Results 5,881-5,900 of 27,019 for speaker:Michael Noonan

Written Answers — Banks Recapitalisation: Banks Recapitalisation (23 May 2012)

Michael Noonan: The Central Bank has informed me that the solvency stress test applied by the Central Bank of Ireland in 2011 was used to recapitalise the PCAR banks. The stress test scenarios were designed to represent extreme but plausible events, but they were not forecasts. Indeed, the scenarios included allowances for operating profit before impairments. These allowances took into account expected...

Written Answers — National Asset Management Agency: National Asset Management Agency (23 May 2012)

Michael Noonan: The NAMA SPV was established with Eurostat approval and with Irish Life as one of the private owners. However, as Irish Life is now in public ownership, Eurostat attached a reservation to our Maastricht Returns in which it raised concerns about the private sector ownership of the NAMA SPV and consequently the treatment of NAMA for the purposes of calculating General Government Debt. I am...

Written Answers — Economic Competitiveness: Economic Competitiveness (23 May 2012)

Michael Noonan: Preliminary estimates from the Central Statistics Office (CSO) show that, for 2011 as a whole, GDP grew by 0.7 per cent. This was the first full year of growth since 2007 and is a very welcome development. The economy is expected to record a second successive year of positive growth this year. My Department's latest forecasts - which were published in April's Stability Programme Update -...

Written Answers — Tax Code: Tax Code (23 May 2012)

Michael Noonan: The Government does not propose at this time to introduce a wealth tax, although all taxes and potential taxation options are constantly reviewed. I gave a comprehensive reply yesterday to Parliamentary Question 25100/12 from the Deputy in relation to the potential revenue implications of various forms of wealth tax, including possible negative effects on receipts from CGT and CAT.

Written Answers — Financial Services Regulation: Financial Services Regulation (23 May 2012)

Michael Noonan: As Minister for Finance I have not had any recent meetings with Prime Minister Cameron. I had a bilateral meeting with my UK counterpart, the Chancellor, George Osborne, on 14 December 2011 where a number of issues were discussed, including banking regulation. I have regular contact with the Chancellor through ECOFIN meetings. I also met Lord Turner, who is the Chair of the UK Financial...

Written Answers — Tax Code: Tax Code (23 May 2012)

Michael Noonan: To qualify for relief under the seed capital scheme the activities of the company, in which the investment is made, are required to constitute a qualifying new venture. A qualifying new venture means a venture consisting of trading activities, which are set up and commenced by a new company other than

Written Answers — Tax Code: Tax Code (23 May 2012)

Michael Noonan: (a) a trade which was previously carried on by another person and to which the company has succeeded or (b) a venture which was previously carried on as part of another person's trade. If an individual establishes a new company that takes over a trade that was previously carried on by another person then the investment in the shares of the new company will not qualify for seed capital relief.

Written Answers — Economic Growth: Economic Growth (23 May 2012)

Michael Noonan: I propose to take Questions Nos. 71 and 91 together. As have been said on many occasions, macroeconomic forecasting is not an exact science. Growth forecasts are subject to ongoing revisions irrespective of what institution – domestic or international – is conducting the exercise. My Department's latest economic forecasts are set out in the 2012 Stability Programme Update (SPU), which was...

Written Answers — Tax Collection: Tax Collection (23 May 2012)

Michael Noonan: I am advised by the Revenue Commissioners that underpayments of Income Tax have arisen in respect of the persons who are the subject of this question, for the years 2010 and 2011. The underpayments arose due to an administrative error, which resulted in the issue of incorrect tax credit certificates to their employers. These certificates granted the individuals additional tax credits that...

Written Answers — Insurance Industry: Insurance Industry (23 May 2012)

Michael Noonan: I, as Minister for Finance have no statutory role in relation to the premium, charges or fees for life protection policies. These are commercial decisions for the various insurers themselves. However, the Central Bank's Consumer Protection Code contains provisions which impose obligations on regulated entities, including those offering life protection policies, in relation to the...

Written Answers — Fiscal Policy: Fiscal Policy (23 May 2012)

Michael Noonan: As the Deputy is aware the latest estimate of the General Government Primary Balance for 2011, as well as my Department's latest projections for the years 2012-2015, is set out in Table A1, Annex 2 on page 49 of the recently published Stability Programme Update. These estimates are set out again in the table below. % of GDP 2011 2012 2013 2014 2015 General Government Primary Balance...

Written Answers — Tax Collection: Tax Collection (23 May 2012)

Michael Noonan: I propose to take Questions Nos. 75 to 82, inclusive, together. I am advised by the Revenue Commissioners that the information requested, estimated by reference to the income tax years 2011 and 2012, is set out in the following tables. Income Tax Post-Budget 2011 (Base year 2009) Range of Gross Income Number of Taxpayers % of Total Number of Taxpayers Income Tax % of Total Income Tax...

Written Answers — Tax Code: Tax Code (23 May 2012)

Michael Noonan: Provisions covering the Travel Agents Margin Scheme are contained in Section 88 of the VAT Consolidation Act 2010. This scheme, which is provided for in Articles 306 to 310 of the EU VAT Directive, with which Irish VAT law must comply, 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...

Written Answers — Departmental Staff: Departmental Staff (23 May 2012)

Michael Noonan: The following table outlines the Qualifications in my Department: Qualification Accountancy Business Economics Law Finance Other* Cert 7 4 7 3 9 73 Diploma & HDP 9 3 5 14 2 57 Degree 3 21 36 7 2 73 Masters 5 25 1 32 PHD 1 2 Professional 4 1 4 Misc 1 11 Total 24 33 74 25 14 252 Please Note: Some Officers carry more than 1 qualification and this table does not include...

Written Answers — Departmental Staff: Departmental Staff (23 May 2012)

Michael Noonan: The engagement of staff of semi-State companies is a matter for those companies. I am informed by the Revenue Commissioners that there are no "Revenue rules" that distinguish employers and contractors. However, as to the distinction between an employee and a self-employed contractor, whether an individual is engaged under either a contract of service (i.e. an employee) or a contract for...

Written Answers — Departmental Staff: Departmental Staff (23 May 2012)

Michael Noonan: I am advised that the organisation has a requirement to fill a small number of permanent and temporary posts in Limerick at this time. The filling of any such posts requires the sanction of the Department of Public Expenditure and Reform in the context of Government policy on reducing public sector numbers. I am further advised that the organisation currently has sanction to fill five...

Written Answers — Fiscal Policy: Fiscal Policy (23 May 2012)

Michael Noonan: Last year, the economy expanded by 0.7 per cent, the first year of growth since 2007. However, in order to make inroads into the unacceptably high level of unemployment, the growth rate will have to pick-up. This will require further improvements in competitiveness. In addition, sustainable public finances are a prerequisite for economic growth and we must therefore correct our excessive...

Written Answers — Economic and Monetary Union: Economic and Monetary Union (23 May 2012)

Michael Noonan: I propose to take Questions Nos. 88 and 92 together. While the EU and the euro area in particular has and continues to experience very turbulent and volatile times, it must be acknowledged that significant policy developments have also taken place. Considerable progress has been made in terms of improving the functioning of the EU and of the euro area in particular. Amongst other things we...

Written Answers — Economic Competitiveness: Economic Competitiveness (23 May 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. Indeed, the European Commission recently forecast that our nominal unit labour...

Written Answers — Economic Competitiveness: Economic Competitiveness (23 May 2012)

Michael Noonan: Following three successive years in which output fell, positive growth returned to the Irish economy last year. The recovery is expected to continue this year, and to both broaden and gain ground in 2013. Over the medium term, a return to robust and more sustainable growth is foreseen. While exports are expected to continue supporting economic activity, a gradual pick-up in domestic demand is...