Results 26,821-26,840 of 27,019 for speaker:Michael Noonan

Ceisteanna - Questions - Priority Questions: Revenue Commissioners Enforcement Activity (18 May 2017)

Michael Noonan: The six-month period was the period advised by the Revenue Commissioners. They sought to ensure the maximum return from the voluntary disclosures in terms of time and in terms of the amount of tax that would come in on a voluntary basis. The estimate is now somewhat in excess of €73 million. Those that are availing of tax exile status are doing so in accordance with law. If any...

Ceisteanna - Questions - Priority Questions: Brexit Issues (18 May 2017)

Michael Noonan: The oral question put by the Deputy is different from the written question. I will read out the prepared reply first and then we can discuss it. The Government has published a comprehensive document on Ireland and the negotiations on the UK’s withdrawal from the European Union under Article 50 of the Treaty on European Union on 2 May. The Government's position in regard...

Ceisteanna - Questions - Priority Questions: Brexit Issues (18 May 2017)

Michael Noonan: As I said, this is a political issue which will require a creative political solution. The political solution being sought is along the lines of that promulgated by the European Union's negotiating guidelines and reflects Ireland's unique concerns and priorities. The guidelines express the European Union's continued support for the peace process and the need to protect the Good Friday...

Ceisteanna - Questions - Priority Questions: Brexit Issues (18 May 2017)

Michael Noonan: The political position is quite clear. We do not want a hard but an invisible border. We do not want the Border to encroach on any aspect of the Good Friday Agreement.

Ceisteanna - Questions - Priority Questions: Brexit Issues (18 May 2017)

Michael Noonan: Mr. Irwin briefed the finance committee on what Revenue was doing. I am now briefing the Deputy in the House on the policy position on the political side. There is no contradiction between the two. The Deputy knows quite well that I do not decide on what is released in responding to freedom of information requests. There are independent officers who make these decisions without me even...

Other Questions: Tax Exemptions (18 May 2017)

Michael Noonan: I propose to take Questions Nos. 7 and 21 together. I understand my Department has clarified with the Deputy that her question relates to statements made in the Dáil on 28 February 2017 rather than on 4 April. The Deputy will be aware that the qualifying criteria in respect of exemption from LPT for properties with 2significant pyritic damage" were modified by the Finance (Local...

Other Questions: Tax Exemptions (18 May 2017)

Michael Noonan: I will continue to carry out my duties until I am replaced by an incoming Minister for Finance. I told the Deputy in February that a householder who posted a new valuation to Revenue could have his or her local property tax liability significantly reduced, if not eliminated completely. In other words, a person who valued his or her property in one of the higher bands before the appearance...

Other Questions: Tax Exemptions (18 May 2017)

Michael Noonan: Perhaps the words I used the last day might have been clearer. I said that when Revenue received a new valuation on a self-assessment basis, it could not eliminate the tax liability completely but that it could reduce it significantly in accordance with the law. An example of a significant reduction would be a change to a €70 or €90 property tax level, depending on whether the...

Other Questions: Sale of State Assets (18 May 2017)

Michael Noonan: I propose to take Questions Nos. 8 and 19 together. As I outlined previously, the sales of financial assets such as bank shares are transactions which do not result in a beneficial impact on the general Government balance under EUROSTAT rules. Such disposals are classified as financial transactions that essentially involve the exchange of one form of asset such as shares, equities and...

Other Questions: Sale of State Assets (18 May 2017)

Michael Noonan: I will make two points. In terms of the general government debt balance under EUROSTAT rules, selling AIB shares would not make a difference because we hold the asset in shares. When one sells it, one holds it in cash, but it has the same value and it is the same amount. It would not give us the freedom to spend under EUROSTAT rules. Therefore, if we were to spend, we would be in breach...

Other Questions: Sale of State Assets (18 May 2017)

Michael Noonan: There was a misunderstanding in the vote this morning and the matter is still the subject of discussion with the Ceann Comhairle's office. We will see how it works out. Lest we forget, it was only in 2008 that the country virtually went bankrupt and it did so because too much was being spent against a reducing revenue flow. Whatever mythology one applies to burning bondholders and so on,...

Other Questions: Help-To-Buy Scheme (18 May 2017)

Michael Noonan: I answered a similar question put by Deputy Michael McGrath, but I will read the reply to this one also. As the Deputy will be aware, the help-to-buy incentive was announced as part of Rebuilding Ireland: Action Plan for Housing and Homelessness. The plan contains a significant volume of responses to the current housing crisis, of which the help-to-buy incentive is just one....

Other Questions: Help-To-Buy Scheme (18 May 2017)

Michael Noonan: As I stated, I never thought I would see Sinn Féin advocating policies to prevent young people from acquiring their first home. I gave the figure of €22 million to Deputy Michael McGrath today. It defies belief to argue that an injection of €22 million into house purchasing is the factor that is driving up prices when house purchasing is now back as a multi-million euro...

Other Questions: Help-To-Buy Scheme (18 May 2017)

Michael Noonan: I have answered that question. There was a misunderstanding in the votes today and the matter is now in dispute. There are discussions taking place with the Ceann Comhairle's office and we will await the outcome. I remind the House that it already committed to and voted on the programme for Government which includes a commitment to sell up to 25% of the shares in AIB. That is the...

Other Questions: Departmental Investigations (18 May 2017)

Michael Noonan: I assume the Deputy is referring to the economic benefits of a united Ireland. As he will be aware, the principle of consent and the possibility of a change in the constitutional status of Northern Ireland are fundamental parts of the Good Friday Agreement which was endorsed by the people of this island, North and South. The calling of a Border poll under the terms of the Agreement would...

Other Questions: Departmental Investigations (18 May 2017)

Michael Noonan: On an all-Ireland economy, two currencies apply. There is sterling North of the Border and the euro down here. The most salient factor that should be considered is the deficit position, as I mentioned in my reply. For the years 2013 and 2014, the total public sector revenue collected in Northern Ireland is estimated at €14.9 billion. The total public sector expenditure for the same...

Other Questions: Departmental Investigations (18 May 2017)

Michael Noonan: The deficit is €9.2 billion. Anyone advocating an all-Ireland economy would want to tell us where the €9.2 billion will come from if the UK authorities turn off the tap.

Written Answers — Department of Finance: Banking Sector Regulation (18 May 2017)

Michael Noonan: I am informed by the Central Bank that, while it cannot generally comment on interactions with regulated firms, Ulster Bank Ireland D.A.C. is engaging with the Bank in relation to this matter.  As the Deputy is aware, in November 2016, RBS announced a new complaints review process overseen by an independent third party and the automatic refund of complex fees to SME customers in the...

Written Answers — Department of Finance: Real Estate Investment Trusts (18 May 2017)

Michael Noonan: A Real Estate Investment Trust or REIT is a quoted company, used as a collective investment vehicle to hold rental property. A REIT is exempt from corporation tax on qualifying income and gains from rental property, subject to a high profit distribution requirement to. A REIT provides the same after-tax returns to investors as direct investment in rental property, by eliminating the double...

Written Answers — Department of Finance: Central Bank of Ireland Supervision (18 May 2017)

Michael Noonan: Within the remit of the Central Bank’s responsibilities for safeguarding stability and protecting consumers, its approach to mortgage arrears resolution is focused on ensuring the fair treatment of borrowers through a strong consumer protection framework and ensuring that lenders have appropriate arrears resolution strategies and operations in place.  The Code of Conduct on...