proceeds of all borrowing, as well as tax revenue, are lodged to the Exchequer account to fund general expenditure, it is not possible to disaggregate the balance on that account by source. Total disbursements to date under the EU-IMF Programme amount to some €55.7 billion. This...

Written Answers — Department of Finance: Economic Growth (16 Jan 2013)

Michael Noonan: My Department’s latest forecasts are set out in the Economic and Fiscal Outlook which accompanied Budget 2013 and which was based on the Medium Term Fiscal Statement (MTFS) published on 24 November 2012. The baseline scenario is one in which real GDP grows by 1.5 per cent this year. However, there is considerable uncertainty attached to the outlook at present, given the somewhat...

Written Answers — Department of Finance: State Debt (16 Jan 2013)

Michael Noonan: The national debt at the start of 2013 is €137.6 billion, as reported by the NTMA and available from their website. This represents 105.2% of forecast 2012 GNP and 84.3% of forecast 2012 GDP. Table 9 in the Budget 2013 booklet projects an Exchequer deficit of €15.4 billion for 2013. This results in a forecast national debt for end 2013 of €153 billion, which...

Written Answers — Department of Finance: European Stability Mechanism (16 Jan 2013)

Michael Noonan: The purpose of the ESM is to arrange funding and provide financial assistance, under strict economic policy conditionality, to the benefit of such ESM Members (i.e. Euro Area members) as may be either experiencing, or threatened by, severe financing problems, if seen as indispensable to safeguarding the financial stability of the euro area as a whole. Ireland’s EU-IMF Programme runs...

Written Answers — Department of Finance: Alcohol Pricing (16 Jan 2013)

Michael Noonan: The Deputy will be aware that EU Directive 92/93, which governs the structure of alcohol taxation, requires that such taxes are applied by reference to the nature and strength of the product rather than the means of packaging or the type of premises in which the product is sold. As I am sure the Deputy is aware I received a large number of pre-Budget submissions including a proposal for the...

Written Answers — Department of Finance: Tax Yield (16 Jan 2013)

Michael Noonan: I am informed by the Revenue Commissioners that, based on a market price of €930 per 1000 litres, the total tax on marked diesel oil is €212.9 per 1000 litres or €0.21 cent per litre.

Written Answers — Department of Finance: Mortgage Interest Rates (16 Jan 2013)

Michael Noonan: The Central Bank of Ireland has responsibility for the regulation and supervision of financial institutions in terms of consumer protection and prudential requirements and for ensuring ongoing compliance with applicable statutory obligations. However, the Central Bank hasno statutory role in the setting of interest rates by regulated financial institutions, apart from the interest rate cap...

Written Answers — Department of Finance: NAMA Loans (16 Jan 2013)

Michael Noonan: I am advised by NAMA that Sections 99 and 202 of the NAMA Act 2009 relate to debtor confidentiality, not to the sale of assets. We assume the Deputy is referring to Section 172 of the NAMA Act which relates to Limitations on certain dealings in land etc. As NAMA is not permitted to sell assets to borrowers in default, neither I nor NAMA are in a position to assess the potential foregone...

Written Answers — Department of Finance: NAMA Loans (16 Jan 2013)

Michael Noonan: I am advised by NAMA that its policy in relation to loan sales, as with the sale of properties by its debtors and receivers, is that they should, where practicable, be openly marketed. For this purpose, two panels of loan sale advisors have been approved for loan sales in the US and in Ireland/Britain/Europe. NAMA advises that, to date, it has chosen in a number of cases to sell loans...

Written Answers — Department of Finance: NAMA Loan Book (16 Jan 2013)

Michael Noonan: I am advised by NAMA that the original par value of loans sold from inception to end-December 2012 is €2.4 billion. I am further advised by NAMA that this is not a metric they would typically release in isolation as it does not reflect the true progress of NAMA’s resolution of its portfolio. I would encourage you to read the 2012 year-end review available on NAMA’s...

Written Answers — Department of Finance: NAMA Legal Fees (16 Jan 2013)

Michael Noonan: I am advised by NAMA that costs may be recoverable under the terms of the facility or security documentation and therefore are contractually for the account of the debtor. NAMA further advises that legal costs may also be recoverable because they are made expressly for the account of the debtor in new facility or security documentation or as an express condition of NAMA providing support or...

Written Answers — Department of Finance: Investor Compensation Company Limited (16 Jan 2013)

Michael Noonan: I can confirm the Investor Compensation Company [‘ICCL’] is 100% funded through annual contributions from the financial services industry. In relation to Custom House Capital Limited (in liquidation) [‘CHC’], the total cost of compensation required to be paid under the Investor Compensation Act 1998, as amended, will be met by the ICCL. None of the liability in...

Written Answers — Department of Finance: Seed Capital Scheme Eligibility (16 Jan 2013)

Michael Noonan: The Seed Capital Scheme allows an individual, who makes a qualifying investment in a company, to set off the amount of that investment against his or her taxable income in any of the previous 6 years. The activities of the company are required to constitute a qualifying new venture. The individual is required to take up full-time employment with the company and to hold at least 15% of the...

Written Answers — Department of Finance: VAT Rates (16 Jan 2013)

Michael Noonan: The VAT rating of goods and services is subject to the requirements of EU VAT law with which Irish VAT law must comply. Defibrillators, other than implantable defibrillators, are liable to VAT at the standard rate, currently 23%. As you are aware, there is no provision in the EU VAT Directive that would make it possible to exempt from VAT or apply a zero rate to the supply of such products....

Written Answers — Department of Finance: Carbon Tax Collection (16 Jan 2013)

Michael Noonan: I am advised by the Revenue Commissioners that the Air Pollution Act, 1987 (Marketing, Sale and Distribution of Fuels)(Amendment) Regulations 2011 (S.I. No. 270 of 2011), made by the Minister for the Environment, Heritage and Local Government, specifies the standards for coal placed on the market and extends the regulatory framework in relation to the distribution and sale of coal in the...

Written Answers — Department of Finance: Proposed Legislation (16 Jan 2013)

Michael Noonan: I assume that the Deputy’s question refers to the ability of local authority tenants to access funding to cover the VAT-inclusive cost of buying a local authority house where the transaction is liable to VAT. VAT is a European Community wide-tax governed by Council Directive 2006/112/EC and all Member States must ensure their domestic VAT legislation complies with this Directive. VAT...

Written Answers — Department of Finance: Contingent Capital Notes (16 Jan 2013)

Michael Noonan: I propose to answer questions 176, 177 and 208 together. As announced by my Department last week the State was successful in disposing of its entire €1 billion holding of Contingent Capital Notes (CCN’s) in Bank of Ireland. The transaction followed an initial approach by a number of investment banks to the Department late last year which indicated that there was sizeable...