Results 16,901-16,920 of 27,019 for speaker:Michael Noonan

Other Questions: Fiscal Policy (2 Oct 2014)

Michael Noonan: The consumer benefits from low inflation and also from competition in the market. I understand there is significant competition between the supermarket chains, which has brought down the cost of the weekly shopping basket. The consumer will also benefit if future Finance Ministers have the capacity to reduce tax impositions or levies. The principal benefit for the consumer is that, as the...

Written Answers — Department of Finance: Tax Code (2 Oct 2014)

Michael Noonan: The ability of some multinationals to lower the amount of corporation tax they pay world-wide using international structures is an issue that has attracted a lot of public and media attention over the past 24 months. The G20 have acknowledged that this is a global challenge that requires global action, and this is happening through the OECD Base Erosion and Profit Shifting ('BEPS')...

Written Answers — Department of Finance: NAMA Social Housing Provision (2 Oct 2014)

Michael Noonan: Section 10 of the NAMA Act outlines clearly the primary objective that the legislature set for NAMA, namely that it achieves the best financial return for the State from the assets entrusted to it.  NAMA is making very significant progress by reference to this objective.  In my recent section 227 Review of NAMA, which the Deputy should be aware of, the NAMA Board have announced...

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

Michael Noonan: The Stability Programme Update published in April forecast a deficit of 4.8% of GDP for this year and 2.9% for 2015 underpinned by a consolidation package of €2.0bn.  However, the Deputy should be aware that there have been a number of important changes since April, most notably the performance of taxes and impact of the ESA2010 statistical changes introduced by Europe.  ...

Written Answers — Department of Finance: Mortgage Arrears Rate (2 Oct 2014)

Michael Noonan: The Central Bank has advised that there is no such regulated category as 'sub-prime' lender but that phrase is sometimes used to refer to some non-deposit taking 'retail credit firms'. Retail credit firms are a regulated category of entities which are authorised to provide credit (in the form of cash loans) directly to individuals. Some firms authorised in this category are mortgage lenders....

Written Answers — Department of Finance: Property Taxation Application (2 Oct 2014)

Michael Noonan: The Pyrite Panel appointed by the Minister for the Environment, Community & Local Government recommended that consideration be given to providing an exemption from LPT where damage from pyritic heave had been proven by testing in accordance with a National Standards Authority of Ireland (NSAI) standard capable of determining if there was reactive pyrite in the sub-floor hard core...

Written Answers — Department of Finance: Irish Fiscal Advisory Council Issues (2 Oct 2014)

Michael Noonan: The Irish Fiscal Advisory Council was established on a statutory basis on the 31 December 2012 under the Fiscal Responsibility Act 2012. The provisions of the Act took into account the common principles proposed by the European Commission concerning the role and independence of institutions responsible at national level for monitoring observance of the rules as set out in Article 3.1 of the...

Written Answers — Department of Finance: Insurance Industry Regulation (2 Oct 2014)

Michael Noonan: With regard to Setanta, you will appreciate that a liquidation of an insurance company is a legally complex and time consuming process.  In general terms, under the Statute of Limitations, claimants are given two years following an accident to make an initial claim.  However, it could take several years for a particular case to be finalised.  Setanta is a Maltese...

Written Answers — Department of Finance: Fiscal Policy (2 Oct 2014)

Michael Noonan: Following successful implementation of the EU-IMF programme, the Irish economy is emerging from the crisis and there are clears signs that economic recovery is underway.  First estimates of economic activity for the second quarter of this year were very strong and were well ahead of consensus expectations with GDP growing by 1.5 per cent over the quarter and by 7.7 per cent...

Written Answers — Department of Finance: Tax Agreements (2 Oct 2014)

Michael Noonan: The double taxation agreement between Ireland and the United States was signed in 1997 and entered into force in 1998.  The treaty is working well and currently there are no plans to amend it.

Written Answers — Department of Finance: Financial Services Sector (2 Oct 2014)

Michael Noonan: I understand that the Deputy is referring to the Global Financial Centres Index 15. It is the case that Dublin has decreased in its ranking compared to the 2014 survey. The change in the ratings is not an issue unique to Dublin, 23 of the 27 centres in Europe declined in the rankings including Copenhagen, Edinburgh, Madrid, Lisbon and Rome.  However, in the survey Dublin continues to...

Written Answers — Department of Finance: Banks Recapitalisation (2 Oct 2014)

Michael Noonan: 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 reached a preliminary...

Written Answers — Department of Finance: IBRC Loans (2 Oct 2014)

Michael Noonan: I am advised by the Special Liquidators that it is policy to notify all commercial borrowers whose loans are sold as part of the liquidation of IBRC of the sale of their loan and the identity of the purchaser of that loan.  In addition, the Special Liquidators also require purchasers to send separate written notifications to borrowers, such notifications to include the identity of...

Written Answers — Department of Finance: Pensions Levy (2 Oct 2014)

Michael Noonan: The original 0.6% stamp duty levy on pension fund assets will end this year while the additional 0.15% levy is legislated to apply for this year and 2015. Preparations for Budget 2015 and the consequent Finance Bill are ongoing. It would not be appropriate for me to comment on what changes, if any, are being considered in the pension fund levy or any other tax measure.

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

Michael Noonan: A comprehensive overhaul of the regulatory framework in the financial sector has been pursued at EU level since the financial crisis. Through the introduction of various initiatives, the stability and resilience of the financial sector has been strengthened and restored to a position where it better serves the economies and people of Europe. We have played a crucial role in driving that...

Written Answers — Department of Finance: Corporation Tax Regime (2 Oct 2014)

Michael Noonan: The importance of maintaining the standard 12.5% rate of corporation tax to Ireland's international competitive position is fully appreciated by the Government.  A competitive corporate tax rate is a tool to address the economic limitations that come with being a peripheral country, as compared to larger core countries. Ireland's corporation tax rate plays an important role in attracting...

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

Michael Noonan: My Department produces a large range of documentation to accompany the Budget. This documentation includes tables of distributional analysis at set income levels, of income tax, USC and PRSI changes. These tables also include changes to certain social welfare payments where appropriate. In addition, a number of illustrative cases are developed and published. The Department of...

Written Answers — Department of Finance: Pensions Levy (2 Oct 2014)

Michael Noonan: I announced in my Budget 2014 speech that the 0.6% Pension Fund Levy introduced to fund the Jobs Initiative in 2011 would be abolished from the 31st of December 2014. I did, however, introduce an additional levy on pension funds at 0.15% for 2014 and 2015. I did this to continue to help fund the Jobs Initiative and also to help make provision for potential State liabilities which may emerge...

Written Answers — Department of Finance: Credit Unions Restructuring (2 Oct 2014)

Michael Noonan: On 16 December 2013, Mr Jim Luby of McStay Luby Chartered Accountants was appointed by the High Court as liquidator of Newbridge Credit Union Limited (in liquidation).  I have been informed by the Central Bank that the liquidator is engaging with a potential purchaser of the Newbridge Credit Union Limited premises. All matters in relation to the sale of...

Written Answers — Department of Finance: Tax Code (2 Oct 2014)

Michael Noonan: Living City Initiative The Living City Initiative, announced in Finance Bill 2013, is a pilot project which provides certain tax incentives to make it more attractive for people to live in historic and culturally significant city centre houses. The initiative also offers incentives for retailers and small businesses in those areas. This Initiative is subject to EU State Aid approval and a...