Results 16,121-16,140 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Mortgage Data (2 Jul 2014)

Michael Noonan: Permanent TSB have informed me that as per the 2013 published annual accounts, the gross book value of the commercial real estate book as at the end of 2013 is €2.1bn. The total provisions on this portfolio are €0.9bn, giving a net book value of €1.2bn. Details regarding the Springboard portfolio are not separately disclosed.  With regard to provisioning, as...

Written Answers — Department of Finance: Financial Services Regulation (2 Jul 2014)

Michael Noonan: I, as Minister for Finance have no statutory role in the supervision and regulation of foreign exchange services. The Central Bank has informed me that it cannot comment on any investigations being undertaken by other regulators. The Central Bank does not have a role in the setting of daily benchmark foreign exchange rates. However for clarification, the Central Bank has a wider...

Written Answers — Department of Finance: Bank Restructuring (2 Jul 2014)

Michael Noonan: As the Deputy is aware, the ECB Comprehensive Assessment is currently underway. Work will be ongoing over the coming months with the final results due for publication in late 2014. With regard to Permanent TSB, a way forward for was agreed with the Troika in April 2012 which envisaged it playing an important role in the future of Irish retail banking, being a more focused retail...

Written Answers — Department of Finance: Tax Reliefs Application (2 Jul 2014)

Michael Noonan: I am advised by the Revenue Commissioners that relief in respect of health expenses is allowed in accordance with the provisions of section 469 of the Taxes Consolidation Act 1997 (TCA).  Any contribution made by an individual in defraying expenses in the nature of maintenance or treatment in a nursing home on behalf of an individual, where that individual has received State support...

Written Answers — Department of Finance: Budget 2015 (2 Jul 2014)

Michael Noonan: As the Deputy is aware a car scrappage scheme was previously in place from January 2010 to June 2011. Under that scheme, Vehicle Registration Tax (VRT) relief of up to €1,500 was provided where a car of 10 years or older was scrapped and a new car of CO2 emissions bands A or B purchased between January 2010 and December 2010, with reduced VRT relief of €1,250 in place between...

Written Answers — Department of Finance: Tax Yield (2 Jul 2014)

Michael Noonan: I propose to take Questions Nos. 68, 69 and 70 together. I am informed by the Revenue Commissioners that the estimated yield that could be raised in a full year from the proposed excise increases mentioned by the Deputy are as set out in the table below. I am advised by the Commissioners that these estimates are based on the assumption of no exceptional change in behaviour by consumers...

Written Answers — Department of Finance: Home Renovation Incentive Scheme Administration (2 Jul 2014)

Michael Noonan: I am advised by the Revenue Commissioners that Revenue's HRI online system was developed to accept works and payments qualifying under the Home Renovation Incentive.  The Home Renovation Incentive applies to qualifying works carried out and paid for between 25 October 2013 and 31 December 2015.  Payments made before 25 October 2013 would therefore not qualify for relief under the...

Written Answers — Department of Finance: Budget 2015 (2 Jul 2014)

Michael Noonan: The Deputy has previously raised the question of whether I would introduce a car 'swappage scheme', which SIMI proposed in their 2014 pre-Budget submissions. The proposal was considered at the time but given budgetary constraints was not proceeded with. In respect of a car scrappage scheme, the Deputy will be aware that a scheme of that nature was previously in place from January 2010 to...

Ceisteanna - Questions - Priority Questions: Small and Medium Enterprises Debt (3 Jul 2014)

Michael Noonan: I thank the Deputy for raising the issue. I am informed by the Central Bank that, in 2012, the bank wrote to each lender active in the SME market requesting they devise strategies and implementation plans for resolving SME debt by making use of longer-term solutions than had been applied to up that point. A key objective of such strategies was to recognise viable businesses and to separate...

Ceisteanna - Questions - Priority Questions: Small and Medium Enterprises Debt (3 Jul 2014)

Michael Noonan: There is no doubt there has been a very significant problem with debt in the economy, including private debt, SME debt and, indeed, national debt. Plans have been put in place by the Department of Finance and the Central Bank to resolve the debt situation. What I am saying is that progress has been made, not that everything has been solved. There is no contradiction between the figures...

Ceisteanna - Questions - Priority Questions: Tax Yield (3 Jul 2014)

Michael Noonan: While it is possible to estimate the additional tax paid by an individual on a certain income, to do so on an aggregated basis would require a significant number of assumptions that would have to be made about incomes and specific circumstances, for example, the definition of low and middle income workers. More generally, on a static basis, I believe it is fair to say that an increase in...

Ceisteanna - Questions - Priority Questions: Tax Yield (3 Jul 2014)

Michael Noonan: If we were to have an economic debate on this matter, there would be validity in the Deputy's points, but we must first distinguish between the private and public sectors. Whatever the economic benefits of increased pay levels in the public sector, the Exchequer cannot afford them at present. Pay reductions have been negotiated as late as last year through the Haddington Road agreement, not...

Ceisteanna - Questions - Priority Questions: Tax Yield (3 Jul 2014)

Michael Noonan: It is time that we commence the wider debate, and I welcome the Deputy's question for doing so. For the past five years, we have been dealing with the problems of a failed economy. It has just turned and we are beginning to deal with the problems of an economy that is growing and successful again. One such problem is wage demands and wage pressure, which are just beginning to start. We...

Ceisteanna - Questions - Priority Questions: Corporation Tax Regime (3 Jul 2014)

Michael Noonan: Last month, the European Commission announced its intention to open formal state aid investigations into a number of companies in EU member states. This announcement was part of a much wider Commission investigation that had been ongoing for some time into tax rulings and patent boxes in different member states. I am sure the Deputy has already noted the announcement made in respect of the...

Ceisteanna - Questions - Priority Questions: Corporation Tax Regime (3 Jul 2014)

Michael Noonan: They are, and no one is putting pressure on our rate. There are three issues with our corporation tax - the rate, which is 12.5%; the regime, comprising the rules and the system; and our reputation. The concern must be about the reputational issues. As the Deputy stated, ill-founded comments are frequently being made in the international media and it is difficult to chase them down and...

Ceisteanna - Questions - Priority Questions: Corporation Tax Regime (3 Jul 2014)

Michael Noonan: The Deputy misunderstands my position. He asked a precise question about how long the investigation process into Apple, initiated by Commissioner Almunia and his staff, would take. I gave the Deputy a timeline on that. That does not mean the Irish authorities will stand idly by and wait until the end of the process before doing anything. In last year's Finance Bill we took the first step...

Ceisteanna - Questions - Priority Questions: Banking Sector (3 Jul 2014)

Michael Noonan: It is important in answering the Deputy's question to provide the background as to why Bank of Ireland has agreed to sell €250 million of the ICS loan book to Dilosk Limited. In July 2013, Bank of Ireland agreed an amendment to its restructuring plan which had been agreed with the European Commission in respect of state aid received by the bank. This allowed the bank to retain its...

Ceisteanna - Questions - Priority Questions: Banking Sector (3 Jul 2014)

Michael Noonan: This is part of the restructuring of Bank of Ireland which was agreed with the European Commission several years ago and it is the last piece of it that is now being put in place. It is not a move of a mortgage book into the unregulated sector. As Dilosk Limited has said in its website, it has confirmed that it has applied for authorisation from the Central Bank in Ireland to operate as a...

Ceisteanna - Questions - Priority Questions: Banking Sector (3 Jul 2014)

Michael Noonan: The banks have not been left in private hands. They have been taken over by the State. AIB is 99% owned by the State, Bank of Ireland is 14% owned by the State and Permanent TSB is 99%-100% owned by the State. The reason building societies were taken over by the State was that they went bust and there was a need to protect the people who were doing business with them, including those who...

Other Questions: NAMA Code of Conduct (3 Jul 2014)

Michael Noonan: In early 2013, the NTMA chief executive committed to a review of NTMA policy in respect of notice periods and post-termination restrictions on employment. Accordingly, the law firm Matheson was engaged by the NTMA to: advise on market norms in the private sector in terms of notice periods and post-termination restrictions; assess the adequacy of the protections in the current NTMA employment...