Results 8,581-8,600 of 27,019 for speaker:Michael Noonan

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

Michael Noonan: I propose to take Questions Nos. 43 and 54 together. In a number of answers to previous Parliamentary Questions on this issue I have repeatedly stated that there is no agreed international methodology for calculating the effective rate of corporation tax. To illustrate the debate on the topic, I have referred to an estimate from a report produced by the World Bank and...

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

Michael Noonan: NAMA advises that, based on user feedback, the majority of users of its enforced properties website are interested in properties that are available within their own geographical areas for rent or purchase. NAMA has, in response to feedback from these users, significantly enhanced the functionality of the enforced properties website to enable interested parties to interrogate the listing of...

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

Michael Noonan: I propose to take Questions Nos. 45 and 48 together. Budget 2013 estimated that the cumulative Exchequer deficit over the years 2013-2015 would be close to €35 billion. In addition to these day-to-day costs, there are large debt redemptions that are scheduled from early 2013, including a €5.1 billion bond repayment in April 2013 and a €7.6 billion bond repayment in...

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

Michael Noonan: I propose to take Questions Nos. 47, 73 and 74 together. The Government recognises that SMEs are the lifeblood of the economy and will play a vital role in the recovery of employment growth in our country. One of the key priorities of the Programme for Government is to ensure that an adequate pool of credit is available to fund SMEs in the real economy during the restructuring and...

Written Answers — Department of Finance: Real Estate Investment Trusts (17 Jan 2013)

Michael Noonan: I am advised by NAMA that it is very supportive of the Government’s decision to introduce REITs legislation. Officials in my Department have been in regular contact with the Agency in relation to the introduction of QIFs and I am advised that the Board of NAMA is currently considering its approach in light of the forthcoming REITs legislation.

Written Answers — Department of Finance: Mortgage Interest Rates (17 Jan 2013)

Michael Noonan: I, as Minister for Finance, have no statutory role in relation to the mortgage interest rates charged by regulated financial institutions. It is a commercial matter for the banks concerned. The Central Bank has responsibility for the regulation and supervision of financial institutions in terms of consumer protection and prudential requirements and for ensuring ongoing compliance with...

Written Answers — Department of Finance: Real Estate Investment Trusts (17 Jan 2013)

Michael Noonan: The details of the legislation which will provide for Real Estate Investment Trust (REIT) status for qualifying public limited companies will be published in Finance Bill 2013. An Irish REIT will be subject to relevant provisions of the Companies Acts, and will be required to comply with the requirements of various European Directives including the Prospectus Directive, Transparency...

Written Answers — Department of Finance: EU Presidency (17 Jan 2013)

Michael Noonan: As President of the ECOFIN Council I will be pursuing the objectives listed in the ECOFIN work programme of the Irish Presidency of the European Union, which will be formally presented to the Ecofin Council on 22 January 2013. As Presidency, our focus will be on seeking agreement with our European partners on the legislative measures underpinning the banking union, - certain other...

Written Answers — Department of Finance: Proposed Legislation (17 Jan 2013)

Michael Noonan: As part of the normal process for Budget 2013, my Department received over 500 Pre-Budget submissions from a variety of sectors including investment, auditing and accounting institutions. This process has continued for Finance Bill 2013, with the Department open to the suggestions from all sectors and bodies including investment, auditing and accounting institutions. In relation to any...

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

Michael Noonan: It is not clear from the question what the underlying issue is that the Deputy is referring to. However, a number of features of our corporation tax regime may be relevant here. In the first instance, there are certain anti-avoidance rules that may apply to company with few members such as the close company surcharges. The close company surcharges apply to Irish resident companies...

Written Answers — Department of Finance: Bank Guarantee Scheme (17 Jan 2013)

Michael Noonan: I propose to take Questions Nos. 59 and 60 together. 2008 2009 2010 2011 2012 €m €m €m €m €m Total Subordinated and Junior Bonds: BoI(1) Consideration2 600 700* 3,300* 800* N/a Nominal Value 600 1,700 4,700 2,300 N/a Average Discount 0% 59% 30% 65% N/a AIB (incl EBS) Consideration 200 1,366 1,842 1,052 N/a Nominal Value 200...

Written Answers — Department of Finance: Departmental Overview (17 Jan 2013)

Michael Noonan: In terms of the public finances, 2012 was a successful year. We continue to meet our targets under the EU/IMF programme. We have successfully re-engaged with the international bond markets, which has acknowledged Ireland’s Fiscal and Economic progress through a significant decline in the yield on Irish Government bonds, and the economy is projected to grow again for the second...

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

Michael Noonan: The Deputy may be referring to a recent report by Fitch Ratings, the ratings agency, which cited a likely further drop of 20 per cent in Irish house prices. This opinion is at odds with much of the recent indicators on the Irish housing market. Data from the CSO's Residential Property Price Index show that national prices have been broadly stable for the last nine months, with prices in...

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

Michael Noonan: The proposal to introduce an auto-diesel excise duty relief for licensed road hauliers that I announced in the Budget is confined to licensed and tax compliant hauliers. However, I have received a number of submissions from, and on behalf of, private coach operators seeking to have this relief extended to them. I will consider these proposals and the level of the rebate in the context...

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

Michael Noonan: I am advised by the Revenue Commissioners that certain farming educational qualifications are required by farmers who wish to avail of Young Trained Farmer Relief under the income tax and stamp duty regimes. The current position for each regime is as follows: Income Tax: Young Trained Farmer Relief is available to farmers who are under 35 years at the start of the year in which they first...

Written Answers — Department of Finance: Consumer Protection (17 Jan 2013)

Michael Noonan: AIB have informed me that any queries related to matters such as allegations of failing to act in the interest of the customer are dealt with on a case by case basis by the bank with individual customers. Any potential broader issues which affect a greater population of customers are dealt with via established procedures in consultation with the Central Bank as regulator. All relevant...

Written Answers — Department of Finance: Deposit Interest Rates (17 Jan 2013)

Michael Noonan: In recent months there has been a significant fall in market interest rates across Europe and particularly in Ireland and this has resulted in the interest rates offered by the banks declining significantly. The recent reduction in State Savings rates is in line with this general reduction in interest rates. This is the first change in State Savings rates since 2007. Irish savers have been...

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

Michael Noonan: The Finance (Local Property Tax) Act 2012 provides for a range of penalties to be imposed on liable persons for non-compliance with their obligations under the Act, such as failure to deliver a return to the Revenue Commissioners, or where a liable person knowingly makes a false statement on a return in order to reduce their liability to Local Property Tax (LPT). The Act also allows for...

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

Michael Noonan: Tax revenues are forecast by my Department on a disaggregated individual tax-head basis using relevant macro-economic drivers and, where appropriate, certain elasticity factors. The basic methodology is to estimate the base-year outturn, adjust for any known once-off factors and then grow the adjusted outturn by a macro-economic driver or "macro". Notwithstanding the strengths/weaknesses of...

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

Michael Noonan: I propose to take Questions Nos. 75, 79 and 81 together. The Irish Government has been working extremely hard to secure a deal on the Irish bank debt with our European partners and detailed work will continue to ensure that positive moves in Europe are harnessed to maximise the benefit to the Irish taxpayer. This work is one of the Government’s key priorities and will remain a key...