Results 8,541-8,560 of 27,019 for speaker:Michael Noonan

Other Questions: Banks Recapitalisation (17 Jan 2013)

Michael Noonan: Yes, but not in the House.

Other Questions: Banks Recapitalisation (17 Jan 2013)

Michael Noonan: The issue is about naming people in the House.

Other Questions: Banks Recapitalisation (17 Jan 2013)

Michael Noonan: The State has no interest in owning or operating banks. It was because of the catastrophic situation in which we found ourselves that the State had to put capital into the banks and take a shareholding in them. It has always been the policy to recover the taxpayers' money in so far as we could. Up to €1 billion was put into CoCos, contingent capital notes, and we recovered it in...

Other Questions: Banks Recapitalisation (17 Jan 2013)

Michael Noonan: It comes to between €17 million and €18 million.

Other Questions: Banks Recapitalisation (17 Jan 2013)

Michael Noonan: We are okay. We have it well covered under the December returns.

Other Questions: Banks Recapitalisation (17 Jan 2013)

Michael Noonan: This was borrowed money which was put into recapitalising the banks as part of contingency funding in case the banks needed it. As I explained, there was a high risk so there was a 10% coupon on it. It has been the Government's decision that any moneys got from the sale of assets in the banks will be used to reduce the debt because that money was always borrowed. We cleared the debt with...

Other Questions: Corporation Tax (17 Jan 2013)

Michael Noonan: On 16 March 2011, the European Commission, which has the right of initiative to bring forward legislative proposals, published its proposal for a common consolidated corporate tax base, CCCTB. This represented the beginning of a process that involves a detailed examination of the proposal, line by line, by all member states at the Council working group. Since the Commission's proposal has...

Other Questions: Corporation Tax (17 Jan 2013)

Michael Noonan: The country holding the Presidency and its representatives chair meetings. In their capacity as chairmen, they are expected to act as honest brokers and advance the European agenda rather than their particular national agenda. When I chair ECOFIN meetings, the Minister of State at the Department of Finance, Deputy Brian Hayes, represents Ireland. That has always been the practice. I will...

Other Questions: Corporation Tax (17 Jan 2013)

Michael Noonan: I do not believe so. The Deputy referred to the risk of financial services companies migrating from Dublin to London. That is a risk, but what is being examined in terms of a financial transaction tax is stamp duty on certain transactions. We already charge stamp duty of 1% on transactions of shares, a measure which is analogous to what is being discussed. However, once it is introduced,...

Other Questions: Tax Yield (17 Jan 2013)

Michael Noonan: I am precluded from discussing the tax affairs of a particular individual or company. However, I am aware of recent media reports which refer to the ways some companies structure their international tax affairs to minimise their tax costs and the fact that some of these reports make reference to Irish companies being part of these structures. I understand some of these reports have...

Other Questions: Tax Yield (17 Jan 2013)

Michael Noonan: I do not mean this disrespectfully, but Deputy Boyd Barrett should re-read the reply of mine to which he referred earlier. He is confusing income and profit. While the income figure was €70 million, there is an entitlement to deduct costs from it which is how the profit figure is arrived at. The computation should be on the profit which will give a different rate. According to...

Written Answers — Department of Finance: Credit Availability (17 Jan 2013)

Michael Noonan: As part of the redeployment of the NPRF towards commercial investment in Ireland, the NPRF Commission announced on 9th January its commitment to a suite of three long term funds to provide equity, credit and restructuring investment to SME and mid-sized corporates. The SME funds represent a further step in the redeployment of the NPRF towards commercial investment in the Irish economy. By...

Written Answers — Department of Finance: Disposal of Assets (17 Jan 2013)

Michael Noonan: As you will be aware as part of the Central Bank’s Financial Measures Programme 2011 the three PLAR banks are required to deleverage c.€70bn of assets by 31 December 2013. Of this they were required to actively dispose of c.€34bn of assets. Each bank agreed comprehensive deleveraging plans to achieve these deleveraging requirements. The CBI has identified the PCAR...

Written Answers — Department of Finance: Tax Code (17 Jan 2013)

Michael Noonan: I have not received any request from any European or international institution or Government to review either the State’s corporation tax rate or tax treatment of royalties. The Government's position on Ireland's corporation tax rate is very clear and well known to our EU colleagues and our international partners. The Taoiseach, myself and other members of the Government have...

Written Answers — Department of Finance: Tax Code (17 Jan 2013)

Michael Noonan: The Programme for Government indicated that, as part of its fiscal policy, the Government will ensure that “tax exiles” make a fair contribution to the Exchequer. I have already removed the “citizenship” condition for the Domicile Levy to ensure that individuals can not avoid the levy by renouncing their citizenship. The first year for which the changes apply is...

Written Answers — Department of Finance: Charities and Voluntary Organisations (17 Jan 2013)

Michael Noonan: Section 7 of the Finance (Local Property Tax) Act 2012 provides that exemption from the Local Property Tax will be available to a public body or to other bodies that have been granted a charitable tax exemption from Revenue, where the properties in question are used for people with special accommodation needs. Special accommodation needs refers to the provision of housing and support for...

Written Answers — Department of Finance: NAMA Portfolio (17 Jan 2013)

Michael Noonan: I am advised by NAMA that it utilises a number of asset management strategies to monetise its portfolio, including the sale of individual assets or portfolios of assets and loans sale. A key element in NAMA’s strategic planning also is recognition of the need to invest to preserve and enhance the value of its assets in line with anticipated as well as current demand conditions. NAMA...

Written Answers — Department of Finance: Tax Code (17 Jan 2013)

Michael Noonan: I propose to take Questions Nos. 17 and 38 together. I requested the Economic and Social Research Institute (ESRI) and the Central Bank to prepare an assessment of the Commission’s original Financial Transactions Tax (FTT) proposal to implement an FTT in the EU. The ESRI/Central Bank report was published in July last year. Given the wide variation in the estimated revenue yield...

Written Answers — Department of Finance: Property Taxation (17 Jan 2013)

Michael Noonan: I propose to take Questions Nos. 18 and 37 together. My Department is in regular contact with the Revenue Commissioners with regard to the implementation of this tax through the Interdepartmental Group which was set up to oversee the introduction of Local Property Tax (LPT) and through bilateral discussions with Revenue. The legislation governing the Local Property Tax is contained in...

Written Answers — Department of Finance: State Banking Sector (17 Jan 2013)

Michael Noonan: A way forward for Permanent TSB was agreed with the Troika in April 2012 which envisaged it playing an important role in the future of Irish retail banking, being a more focused retail bank bringing an element of competition to the marketplace which has consolidated significantly since 2008. In this regard Permanent TSB submitted a Restructuring Plan to the European Commission in June 2012....