Results 20,861-20,880 of 27,019 for speaker:Michael Noonan

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)

Michael Noonan: The question is beyond my pay scale, Chairman.

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)

Michael Noonan: No, we never took the retrospective recapitalisation across the table, but when I bring it up with some of the colleagues who are helpful, they say, "But, sure, didn't you get your deal on the promissory note." So it certainly is an argument, but we succeeded in making it part of the regulatory ... statutory regulation governing the ESM, that the ESM may directly recapitalise banks or...

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)

Michael Noonan: -----Deputy McGrath-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)

Michael Noonan: -----what the position is on that. And the alternative way of getting money back for the Irish taxpayer is to sell AIB shares, in particular, on the market, but, subsequently, Bank of Ireland ... and PTSB is becoming profitable now and it's already valued at €1.6 billion, so there's an asset there as well.

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)

Michael Noonan: But we needn't-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)

Michael Noonan: -----we needn't do it. I think I said before that I had a colleague in Sweden who's no longer finance minister, but he spent seven or eight years there, and he told me that in the Swedish banking crisis which was in the early '90s, he only sold the last tranche of shares into the market 18 months ago and they made two and half times the nominal value of what they put in.

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)

Michael Noonan: I wouldn't have a lot of expertise in the field now but, first of all, I needed to ensure that we didn't have to look for extra money to do it. So it had to fall ... less than €35 billion, I think, was the issue. And the stress test figure came up with something like €16 billion or €17 billion or €18 billion, somewhere in that neighbourhood. And the authorities...

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)

Michael Noonan: I'd like to thank you, Chairman, and I'd like to thank all your colleagues and wish you well and ... you've done a great job and it's an honour to be the last witness.

Confidence in Taoiseach, the Attorney General and the Government: Motion (22 Sep 2015)

Michael Noonan: The interim report of the Fennelly commission has been published and the conclusions of the report are available for every Member and every member of the public to read. The great expectation from the Opposition to the effect that the report would confirm their versions of events has not materialised. The commission accepts that the Taoiseach did not intend to put pressure on the Garda...

Written Answers — Department of Finance: Departmental Schemes (22 Sep 2015)

Michael Noonan: I assume the Deputy is referring to the diesel rebate scheme. I introduced this scheme in 2013 to provide for repayments by the Revenue Commissioners to qualifying road transport operators of a part of the mineral oil tax paid on their purchases of auto-diesel for use in qualifying vehicles during the course of business. The scheme does not apply to marked gas oil, commonly called green...

Written Answers — Department of Finance: Pyrite Remediation Programme Implementation (22 Sep 2015)

Michael Noonan: I am advised that NAMA has advanced substantial funding through its debtors and receivers for the remediation of structural defects, including pyritic heave, in properties securing its loans. NAMA's debtors and receivers, like any other construction company or developer, are required to carry out all required works, including structural remediation, in accordance with...

Written Answers — Department of Finance: Universal Social Charge Application (22 Sep 2015)

Michael Noonan: The USC was introduced in Budget 2011 to replace the Income Levy and Health Levy. It was a necessary measure to widen the tax base, remove poverty traps and maintain revenue to reduce the budget deficit. It is a more sustainable charge than those it replaced, and is applied at a low rate on a wide base.  The USC, like the Income Levy before it, does not apply to social welfare...

Written Answers — Department of Finance: VAT Rate Application (22 Sep 2015)

Michael Noonan: I am advised by the Revenue Commissioners that EU VAT Directive (Council Directive 2006/112/EC), with which Irish VAT legislation must comply, generally provides that supplies of goods and services be chargeable to VAT at the standard rate but that lower rates are permitted in very limited circumstances.  Ireland has applied a zero rate of VAT to the supply of hearing aids since 1981 and...

Written Answers — Department of Finance: Social Insurance (22 Sep 2015)

Michael Noonan: Preparations for Budget 2016 and the consequent Finance Bill are ongoing. It would not be appropriate for me to comment at this stage, on what changes, if any, are being considered regarding PRSI, or in relation to any other measure.

Written Answers — Department of Finance: VAT Rate Application (22 Sep 2015)

Michael Noonan: I propose to take Questions Nos. 294, 327, 344 and 389 together. The 9% reduced VAT rate for tourism related services was introduced in July 2011 as part of the Government Jobs Initiative. The measure was designed to boost tourism and create additional jobs in that sector.  The Deputy will be aware that it is not the practice to comment on what measures may or may not be included in...

Written Answers — Department of Finance: Pensions Levy (22 Sep 2015)

Michael Noonan: The original 0.6% stamp duty levy on pension fund assets ended last year. The additional levy of 0.15% which I introduced for 2014 and 2015, mainly to help continue to fund the Jobs Initiative, will also end after this year. The position is that the equivalent value of all of the money raised from the stamp duty levy has been used to fund the wide range of measures introduced in the Jobs...

Written Answers — Department of Finance: Public Expenditure Statistics (22 Sep 2015)

Michael Noonan: In 2016 Ireland will enter the preventive arm of the Stability and Growth Pact (SGP) and will have to adhere to an adjustment path towards the medium-term (budgetary) objective (MTO), currently for Ireland a balanced budget in structural terms. This is assessed in two ways.  Firstly, until the MTO is reached, a minimum annual improvement in the structural balance is required. The second...

Written Answers — Department of Finance: Banking Operations (22 Sep 2015)

Michael Noonan: I have answered a number of Parliamentary Questions in the past in relation to rules adopted by banks when valuing assets including loans. These rules are determined by the relevant accounting standards and it is the responsibility of the directors of the respective banks to ensure that they have been properly applied. To provide assurance that this is the case, the proper application of the...

Written Answers — Department of Finance: Residential Property Sales (22 Sep 2015)

Michael Noonan: I am advised by the Revenue Commissioners that the 9% stamp duty rate on residential property transactions was effective from 23 January 1997 to 8 December 2010.  Information on the numbers of purchasers of residential property that paid stamp duty at the 9% rate is not available.  However, the number of transactions where the 9% rate was paid is shown in the following table from...

Written Answers — Department of Finance: Banking Operations (22 Sep 2015)

Michael Noonan: My Department does not possess the information to answer this question. However, I can confirm that officials in my Department have referred the Deputy's question to Bank of Ireland for comment and the bank has responded as follows: The Bank of Ireland Annual Report includes all required declarations to the market in relation to engagement with the National Asset Management Agency...