Results 7,281-7,300 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Banks Recapitalisation (23 Oct 2012)

Michael Noonan: As the Deputy will be aware the banks were not and are not trading while insolvent and the constitutional concept of equality (as per Article 40 of Bunreacht na hÉireann) relates to equality between citizens (as human persons). Government must make decisions for the common good and in this case, the State has agreed to provide the necessary support to the banks in order for them to...

Written Answers — Department of Finance: Central Bank of Ireland (23 Oct 2012)

Michael Noonan: The Central Bank of Ireland is a statutory body; it was established in 1942 in accordance with the Central Bank Act 1942 and is now a constituent part of the European System of Central Banks (ESCB) established by European treaty. It is managed and controlled by the Central Bank Commission. The Minister for Finance is the sole subscriber to and holder of the Central Bank's capital. The...

Written Answers — Department of Finance: Banking Sector Regulation (23 Oct 2012)

Michael Noonan: I am advised by the Central Bank, that there is no requirement on financial institutions, legal or otherwise, to avail of such insurance. International accounting rules that apply to financial institutions dictate that financial institutions provide for bad or doubtful debts. Carrying these loans with a provision against them for the expected loss provides leeway for the distressed...

Written Answers — Department of Finance: Banking Sector Regulation (23 Oct 2012)

Michael Noonan: The Central Bank is responsible under statute for issuing bank licences and subsequently regulating the compliance of credit institutions with conditions imposed on their respective licences. As Minister for Finance I would have no role in reviewing licence conditions imposed by the Central Bank in its regulatory capacity. I have been informed by the Central Bank that it does not comment...

Written Answers — Department of Finance: Fiscal Policy (23 Oct 2012)

Michael Noonan: I am informed by ComReg that just over 12.6 billion SMS messages (that is, outgoing SMS traffic) were sent in the 12 months to the end of June 2012. On the face of it, this would imply a potential yield of €126m from a 1 cent levy on SMS messages. However, this yield cannot be directly inferred from the SMS traffic figure, as the levy’s imposition could result in considerable...

Written Answers — Department of Finance: Tax Code (23 Oct 2012)

Michael Noonan: I am advised by the Revenue Commissioners that Section 31A of the Stamp Duties Consolidation Act 1999 makes provision, subject to the section being commenced, for a charge to Stamp Duty where land is purchased and a conveyance or transfer of the land is not executed at the time the sale is closed. Under the provision, a Stamp Duty charge would attach to the contract or agreement for sale...

Written Answers — Department of Finance: Tax Code (23 Oct 2012)

Michael Noonan: It is assumed that the threshold for the proposed new tax rates mentioned by the Deputy would not alter the existing standard rate band structure applying to single and widowed persons, to lone parents and married couples. In addition, it is assumed that the 3 new tax rates and bands proposed would be integrated in the current tax system together rather than in isolation. On the above basis,...

Written Answers — Department of Finance: Tax Code (23 Oct 2012)

Michael Noonan: A schedular system of taxation operates in Ireland, as in many other countries, under which income is grouped into separate schedules for tax assessment purposes. Different rules apply for calculating taxable income under each schedule and for determining the timing of the charge to tax. Any change to treat capital gains on asset disposals as income subject to income tax would have...

Written Answers — Department of Finance: Tax Code (23 Oct 2012)

Michael Noonan: The Taoiseach, myself and other members of the Government have repeatedly expressed the Government’s commitment to the retention of the 12.5% rate. In that context, I must state that this is a hypothetical exercise. It is possible to provide an estimate on a straight line arithmetic basis. However in reality it is impossible to estimate the level of additional tax revenue that would...

Written Answers — Department of Finance: Tax Code (23 Oct 2012)

Michael Noonan: I am informed by the Revenue Commissioners that specific information on the amount of uninvested profits of companies is not available from corporation tax returns. There is therefore no basis on which an estimate of the Exchequer yields from the changes mentioned in the question could be provided.

Written Answers — Department of Finance: Sovereign Debt (23 Oct 2012)

Michael Noonan: The data requested by the Deputy, which has been provided by the NTMA, is provided in the table below. The estimates in this table are calculated on the basis of the end-September 2012 government bond debt position and will of course be subject to change. I would also like to make the Deputy aware that the data provided relates only to Government bonds, and does not include principal or...

Written Answers — Department of Finance: Tax Code (23 Oct 2012)

Michael Noonan: I am advised by the Revenue Commissioners that the information requested, estimated by reference to projected incomes for 2013, is as follows insofar as it is available: 1. Income earners over €100,000 Numbers earning over €100,000: 108,700 % of overall numbers of earners: 5% % of overall gross income earned: 24% % of overall tax liability: 44% 2. Tax exempt...

Written Answers — Department of Finance: Tax Collection (23 Oct 2012)

Michael Noonan: I am informed by the Revenue Commissioners that the available information is the estimated cost of all capital allowances claimed by companies on the corporation tax returns for the tax years 2006 to 2010, the latest year for which the necessary detailed information is available. Figures of these costs are as set out in the following table. The cost shown for each year is based on the cost...

Written Answers — Department of Finance: Mortgage Arrears (23 Oct 2012)

Michael Noonan: In addition to the forbearance measures provided for in the revised code of conduct on mortgage arrears, each of the covered banks have or are developing, having regard to individual circumstances, a range of further options under the MARS process in respect of their customers experiencing difficulty with their mortgage. While each bank will have its own particular suite of options, the...

Written Answers — Department of Finance: Mortgage Arrears (23 Oct 2012)

Michael Noonan: The Central Bank has informed me that it will commence a review of the Code of Conduct on Mortgage Arrears in the first quarter of 2013. The Central Bank would normally conduct a review a reasonable time after implementation and the Code will require updating due to the proposed introduction of both the Personal Insolvency Arrangement insolvency framework and longer term mortgage resolution...

Written Answers — Department of Finance: Tax Code (23 Oct 2012)

Michael Noonan: I am informed by the Revenue Commissioners that it is not possible to reply definitively to your query without exact details of the condition to which reference is made. The rate of capital gains tax is determined by the time of disposal. If the acquisition of the land is by way of conditional contract (as opposed to compulsory purchase), Section 542(1)(b) of the Taxes Consolidation Act...

Written Answers — Department of Finance: Excise Duties (23 Oct 2012)

Michael Noonan: I am aware of the introduction, in March 2008, by the Chancellor of the Exchequer in the UK, of a four year tax escalator under which the duty rate on all alcoholic drinks was set to increase by a fixed rate above the rate of inflation (which has been extended for a further two years), and in 2011 for a similar escalator for tobacco excise. Any decision with regard to alcohol and tobacco...

Written Answers — Department of Finance: Mortgage Interest Relief (23 Oct 2012)

Michael Noonan: I am advised by the Revenue Commissioners that based on associating incomes and mortgage interest data for 2010, and applying derived ratios to the estimated cost of mortgage interest for 2012, the full year yield to the Exchequer of capping mortgage interest relief up to earning limits of €80,000 or €100,000 regardless of whether the qualifying loans were taken out by single...

Written Answers — Department of Finance: Tax Yield (23 Oct 2012)

Michael Noonan: I am informed by the Revenue Commissioners that, based on data currently available, the estimated yields in 2013 from an increase in excise (VAT inclusive) on the products referred to are as follows. Excise on tobacco Increase in price (including VAT) Expected Full Year Yield 10c €16.5m 20c €32.9m 25c €41.0m 30c €49.2m The expected yield from increasing the...

Written Answers — Department of Finance: Mortgage Interest Rates (23 Oct 2012)

Michael Noonan: The Deputy will be aware that the Bank’s policy in relation to interest rates is a matter for the management and board of the institution. I have no role in the day-to-day commercial and operational decisions of the banks, which include these matters. These decisions are taken by the board and management of the institution. Notwithstanding the fact that the State is a significant...