Results 10,641-10,660 of 27,019 for speaker:Michael Noonan

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Stability Programme Update: Discussion with Minister for Finance (30 Apr 2013)

Michael Noonan: No, when we take account of the gains and the losses, there might even be a loss. The gains or savings will be made next year.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Stability Programme Update: Discussion with Minister for Finance (30 Apr 2013)

Michael Noonan: The deficit increases; it does not decrease.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Stability Programme Update: Discussion with Minister for Finance (30 Apr 2013)

Michael Noonan: It was not taken into account on budget day, but it is taken into account in these figures. What was included in the budget was a figure of just over €1 billion, but a further €120 million is now included in additional profits.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Stability Programme Update: Discussion with Minister for Finance (30 Apr 2013)

Michael Noonan: It is included in this set of figures, but it was not included in the budget figures.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Stability Programme Update: Discussion with Minister for Finance (30 Apr 2013)

Michael Noonan: Yes. It is included in the balance sheet and we will see how things will work out at the end of the year.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Stability Programme Update: Discussion with Minister for Finance (30 Apr 2013)

Michael Noonan: There is a very small Exchequer spend envisaged for house building. However, I introduced a number of initiatives in two Finance Bills to try to restore the fortunes of the construction industry. It has become a kind of scapegoat sector of the economy.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Stability Programme Update: Discussion with Minister for Finance (30 Apr 2013)

Michael Noonan: Every modern economy has a functioning and dynamic structural and development sector. It is about 5% and 6% of GDP now whereas it should be 9% or 10%, and it was more than 20%, which was unsustainable. It seems that as the property market in Dublin, in particular, begins to sort itself out and there is some demand for houses again, construction is also beginning in Dublin. In the greater...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Stability Programme Update: Discussion with Minister for Finance (30 Apr 2013)

Michael Noonan: The policy was 2:1, namely, for every €2 of adjustment by way of expenditure cuts there would be €1 adjustment by way of tax. However, while the expenditure side is more difficult to manage, tax goes up with the economic cycle. In the first three months of this year, income tax was up 8%, but I did not increase income tax in either of the budgets I brought in. While we get...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Stability Programme Update: Discussion with Minister for Finance (30 Apr 2013)

Michael Noonan: This is a matter for the Minister, Deputy Howlin. I do not have the role of controlling expenditure. Normally, what happens when edicts like that are issued is we might get the adjustment for one year but it does not change the base. It is like elastic - it goes back again the following year. What we need are base changes so the permanent base of expenditure is reduced. That is why the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Stability Programme Update: Discussion with Minister for Finance (30 Apr 2013)

Michael Noonan: I suppose the simple way of saying what "exiting the programme" means is funding ourselves on the markets rather than through the funds from the European authorities and the IMF. Exiting the programme and full sustainable market access are the two sides of the same coin. That is one way of explaining it. The other way is that the troika has gone home and is not coming in every three months...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Stability Programme Update: Discussion with Minister for Finance (30 Apr 2013)

Michael Noonan: As long as we owe something in excess of 17% of the money borrowed to the European institutions, there will be continuing oversight. On that basis, we will have the programme for a long time, but it will not be hands-on scrutiny. The other point is that while we are all working very hard in our small space in Ireland to sort out things, the fiscal rules in Europe have been changing very...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Stability Programme Update: Discussion with Minister for Finance (30 Apr 2013)

Michael Noonan: The two-pack, the six-pack, the Stability Growth Fund, the excess deficit procedures - there is now a whole raft of fiscal measures. It is going towards a fiscal union and a banking union.

Written Answers — Department of Finance: Property Taxation Exemptions (1 May 2013)

Michael Noonan: I draw the Deputy’s attention to my reply to a similar Question raised by him yesterday, Tuesday 30 April, where I clarified that there is no specific exemption from LPT for protected buildings or listed buildings. Owners of these residential properties are liable to pay the tax on their properties in the same way as any other residential property owner. As LPT is a self-assessed...

Written Answers — Department of Finance: Departmental Schemes (1 May 2013)

Michael Noonan: The Employment and Investment Incentive (EII) and Seed Capital Scheme (SCS) commenced on 25 November 2011. Prior to this the Business Expansion Scheme (BES) was in operation. For the year 2012 the estimated cost to the Exchequer for the EII was €4m in respect of €13.4m invested by 376 investors. The cost of the BES scheme was €12.9m in respect of €31.5m invested...

Written Answers — Department of Finance: Tax Compliance (1 May 2013)

Michael Noonan: I am advised by the Revenue Commissioners statistics are not maintained centrally in a manner which would enable this question to be answered in the time allowed. By way of general comment, the Commissioners have advised me that, in relation to returns filing prosecutions, the number of instances where the taxpayer/defendant was acquitted would be very low. For example, in the Dublin area,...

Written Answers — Department of Finance: State Banking Sector (1 May 2013)

Michael Noonan: Allied Irish Banks (AIB) announced on 24 April 2013 that the annual cash dividend of €280 million on the €3.5 billion 2009 Non Cumulative Preference Shares held by the National Pensions Reserve Fund Commission (NPRFC) on behalf of the Irish State, due 13 May 2013 will not be paid. As a result AIB becomes obliged to issue and allot ordinary shares to the NPRFC in accordance with...

Written Answers — Department of Finance: Property Taxation Application (1 May 2013)

Michael Noonan: I confirm I have received the letter mentioned by the Deputy. The position is as follows. The Government decided that a universal liability should apply to all owners of residential property with a limited number of exemptions, in order to keep the rate of the tax as low as possible. There is no reduced rate for residents of islands per se. The LPT is a self-assessed tax and it is a...

Written Answers — Department of Finance: Banking Operations (1 May 2013)

Michael Noonan: Currently any Irish citizen can open a bank account upon proof of address and identity. When opening a current bank account the bank is obliged to comply with identification requirements of the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010. Customers can present a wide range of forms of photographic identification and proof of address. Indeed the General Principles of...

Written Answers — Department of Finance: Mortgage Debt (1 May 2013)

Michael Noonan: The Central Bank has information me that the number of mortgage accounts for both banks and retail credit firms and outstanding balances at December 2012 are as follows: Banks Number of Accounts Outstanding Balance €(000) Total 774,765 107,395,205 In arrears over 90 days 86,422 (10·88%) 15,662,222 Retail Credit Firms - - Total 17,331 3,387,384 In arrears over 90 days...

Written Answers — Department of Finance: Tax Code (1 May 2013)

Michael Noonan: The position is that current tax legislation does not recognise civil solidarity pacts such as are available in France or other countries. Where a couple is cohabiting rather than married or in a civil partnership they are treated as separate and unconnected individuals for the purpose of income tax. Each partner is a separate entity for tax purposes and, therefore, cohabiting couples cannot...