Results 6,921-6,940 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Tax Collection (4 Oct 2012)

Michael Noonan: I propose to take Questions Nos. 35 and 57 together. The Government has decided, as part of our commitment under the EU/IMF programme of financial support to Ireland, to introduce an annual recurring property tax. This forms part of a long term policy to broaden the tax base, to provide a stable funding base for local government and to assist the strengthening of democracy at local level....

Written Answers — Department of Finance: Bank Branch Closures (4 Oct 2012)

Michael Noonan: As you will be aware, operational decisions for the covered banks – AIB, Bank of Ireland, IBRC and Permanent TSB - remain the responsibility of the boards and managements of the institutions. Notwithstanding the fact that the State is a significant shareholder in these institutions, I must ensure that the banks are run on a commercial, cost effective and independent basis to ensure the...

Written Answers — Department of Finance: Stock Markets Regulation (4 Oct 2012)

Michael Noonan: As outlined to the Deputy previously, food securities trading forms part of the regulation of derivatives. These can be divided into OTC (over-the-counter) derivatives and derivatives traded on exchanges. The regulation of both types of derivatives features in formal proposals by the EU Commission. OTC derivatives are now regulated by the European Markets Infrastructure Regulation (EMIR)....

Written Answers — Department of Finance: Tax Yield (4 Oct 2012)

Michael Noonan: I am advised by the Revenue Commissioners that the estimated full year yield from reducing Business Relief and Agricultural Relief from 90% to 50% would be in the region of €30 million and €70 million respectively. In arriving at an estimate of yield from these changes it has been taken into account that a reduction in the Business and Agricultural Reliefs may not produce a...

Written Answers — Department of Finance: Bank Debt Restructuring (4 Oct 2012)

Michael Noonan: I will oversee Irish Life in a manner similar to the Covered Banks with a relationship framework detailing the roles and responsibilities of the board which will operate on an independent commercial basis and with certain matters requiring approval or consultation with me. Operational decisions will remain the responsibility of the board and management.

Written Answers — Department of Finance: Insurance Industry Issues (4 Oct 2012)

Michael Noonan: Management of the wind down of Quinn Insurance, including claims management, is the responsibility of the Joint Administrators, under the supervision of the High Court. However the State is required to advance funds to meet the cost of the wind down. While these funds are ultimately recovered through the industry levy, it is a matter of concern to ensure in as much as is possible that the...

Written Answers — Department of Finance: Universal Social Charge Payments (4 Oct 2012)

Michael Noonan: I am informed by the Revenue Commissioners that sufficient basic data are not available on which to base a reliable estimate of the yield to the Exchequer from this proposal, as information is not required on tax returns in relation to all capital gains. Accordingly, it is not possible to provide the specific information requested by the Deputy.

Written Answers — Department of Finance: Tax Code (4 Oct 2012)

Michael Noonan: I am precluded from discussing the tax affairs of any particular individual or company nor can I discuss the tax administration regimes established in other jurisdictions. However, in general terms I would like to advise the Deputy that a recently published report of the United States Senate Permanent Sub-Committee on Investigations of their hearing on Offshore Profit Shifting and the U.S....

Written Answers — Department of Finance: Tax Collection Forecast (4 Oct 2012)

Michael Noonan: The deputy should be aware that I issued a joint press release with my colleague, the Minister for Public Expenditure and Reform on Tuesday 02 October to coincide with the release of the end-September returns. As outlined, the Exchequer Returns for the period to end-September provide further evidence that the Government is restoring the public finances to a more sustainable position. The tax...

Written Answers — Department of Finance: National Pensions Reserve Fund Administration (4 Oct 2012)

Michael Noonan: I am informed by the National Treasury Management Agency (NTMA), as Manager of the National Pensions Reserve Fund (NPRF), that the recommendations of the Comptroller and Auditor General on the issues that have arisen in respect of the portfolio liquidation of the National Pensions Reserve Fund are set out in section 4.60 of the Report of the Comptroller and Auditor General for 2011. The NTMA...

Written Answers — Department of Finance: Bank Debt Restructuring (4 Oct 2012)

Michael Noonan: As you will be aware, the three PLAR banks are required to deleverage their balance sheets, including inter alia by disposal of loan portfolios as outlined in the Central Bank’s Financial Measures Programme 2011. IBRC is subject to an EC Restructuring Plan which requires it to work out its balance sheet over time, including where possible via disposal of loan books. To this end, each...

Written Answers — Department of Finance: Job Creation Issues (4 Oct 2012)

Michael Noonan: I should say at the outset that ultimately it is the industry itself that creates employment by growing existing business and developing new initiatives such as the Green IFSC and Islamic Finance which the Deputy refers to in his question. The Government's new strategy for the development of the International Financial Services sector was issued approximately 14 months ago. Over this period,...

Written Answers — Department of Finance: Debt Relief (4 Oct 2012)

Michael Noonan: I propose to take Questions Nos. 47 and 88 together. When the Programme of Financial Support was initially agreed in late 2010, the average interest rate on the €67.5 billion available to drawdown from the external sources was estimated by the EU Commission to be 5.82% on the basis of market rates at the time of the agreement. The average life of the borrowings, which involve a...

Written Answers — Department of Finance: State Savings Schemes (4 Oct 2012)

Michael Noonan: The interest paid on Savings Bonds has always been tax-free to Irish residents. Interest is applied on maturity, which is after 3 years, or on encashment, which could be at any stage during the life of the Savings Bond. Based on the estimated interest payout on Savings Bonds in 2012 of €146 million, if this was subject to the higher DIRT (Deposit Interest Retention Tax) rate of 33%...

Written Answers — Department of Finance: Mortgage Arrears Proposals (4 Oct 2012)

Michael Noonan: The Central Bank of Ireland is engaging with all regulated mortgage lenders to ensure they have a robust strategy in place, incorporating a range of short and long term arrangements, to deal with mortgage arrears, both in respect of private residential mortgages and buy to let properties. To date there has been no official statistics on arrears in the buy to let market. However the Central...

Written Answers — Department of Finance: Tax Collection Forecast (4 Oct 2012)

Michael Noonan: Shadow/hidden economy activity creates distortions in the economy and competitive disadvantages for compliant businesses. For these reasons, Revenue focuses on deterring shadow/hidden economy activity and non-compliance through its audit and investigation programmes based on risk analysis, use of Revenue powers and their intelligence and information systems. I am advised by the Revenue...

Written Answers — Department of Finance: Promissory Note Negotiations (4 Oct 2012)

Michael Noonan: As the Deputy is aware, the Irish Government has been working extremely hard to secure a deal on the Irish bank debt and detailed work will continue to ensure that the positive moves in Europe are harnessed to maximise the benefit to the Irish taxpayer. This remains one of the Government’s key priorities. We will continue to target the reduction of the burden to the State of funding...

Written Answers — Department of Finance: Proposed Legislation (4 Oct 2012)

Michael Noonan: The Government is committed to having in place an effective regulatory/supervisory system for those firms which provide a debt management and/or a debt advice service. I have received Government approval to bring forward an amendment, at the Committee Stage, of the Central Bank (Supervision and Enforcement) Bill 2011 to provide for a regulatory regime for debt management and debt advice companies.

Written Answers — Department of Finance: Tax Code (4 Oct 2012)

Michael Noonan: I propose to take Questions Nos. 53 and 60 together. The position is as stated in the Programme for Government that as part of the Government’s fiscal strategy we will maintain the current rates of income tax together with bands and credits. In addition, we will not increase the top marginal rates of taxes on income. There are no plans at this time to depart from this policy.

Written Answers — Department of Finance: Tax Reliefs Availability (4 Oct 2012)

Michael Noonan: In relation to costs, the estimated full year costs and/or yields of the tax revenue measures introduced in Budget 2012 are set out on pages B5 – B 11 of the Summary of 2012 Budget and Estimates Measures Policy Changes section of the Budget 2012 book. To enable meaningful evaluation to take place, the reliefs need to have been in place for some period of time. As 2012 is the earliest...