Results 1,361-1,380 of 27,019 for speaker:Michael Noonan

Banks Recapitalisation and Restructuring: Statements (31 Mar 2011)

Michael Noonan: About €200 billion in liquidity is being provided by the ECB and the Central Bank of Ireland to keep day-to-day activity going in this country. We have to take this action because we need a banking system. No Opposition Member would thank us if he or she went to his or her local bank machine tomorrow morning and it did not work and no money was available.

Banks Recapitalisation and Restructuring: Statements (31 Mar 2011)

Michael Noonan: The liquidity has to keep flowing. The banks are being restructured. I am confident we will drive this restructuring forward and that we will again have a banking system based around the two pillars I suggested with some competition from foreign banks such as Ulster Bank. That side will build up and we can restore credit to the market again. Credit is the lifeblood of business and when we...

Banks Recapitalisation and Restructuring: Statements (31 Mar 2011)

Michael Noonan: ——there is a possibility that it will grow again. We will get to the national debt. We will have other days to talk about it. Of course there are servicing cost implications if one puts capital into banks. However, the Deputy will recall that of the €24 billion, between €5 billion and €6 billion is available through discounting subordinated debt. He will also recall that €3...

Banks Recapitalisation and Restructuring: Statements (31 Mar 2011)

Michael Noonan: ——but the sum of the figures is not as bad as it appears in the first instance. I am not trying to make a good story out of it. We are in a very dire position, but my perception is that it is sustainable if we can get the economy growing and we can do that if we have a proper banking system. That is the purpose of today.

Written Answers — Tax Code: Tax Code (31 Mar 2011)

Michael Noonan: I am advised by the Revenue Commissioners that the Certificate of Authorisation (C2) has not been issued in the case of this company as there are outstanding liabilities by the company for 2009 and 2010. Also, the company has not submitted the following returns, which are overdue: Corporation Tax Return for the accounting period ended 31/3/10 due on 21/12/10. RCT 35 for the year 2010. RCT...

Order of Business (5 Apr 2011)

Michael Noonan: The first item on the agenda - the split.

Written Answers — National Lottery Funding: National Lottery Funding (5 Apr 2011)

Michael Noonan: Section 5 of the National Lottery Act 1986 provides that the surplus from the National Lottery may be used for the following purposes: sport and other recreation; national culture, including the Irish language; the arts, within the meaning of the Arts Act 1951; the health of the community; and for such other purposes as the Government may determine. The following additional categories have...

Written Answers — State Assets: State Assets (5 Apr 2011)

Michael Noonan: The sale of non-strategic State assets provided for in the Programme for Government does not, as the Deputy's question suggests, arise from the conditions of the financial assistance programme agreed with International Monetary Fund, the EU Commission, and the ECB. Under the NewERA plan set out in the Programme for Government, State asset sales will fund investment in key networks of the...

Written Answers — Valuation Act: Valuation Act (5 Apr 2011)

Michael Noonan: I should point out that the Commissioner of Valuation is independent in the exercise of his duties under the Valuation Act, 2001 and that I, as Minister for Finance, have no function in decisions in this regard. The Valuation Act 2001 which came into effect on 2 May 2002, provides that all buildings used or developed for any purpose are rateable unless expressly exempted under Schedule 4 of...

Written Answers — Departmental Schemes: Departmental Schemes (5 Apr 2011)

Michael Noonan: The cycle-to-work scheme was introduced in Finance (No. 2) Act 2008 and continues to operate. At present there are no plans for its amendment.

Written Answers — Tax Code: Tax Code (5 Apr 2011)

Michael Noonan: The Valuation Act 2001 which came into effect on 2 May, 2002 provides for the valuation of all commercial and industrial property in the State. I should point out that the Commissioner of Valuation is independent in the exercise of his duties under the Act and that I, as Minister for Finance, have no function in decisions in this regard. The recent revaluation of the Dun Laoghaire-Rathdown...

Written Answers — FÁS Training Programmes: FÁS Training Programmes (5 Apr 2011)

Michael Noonan: The Public Service Agreement 2010-2014 ("Croke Park" Agreement) provides that there will be full support in the Civil Service and State Agencies with the FÁS Work Placement Programme. The Programme, which comprises two streams, stream 1 for graduates and stream 2 for other unemployed persons, provides up to 9 months work experience and aims to assist the unemployed persons to retain their...

Written Answers — Public Sector Pay: Public Sector Pay (5 Apr 2011)

Michael Noonan: I propose to take Questions Nos. 72 and 73 together. The Government supports a strong policy of pay restraint within the public sector, including the application of pay caps. On assumption of office the Taoiseach, other members of the Government and a number of other officeholders have, in line with that commitment, voluntarily reduced their salary rates, with the Taoiseach's salary now set...

Written Answers — Proposed Legislation: Proposed Legislation (5 Apr 2011)

Michael Noonan: I propose to take Questions Nos. 74 and 86 together. The Credit Institutions (Stabilisation) Act 2010 ('the Act') enacted in December 2010 provides legislative scope for appropriate burden-sharing in relation to subordinated debt. A subordinated liabilities order can be made under the Act in relation to the subordinated liabilities of a relevant institution to which the Minister has...

Written Answers — Programme for Government: Programme for Government (5 Apr 2011)

Michael Noonan: The Government Programme includes a commitment to establish a Fiscal Advisory Council. Indeed, the issue of reform of Ireland's Budgetary framework, including the establishment of a Fiscal Advisory Council, is a priority for the Government. As mentioned by the Deputy, the EU/IMF Programme of Financial Support requires that such a body be in place by the end of the second quarter of 2011....

Written Answers — Social and Affordable Housing: Social and Affordable Housing (5 Apr 2011)

Michael Noonan: One of the purposes set out in the National Asset Management Agency Act 2009 is "to contribute to the social and economic development of the State". Where it can be shown that, for example, providing units for social and affordable housing needs can create a commercial proposition for NAMA, then NAMA may play a role in the provision of social and affordable housing. I understand that...

Written Answers — Tax Code: Tax Code (5 Apr 2011)

Michael Noonan: I am advised by the Revenue Commissioners that the EU VAT Directive 2006 permits Member States to limit the scope of the VAT exemption for betting, lotteries and other forms of gambling. Under Irish VAT law, the exemption for gambling is confined to licensed betting, betting on the Tote and lotteries. Accordingly, all gambling and gaming activities carried on in casinos and private members...

Written Answers — Pension Provisions: Pension Provisions (5 Apr 2011)

Michael Noonan: Occupational pension contributions made by public service employees are not generally paid into a separate or ring-fenced fund. The vast majority of public service occupational pension schemes are financed on a pay-as-you-go basis, with the annual cost of pensions being met from current revenue. The contributions received from employees are usually recorded under the Appropriations-in-Aid...

Written Answers — Tax Code: Tax Code (5 Apr 2011)

Michael Noonan: There is a commitment in the Programme for Government to help homeowners in distress to weather the recession. The Government will examine a number of proposals in relation to this commitment. One of these proposals relates to increasing mortgage interest relief to 30% for First Time Buyers who bought between 2004 and 2008 and to finance this in part by abolishing mortgage interest relief...

Written Answers — Departmental Schemes: Departmental Schemes (5 Apr 2011)

Michael Noonan: It is understood that the Deputy is referring to the Biofuels (Mineral Oil Tax) Relief scheme that ended on 31 December 2010. Consequently, with effect from 1 January 2011, biofuels are subject to full mineral oil tax rates; however, unlike conventional fuels, biofuels are exempt from the carbon charge. The promotion of biofuel is primarily a matter for my colleague, the Minister for...