Results 18,581-18,600 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: NAMA Investigations (10 Feb 2015)

Michael Noonan: I propose to take Questions Nos. 232 to 234, inclusive, together. I am advised by NAMA that it carries out asset searches in certain circumstances with a view to compiling full information on a debtor's assets and liabilities and to maximising recovery for taxpayers on any assets that debtors may have failed to disclose in their Statement of Affairs to the Agency. NAMA operates a Credit...

Written Answers — Department of Finance: Tax Code (10 Feb 2015)

Michael Noonan: I have been informed by the Revenue Commissioners that the person concerned is taxed as a married person on the basis of information provided to them by the person concerned. I am advised by Revenue that they have now written to the person concerned to confirm her status and if necessary will review her tax liability, as appropriate, in the light of any change in circumstances confirmed to them.

Written Answers — Department of Finance: VAT Exemptions (10 Feb 2015)

Michael Noonan: I am advised by the Revenue Commissioners that VAT is a tax on consumption and is applied to supplies being made by a person and not to supplies received by them.  In this context, it is not possible under EU VAT law, with which Irish VAT law must comply, to introduce VAT exemption based on services received, nor to introduce an exemption based on the recipient of a service. ...

Written Answers — Department of Finance: VAT Payments (10 Feb 2015)

Michael Noonan: I propose to take Questions Nos. 237 and 238 together. I am informed by the Revenue Commissioners that the total yield of domestic VAT revenue attributed to the construction industry as a whole in 2013, which is the latest year for which the necessary detailed data are available, is estimated to be of the order of €72 million. It should be noted that this receipt figure is net of...

Written Answers — Department of Finance: Central Bank of Ireland (10 Feb 2015)

Michael Noonan: The Central Bank of Ireland has now announced the details of its new macro prudential regulations for residential mortgage lending. These provide for the following measures;- Principal dwelling house (PDH) mortgages are subject to a Loan to Value (LTV) limit of 80% of the value of the property; - For first time buyers,  the LTV limit in respect of a PDH mortgage is 90% up to a value...

Written Answers — Department of Finance: Greek Government Bonds (10 Feb 2015)

Michael Noonan: The first capital repayment on the loan to Greece is scheduled for 15 June 2020 for €2,998,730.51. Thereafter capital repayments of €4,342,989.01 are scheduled to be repaid at three-monthly intervals, the first one scheduled for 15 September 2020 and the last one scheduled for 15 March 2040.  A final payment is scheduled for 15 June 2040...

Written Answers — Department of Finance: EU-IMF Programme of Support (10 Feb 2015)

Michael Noonan: Ireland's programme funding did not include any element of bilateral or guaranteed loans from Greece. Ireland's three-year €85 billion EU/IMF financial support programme was comprised of €67.5 billlion in external support, and €17.5 billion from its own own resources. The external support under the programme was provided by a number of lenders: - €22.5 billion...

Written Answers — Department of Finance: Consumer Protection (10 Feb 2015)

Michael Noonan: Both the Central Bank and the Competition and Consumer Protection Commission (CCPC) (formerly the National Consumer Agency) have certain functions and legal powers in relation to the provision of hire-purchase agreements. The CCPC has specific responsibility for the authorisation of credit intermediaries under the terms of the Consumer Credit Act 1995. This includes those who act as an...

Written Answers — Department of Finance: GDP-GNP Levels (10 Feb 2015)

Michael Noonan: Under ESA 2010, the Irish Bank Resolution Corporation (IBRC) was reclassified as being within general government as of July 2011 and its debt was consolidated into general government debt. This resulted in an increase of 12.2% to the general government debt to GDP ratio in 2011.  The table below sets out the impact of the reclassification of IBRC on the general government debt to GPD...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: ECOFIN Briefings: Minister for Finance (10 Feb 2015)

Michael Noonan: I thank the Chairman and committee members for inviting me to speak in advance of the next ECOFIN meeting on Tuesday, 17 February, in Brussels. Although it is little under a week away from the meeting, and the final agenda may change, it is a useful opportunity to discuss the issues before finance Ministers at the Council. This will be the second ECOFIN meeting under the Latvian EU...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: ECOFIN Briefings: Minister for Finance (10 Feb 2015)

Michael Noonan: The authorities are anxious to proceed very quickly. It is known familiarly, as the Deputy knows, as the Juncker plan. Mr. Juncker, being the President, has a personal interest in advancing it quickly. The European Central Bank regards the investment programme as a very important parallel initiative to quantitative easing and believes that quantitative easing on its own would require an...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: ECOFIN Briefings: Minister for Finance (10 Feb 2015)

Michael Noonan: With the leveraging involved, some public private partnerships, PPPs, would be used, as well as loans and equity.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: ECOFIN Briefings: Minister for Finance (10 Feb 2015)

Michael Noonan: No, but with the interest rates being so low, the terms would have to be generous to make it worth our while.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: ECOFIN Briefings: Minister for Finance (10 Feb 2015)

Michael Noonan: I cannot say yet. There is a double tap on the leveraging. Approximately €21 billion is being put in, and that is leveraged three times in the first instance by the EIB, which brings the amount to approximately €63 billion. Then that is leveraged five times to reach the figure of €315 billion. It is at the second stage of leveraging that the matching private sector...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: ECOFIN Briefings: Minister for Finance (10 Feb 2015)

Michael Noonan: Yes. The next step, activating it, is more a matter for the Minister for Public Expenditure and Reform, Deputy Howlin, and his Department, because it is something that would fit easily with an extension of a capital programme. Obviously, we will have an input. There will not be any secrets about it. I am sure the Minister, Deputy Howlin, will share information with the committee.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: ECOFIN Briefings: Minister for Finance (10 Feb 2015)

Michael Noonan: No. There are two items there about budgets. It will review the 2014 budget. The way it normally works is that the creditor nations are critical and the expenditure nations are seeking expanded budgets. There is qualified majority voting; there will not be unanimity. Certain countries, which one can predict, will have a problem with overspending, while other countries, which one can...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: ECOFIN Briefings: Minister for Finance (10 Feb 2015)

Michael Noonan: The Council recommendations for the 2016 budget guidelines are an important orientation of how member states would like to see next year's budget prepared. Ireland can support this Council recommendation, as it strikes the correct balance between investment in growth and job creation and recognising the requirement for fiscal prudence. This discussion takes place against the backdrop of...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: ECOFIN Briefings: Minister for Finance (10 Feb 2015)

Michael Noonan: Yes.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: ECOFIN Briefings: Minister for Finance (10 Feb 2015)

Michael Noonan: It relates to the various financial dossiers. They report progress on the progress they are making through Council or the European Parliament. It is just for information. Nothing has been brought to my attention that I need to alert the committee to at this meeting.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: ECOFIN Briefings: Minister for Finance (10 Feb 2015)

Michael Noonan: The Deputy is familiar with the sequence of events. There was an election in Greece, which Syriza, the main opposition party, won. It quickly formed a government, and a cabinet was put in place. Then the Prime Minister and the Minister for Finance embarked on a diplomatic initiative around Europe and visited the bigger countries, in particular, while representatives of the various European...