Results 16,161-16,180 of 27,019 for speaker:Michael Noonan

Other Questions: Seed Capital Scheme Payments (3 Jul 2014)

Michael Noonan: For the period 2003 to 2012, some 601 companies availed of the seed capital scheme with a cost to the Exchequer of €19.6 million. Provisional figures for 2013 suggest that 65 companies availed of the seed capital scheme at a cost of €1.3 million to the Exchequer. It is not possible to provide both of these figures for all years since the inception of the scheme without a more...

Other Questions: Seed Capital Scheme Payments (3 Jul 2014)

Michael Noonan: The only objective evidence we have, rather than simply relying on bank data, is from the RED-C polling company. It surveys SMEs to ascertain the availability of credit and the trend is towards improvement. The last survey showed that just over 80% of SME applications for loans resulted in the loans being granted. That still means one in five is being refused, which is high, but the trend...

Written Answers — Department of Finance: Ireland Strategic Investment Fund Investments (3 Jul 2014)

Michael Noonan: The National Treasury Management Agency (Amendment) Bill 2014, which is currently before Dáil Éireann, proposes the reorientation of the National Pensions Reserve Fund into the Ireland Strategic Investment Fund (ISIF), with a mandate to support economic growth and help foster employment in this country. The Bill provides that the Agency will monitor and keep under review...

Written Answers — Department of Finance: Public Sector Staff Remuneration (3 Jul 2014)

Michael Noonan: The economic crisis exposed a large underlying mismatch between public expenditure and revenue, much of which was structural in nature and unrelated to the economic cycle.  This necessitated substantial fiscal consolidation in order to ensure that the public finances remained on a sustainable path.  Given the size of the fiscal imbalances, adjustments were needed on both the revenue...

Written Answers — Department of Finance: Financial Transactions Tax (3 Jul 2014)

Michael Noonan: The Government's position is that a Financial Transactions Tax (FTT) would be best applied on a wide international basis to include the major financial centres to prevent the danger of activities gravitating to jurisdictions where taxes are not levied on financial transactions.  Notwithstanding this, the Government is not prepared to stand in the way of EU Member States that wish to work...

Written Answers — Department of Finance: Strategic Banking Corporation of Ireland Remit (3 Jul 2014)

Michael Noonan: Credit is the lifeblood of all businesses and SMEs need to be able to access loans of greater duration, with enhanced terms and potentially at a lower cost facilitated by a state financial institution. A state promotional institution is a well established business model that is beneficial and successful in other markets. An Irish SME focused institution would promote greater competition...

Written Answers — Department of Finance: Tax Reliefs Abolition (3 Jul 2014)

Michael Noonan: It is not clear from the question whether the Deputy is advocating the total abolition of tax relief on pension contributions or a change in the rate of the relief which currently applies at the taxpayer's marginal income tax rate. Either way, I have no plans to change the rate of income tax relief on pension contributions. There have been a number of significant changes in the tax relief...

Written Answers — Department of Finance: Property Taxation Administration (3 Jul 2014)

Michael Noonan: As the Deputy has not provided details of the case in question, I am not in a position to address the specific circumstances and will, instead, respond in general to the matters raised. By way of general comment, the deduction at source payment option, including from Department of Social Protection (DSP) payments, is a very efficient and cost effective payment method for Local Property Tax...

Written Answers — Department of Finance: Strategic Banking Corporation of Ireland Remit (3 Jul 2014)

Michael Noonan: As the Deputy will be aware, the Taoiseach and Chancellor Merkel last year sought, when we were exiting the EU/IMF Programme, to specifically to find ways to reinforce Ireland's economic recovery by improving funding mechanisms for the real economy, including access to finance for Irish SMEs. The German Government asked KfW, the German development bank, to work with the German and Irish...

Written Answers — Department of Finance: European Stability Mechanism (3 Jul 2014)

Michael Noonan: As the Deputy is aware, the Euro-area Heads of State or Government (HoSG) agreed in June 2012 that "it is imperative to break the vicious circle between banks and sovereigns", and that when a Single Supervisory Mechanism, involving the ECB, is in place and operational, the European Stability Mechanism, the ESM, could recapitalize banks directly. On 10 June 2014 the euro area Member States...

Written Answers — Department of Finance: Budget 2015 (3 Jul 2014)

Michael Noonan: The most up-to-date budgetary estimates, published in the Stability Programme Update  (SPU) in April, are based on the assumption of a consolidation package of €2.0bn in 2015 which is designed to deliver a deficit of 2.9 per cent of GDP in 2015. This is within the excessive deficit procedure (EDP) ceiling of 3.0 per cent.  The macroeconomic forecasts underpinning the SPU have...

Written Answers — Department of Finance: Stability and Growth Pact (3 Jul 2014)

Michael Noonan: There has been much commentary in recent weeks in relation to the fiscal rules governing EU Member States. While not proposing a change in the Stability and Growth Pact rules - that is,  limiting general government deficits to 3 per cent of GDP and gross public debt to 60 percent of GDP - some Member States, including France and Italy, are seeking greater...

Written Answers — Department of Finance: Legislative Process (3 Jul 2014)

Michael Noonan: The Department of Finance is currently preparing the Sale of Loan Books to Unregulated Third Parties Bill.  This will address concerns surrounding the continued applicability of the Code of Conduct on Mortgage Arrears after the sale of loan books to unregulated entities. Detailed engagement with the Attorney General's office and the Central Bank on draft legislation has now...

Written Answers — Department of Finance: EU Investigations (3 Jul 2014)

Michael Noonan: I have been very clear that the current investigation that has been opened into Ireland by the Competition Directorate of the EU Commission relates to a single case.  This investigation is not about the Irish tax system or about the 12.5% rate of corporation tax.  The Commission is examining a very technical issue regarding one company and is looking at whether the correct basis was...

Written Answers — Department of Finance: Bank Restructuring (3 Jul 2014)

Michael Noonan: I am advised by Permanent TSB that in March 2011 Springboard Mortgages was identified as non-core and its sale was required as part of the Central Bank Prudential Liquidity Assessment Review ("PLAR").  A sale process was undertaken in 2011 but a sale did not complete for commercial reasons at that time.  Springboard Mortgages, which has circa 2,200 mortgages, has remained a...

Written Answers — Department of Finance: House Prices (3 Jul 2014)

Michael Noonan: I am aware of recent price dynamics in the residential property and rental markets. These have come after a fall in national residential property prices of over 50% from 2007 to 2013, as indicated by the CSO's Residential Property Price Index and a peak to trough fall of over 20% in the national rent index compiled by the Private Residential Tenancies Board. The Government recognises that...

Written Answers — Department of Finance: Tax Code (3 Jul 2014)

Michael Noonan: The Irish Venture Capital Association has expressed concern about, among other things, high marginal income tax rates and the significant increase in the capital gains tax (CGT) rate over recent years. Rates of CGT had to be increased to maintain the yield from CGT in a period of falling asset prices so that it would continue to make a contribution to the fiscal consolidation we are required...

Written Answers — Department of Finance: Economic Growth (3 Jul 2014)

Michael Noonan: Firstly, it is important to clarify that we have exited the EU-IMF Programme of Financial Support and we are now subject to EU Post-Programme Surveillance and IMF Post-Programme Monitoring. However, Ireland continues to be bound by the Excessive Deficit Procedure which requires that the underlying General Government deficit is reduced to less than 3% of GDP by 2015. It is clear that the...

Written Answers — Department of Finance: Budget 2015 (3 Jul 2014)

Michael Noonan: As the Deputy will be aware, we successfully exited the EU-IMF Programme of Financial Support at the end of 2013. We are now subject to EU Post-Programme Surveillance and IMF Post-Programme Monitoring. The objective of Post-Programme Surveillance/Monitoring is to assess Ireland's economic, fiscal and financial situation following the completion of the programme. The Stability Programme Update...

Written Answers — Department of Finance: VAT Rate Application (3 Jul 2014)

Michael Noonan: I understand that the fundraising activity in question has utilized text messaging as its main vehicle for facilitating donations. In this context, I am advised by the Revenue Commissioners that charitable donations made by text message, excluding any fees charged by the telecommunications provider or other service provider, are outside the scope of Irish VAT.  However, any fees...