Results 19,761-19,780 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Universal Social Charge (23 Oct 2012)

Michael Noonan: The current minimum wage is €8.65 per hour. On an annualised basis, this is equivalent to €17,542 assuming a 39 hour working week. I am advised by the Revenue Commissioners that the estimated full year cost to the Exchequer, estimated by reference to 2013 incomes, of increasing the existing exemption threshold of €10,036 per annum for the Universal Social Charge (USC) to...

Written Answers — Department of Finance: Tax Yield (23 Oct 2012)

Michael Noonan: I am informed by the Revenue Commissioners that the relevant information available on the amount of gross income earned from gambling and betting activities is based on personal income tax returns filed by non-PAYE taxpayers and information on profits derived from corporation tax returns for the year 2010, the latest tax year for which the necessary detailed information is available. The...

Written Answers — Department of Finance: Sovereign Debt (23 Oct 2012)

Michael Noonan: I propose to take Questions Nos. 172 and 173 together. As the Deputy is aware the National Treasury Management Agency (NTMA) are implementing a strategy to re-enter the capital markets which involves the issuance of short-term bills. NTMA completed an auction of Irish Treasury Bills on 18 October 2012 selling the target amount of €500 million. Total bids received amounted to...

Written Answers — Department of Finance: EU-IMF Agreement (23 Oct 2012)

Michael Noonan: To date the International Monetary Fund has disbursed XDR* 15.79 billion, which is equivalent to €18.12 billion received by the Exchequer. The overall commitment is for €22.5 billion and this will continue to be disbursed on a quarterly basis until the programme ends at the end of 2013. Current market rates (which do not represent a forecast but rather market expectations) and...

Written Answers — Department of Finance: State Debt (23 Oct 2012)

Michael Noonan: The National Treasury Management Agency (NTMA) and my Department keep all aspects of the international markets under review. I am advised by the NTMA that, at current market rates, there would be no savings to the State by the substitution of open market funding raised by them (the NTMA) versus debt raised through the International Monetary Fund, done on a like-for-like basis.

Written Answers — Department of Finance: Banking Sector Regulation (23 Oct 2012)

Michael Noonan: As the Deputy will be aware, the Irish banks were required to raise €24.0bn in capital following the 2011 Prudential Capital Assessment Review (PCAR) in order to remain above a minimum capital target of 10.5% Core Tier 1 in the base scenario and 6% Core Tier 1 in the stress scenario. There are a number of tests for solvency set out in company law. These solvency tests must be...

Written Answers — Department of Finance: Banks Recapitalisation (23 Oct 2012)

Michael Noonan: As the Deputy will be aware the banks were not and are not trading while insolvent and the constitutional concept of equality (as per Article 40 of Bunreacht na hÉireann) relates to equality between citizens (as human persons). Government must make decisions for the common good and in this case, the State has agreed to provide the necessary support to the banks in order for them to...

Written Answers — Department of Finance: Central Bank of Ireland (23 Oct 2012)

Michael Noonan: The Central Bank of Ireland is a statutory body; it was established in 1942 in accordance with the Central Bank Act 1942 and is now a constituent part of the European System of Central Banks (ESCB) established by European treaty. It is managed and controlled by the Central Bank Commission. The Minister for Finance is the sole subscriber to and holder of the Central Bank's capital. The...

Written Answers — Department of Finance: Banking Sector Regulation (23 Oct 2012)

Michael Noonan: I am advised by the Central Bank, that there is no requirement on financial institutions, legal or otherwise, to avail of such insurance. International accounting rules that apply to financial institutions dictate that financial institutions provide for bad or doubtful debts. Carrying these loans with a provision against them for the expected loss provides leeway for the distressed...

Written Answers — Department of Finance: Banking Sector Regulation (23 Oct 2012)

Michael Noonan: The Central Bank is responsible under statute for issuing bank licences and subsequently regulating the compliance of credit institutions with conditions imposed on their respective licences. As Minister for Finance I would have no role in reviewing licence conditions imposed by the Central Bank in its regulatory capacity. I have been informed by the Central Bank that it does not comment...

Written Answers — Department of Finance: Fiscal Policy (23 Oct 2012)

Michael Noonan: I am informed by ComReg that just over 12.6 billion SMS messages (that is, outgoing SMS traffic) were sent in the 12 months to the end of June 2012. On the face of it, this would imply a potential yield of €126m from a 1 cent levy on SMS messages. However, this yield cannot be directly inferred from the SMS traffic figure, as the levy’s imposition could result in considerable...

Written Answers — Department of Finance: Tax Code (23 Oct 2012)

Michael Noonan: I am advised by the Revenue Commissioners that Section 31A of the Stamp Duties Consolidation Act 1999 makes provision, subject to the section being commenced, for a charge to Stamp Duty where land is purchased and a conveyance or transfer of the land is not executed at the time the sale is closed. Under the provision, a Stamp Duty charge would attach to the contract or agreement for sale...

Written Answers — Department of Finance: Tax Code (23 Oct 2012)

Michael Noonan: It is assumed that the threshold for the proposed new tax rates mentioned by the Deputy would not alter the existing standard rate band structure applying to single and widowed persons, to lone parents and married couples. In addition, it is assumed that the 3 new tax rates and bands proposed would be integrated in the current tax system together rather than in isolation. On the above basis,...

Written Answers — Department of Finance: Tax Code (23 Oct 2012)

Michael Noonan: A schedular system of taxation operates in Ireland, as in many other countries, under which income is grouped into separate schedules for tax assessment purposes. Different rules apply for calculating taxable income under each schedule and for determining the timing of the charge to tax. Any change to treat capital gains on asset disposals as income subject to income tax would have...

Written Answers — Department of Finance: Tax Code (23 Oct 2012)

Michael Noonan: The Taoiseach, myself and other members of the Government have repeatedly expressed the Government’s commitment to the retention of the 12.5% rate. In that context, I must state that this is a hypothetical exercise. It is possible to provide an estimate on a straight line arithmetic basis. However in reality it is impossible to estimate the level of additional tax revenue that would...

Written Answers — Department of Finance: Tax Code (23 Oct 2012)

Michael Noonan: I am informed by the Revenue Commissioners that specific information on the amount of uninvested profits of companies is not available from corporation tax returns. There is therefore no basis on which an estimate of the Exchequer yields from the changes mentioned in the question could be provided.

Written Answers — Department of Finance: Sovereign Debt (23 Oct 2012)

Michael Noonan: The data requested by the Deputy, which has been provided by the NTMA, is provided in the table below. The estimates in this table are calculated on the basis of the end-September 2012 government bond debt position and will of course be subject to change. I would also like to make the Deputy aware that the data provided relates only to Government bonds, and does not include principal or...

Written Answers — Department of Finance: Tax Code (23 Oct 2012)

Michael Noonan: I am advised by the Revenue Commissioners that the information requested, estimated by reference to projected incomes for 2013, is as follows insofar as it is available: 1. Income earners over €100,000 Numbers earning over €100,000: 108,700 % of overall numbers of earners: 5% % of overall gross income earned: 24% % of overall tax liability: 44% 2. Tax exempt...

Written Answers — Department of Finance: Tax Collection (23 Oct 2012)

Michael Noonan: I am informed by the Revenue Commissioners that the available information is the estimated cost of all capital allowances claimed by companies on the corporation tax returns for the tax years 2006 to 2010, the latest year for which the necessary detailed information is available. Figures of these costs are as set out in the following table. The cost shown for each year is based on the cost...

Written Answers — Department of Finance: Mortgage Arrears (23 Oct 2012)

Michael Noonan: In addition to the forbearance measures provided for in the revised code of conduct on mortgage arrears, each of the covered banks have or are developing, having regard to individual circumstances, a range of further options under the MARS process in respect of their customers experiencing difficulty with their mortgage. While each bank will have its own particular suite of options, the...