Results 9,921-9,940 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Fiscal Policy (21 Mar 2013)

Michael Noonan: A particular focus of concern in international tax policy in recent times has been on the apparent low effective rates of tax paid by some multinational corporations as a result of transnational structures. The OECD is in the process of drawing up plans to make the issue of Base Erosion and Profit Shifting (BEPS) the central concern of its upcoming work in the area of tax. This approach has...

Written Answers — Department of Finance: National Treasury Management Agency Remuneration (21 Mar 2013)

Michael Noonan: I provided information in respect of NTMA performance related payments in response to a previous PQ on 26 February 2013 as set out in the table below. Year Total Amount of Performance Related Pay Number of Staff who received Performance Related Pay 2012 €43,100 6 The NTMA employed a total of 500 staff as at the end of 2012. The six personnel who received performance related...

Written Answers — Department of Finance: Property Taxation Collection (21 Mar 2013)

Michael Noonan: I believe the vast majority of people will want to be compliant with the Local Property Tax (LPT), as they are with other taxes legislated for by the Oireachtas. Revenue is making it as easy as possible for people to comply with their obligations to submit an LPT return and either make arrangements to pay their LPT charge or avail of a deferral of the charge if they are eligible. A wide...

Written Answers — Department of Finance: Budget 2013 (21 Mar 2013)

Michael Noonan: With regard to budgetary matters, when focusing on the primary objectives of reducing the deficit and returning sustainability to the public finances, it has been of vital importance to the Government to spread the burden of the adjustments made in as fair and equitable a manner as possible, while also seeking to minimise their negative impact on economic growth. While there was not a...

Written Answers — Department of Finance: Public Sector Remuneration (21 Mar 2013)

Michael Noonan: It is envisaged that any legislation introduced by the Government to reduce public service salaries will apply to NTMA employees, including employees assigned to NAMA.

Written Answers — Department of Finance: Property Taxation Collection (21 Mar 2013)

Michael Noonan: In February 2012, the Minister for the Environment, Community and Local Government established an Inter-Departmental Group under the chairmanship of Dr. Don Thornhill – the “Thornhill Group” – to consider the structures and modalities for a full property tax. As part of their terms of reference the Thornhill Group were to consider the design of a property tax to...

Written Answers — Department of Finance: Banking Sector Remuneration (21 Mar 2013)

Michael Noonan: When publishing the Review of Remuneration Practices and Frameworks at the Covered Institutions, on 12 March 2013, I indicated that the Government had formed the view that with the remaining covered institutions still incurring losses it was an inescapable conclusion that the cost base of the institutions needs to be reduced further. This is essential if they are to return to profitability,...

Written Answers — Department of Finance: Eurozone Crisis (21 Mar 2013)

Michael Noonan: The theme of the Irish Presidency is Stability, Jobs and Growth, which is pertinent for both Ireland and the EU as a whole. As President of the ECOFIN Council I will continue to pursue the objectives set out in the ECOFIN work programme of the Irish Presidency of the European Union which were outlined to the ECOFIN Ministers on January 22nd last. This document set our ambitions on financial...

Written Answers — Department of Finance: Property Taxation Exemptions (21 Mar 2013)

Michael Noonan: Section 10A of the Finance (Local Property Tax) Act 2012 (as amended) provides for an exemption for a temporary period from the charge to Local Property Tax (LPT) for residential properties that have been certified as having “significant pyritic damage”. This is in line with the recommendation of the independent Pyrite Panel established by my colleague, the Minister for the...

Written Answers — Department of Finance: IBRC Liquidation (21 Mar 2013)

Michael Noonan: There is ongoing communication between the employees and the Special Liquidators of IBRC which is not confined to meetings with the IBOA, including the announcement on Tuesday 19 March by the Special Liquidators that contracts of staff would be extended out to 7 August with one month’s notice thereafter. This should provide significant reassurance to IBRC staff relative to the common...

Written Answers — Department of Finance: Mortgage Arrears Proposals (21 Mar 2013)

Michael Noonan: The Central Bank of Ireland when it published its mortgage arrears data for end of September 2012 also, for the first time, included data on buy-to-let properties. The focus by Government is primarily on formulating and implementing appropriate measures to assist those homeowners who are experiencing genuine difficulty with the mortgage repayments on their principal home. In that regard,...

Written Answers — Department of Finance: Economic Growth (21 Mar 2013)

Michael Noonan: In 2012, the slowdown of the European economy was larger than expected. However, fourth quarter data suggest that the euro area economy bottomed out at the end of 2012. Recent high-frequency indicators have provided some positive signals: euro area PMI data improved significantly in January to reach a 10-month high, the European Commission’s Economic Sentiment Indicator has increased...

Written Answers — Department of Finance: IBRC Liquidation (21 Mar 2013)

Michael Noonan: I can advise the Deputy that providing previous legal services to IBRC would not in itself preclude a firm from advising in support of the preparation of the IBRC legislation and the arrangement involving the IBRC Promissory Notes. As the Deputy is aware, there is a small pool of sufficiently resourced legal firms operating in Ireland and it is likely that a number of these would have...

Written Answers — Department of Finance: IBRC Mortgage Loan Book (21 Mar 2013)

Michael Noonan: I am advised that it is the intention of the Special Liquidators to package and sell the mortgage book as a portfolio. Borrowers (whose total debt is in excess of an amount to be determined by the Special Liquidators), third parties and other financial institutions will be given the opportunity to bid for specific portfolios (or component parts thereof) as part of an open and transparent process.

Written Answers — Department of Finance: Strategic Investment Bank Establishment (21 Mar 2013)

Michael Noonan: The establishment of the Strategic Investment Fund (SIF) was announced by the Government in September 2011. Resources from the National Pensions Reserve Fund (NPRF) will be channeled through the SIF towards productive investment on commercial terms in the Irish economy. The SIF will seek matching commercial investment from the private sector in order to maximise the resources of the NPRF. ...

Written Answers — Department of Finance: Economic Policy (21 Mar 2013)

Michael Noonan: The Irish Presidency of the Council of the EU has secured agreement on 20th February 2013, on behalf of euro area member countries, with the European Parliament and the European Commission, on two proposed regulations – the “two-pack”. It is expected that the measures will be formally adopted in May or June 2013. One of the proposals is on the monitoring and assessment...

Written Answers — Department of Finance: European Investment Bank Loans (21 Mar 2013)

Michael Noonan: There has been continued close engagement with the European Investment Bank (EIB) since President Werner Hoyer’s visit last July when he met with the Taoiseach as well as the Minister for Public Expenditure and Reform and myself. This visit led to the establishment of a Joint High Level Working Group between my Department and the EIB to enable close collaboration on projects aimed at...

Written Answers — Department of Finance: European Stability Mechanism (21 Mar 2013)

Michael Noonan: On 29th June 2012 the Euro Area Heads of State or Government (HoSG) agreed that “... it is imperative to break the vicious circle between banks and sovereigns”. The same statement also made explicit reference Ireland, noting the need to further improve “the sustainability of the well-performing adjustment programme”. They also stated “when an effective...

Written Answers — Department of Finance: Mortgage Arrears Rate (21 Mar 2013)

Michael Noonan: The Central Bank of Ireland publishes mortgage arrears statistics on both principal private residences and “buy to let” properties. The most recent available data indicates that, at the end of 2012, 11.9% of PDH and 18.9% of BTL mortgage accounts were in arrears of more than 90 days. The Central Bank has informed me that it does not publish a geographical breakdown of these...

Written Answers — Department of Finance: Banks Recapitalisation (21 Mar 2013)

Michael Noonan: The European Stability Mechanism Bill was published in May 2012 and enacted in July 2012. Subsequently, the inaugural meetings of the Board of Governors and Board of Directors of the ESM took place in the margins of Ecofin on the 8th and 9th October 2012. The Eurogroup has discussed the issue of direct recapitialisation by the ESM on three occasions this year (21st January, 11th February...