Results 4,981-5,000 of 27,019 for speaker:Michael Noonan

Written Answers — Banking Sector Regulation: Banking Sector Regulation (8 Mar 2012)

Michael Noonan: The mortgage lenders operating in the Republic of Ireland are independent commercial entities and are subject to compliance with relevant legal, regulatory and accounting requirements. It is a matter for each institution's Board and management to manage and report on the performance of its mortgage book and other activities of the bank. This includes estimating impairment charges on their...

Written Answers — Tax Code: Tax Code (8 Mar 2012)

Michael Noonan: Based on information to date from the Collector General's Office, the amount of PRSI income that was reclassified as income tax in the February Exchequer returns was approximately €221 million. The overall impact on the Exchequer is neutral – what is gained in income tax is counterbalanced through higher net voted current spending.

Written Answers — Banking Sector Redundancies: Banking Sector Redundancies (8 Mar 2012)

Michael Noonan: The Deputy will be aware that Allied Irish Banks announced plans today to shed some 2,500 posts as part of a voluntary severance programme. It is deeply regrettable, for all concerned, that such action has had to be taken but it is an inevitable consequence of the necessary restructuring of the banking system to render it fit to better serve personal and business customers throughout the...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (8 Mar 2012)

Michael Noonan: The Central Bank has advised me that they wrote to all mortgage lenders in 2010 to ascertain whether they were offering, or intended to offer, a mortgage product that would allow home owners to sell their existing home and transfer the negative equity portion of the original loan to the new loan. In order to ensure that proposals in relation to such mortgages are consistent with the Central...

Written Answers — Tax Reliefs: Tax Reliefs (8 Mar 2012)

Michael Noonan: I am informed by Revenue Commissioners that it has been in contact with all qualifying lenders to ensure the necessary software changes to the lenders' Tax Relief at Source systems are made to cater for the new 30% rate of tax relief and pass on the increased rate of relief to borrowers without undue delay. Testing of software programmes designed to implement the new rate has commenced with...

Seanad: Euro Area Loan Facility (Amendment) Bill 2012: Second Stage (8 Mar 2012)

Michael Noonan: Before I outline the purpose and content of the Bill, I thank the Senators for agreeing to discuss and consider all Stages of the Euro Area Loan Facility (Amendment) Bill 2012 today at short notice. Although it is a fairly technical Bill, it is critical to the public finances and our economy. Enactment of the Bill is required to allow Ireland to ratify the changes to the Greek loan...

Seanad: Euro Area Loan Facility (Amendment) Bill 2012: Second Stage (8 Mar 2012)

Michael Noonan: I thank all the Senators who participated in this important debate. The Bill is technical and looks complex on first reading. However, the bottom line is simple enough. If Ireland and the other partner countries in Europe fail to legislate to amend the Greek programme to allow a second bailout, the €130 billion that Greece needs during March to avoid default cannot be paid. Senator...

Seanad: Euro Area Loan Facility (Amendment) Bill 2012: Second Stage (8 Mar 2012)

Michael Noonan: Obviously the European Central Bank does not have the legal authority to get involved in quantitative easing, but under the new director, Mr. Draghi, more imaginative approaches seem to be taken and there are elements of demand stimulus now in Europe also. Some Senators raised the issue of euro bonds. While, when viewed on a week-to-week basis, one might think that little is happening, over...

Seanad: Euro Area Loan Facility (Amendment) Bill 2012: Second Stage (8 Mar 2012)

Michael Noonan: I will not be commenting on Goldman Sachs at the moment, but our position is sustainable and we will continue.

Finance Bill 2012: Order for Report Stage (13 Mar 2012)

Michael Noonan: I move: "That Report Stage be taken now."

Finance Bill 2012: Report and Fiinal Stages (13 Mar 2012)

Michael Noonan: I thank the Deputies for their contribution. I will read the speaking note first, to give the official view, and will then comment on the case the Deputies make. As Deputies will be aware, in every annual budget, the budget book includes tables demonstrating the effects of budget changes in respect of income tax, PRSI and the universal social charge, USC, on single, married - with and...

Finance Bill 2012: Report and Fiinal Stages (13 Mar 2012)

Michael Noonan: I do not propose to accept the amendment. However, I fully support the principal of ex ante and ex post economic impact assessments – including cost benefit analysis – in formulating and evaluating tax policy. I am opposing the amendment on a number of grounds. The main reason is the underlying principle of proportionality in cost benefit analysis. The level of resources invested in...

Finance Bill 2012: Report and Fiinal Stages (13 Mar 2012)

Michael Noonan: The amendment was tabled by Deputy Doherty on Committee Stage. The Bill already provides for an increase in the exemption threshold from €4,004 to €10,036. This will cost approximately €47 million for a full year and will remove nearly 330,000 people from the charge. While this is a significant cost I do not expect it to result in a reduced yield for the Exchequer because of the...

Finance Bill 2012: Report and Fiinal Stages (13 Mar 2012)

Michael Noonan: The review, in so far as it arose from the programme for Government, is now completed. Any Government can review any charge or tax on an ongoing basis but the review to which a commitment was made is now completed.

Finance Bill 2012: Report and Fiinal Stages (13 Mar 2012)

Michael Noonan: The Deputy tabled amendments Nos. 10 and 11 on Committee Stage and my response remains the same. The focus behind the provision of the relief in question is to assist in the development of new markets for Irish exports in the BRIC states. The Deputy seems to be proposing that where an employer is either unable to demonstrate an increase in the volume of trade with the relevant state or...

Finance Bill 2012: Report and Fiinal Stages (13 Mar 2012)

Michael Noonan: The proposed administration charge of €500 is necessary to defray the costs of development and ongoing administration required for the efficient operation of the export refund scheme. The fee will enable development costs to be recouped as quickly as possible to minimise the burden on the taxpayer. In other countries, such as Denmark, where a similar scheme exists, an administrative...

Finance Bill 2012: Report and Fiinal Stages (13 Mar 2012)

Michael Noonan: The Deputy's amendment proposes to introduce a new section in the Bill. This new section would require the Minister for Finance, within three months from the passing of the Finance Act, to prepare a report on the contribution made to the Exchequer, in particular the contribution as a result of the measures introduced by the Finance Act 2012, and to lay that report before Dáil Éireann. The...

Finance Bill 2012: Report and Fiinal Stages (13 Mar 2012)

Michael Noonan: Yes, with the Acting Chairman's permission. My note is addressed to the Ceann Comhairle but, before we conclude today's proceedings, I would be obliged if, in accordance with Standing Order 140, the Acting Chairman would direct the Clerk to make the following minor drafting corrections to the text of the Bill. On page 50, lines 22 and 26, to change the lower case Roman numerals to upper...

Written Answers — Tax Code: Tax Code (13 Mar 2012)

Michael Noonan: The Finance (No. 2) Act 2011 provided for a second reduced VAT rate, of 9%, on a temporary basis in respect of certain tourism-related services and goods for the period 1 July 2011 to 31 December 2013. In reducing the VAT burden on activities related to the tourism industry, the introduction of the 9% VAT rate is aimed at contributing towards boosting tourism and the creation of additional...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (13 Mar 2012)

Michael Noonan: I am not aware of any specific new proposals at EU level in terms of measures under discussion for European banks to provide credit for new business across Europe, although measures to support the small and medium enterprise sector are regularly discussed. In relation to the matter of the half billion euro injection for a three year period, I assume that the Deputy is referring to the...