Results 19,781-19,800 of 27,019 for speaker:Michael Noonan

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

Michael Noonan: The Central Bank has informed me that it will commence a review of the Code of Conduct on Mortgage Arrears in the first quarter of 2013. The Central Bank would normally conduct a review a reasonable time after implementation and the Code will require updating due to the proposed introduction of both the Personal Insolvency Arrangement insolvency framework and longer term mortgage resolution...

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

Michael Noonan: I am informed by the Revenue Commissioners that it is not possible to reply definitively to your query without exact details of the condition to which reference is made. The rate of capital gains tax is determined by the time of disposal. If the acquisition of the land is by way of conditional contract (as opposed to compulsory purchase), Section 542(1)(b) of the Taxes Consolidation Act...

Written Answers — Department of Finance: Excise Duties (23 Oct 2012)

Michael Noonan: I am aware of the introduction, in March 2008, by the Chancellor of the Exchequer in the UK, of a four year tax escalator under which the duty rate on all alcoholic drinks was set to increase by a fixed rate above the rate of inflation (which has been extended for a further two years), and in 2011 for a similar escalator for tobacco excise. Any decision with regard to alcohol and tobacco...

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

Michael Noonan: I am advised by the Revenue Commissioners that based on associating incomes and mortgage interest data for 2010, and applying derived ratios to the estimated cost of mortgage interest for 2012, the full year yield to the Exchequer of capping mortgage interest relief up to earning limits of €80,000 or €100,000 regardless of whether the qualifying loans were taken out by single...

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

Michael Noonan: I am informed by the Revenue Commissioners that, based on data currently available, the estimated yields in 2013 from an increase in excise (VAT inclusive) on the products referred to are as follows. Excise on tobacco Increase in price (including VAT) Expected Full Year Yield 10c €16.5m 20c €32.9m 25c €41.0m 30c €49.2m The expected yield from increasing the...

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

Michael Noonan: The Deputy will be aware that the Bank’s policy in relation to interest rates is a matter for the management and board of the institution. I have no role in the day-to-day commercial and operational decisions of the banks, which include these matters. These decisions are taken by the board and management of the institution. Notwithstanding the fact that the State is a significant...

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

Michael Noonan: I am advised by the Revenue Commissioners that the total identifiable costs to the Exchequer which are currently available relate to income tax and corporation tax allowances, reliefs, exemptions and tax credits available as set out in the following tables for 2008 and 2009, the most recent year for which the necessary detailed historical information is available. It should be noted that...

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

Michael Noonan: I am advised by the Revenue Commissioners that the appropriate Tax Credits have been allocated to each of the named individuals. There are no refunds due to the named individuals.

Written Answers — Department of Finance: Departmental Bodies (23 Oct 2012)

Michael Noonan: In response to the Deputy’s question details requested are contained in the table. Name of Body Date Created Budget for Body No of Employees Does the body engage manpower resources from outside Fiscal Advisory Council 7th July 2011* (created on an administrative basis) Ceiling of €650,000 for 2012 5 Council Members and 3 employees The body has the right to do so, but must...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Fiscal Responsibility Bill 2012: Committee Stage (18 Oct 2012)

Michael Noonan: I can take that on board.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Fiscal Responsibility Bill 2012: Committee Stage (18 Oct 2012)

Michael Noonan: I do not propose to accept the amendments proposed by Deputy McGrath. I am sympathetic to these suggestions but see real practical difficulties as they could result in a reluctance to allow a name to go forward for nomination even if candidates could be confident of ratification. It would be impossible to limit ratification hearings to matters of professional competence only and I can...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Fiscal Responsibility Bill 2012: Committee Stage (18 Oct 2012)

Michael Noonan: The members of the council work on a pro bono basis. They get some travelling and maintenance expenses but, essentially, they are people of very high competence in their professional lives and, as I said, work on a pro bono basis. It is important we get the highest category of person to serve. Anything that might, in their opinion, provide a platform where their professional competence...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Fiscal Responsibility Bill 2012: Committee Stage (18 Oct 2012)

Michael Noonan: I do not propose to accept the amendment. While it is an interesting proposal, it would not be acceptable under the common principles as this could be seen as a threat to the independence of the council. One concern expressed to the Department by the fiscal council during the preparation of the legislation was the possibility of a Minister allocating additional functions without additional...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Fiscal Responsibility Bill 2012: Committee Stage (18 Oct 2012)

Michael Noonan: I do not propose to accept the amendments. The common principles adopted by the European Commission require governments to comply or explain why they are not complying with the assessments set out in subsection (3). Accepting the proposed amendments would result in a requirement for the Government to respond to all assessments and reports produced by the council. The Government does...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Fiscal Responsibility Bill 2012: Committee Stage (18 Oct 2012)

Michael Noonan: I do not propose to accept the amendments proposed by Deputies Doherty and McGrath. The fiscal council has been established to address gaps in fiscal policy analysis and to provide assessments and recommendations relating to fiscal policy. Imposing a very wide mandate on the fiscal council would require much larger resources in terms of both staff and budgetary allocations. Expanding the...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Fiscal Responsibility Bill 2012: Committee Stage (18 Oct 2012)

Michael Noonan: I was referring to pensions paid by the State.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Fiscal Responsibility Bill 2012: Committee Stage (18 Oct 2012)

Michael Noonan: The Minister for Public Expenditure and Reform, Deputy Howlin, has brought forward much change specifically on the age at which social welfare pensions would be paid. I am talking more about public service pensions.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Fiscal Responsibility Bill 2012: Committee Stage (18 Oct 2012)

Michael Noonan: The Minister, Deputy Howlin, made a number of changes, with one dealing with the age of eligibility for social welfare pensions. Another involved the restructuring of public service pensions across the State, and there may be more amendments to bring forward.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Fiscal Responsibility Bill 2012: Committee Stage (18 Oct 2012)

Michael Noonan: No, it refers to pensions that might be paid to public servants who retire in future.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Fiscal Responsibility Bill 2012: Committee Stage (18 Oct 2012)

Michael Noonan: No.