Results 12,921-12,940 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Banking Sector Issues (13 Nov 2013)

Michael Noonan: The proceeds from the levy on financial institutions announced in Budget 2014 will be paid into the Exchequer. It will not be used to fund the Resolution Fund pursuant to Section 15 of the Central Bank and Credit Institutions (Resolution) Act 2011. Section 10 of the Central Bank and Credit Institutions (Resolution) Act 2011 established a resolution fund in Ireland. The purpose of this fund...

Written Answers — Department of Finance: Banking Sector Issues (13 Nov 2013)

Michael Noonan: In May 2012 the Commission called for a banking union to restore confidence in banks and in the euro. This was reflected in the report on Economic and Monetary Union prepared by the Presidents of the European Council, the Commission, the Eurogroup and the European Central Bank. The SSM which is the first part of this process was formally adopted by ECOFIN in October and has entered into...

Written Answers — Department of Finance: Property Taxation Administration (13 Nov 2013)

Michael Noonan: I propose to take Questions Nos. 53 and 57 together because they relate to the same queries. I am advised by the Revenue Commissioners that the following is the position on the issues raised. The Local Property Tax (LPT) was introduced as a half year charge for 2013, with 2014 being the first full year of the tax. The due dates for paying LPT are set out in legislation. The due date...

Written Answers — Department of Finance: Tax Credits (13 Nov 2013)

Michael Noonan: As the Deputy is aware, the One-Parent Family Tax Credit (OPFTC) is being replaced with a new Single Person Child Carer Tax Credit from 1 January 2014. The Single Person Child Carer Tax Credit will be of the same value, i.e. €1,650, as the existing OPFTC and will also carry the same entitlement to the extended standard rate tax band of €36,800 per annum. The new credit will be...

Written Answers — Department of Finance: Tax Reliefs Application (13 Nov 2013)

Michael Noonan: As the Deputy has noted, the main tax incentive for innovation in Ireland is the R&D Tax Credit which gives a company a tax credit of 25% for expenditure on qualifying R&D. As was highlighted in the Report of the Review of the R&D Tax Credit 2013, which is available on the tax policy website at , this is a very competitive regime by international standards and has...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (13 Nov 2013)

Michael Noonan: I thank the Chairman and committee Members for inviting me to speak here today in advance of the ECOFIN Council of Ministers meeting on Friday, 15 November, in Brussels. I expect that we will have a busy meeting ahead. A number of key issues will be discussed and hopefully significant progress will be made. I understand that the committee has already received the draft agenda and I will...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (13 Nov 2013)

Michael Noonan: No, it does not apply. There has been a lot of speculation about the events in Newbridge. PTSB was our final option and we would have preferred if it was resolved within the context of the wider credit union movement. It is our policy and the policy objective of the Central Bank to maintain a credit union presence in Newbridge, whether by way of a strong credit union establishing a...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (13 Nov 2013)

Michael Noonan: I had communication from the secretariat yesterday and I replied that if it is satisfied regarding the committee's objective of briefing on European issues, officials will brief the committee on agenda items in advance of every meeting. I will personally brief the committee on a quarterly basis. We can go through all the issues. With regard to the budgetary process, I am open to...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (13 Nov 2013)

Michael Noonan: It comes from the Commission but I do not want misinformation going out. It is about the format of filing VAT and has nothing to do with VAT rates. There are some complicated VAT return systems in other countries. The objective of the Commission is to simplify and standardise the VAT returns process across the Community. In that context, we have a very simplified VAT return form and my...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (13 Nov 2013)

Michael Noonan: The single resolution mechanism is being put on the agenda. We were notified of it rather late and we think it will go late into the evening on Friday because it is one of the crucial policy aspects that must be discussed. It runs from, and underpins, banking union. The issues that arise include the scope and whether it will apply to important banks or all banks. The Irish position is...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (13 Nov 2013)

Michael Noonan: I will read the briefing note. We welcome the single resolution mechanism as the next essential step in creating the banking union. We must press on to complete discussions on the single resolution mechanism by the end of the year. Taken with the SSM, the proposals will be an important step to achieving the objective of breaking the link between the bank sovereign and the banking sector....

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (13 Nov 2013)

Michael Noonan: There will be no discussion of Ireland's exit at ECOFIN. Of course, there are two meetings. Tomorrow sees the Eurogroup meeting. It is in the context of the Eurogroup that country-specific issues like that would be discussed. There is a standard item where there is a review of countries in programmes of one sort or another. In the normal run through of agenda items, in discussions on the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (13 Nov 2013)

Michael Noonan: It is just a technical arrangement to ease the drawdown of funds that we do not need up-front so that does not lengthen the programme. There is nothing mysterious about the date of 15 December. The European programme ends on 9 December while the IMF programme ends on 15 December or maybe vice versa. The date of 15 December is the third anniversary of one component of the programme and then...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (13 Nov 2013)

Michael Noonan: That is right. There is linkage being made between the technical arrangements for drawdown into February and as if the programme was being extended into February. It is not. The programme ends in December and it is purely a technical arrangement to access money due to us under the programme. Of course, we will draw down the money that is available to us under the programme but we do not...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (13 Nov 2013)

Michael Noonan: There are advantages both ways. I do not see big downsides. I do not see downside risk on either approach but I see advantages both ways. Having consulted with the principals of the troika and a number of European colleagues, we are reflecting and I am reflecting in particular on what way I will advise the Government. The factors relate to what is in Ireland's best interest. There is a...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (13 Nov 2013)

Michael Noonan: These kinds of considerations relate to what is to Ireland's best advantage, what is the most risk-averse way of proceeding and how we as a national Government control events to make sure our judgment has been taking all the facts into account. I am reflecting on that and in due course, I will advise the Government. Of course, I will be talking not only to Government colleagues but to the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (13 Nov 2013)

Michael Noonan: I would not agree with the Deputy on that point. I see advantages in both approaches.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (13 Nov 2013)

Michael Noonan: The big advantage is that Ireland gets out in one way or another.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (13 Nov 2013)

Michael Noonan: I will read the note on this issue first. As the committee will be aware, in June the European Council indicated that it was in transition towards the single supervisory mechanism. A balance sheet assessment will be conducted comprising an asset quality review and, subsequently, a stress test. The purpose of this exercise is to ensure banks are appropriately capitalised. This is seen as...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (13 Nov 2013)

Michael Noonan: Probably in the next couple of months but certainly well in advance of stress testing of the European banking system. I will give the Deputy one example of what I am talking about. Tax credits arising from losses in the banks are regarded as core tier 1 capital. Of course, there have been a lot of losses in the Irish banks which means that there are a lot of tax credits available. During...