Results 5,461-5,480 of 27,019 for speaker:Michael Noonan

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

Michael Noonan: I am informed by the Revenue Commissioners that the full year costs to the Exchequer, estimated by reference to 2012 incomes, of reducing the standard and higher rates of income tax by 1 percentage point would be approximately €470 million and €205 million respectively. The estimated cost of increasing the standard rate tax bands by 10% would be approximately €540 million in a full...

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

Michael Noonan: I propose to take Questions Nos. 242 and 246 together. I am advised by the Revenue Commissioners that the information requested by the Deputy is as follows, in respect of the income tax year 2012. Projected Distribution of Income Earners for 2012 Tax year Exempt(Standard rate liability fully covered by credits or age exemption limits) Standard rate (including those whose liability at the...

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

Michael Noonan: I am informed by the Revenue Commissioners that on the basis of income tax returns for the income tax year 2009, the latest year for which the necessary detailed historical information is available, the breakdown of the total income tax liability between taxpayers at the lower and higher rates of tax for that year is 29% and 71% respectively. Further details are provided in Table IDS 17 of...

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

Michael Noonan: I propose to take Questions Nos. 244 and 245 together. I am advised by the Revenue Commissioners that the information requested, estimated by reference to the income tax year 2012, is set out in the following table. Income Tax Post-Budget 2012 (Base year 2009) Range of Gross Income Income Tax % of Total Income Tax Yield €40,000 or less €1,207,918,600 10% €60,000 or greater...

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

Michael Noonan: I propose to take Questions Nos. 247, to 249, inclusive, together. I am advised by the Revenue Commissioners that the total identifiable costs to the Exchequer which are currently available relate to income tax and corporation tax allowances, reliefs, exemptions and tax credits available as set out in the following tables for 2008 and 2009, the most recent year for which the necessary...

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

Michael Noonan: The Deputy may be aware that a working group was set up between officials of my Department, the IRHA and some members of the Oireachtas. This working group is discussing a number of issues of concern to the haulage industry. I am sure the Deputy will understand that I cannot pre-empt the outcome of those discussions which are ongoing. I should point out that a fuel rebate system, as sought...

Written Answers — EU-IMF Agreement: EU-IMF Agreement (18 Apr 2012)

Michael Noonan: Review missions to Ireland by the three external partners, the EU, the ECB and the IMF (the Troika) take place on a quarterly basis. As the Deputy may be aware, a mission is currently in progress which began yesterday, Tuesday April 17th and will continue until Thursday April 26th. Verification of the relevant quarterly targets forms a key part of the mission. The Government has repeatedly...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (18 Apr 2012)

Michael Noonan: The debate around the adequacy of monitoring of private borrowing and lending during the years 2002 and 2008 has been addressed in various reports and studies into the Irish banking crisis. These reports from Professor Patrick Honohan, Messrs Regling and Watson and the Nyberg Commission identified that poor supervision, an overly-deferential attitude by regulators, poor assessment of risks...

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

Michael Noonan: My Eurogroup colleagues and I are acutely aware of the need for Member Sates to remain on the agreed fiscal path. We are also conscious of the institutional deficiencies that played a significant part in creating the crisis, and I think its fair to say that substantial progress has been made in terms of retro-fitting the necessary tools and mechanisms to make the monetary union function...

Written Answers — EU-IMF Agreement: EU-IMF Agreement (18 Apr 2012)

Michael Noonan: As the Deputy will be aware, Ireland's progress in implementing its programme targets is assessed through a quarterly review process. The mission element of the sixth review started this week. Our record of programme implementation has been second to none, a fact repeatedly acknowledged by the EU and IMF authorities. It is also recognised more widely. Each review is subject to approval by...

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

Michael Noonan: The annual rate of CPI inflation was 2.2 per cent in March. One of the key factors underlying this figure was higher fuel prices, partly reflecting external developments over which we have no control. On an EU harmonised basis, prices in Ireland also rose at an annual rate of 2.2 per cent in March, compared with 2.7 per cent in the euro area as a whole. In terms of the year as a whole, my...

Written Answers — Economic Competitiveness: Economic Competitiveness (18 Apr 2012)

Michael Noonan: Substantial progress has been made in terms of improving our competitiveness. Relatively lower price inflation over the last number of years means that Irish price levels have fallen relative to our major trading partners. At the same time there has been a significant improvement in our cost competitiveness. On foot of these positive developments, we have seen a recovery in our exports as...

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

Michael Noonan: The first quarter Exchequer figures show that we are on course to reach the 8.6 per cent of GDP deficit target - in general government terms - for this year. While there are no economic targets per se the Government is pursuing an agenda to facilitate the return of sustainable economic growth, and in this context the resumption of economic growth last year is encouraging. Furthermore as the...

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

Michael Noonan: In the period in question no State companies under the aegis of my Department have used overseas printing companies.

Written Answers — Tax Collection: Tax Collection (19 Apr 2012)

Michael Noonan: The purpose of the windfall gains provisions in sections 644AB and 649B Taxes Consolidation Act 1997, introduced by section 240 National Asset Management Agency Act 2009 and amended by section 25 Finance Act 2010, is to apply a higher 80% rate of tax to the profits or gains from land disposals where those profits or gains are attributable to a relevant planning decision by a planning...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (19 Apr 2012)

Michael Noonan: As the Deputy is aware, the Government has imposed lending targets on the two domestic pillar banks for the three calendar years, 2011 to 2013. Both banks were required to sanction lending of at least €3 billion in 2011, €3.5 billion this year and €4 billion in 2013 for new or increased credit facilities to SMEs. I can confirm to the Deputy that both banks have achieved their 2011...

Written Answers — Bank Guarantee Scheme: Bank Guarantee Scheme (19 Apr 2012)

Michael Noonan: The covered institutions have supplied the relevant information as follows: Secured Senior Bonds Outstanding at 13 April 2012€bn Secured Senior Bonds Repaid 30 Sept 2008 to 13 April 2012€bn Unsecured Senior Bonds Outstanding at 13 April 2012€bn Unsecured Senior Bonds Repaid30 Sept 2008 to13 April 2012€bn Total Amount Outstanding; Secured and Unsecured at 13 April 2012€bn...

Written Answers — Bank Guarantee Scheme: Bank Guarantee Scheme (19 Apr 2012)

Michael Noonan: In aggregate, the covered Irish banks have generated €15.5bn of capital from Liability Management Exercises (LMEs) over the last four years. The breakdown per year is as follows: €bn 2008 2009 2010 2011 Total PTSB - - - 1.0 1.0 BoI - 1.0 1.3 1.5 3.8 AIB - 1.1 0.4 3.6 5.1 EBS - 0.0 0.1 0.2 0.3 INBS 0.0 0.1 - 0.1 0.3 Anglo - 1.8 1.6 - 3.3 Total cash gains from Sub-debt burden...

Written Answers — Bank Guarantee Scheme: Bank Guarantee Scheme (19 Apr 2012)

Michael Noonan: Unfortunately, it has not been possible to get the information from the covered institutions in the timeframe allowed by the Question. I will write to the Deputy in the near future with information provided by the institutions.

Written Answers — Job Losses: Job Losses (19 Apr 2012)

Michael Noonan: I propose to take Questions Nos. 74 and 75 together. The Deputy will be aware that AIB, as part of its announcement of 8 March 2012 of a voluntary severance programme, stated "as required under the bank's partnership principles with IBOA, a consultation process will begin immediately with trade union representatives." It went on to state that "AIB will not be making any further public...