Results 5,321-5,340 of 27,019 for speaker:Michael Noonan

Written Answers — Banks Recapitalisation: Banks Recapitalisation (18 Apr 2012)

Michael Noonan: The bank guarantee schemes to which the Deputy refers are the Credit Institutions Financial Support Scheme 2008 (CIFS Scheme) which was in operation between 30 September, 2008 and 29 September, 2010, and the Eligible Liabilities Guarantee Scheme (ELG Scheme) which came into operation on 9 December, 2009 and has a current issuance end-date of 30 June, 2012, subject to review by the EU...

Written Answers — Insurance Compensation Fund: Insurance Compensation Fund (18 Apr 2012)

Michael Noonan: The Insurance Compensation Fund (ICF) operates under the Insurance Act 1964. Its purpose is to protect policy holders in the event of their insurer becoming insolvent. It is an industry financed fund. However because the scheme is not pre-funded, the Act provides for the Exchequer to advance monies on the recommendation of the Central Bank in circumstances where insufficient funds have been...

Written Answers — Fiscal Policy: Fiscal Policy (18 Apr 2012)

Michael Noonan: The Budget Day forecasts had anticipated reduced year-on-year growth rates in the second half of 2011 relative to the first half of the year. These forecasts turned out to be broadly in line with the preliminary figures for 2011 provided in the latest Quarterly National Accounts published last month. The recent Q1 Exchequer Returns illustrate that tax receipts are in line with expectations....

Written Answers — Social and Affordable Housing: Social and Affordable Housing (18 Apr 2012)

Michael Noonan: I am informed that in December 2011, NAMA identified over 2,000 properties under the control of its debtors or receivers as being potentially suitable for social housing, including 99 housing units in County Meath. I am advised by NAMA that interested housing authorities should contact the Housing Agency about potential social housing units in their area. In cases where suitability is...

Written Answers — Departmental Schemes: Departmental Schemes (18 Apr 2012)

Michael Noonan: The Travel Agents Margin Scheme, which is provided for in Articles 306 to 310 of the EU VAT Directive, was introduced with effect from 1 January 2010. Detailed discussions with the travel industry were carried out prior to the introduction of the scheme which is a standard EU-wide Scheme in operation in most Member States of the EU. The scheme deals with the activities carried on by travel...

Written Answers — Tax Code: Tax Code (18 Apr 2012)

Michael Noonan: I propose to take Questions Nos. 84 and 122 together. 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. 85. Deputy Dessie Ellis asked the Minister for Finance if his attention has been drawn to the fact that carbon tax added to gas bills are...

Written Answers — Tax Code: Tax Code (18 Apr 2012)

Michael Noonan: The amount on which VAT is chargeable, in accordance with section 37(1) of the Value-Added Tax Consolidation Act 2010, is the total consideration receivable by the supplier, "including all taxes, commissions, costs and charges whatsoever" but not including the VAT itself. VAT is governed by the EU VAT Directive, with which Irish VAT law must comply. Article 78 of the VAT Directive provides...

Written Answers — Tax Yield: Tax Yield (18 Apr 2012)

Michael Noonan: The Deputy will appreciate that it is not possible to estimate accurately the loss to the Exchequer from particular activities in the shadow economy such as fuel laundering. It is clear, however, that the scope for loss of tax revenue from illegal activity in the fuel market is significant, and that this criminality also threatens legitimate businesses and the environment. Combating it is,...

Written Answers — Departmental Staff: Departmental Staff (18 Apr 2012)

Michael Noonan: I am advised by the Revenue Commissioners that in the period 1 January 2010 to 13 April 2012, 26 Principal Officers and 61 Assistant Principal Officers were appointed by the Revenue Commissioners. The following Tables 1 and 2 give an indication of the Divisions to which the initial appointments were made and the number of internal or external appointees. Table 1: Principal Officers...

Written Answers — Tax Code: Tax Code (18 Apr 2012)

Michael Noonan: I am advised by the Revenue Commissioners that the VAT rating of goods and services is subject to the requirements of EU VAT law with which Irish VAT law must comply. In Ireland the zero rate applies to printed books, including atlases, children's picture, drawing and colouring books and books of music. Under the EU VAT Directive, all digitised publications, regardless of their rate when...

Written Answers — Tax Code: Tax Code (18 Apr 2012)

Michael Noonan: I am advised by the Revenue Commissioners that the VAT rating of goods and services is subject to the requirements of EU VAT law with which Irish VAT law must comply. The VAT rate depends on the nature of the good or service supplied and must accord with the EU VAT law. Irish VAT law provides that the following are exempt from VAT: § the provision of services by a funeral undertaking; §...

Written Answers — Budget Timetable: Budget Timetable (18 Apr 2012)

Michael Noonan: I propose to take Questions Nos. 90, 167, 191 and 238 together. I have reviewed a submission from the National Retail Industry Alliance in relation to the rescheduling of the Budget that raise concerns about the impact of the current Budget timetable on consumer sentiment and Christmas trading volumes. While I have sympathy for their views, there are a couple of contributing factors which act...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (18 Apr 2012)

Michael Noonan: As the Deputy is aware the Government has been committed to reviewing the arrangements that were put in place to capitalise IBRC - formerly Anglo Irish Bank and Irish Nationwide. The purpose of this review is to determine if there was a way to reduce the overall cost to the State. Part of the capitalisation of IBRC was provided using promissory notes as consideration. While the...

Written Answers — Financial Services Regulation: Financial Services Regulation (18 Apr 2012)

Michael Noonan: I propose to take Questions Nos. 93, 183 and 185 together. Notwithstanding the State's significant shareholding in the bank, Permanent TSB ('PTSB') operates at arm's length from the State in relation to commercial issues. Ultimately the pricing of financial products, including standard variable mortgage interest rates, is a commercial decision for the management team and board of each bank,...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (18 Apr 2012)

Michael Noonan: Notwithstanding the State's ownership of the bank, IBRC operates at an arm's length capacity from the State in relation to commercial issues. It is a matter for the board and management to determine and implement such policy in their organisation. Therefore, commercial decisions in relation to IBRC are solely a decision for the bank. IBRC have informed me that KPMG Corporate Finance and...

Written Answers — National Asset Management Agency: National Asset Management Agency (18 Apr 2012)

Michael Noonan: I refer the Deputy to my response to Parliamentary Question 8013/12 regarding NAMA contracts, which my Department forwarded by letter to the Deputy on 20 March 2012. That response provides a very detailed account of all contracts and fees paid by NAMA since its inception to end January 2012. I am advised by NAMA that in the short timeframe available for this question they were not able to...

Written Answers — National Asset Management Agency: National Asset Management Agency (18 Apr 2012)

Michael Noonan: I am advised by NAMA that it, operating under the aegis of the National Treasury Management Agency (NTMA), draws on the NTMA's shared services in a number of areas including its outsourced press office facility. NAMA further advises that it reimburses the NTMA in respect of the costs of these services attributable to NAMA. The NTMA does not maintain an internal press office. Instead, it...

Written Answers — EU Treaties: EU Treaties (18 Apr 2012)

Michael Noonan: I propose to take Questions Nos. 97, 98, 184 and 232 together. The Fiscal Compact is a key part of the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union agreed at the end of January. The Fiscal Compact requires inter alia that the structural deficit of each Member State be at its country-specific medium term objective (MTO), and that Member States ensure...

Written Answers — Fuel Prices: Fuel Prices (18 Apr 2012)

Michael Noonan: Ireland, as with other countries, has experienced an increase in the cost of petrol and auto-diesel. The increase in fuel prices is an international phenomenon. Fuel prices are driven by a number of factors including the price of oil on international markets, exchange rates, production costs and refining costs. The rise in oil prices over recent periods reflected additional factors such as...

Written Answers — EU Treaties: EU Treaties (18 Apr 2012)

Michael Noonan: As I have stated before, the European Stability Mechanism (ESM) Treaty, was signed by Euro Area Member States on 2 February 2012. The original version of the Treaty was signed on 11 July 2011, but it has been modified to incorporate decisions taken by the Heads of State and Government (HoSG) of the Euro Area on 21 July, 9 December 2011 and 2 March aimed at improving the effectiveness of the...