Results 21,981-22,000 of 27,019 for speaker:Michael Noonan

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Minister for Finance (1 Dec 2015)

Michael Noonan: It will signpost it in early 2016, but legislation takes a while, as the Acting Chairman knows. There is no resiling from the BEPS reports in any country. From my short experience on the G20 when Ireland had the Presidency, I note that the G20 countries were very hot on this topic and committed to getting the OECD to carry out a full report and see it through to implementation in all OECD...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Minister for Finance (1 Dec 2015)

Michael Noonan: The Acting Chairman said the OECD was appreciative of us. My officials built up a very strong relationship with Paschal Saint-Amans, the French official who led this work. He was here several times and put himself out to take our views into account. We were fully supportive of him and it worked out rather well.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Minister for Finance (1 Dec 2015)

Michael Noonan: In principle, we favour a financial transactions tax, but there would be distortions in trade and business, especially in financial services, unless it applied globally. As a fall-back position, it would need to apply at least across the 28 member states of the European Union before we would find it acceptable. Our biggest problem, to be very precise, is that as long as the UK stays out,...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Minister for Finance (1 Dec 2015)

Michael Noonan: I do not think it would make any difference on this specific issue. It is not that we are opposed in principle. As a matter of fact, we charge 1% on share transactions. That is set at a much higher level than any financial transactions tax proposal that the 11 countries have come up with to date. They have come up with very small amounts and percentages that would apply to share...

Written Answers — Department of Finance: State Bodies Code of Conduct (2 Dec 2015)

Michael Noonan: I am advised by the Revenue Commissioners that, with effect from 1 January 2004, PAYE, PRSI and USC must be operated by employers in respect of the taxable value of benefits-in-kind such as private use of a company car, free or subsidised accommodation, preferential loans, the payment of club subscriptions, medical insurance premiums and other non-cash benefits provided by them for their...

Written Answers — Department of Finance: Tax Collection (2 Dec 2015)

Michael Noonan: I am advised by the Revenue Commissioners that having regard to the confidentiality provisions in section 851A of the Taxes Consolidation Act, 1997, and given that it is not clear on whose behalf the question is asked, Revenue is precluded from providing the information requested.  Revenue has suggested that the personal representative or administrator of the estate concerned...

Written Answers — Department of Finance: Strategic Banking Corporation of Ireland (2 Dec 2015)

Michael Noonan: The Strategic Banking Corporation of Ireland (SBCI) was incorporated in September 2014 and since then the SBCI has made considerable progress in building relations with lending partners and in constructing the complex operational capability required to bring products to market. These include establishing operational capability with funders and lending partners, building internal systems and...

Written Answers — Department of Finance: Departmental Agencies Staff Remuneration (2 Dec 2015)

Michael Noonan: Following my request, the Irish banks in which the State has a majority ownership position now publish remuneration information on their websites and I have provided a link to the published documents for further information. The figures provided relate to the status at year end 2014, as information for 2015 won't be available until early next year following the close off of annual accounts....

Written Answers — Department of Finance: Pension Provisions (2 Dec 2015)

Michael Noonan: The transfer of an occupational pension scheme member's pension fund benefits or a Personal Retirement Savings Accounts (PRSAs) contributor's PRSA assets to an overseas pension arrangement is permitted, subject to the transfer complying with the Occupational Pension Schemes and Personal Retirement Savings Accounts (Overseas Transfer Payments) Regulations, 2003 (the Regulations) and Revenue...

Written Answers — Department of Finance: Tax Credits (2 Dec 2015)

Michael Noonan: Maintenance payments can relate to maintenance in respect of a former spouse and/or children. The tax treatment of separated spouses depends on the circumstances which apply in each case.  In broad terms the position with regard to the tax treatment of separated persons is as follows. While in general separated couples are treated for tax purposes as if unmarried, they may, where a...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Estimates for Public Services 2015
Vote 7 - Office of the Minister for Finance (Supplementary) (2 Dec 2015)

Michael Noonan: Thank you Chairman. Vote 7, Office of the Minister for Finance, provides for the salaries and expenses of running the Department including the Office of the Paymaster General. It also provides for the payment of certain grants. In 2016 my Department will be required to provide for a new service, the payment of a fuel grant for disabled drivers. This new fuel grant is being introduced to...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Estimates for Public Services 2015
Vote 7 - Office of the Minister for Finance (Supplementary) (2 Dec 2015)

Michael Noonan: The Deputy is familiar, as we all are, with the excise rebate scheme to persons who qualified for the disabled drivers scheme. That was deemed to be illegal by the European Court of Justice. We had to replace it with something that would be deemed to be legal and therefore are introducing a grant scheme where a grant of the equivalent amount is being awarded in respect of fuel excise costs...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Estimates for Public Services 2015
Vote 7 - Office of the Minister for Finance (Supplementary) (2 Dec 2015)

Michael Noonan: For four persons; effectively many organisations have adapted vehicles in order to qualify for the fuel rebate on the same basis as an individual.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Estimates for Public Services 2015
Vote 7 - Office of the Minister for Finance (Supplementary) (2 Dec 2015)

Michael Noonan: We can agree with the committee's recommendation and I will ask my officials to inform the Secretary General that the committee will be in touch early in the new year with a view to a more useful engagement in our discussions on various financial matters.

Written Answers — Department of Finance: NAMA Assets Sale (3 Dec 2015)

Michael Noonan: As Minister for Finance, I do not have details on who has responsibility for the properties you reference in your question. I am advised that loans secured by a number of the properties in this development were sold as part of NAMA's Project Eagle portfolio. However, once this transaction was completed, NAMA no longer had a role regarding those properties. I would...

Written Answers — Department of Finance: Financial Services Regulation (3 Dec 2015)

Michael Noonan: In recent years and in response to G20 commitments on commodity derivative trading, the European Commission introduced a number of legislative measures aimed at improving the regulation, functioning and transparency of financial and commodity markets to address excessive commodity price volatility. The Markets in Financial Instruments Directive (MiFID 2) and Regulation (MiFIR) forms...

Written Answers — Department of Finance: Commencement of Legislation (3 Dec 2015)

Michael Noonan: The Credit Union and Co-operation with Overseas Regulators Act 2012 (the "2012 Act" ) was signed into law by the President in December 2012. It was agreed at that time that it would be neither practical nor feasible to commence the 2012 Act in its entirety in one fell swoop. Following on from that, an implementation timetable for the 2012 Act was devised in consultation...

Written Answers — Department of Finance: Departmental Agencies Staff Remuneration (3 Dec 2015)

Michael Noonan: In response to the Deputy's query please find, in tabular form details of retention and bonus payments if any paid to staff; the bonuses or retention payments made in 2014 and in 2015 to date; the numbers of staff receiving these payments; the highest individual payment received at each agency, by Bodies under the Aegis of the Department of Finance in 2014/2015. I would ask the Deputy to note...

Written Answers — Department of Finance: Ireland Strategic Investment Fund Management (3 Dec 2015)

Michael Noonan: As the Deputy will know, Activate Capital (Activate) is a new innovative non-bank financing platform that has been established by the Ireland Strategic Investment Fund (ISIF) and global investment group KKR to invest on a commercial basis in residential development projects in Ireland to help address the current supply shortages in the main urban centres.  Activate is focused exclusively...

Written Answers — Department of Finance: Strategic Banking Corporation of Ireland Expenditure (3 Dec 2015)

Michael Noonan: The Strategic Banking Corporation of Ireland (SBCI) was incorporated in September 2014 and since then the SBCI has made considerable progress in building relations with lending partners and in constructing the complex operational capability required to bring products to market. These include establishing operational capability with funders and lending partners, building internal systems and...