Results 5,121-5,140 of 27,019 for speaker:Michael Noonan

Written Answers — State Banking Sector: State Banking Sector (22 Mar 2012)

Michael Noonan: IBRC has confirmed that members of staff of the advisory company in question, together with members of staff of the investment group in question, attended a meeting with members of staff of IBRC. This was an introductory meeting of both organisations at which the manner of any possible future engagement was discussed. It has been clearly set out in response to previous parliamentary...

Written Answers — State Banking Sector: State Banking Sector (22 Mar 2012)

Michael Noonan: IBRC has confirmed that the engagement of the company in question has been extended for a further one month. The weekly calls are part of IBRC's ordinary course of business for which the bank is responsible. My Department dials in to these calls, depending on the agenda, to keep appraised of progress and developments.

Written Answers — State Banking Sector: State Banking Sector (22 Mar 2012)

Michael Noonan: The recommendations referred to in the question arose from a limited review exercise focussed on the organisation and structural elements of NAMA. It did not focus on the commercial strategy of NAMA. IBRC is working in accordance with a plan which has been approved by the EU for the work out of the organisation by 2020. A redacted version of this approved EU plan is in the public domain....

Written Answers — State Banking Sector: State Banking Sector (22 Mar 2012)

Michael Noonan: Bank of Ireland's (the "Bank") Annual Report for the year ended 31 December 2011, states that the outstanding subordinated liabilities in issue amount to €417 million. Adjusting for fair value accounting (€8 million) and excluding preference stock (€39 million) which is not a debt instrument, results in an outstanding unguaranteed subordinated debt amount of €370 million. As...

Written Answers — National Asset Management Agency: National Asset Management Agency (22 Mar 2012)

Michael Noonan: NAMA presents its financial statements in accordance with International Financial Reporting Standards ("IFRS"). It is required to do so under EU legislation due to the fact it has listed debt securities. In accordance with IFRS NAMA uses the effective interest rate methodology ("EIR") for the recognition of interest income on its loan portfolio from the date due diligence is completed. For...

Seanad: Finance Bill 2012 (Certified Money Bill): Committee and Remaining Stages (22 Mar 2012)

Michael Noonan: In every annual budget, the budget book includes tables demonstrating the effects of budget changes in respect of income tax, PRSI, the universal social charge on single, married - with or without children - PAYE and self-employed income earners over a wide distribution of income levels. The tables also demonstrate the effective changes to some payments from the Department of Social...

Seanad: Finance Bill 2012 (Certified Money Bill): Committee and Remaining Stages (22 Mar 2012)

Michael Noonan: For the sake of completeness, I want to add some further remarks about the ESRI budget analysis. Senator Reilly quoted it accurately but if she quoted the remainder she would have noted it said the weight of overall adjustments in the past four years has been on the wealthiest in society, not the poorest. She will also recall this budget exempted over 300,000 people from the universal...

Seanad: Finance Bill 2012 (Certified Money Bill): Committee and Remaining Stages (22 Mar 2012)

Michael Noonan: The Department of Public Expenditure and Reform produces the annual Estimates of expenditure every February. These demonstrate in great detail all expenditure, voted and non-voted, by each Department and office. The Estimates are published and available on the website of the Department of Public Expenditure and Reform. Also, every taxpayer is already provided annually with an assessment...

Seanad: Finance Bill 2012 (Certified Money Bill): Committee and Remaining Stages (22 Mar 2012)

Michael Noonan: The Senator made a reasonable case. I will ask the Revenue to monitor the progress made in the United Kingdom in the introduction of a similar measure to that proposed. We will revisit the matter in light of experience in that country.

Seanad: Finance Bill 2012 (Certified Money Bill): Committee and Remaining Stages (22 Mar 2012)

Michael Noonan: As Senator Reilly acknowledged, the Bill already provides for an increase in the exemption threshold from €4,004 to €10,036. This measure will cost in the region of €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 switch to an...

Seanad: Finance Bill 2012 (Certified Money Bill): Committee and Remaining Stages (22 Mar 2012)

Michael Noonan: Nach mbeadh teacht ar ais ag an Rialtas ar chúrsaí cánach ó thaobh VAT, cáin breis luacha, agus mar sin de ar an taobh eile? Mar sin, ní gá go mbeadh an caillteanas de €117 milliún chomh hard agus atá á rá. Cinnte le Dia, caithfidh sé go bhfuil áiteanna eile go bhféadfaí an t-airgead seo a fháil, seachas a bheith dhá bhualadh anuas arís ar na daoine atá ar ioncam íseal.

Seanad: Finance Bill 2012 (Certified Money Bill): Committee and Remaining Stages (22 Mar 2012)

Michael Noonan: I will read out the briefing note first and then we can talk about it. Illness benefit and occupational injury benefit are taxable by virtue of section 126 of the Taxes Consolidation Act 1997. However, the first 36 days, in practice the first six weeks of the payment, in a tax year are disregarded for tax purposes. Under certain employer and employee arrangements, an employee may remain on...

Seanad: Finance Bill 2012 (Certified Money Bill): Committee and Remaining Stages (22 Mar 2012)

Michael Noonan: It applies in the private sector but it is not as prevalent because, as the Senator said, not that many private sector employers would pay a full salary while people were on sick leave. The social welfare payment people receive when they are out is not liable to tax, so one combines the two. It would apply in the public service and private sector but it is more prevalent in the public...

Seanad: Finance Bill 2012 (Certified Money Bill): Committee and Remaining Stages (22 Mar 2012)

Michael Noonan: No. This is separate.

Seanad: Finance Bill 2012 (Certified Money Bill): Committee and Remaining Stages (22 Mar 2012)

Michael Noonan: I will deal first with the issue as it stands in the recommendation and the section and will then deal with the general issue of tax expenditure as raised by Senators Barrett and Reilly. This section is designed to allow companies to attract and retain key people in order to facilitate the expansion of research and development activities in the State, thereby creating more jobs. Under the...

Seanad: Finance Bill 2012 (Certified Money Bill): Committee and Remaining Stages (22 Mar 2012)

Michael Noonan: I will respond to recommendations Nos. 12 and 13 together. The recommendations were previously raised in the Dáil debate on the Bill and my response remains the same. The focus of this provision is to assist in the development of new markets for Irish exports in the BRIC states. The Senator seems to be proposing that where an employer is either unable to demonstrate an increase in the...

Seanad: Finance Bill 2012 (Certified Money Bill): Committee and Remaining Stages (22 Mar 2012)

Michael Noonan: I thank Senator Reilly for not pressing her amendment. Senators are aware of the concept of the standard fund threshold, SFT, the maximum pension pot allowable for tax relief. It was introduced as a deterrent to prevent overfunding of supplementary pension provisions from tax relief sources and there are penal tax consequences where benefits are taken from pension funds exceeding the...

Seanad: Finance Bill 2012 (Certified Money Bill): Committee and Remaining Stages (22 Mar 2012)

Michael Noonan: Most countries support their film industry in one way or another and to remove support at this stage would put our industry at a competitive disadvantage. We plan, with the Revenue Commissioners, to review the scheme this year. Question put and agreed to.

Seanad: Finance Bill 2012 (Certified Money Bill): Committee and Remaining Stages (22 Mar 2012)

Michael Noonan: Section 25 extends the qualifying period in regard to section 486B, which deals with relief for investment in renewable energy generation. The scheme was due to expire on 31 December 2011 but has been extended to 31 December 2014. The scheme was originally set up in 1999 and it has the approval of the European Commission. My colleague, the Minister for Communications, Energy and Natural...

Seanad: Finance Bill 2012 (Certified Money Bill): Committee and Remaining Stages (22 Mar 2012)

Michael Noonan: There is one thing about the tide we can rely on; it comes in and it goes out, and it comes in again.