Results 15,761-15,780 of 27,019 for speaker:Michael Noonan

Topical Issue Debate: Banking Sector (10 Jun 2014)

Michael Noonan: I thank the Deputy for raising the issue and for his personal good wishes to me. As the House will no doubt be aware, it was announced yesterday evening that a significant shareholder in Bank of Ireland, Wilbur Ross and Co, was selling the remaining 1.8 billion shares it held in the bank by way of a placing in the market. Subsequently, it was confirmed this morning that Mr. Ross's shares...

Topical Issue Debate: Banking Sector (10 Jun 2014)

Michael Noonan: Investors buy shares to make money. They do so to avail of a dividend or, alternatively, capital gains. With distressed assets, investors usually go in for the capital gains that may accrue. It is worth pointing out that the purchasers of the shares this morning are also private investors so there is no diminution of the private investor share. It has just moved from one single investor...

Written Answers — Department of Finance: Economic Policy (10 Jun 2014)

Michael Noonan: On 2 June 2014, the EU Commission published its proposals for Country Specific Recommendations (CSRs) for the 26 Member States across the EU who are not in a programme of financial assistance, as part of the 2014 European Semester. Only Greece and Cyprus did not receive CSRs this year. Having successfully exited the Programme of Financial Assistance, Ireland is now fully participating in...

Written Answers — Department of Finance: National Pensions Reserve Fund Investments (10 Jun 2014)

Michael Noonan: I propose to take Questions Nos. 146 and 182 together. The National Treasury Management Agency (Amendment) Bill 2014, which is currently before the Oireachtas, includes provisions to establish the Ireland Strategic Investment Fund (ISIF) which will absorb the National Pensions Reserve Fund (NPRF) and have a statutory mandate to invest on a commercial basis to support economic...

Written Answers — Department of Finance: National Pensions Reserve Fund Investments (10 Jun 2014)

Michael Noonan: The allocation referred to by the Minister in his announcement of 15 May 2014 relates to investment commitments previously announced by the National Pensions Reserve Fund (NPRF) Commission in 2013. In January 2013 the NPRF Commission announced investment commitments to three new long-term funds that will provide €850 million of equity, credit and restructuring/recovery...

Written Answers — Department of Finance: National Pensions Reserve Fund Investments (10 Jun 2014)

Michael Noonan: In June 2012, the National Pensions Reserve Fund (NPRF) announced a collaborative relationship with Silicon Valley Bank (SVB) aimed at supporting the technology innovation sector in Ireland. The NPRF has committed to invest in technology funds managed by SVB Capital, while Silicon Valley Bank has established a presence in Ireland and expects to lend US$100 million over five years to...

Written Answers — Department of Finance: National Pensions Reserve Fund Investments (10 Jun 2014)

Michael Noonan: In January 2014 the National Pensions Reserve Fund (NPRF) announced the establishment of the China Ireland Technology Growth Capital Fund, capitalised at $100 million with equal commitments from the NPRF and China Investment Corporation (CIC).  The Fund's strategy will be to make minority equity investments in fast-growing technology companies and will target companies operating in...

Written Answers — Department of Finance: National Pensions Reserve Fund Investments (10 Jun 2014)

Michael Noonan: In late 2011, the National Pensions Reserve Fund (NPRF) Commission announced a commitment of €250 million to a new Irish Infrastructure Investment Fund (IIF) which is seeking up to €1 billion from institutional investors in Ireland and overseas and which will invest in infrastructure assets in Ireland, including assets designated for disposal by the Government and commercial...

Written Answers — Department of Finance: Tax Code (10 Jun 2014)

Michael Noonan: I assume the Deputy is referring to the European Commission's "Recommendation for a Council Recommendation on Ireland's 2014 national reform programme and delivering a Council opinion on Ireland's 2014 stability programme" which was published on June 2nd. Although this Recommendation does not contain any reference on a need to do more to address aggressive tax planning, the issue was...

Written Answers — Department of Finance: Legislative Measures (10 Jun 2014)

Michael Noonan: I propose to take Questions Nos. 152 and 199 together. The following are the legislative provisions in respect of the Department of Finance which have been passed by the Oireachtas since 2011 but have yet to come into effect: Finance Act 2011 - Section 49(1) - Section 60(1)(c) Finance Act 2012 - Section 20 (d)  Credit Union and Co-operation with Overseas Regulators Act 2012: - Section...

Written Answers — Department of Finance: Mortgage Interest Relief Eligibility (10 Jun 2014)

Michael Noonan: I am informed by Revenue that the mortgage interest relief (MIR) 'guidance' referred to in the details supplied by the Deputy, predates the 2013 legislative changes made to Section 244 of the Taxes Consolidation Act 1997. As previously indicated, Section 9 of the 2013 Finance Act inserted  the conditions required to qualify for the relief beyond the 31 December 2012 deadline. ...

Written Answers — Department of Finance: Departmental Communications (10 Jun 2014)

Michael Noonan: As referred to in Parliamentary Question No. 104 of 27 May 2014, the Department's Information and Communications Technology Usage Policy implicitly prohibits the use of non-departmental email addresses to circumvent the terms of the policy. The use of non departmental phones for departmental business is not prohibited. The Department does use filtering software to monitor...

Written Answers — Department of Finance: Insurance Industry (10 Jun 2014)

Michael Noonan: At the outset, I would like to say that both I, as Minister for Finance, and the Government are concerned over the situation that arose with regard to the Irish policyholders of Setanta Insurance Company Limited (Setanta).  My Department and the Central Bank will be reviewing the circumstances relating to Setanta and will be reporting to me on what lessons can be learnt...

Written Answers — Department of Finance: Drugs Crime (10 Jun 2014)

Michael Noonan: Section 13 of the 1993 Statistics Act provides that the Director General of the Central Statistics Office (CSO) has sole responsibility for, and is independent in, the exercise of the functions of deciding the statistical methodology and professional statistical standards used by the Office, as well as the content of statistical releases and publications issued...

Written Answers — Department of Finance: Tax Code (10 Jun 2014)

Michael Noonan: The Deputy will be aware that I have put on record my belief that the income tax burden is currently too high in Ireland and that I believe it needs to be reduced. However, I have also said that although it is my intention to alleviate the burden I can only do so when the public finances allow it. I would advise the deputy that it is unlikely that a reduction in labour...

Written Answers — Department of Finance: Insurance Industry Regulation (10 Jun 2014)

Michael Noonan: At the outset, I would like to say that both I, as Minister for Finance, and the Government are concerned over the situation that arose with regard to the Irish policyholders of Setanta Insurance Company Limited (Setanta).  My Department and the Central Bank will be reviewing the circumstances relating to Setanta and will be reporting to me on what lessons can be learnt...

Written Answers — Department of Finance: Insurance Industry Regulation (10 Jun 2014)

Michael Noonan: At the outset, I would like to say that both I, as Minister for Finance, and the Government are concerned over the situation that arose with regard to the Irish policyholders of Setanta Insurance Company Limited (Setanta).  My Department and the Central Bank will be reviewing the circumstances relating to Setanta and will be reporting to me on what lessons can be learnt...

Written Answers — Department of Finance: Insurance Industry Regulation (10 Jun 2014)

Michael Noonan: The Central Bank of Ireland maintains registers of authorised financial service providers which can be found at; . A requested list of the 744 insurance firms that are regulated in Ireland for conduct of business rules is titled "Non-Life Undertakings operating on a Freedom of Services Basis as at 08 May 2014" and can be found under the heading "Register of Life and Non-Life Insurance...

Written Answers — Department of Finance: Tax Forms (10 Jun 2014)

Michael Noonan: I am advised by the Revenue Commissioners that this taxpayer's record has been updated with the information received from  the customer on 21stMay 2014, and a revised P21 balancing statement, with a small refund, is in the course of being issued. The issue of an incorrect balancing statement on 29thMarch 2014 is regretted.  It occurred because of separate notifications of two social...

Written Answers — Department of Finance: European Stability Programmes (10 Jun 2014)

Michael Noonan: On 2 June 2014, the EU Commission published its proposals for Country Specific Recommendations (CSRs) for the 26 Member States across the EU who are not in a programme of financial assistance, as part of the 2014 European Semester. Only Greece and Cyprus did not receive CSRs this year. Having successfully exited the Programme of Financial Assistance, Ireland is now fully participating in...