Results 3,741-3,760 of 27,019 for speaker:Michael Noonan

Written Answers — Tax Collection: Tax Collection (15 Nov 2011)

Michael Noonan: I am informed by the Revenue Commissioners that, based on information derived from corporation tax returns filed for accounting periods ending in the year 2009, the latest year for which the most complete information is available, group relief was claimed by some 2,507 companies.

Written Answers — Fuel Laundering: Fuel Laundering (15 Nov 2011)

Michael Noonan: I propose to take Questions Nos. 147 and 153 together. I am informed by the Revenue Commissioners, who are responsible for the collection of mineral oil tax and for tackling the illicit trade in fuel products, that they are aware of the threat to the Exchequer posed by laundered fuel. The predominant illicit activity in the mineral oil area in both Northern Ireland and the Republic is the...

Written Answers — Tax Code: Tax Code (15 Nov 2011)

Michael Noonan: I am advised by the Revenue Commissioners that there is provision for the refund of VAT incurred on qualifying goods for the exclusive use of disabled persons. The provision is contained in the Value Added Tax (Refund of Tax) (No 15) Order 1981. The order specifies the degree of disability and defines the qualifying goods as goods which are aids or appliances, including parts and...

Written Answers — Pension Provisions: Pension Provisions (15 Nov 2011)

Michael Noonan: In response to the Deputy's question, I have outlined below the position in relation to the National Treasury Management Agency (NTMA) regarding former employees in receipt of pensions not paid by the Office of the Paymaster General. The remuneration structure in the NTMA is such that there are no general pay grades and all staff are on individually-negotiated contracts. These contracts are...

Written Answers — Tax Reliefs: Tax Reliefs (15 Nov 2011)

Michael Noonan: I propose to take Questions Nos. 150 to 152, inclusive, together. I am informed by the Revenue Commissioners that for the tax year 2003 and earlier years claims for tax incentive schemes on property were aggregated in tax returns with other claims and could not be distinguished from other reliefs claimed. Accordingly, the specific information on costs for 2003 and earlier years are not...

Written Answers — Tax Reliefs: Tax Reliefs (15 Nov 2011)

Michael Noonan: I am advised by the Revenue Commissioners that the latest available information on the cost of stamp duty relief for farm consolidation is estimated at close to €0.5 million for calendar year 2010, in respect of all stamped deeds of transaction. It is not possible to predict the cost of reinstating this measure as cost would depend on take up. The scheme of Stamp Duty relief for farm...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (15 Nov 2011)

Michael Noonan: The Central Bank's Code of Conduct on Mortgage Arrears applies only to mortgage lending activities in respect of an owner/occupier's principal private residence. Responsibility for the rights of tenants in rented accommodation is a matter for my colleague the Minister for Justice and Equality.

Written Answers — Banking Sector Regulation: Banking Sector Regulation (15 Nov 2011)

Michael Noonan: The setting of mortgage interest rates is a commercial decision for the banks concerned. I welcome the recent announcement by AIB that it will reduce its standard variable mortgage lending rate as a follow on to the recent ECB interest rate cut. The Central Bank have advised me that they will engage with lenders which appear to have standard variable rates disproportionate to their cost of...

Written Answers — Monetary Policy: Monetary Policy (15 Nov 2011)

Michael Noonan: As Ireland is a Member State of the Euro-zone the question of re-issuing Irish pounds does not arise. Irish pounds are not being printed by the Central Bank nor are they being printed elsewhere on the instruction of the Central Bank. The Central Bank continues to produce euro currency.

Written Answers — Economic and Monetary Union: Economic and Monetary Union (15 Nov 2011)

Michael Noonan: I have not engaged in discussions regarding changes in euro area membership with my Ecofin colleagues. We are, of course, in the process of improving the institutional arrangements within the euro area, to ensure that the current problems do arise again in the future. I am also aware of comments attributed to some Member States in relation to membership of the euro area. However, I note...

Written Answers — Economic and Monetary Union: Economic and Monetary Union (15 Nov 2011)

Michael Noonan: Our focus is on improving the functioning of the euro - it is our future. There are many risks in the broad economic environment at present, which I must take into account in conjunction with my Department and the agencies that report to me. The euro is a firm and solid currency currently trading well against all the other major currencies. There is clearly no market expectation, and there...

Written Answers — Capital Projects: Capital Projects (15 Nov 2011)

Michael Noonan: The Deputy has confirmed that the information sought is in relation to State capital construction projects. My Department did not award any such contracts during the period in question. During 2009 and 2010 my Department co-funded PEACE and INTERREG Programmes which cover the Border counties of Ireland and Northern Ireland. These Programmes are administered by the Special EU Programmes Body...

Written Answers — Economic and Monetary Union: Economic and Monetary Union (15 Nov 2011)

Michael Noonan: The policies designed to address the euro area sovereign debt crisis were announced by Heads of State or Government on the 26th of October. The implementation of the policies in this strategy - known as the comprehensive strategy - is mostly a matter for Finance Ministers. In this regard, there is broad agreement that swift implementation will help instill confidence and underpin economic...

Written Answers — Economic and Monetary Union: Economic and Monetary Union (15 Nov 2011)

Michael Noonan: As part of the comprehensive strategy agreed by Head of State or Government on 26th October, all euro area Member States expressed their determination to continue their policy of fiscal consolidation and structural reforms. The rationale for these measures is to underpin recovery and restore financial market confidence. Member States which are particularly vulnerable - such as Italy - have...

Written Answers — Economic and Monetary Union: Economic and Monetary Union (15 Nov 2011)

Michael Noonan: It is important to realise the considerable progress that has already been made in terms of improving the functioning of the EU and the euro area in particular. Amongst other things we now have: Ø The EU Semester; Ø Strengthened surveillance via the so-called 'six-pack' of governance measures; Ø Support for vulnerable economies via the EFSF and the EFSM; Ø A permanent crisis resolution...

Written Answers — Price Inflation: Price Inflation (15 Nov 2011)

Michael Noonan: I propose to take Questions Nos. 164 and 165 together. The Deputy will be aware that the European Commission last week published its Autumn economic forecasts. In this, it states that the main driving force behind the acceleration of HICP inflation in the EU in the first half of the year was the pass through of high energy and food prices to headline inflation. Looking to the future, the...

Written Answers — Economic and Monetary Union: Economic and Monetary Union (15 Nov 2011)

Michael Noonan: I propose to take Questions Nos. 166 and 167 together. Since the onset of the economic and financial crisis in 2008, all the European Union's governments and the European Commission have been working to limit the damage being done to the EU's economy, repair the damage that has been done and to put in place measures that will help the EU to avoid a similar crisis in the future. If follows...

Written Answers — Job Creation: Job Creation (15 Nov 2011)

Michael Noonan: As noted in the Medium-Term Fiscal Statement, my Department expects that the economy will return to growth this year following three successive annual contractions. The pace of the recovery is then expected to gradually strengthen in subsequent years, although anticipated GDP growth rates of 1.6 per cent in 2012 and 2.4 per cent in 2013 are weaker than those forecast in the spring. These...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (15 Nov 2011)

Michael Noonan: As Minister for Finance, I have no function in the relationship between the European Central Bank and national central banks. The Governor of the Central Bank carries out his European Central Bank-related functions under the Treaty of Rome and the Statute of the European System of Central Banks (ESCB) and his independence in doing so is guaranteed. Section 19A (2) of the Act provides that...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (15 Nov 2011)

Michael Noonan: I understand that the recent reduction in interest rates announced by the ECB have been passed on by three lenders, namely Irish Life and Permanent, AIB and EBS. The Government wants the lending institutions to pass on the interest rate cut for a number of reasons. Firstly, the interest rate cut will be of important assistance to mortgage holders who are struggling to pay their mortgages....