Results 4,501-4,520 of 27,019 for speaker:Michael Noonan

Financial Transaction Tax (1 Feb 2012)

Michael Noonan: Our information on the proposal is not precise enough to make those kind of fine calculations. It is true to say, however, that in general terms it would be injurious to Ireland, as there are 30,000 people employed in the financial services area here. It is hard to estimate because it depends on what activities the tax might apply to. In Ireland, at present, it is back-shop employment...

Financial Transaction Tax (1 Feb 2012)

Michael Noonan: In principle, the Irish Government's position is that if this could be introduced through the influence of the G20 on a worldwide basis, that would be acceptable. It is not the principle of the tax we object to, but its uneven operation through which we would end up having a tax in Dublin but not in London. Employment activity and jobs would move from Dublin to London, so our objections are...

Tax Code (1 Feb 2012)

Michael Noonan: The proposed Betting (Amendment) Bill, which is being drafted at present, will amend the Betting Act 1931 to, inter alia, establish the regulatory framework for the licensing of remote bookmakers and betting exchanges, including measures to enforce the regulatory framework. The drafting of the Bill, which is fairly complex, is well advanced. The Finance Act 2011 contained measures to allow...

Tax Code (1 Feb 2012)

Michael Noonan: I have no plans at present to look at these measures. The lottery has been a very successful operation since Deputy Michael Creed's father, Donal Creed, first introduced it. It has funded many sporting activities in the country and is now funding educational activities and health services, where it replaces Exchequer funding. When one has a successful model going, I think one should let it...

Tax Code (1 Feb 2012)

Michael Noonan: -----on raising additional taxes. I am actually thinking of taking my holidays out in Dún Laoghaire next year - the sunny southeast.

Tax Code (1 Feb 2012)

Michael Noonan: I want to mix with some wealthy people, like Deputy Richard Boyd Barrett's neighbours out there.

Tax Code (1 Feb 2012)

Michael Noonan: I have heard the argument about a tax on text messages. During the week, I met a woman who told me that when she calls her daughter for her tea in the evening, she gets a text message from the bedroom and must text her daughter back. I remind the Deputy that there is already VAT on text messages at 23%.

Tax Code (1 Feb 2012)

Michael Noonan: Arrangements were made by my predecessor in last year's Finance Bill in association with the 2011 budget but they can only be enacted by ministerial order when the base legislation has been produced. The arrangements are in place and the legislation is being prepared. I referred to it in this year's Budget Statement as an additional amount of money, but not a lot, because I am not sure how...

Financial Services Regulation (1 Feb 2012)

Michael Noonan: As I indicated in my reply to this question from the Deputy on Tuesday, 15 November 2011, my understanding is that the Deputy is referring to trading in futures in foodstuffs, such as wheat, on stock markets and the need to have a regulatory framework in place to deal with these trades. A regulatory regime for these types of trades was set down in the 2004 Markets in Financial Instruments...

Financial Services Regulation (1 Feb 2012)

Michael Noonan: The Deputy knows more about this area than I do because he has taken a special interest in it. As part of the post-crisis reform agenda, the European Commission has made several proposals affecting investment, particularly derivatives. I can provide the Deputy with a briefing note on that point. I was not aware of the extent of the concern in the farming community and the growth in trading...

Written Answers — Banking Regulation: Banking Regulation (1 Feb 2012)

Michael Noonan: The lending institutions in Ireland, including those in which the State has a significant shareholding, are independent commercial entities. Ultimately, the pricing of financial products, including standard variable mortgage interest rates, is a commercial decision for the management team and board of each lending institution, having due regard to their customers and the impact on...

Written Answers — Tax Code: Tax Code (1 Feb 2012)

Michael Noonan: Section 86 of the Finance Act 1989 (now Section 811 of the Taxes Consolidation Act 1997) is not a scheme, it is the general anti avoidance rule in tax law introduced to defeat transactions which are undertaken primarily for the purposes of avoiding tax. Where a transaction is challenged by the Revenue Commissioners under this section and the Courts uphold the challenge, the transaction is...

Written Answers — National Assets Management Agency: National Assets Management Agency (1 Feb 2012)

Michael Noonan: I am informed by NAMA that it will make a pre-impairment profit of circa €600 million in 2011. I am also informed by NAMA that due to the decline in property values during 2011, it will have to make an impairment provision. The size of the impairment provision is not yet calculated as it is a complex exercise which is carried out under International Financial Reporting Rules (IFRS). The...

Written Answers — European Treaty Agreements: European Treaty Agreements (1 Feb 2012)

Michael Noonan: I propose to take Questions Nos. 14 and 20 together. As the Deputies will be aware, earlier this week at the Informal European Council, Heads of State or Government announced that the treaty establishing the European Stability Mechanism (ESM) is ready for signature and the objective is that it enters into force in July 2012. In line with decisions at the Heads of State or Government meeting...

Written Answers — EU-IMF Agreement: EU-IMF Agreement (1 Feb 2012)

Michael Noonan: I propose to take Questions Nos. 15 and 46 together. As I have indicated I am committed to reviewing the approach to the Promissory notes with a view to reducing the overall cost to the State of correcting the banking system. The troika has agreed to engage in a process with Irish officials to produce a common paper which will consider all options for restructuring the notes in terms of the...

Written Answers — Banking Regulation: Banking Regulation (1 Feb 2012)

Michael Noonan: The Deputy will be aware that the lending institutions in Ireland, including those in which the State has a substantial shareholding are independent commercial entities. Neither the Central Bank nor I have the power to compel the financial institution referred to by the Deputy to reduce its mortgage interest rate. However, the Central Bank have advised me that, within its existing powers,...

Written Answers — Insurance Industry: Insurance Industry (1 Feb 2012)

Michael Noonan: I have no plans to introduce a type of Government backed insurance scheme outlined by the Deputy. The possible introduction of a scheme to protect householders who cannot obtain flood insurance from insurance companies was examined in 2010. However, at that time, the Government concluded that such an approach was not financially viable. In particular, there were concerns that, over time, such...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (1 Feb 2012)

Michael Noonan: I have no plans to introduce legislation to promote non-recourse mortgages. There are accrued property rights which subsist as a consequence of existing property mortgages; legislation to alter such mortgage contracts could raise constitutional issues. The Deputy might wish to note that the provision of non-recourse mortgages carries a higher level of risk for lenders. This risk would likely...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (1 Feb 2012)

Michael Noonan: The Central Bank's Code of Conduct on Mortgage Arrears (the Code) applies to mortgage lending activities with borrowers in respect of their principal private residence in the State. Compliance with the Code is mandatory on all mortgage lenders registered with the Central Bank. These lenders include sub-prime lenders registered with the Central Bank. The Code provides a number of protections...

Written Answers — Public Sector Staff: Public Sector Staff (1 Feb 2012)

Michael Noonan: The special arrangement whereby public servants may retire before the end of February 2012 with pension and lump sum calculated on the basis of 2008 salary levels is part of Government policy designed to achieve a significant reduction in public service numbers. It is of course open to any retiring public servant to invest all or part of their retirement lump sum in the State Savings...