Results 13,101-13,120 of 27,019 for speaker:Michael Noonan

Other Questions: Unemployment Levels (20 Nov 2013)

Michael Noonan: Available data for the year to date to the end of quarter 2 show GDP has fallen by 1.1%, while employment has grown by 1.5% in the same period. This implies negative productivity growth relative to the same period last year. While quarterly data in Ireland are volatile, my Department is nonetheless projecting a fall in labour productivity this year. This is a somewhat unusual development....

Other Questions: Unemployment Levels (20 Nov 2013)

Michael Noonan: The CSO produces the figures; I do not make them up. They are based on the statistics from labour force surveys and are real jobs. What was interesting over the summer was that a movement creating part-time jobs had led to a movement creating full-time jobs. More full-time jobs are now being created than part-time jobs. Extra jobs are being created. The anomaly is that normally...

Government Decision on Exiting Programme of Financial Support: Motion (20 Nov 2013)

Michael Noonan: I move:That Dáil Éireann endorses the Government’s decision to exit the EU/IMF programme of financial support in December without applying for a precautionary credit line.I am delighted to give Deputies on all sides of the House the opportunity now to vote to exit the EU and IMF programme of financial support. Voting in favour of exiting the programme indicates we have the...

Government Decision on Exiting Programme of Financial Support: Motion (20 Nov 2013)

Michael Noonan: Yes, there will be a vote on the motion.

Written Answers — Department of Finance: Departmental Bodies Data (20 Nov 2013)

Michael Noonan: In response to the Deputy’s question each Department is responsible for monitoring the bodies which come under their remit. Details in respect of bodies which come under the remit of my Department are contained in the following table: Name of  Board No Of Board Members and Total Remuneration paid to members. Was the body set up or abolished since march 2011 Projected cost to...

Written Answers — Department of Finance: Personal Insolvency Practitioners (20 Nov 2013)

Michael Noonan: The relevant parts of the Central Bank (Supervision and Enforcement) Act 2013 commenced on 1 August 2013. This legislation provides a new regulatory regime for debt management firms under the Central Bank Act 1997. A debt management firm is defined as “a person who for remuneration provides debt management services to one or more consumers, other than an excepted person”....

Written Answers — Department of Finance: VAT Rate Application (20 Nov 2013)

Michael Noonan: The 9% reduced VAT rate for tourism related services was introduced in July 2011 as part of the Government Jobs Initiative. The measure was designed to boost tourism and create additional jobs in that sector, which includes leisure and recreational services. As the Deputy will be aware, I announced in the recent Budget that the 9% VAT rate would be retained. The goods and services to which...

Written Answers — Department of Finance: Property Taxation Yield (20 Nov 2013)

Michael Noonan: Regarding the yield from the Local Property Tax (LPT), I am advised by the Revenue Commissioners that preliminary yield and compliance data in relation to LPT for 2013 are compiled on the basis of the numbers of properties and are available broken down by City and County Councils nationally. The most up to date figures are published on the Revenue Commissioners website at: and details of...

Written Answers — Department of Finance: Tax Credits (20 Nov 2013)

Michael Noonan: As the Deputy is aware, the One-Parent Family Tax Credit 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 credit 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: VAT Exemptions (20 Nov 2013)

Michael Noonan: I am informed by the Revenue Commissioners that the service provided by personal insolvency practitioners does not qualify for exemption in accordance with the EU VAT Directive, Irish VAT law, and relevant decisions of the European Court of Justice. Therefore, like other insolvency services, such as those provided by liquidators, receivers and examiners, the service provided by a personal...

Written Answers — Department of Finance: Property Taxation Administration (20 Nov 2013)

Michael Noonan: The Local Property Tax (LPT) was required to be introduced before the end of 2012 due to our Troika commitments, which meant it had to be passed by the Oireachtas before the end of the year. The introduction of the LPT was the largest extension of the self-assessment system in its history and represents a very great legislative, logistical and administrative challenge for all concerned. Any...

Written Answers — Department of Finance: Credit Unions (20 Nov 2013)

Michael Noonan: I propose to take Questions Nos. 18 and 32 together. As I have previously stated, credit unions have a key role to play in providing access to credit and other important services in local communities throughout the country. The Government recognises this and has provided €500 million in funding to support the stability of credit unions through restructuring and resolution. The...

Written Answers — Department of Finance: Corporation Tax (20 Nov 2013)

Michael Noonan: The corporate sector is already making an important contribution to the recovery of the Irish economy in terms of employment creation which has taken place over the past year. The contribution of this sector to Ireland's economic recovery is also apparent in the form of direct tax receipts which feed into the Exchequer and in turn are paid out again for the services highlighted by the...

Written Answers — Department of Finance: Economic Growth Rate (20 Nov 2013)

Michael Noonan: My Department published updated macro-economic and fiscal forecasts with Budget 2014 on October 15th. These projections show that Ireland remains on track to meet its obligations under the Excessive Deficit Procedure (EDP), with an underlying general government deficit of 7.3 per cent forecast for 2013, improving to 4.8 per cent in 2014 – both figures within the deficit ceilings set...

Written Answers — Department of Finance: VAT Rate Reductions (20 Nov 2013)

Michael Noonan: I am advised by the Revenue Commissioners that nicotine products, such as nicotine inhalers, tablets and chewing gum, which are categorised as oral medicines and are licensed by the Irish Medicines Board, are charged to VAT at the zero-rate. Nicotine replacement patches and electronic cigarettes, however, do not fall into this category of oral medicines and are therefore subject to the...

Written Answers — Department of Finance: EU-IMF Programme of Support Issues (20 Nov 2013)

Michael Noonan: As the deputy will be aware, the Government decided on 14 November that Ireland is now in the best position to exit the EU-IMF programme of financial assistance on December 15 without the need to pre-arrange a new precautionary credit line from our EU and IMF partners. There were essentially two options available. i. to exit without a pre-arranged precautionary facility or backstop. ii....

Written Answers — Department of Finance: Economic Growth Initiatives (20 Nov 2013)

Michael Noonan: I would inform the Deputy that I announced 25 measures for jobs and growth in my Budget 2014 speech. The measures are designed to promote entrepreneurship, stimulate investment, finance growth, encourage innovation, improve cash flow and protect compliant business by tackling the shadow economy. They are targeted in particular at the tourism and hospitality sector, the construction and...

Written Answers — Department of Finance: Banking Sector Issues (20 Nov 2013)

Michael Noonan: I propose to take Questions Nos. 24 and 69 together. A banking licence allows the holder to undertake certain business activities set out in Annex I of Directive 2006/48/EC, which has been transposed into Irish law by the Central Bank Act 1971, the amended S.I. 395 of 1992, S.I. 661 of 2006 and S.I. 475 of 2009. It is a matter for the licence holder as to which of the permitted...

Written Answers — Department of Finance: Banking Sector Issues (20 Nov 2013)

Michael Noonan: I fully accept that the level of competition in the Irish banking sector has reduced with the recent decisions by ACC and Danske Bank to withdraw, following the withdrawal of Bank of Scotland (Ireland) some time ago. This is consistent with a trend evident through the course of the financial crisis of retrenchment to national borders. Over time, I expect that the restructuring of the...

Written Answers — Department of Finance: IBRC Mortgage Loan Book (20 Nov 2013)

Michael Noonan: The Special Liquidators have given significant consideration to and have sought independent advice from PWC in relation to how the residential mortgage portfolio and other loans in IBRC are to be dealt with. Following that independent advice, the Special Liquidators have decided that the residential mortgage book would be split into four segments consisting of performing, non-performing,...