Results 3,221-3,240 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Departmental Staff Data (16 Sep 2016)

Michael Noonan: As the Deputy is aware, there has been significant restructuring in my Department during the years 2011-2016. In 2011 the Department of Public Expenditure & Reform was established resulting in a significant proportion of my staff and functions transferring to that Department. In addition, following recommendations of the report of the Independent Review Panel on Strengthening the...

Written Answers — Department of Finance: General Government Debt (16 Sep 2016)

Michael Noonan: I propose to take Questions Nos. 237 and 238 together. The figures requested by the Deputy are in set out in the table. General Government revenue is used as the income measure: Table 1 Year General Government Revenue €bn General Government Debt €bn General Government Interest €bn GG Interest as a % of GG Revenue 2000 38.7 39.1 2.1 5.4% 2001 40.8 40.5 1.8 4.3%...

Written Answers — Department of Finance: Economic Data (16 Sep 2016)

Michael Noonan: The Central Statistics Office (CSO) published the National Income and Expenditure results for 2015 in July. These figures suggest that the economy grew by 26.3 per cent last year. This is significantly stronger than their previous estimate of 7.8 per cent. The exceptional figure is largely related to the activities of multinationals across a small number of sectors including the tech,...

Written Answers — Department of Finance: Economic Data (16 Sep 2016)

Michael Noonan: The National Treasury Management Agency (NTMA) advise me that their presentation for institutional investors contains a wide range of information relating to the Irish economy and public finances. Generally speaking, the content of the presentation reflects questions asked of the NTMA by investors. The content is refreshed following investor roadshows undertaken by the NTMA. It is...

Written Answers — Department of Finance: Ireland Strategic Investment Fund Investments (16 Sep 2016)

Michael Noonan: The Ireland Strategic Investment Fund (ISIF) was established with a "double bottom line" mandate to invest on a commercial basis in a manner designed to support economic activity and employment in Ireland. In accordance with this double bottom line objective, ISIF investments are assessed by reference to both risk-adjusted investment return and economic impact. Investing on a risk-adjusted...

Written Answers — Department of Finance: Public Private Partnerships Cost (16 Sep 2016)

Michael Noonan: The C&AG is statutorily charged with auditing Government expenditure through annual audits of accounts of government departments and public bodies. He may also examine services and programmes from a value for money perspective in accordance with Section 9 of the Comptroller and Auditor General (Amendment) Act 1993. In undertaking this work he determines areas for...

Written Answers — Department of Finance: Tax Code (16 Sep 2016)

Michael Noonan: I propose to take Questions Nos. 243 and 244 together. I will not comment on company specific developments. On the more general point, it is clear that Irish economic aggregates i.e. GDP and GNP, have been heavily influenced by corporate restructuring and a number of balance sheet reclassifications in recent years. In particular, beginning in 2008 a number of large multinational...

Written Answers — Department of Finance: Corporation Tax (16 Sep 2016)

Michael Noonan: At the time of the publication of the 2016 Stability Programme Update (SPU), I indicated that around €300 million of the then over-performance recorded in corporation tax could be attributed to a number of large unexpected payments from a small number of companies.  This was based on provisional information furnished to the Revenue Commissioners at the time of the SPU.  I...

Written Answers — Department of Finance: Tax Collection (16 Sep 2016)

Michael Noonan: Section 960EA of the 1997 Taxes consolidation Act provides for the payment of tax using certain prescribed payment methods, including credit cards. Section 960EA also stipulates that the transaction costs required by the necessary service providers, i.e. the merchant acquirer and the technical connection support, can be passed to the taxpayer. This is consistent with the approach adopted by...

Written Answers — Department of Finance: Mortgage Interest Relief Eligibility (16 Sep 2016)

Michael Noonan: I propose to take Questions Nos. 247 and 248 together. I am advised by the Revenue Commissioners that the following tables provide the number of persons availing of mortgage interest relief in the various categories requested by the Deputy. The total number of persons is 520,841 (based on 334,709 loan accounts). The first time buyer figures refer to those who were first time buyers...

Written Answers — Department of Finance: Tax Collection (16 Sep 2016)

Michael Noonan: I am advised by the Revenue Commissioners that the information from income tax returns is not recorded in such a way to provide an estimate of the separate amount of income tax collected from the taxation of pensioners' Christmas bonuses.  It should be noted that where an individual's sole income is derived from a pension payable by the Depeartment of Social Protection, he or she would...

Written Answers — Department of Finance: Personal Debt (16 Sep 2016)

Michael Noonan: Under the Personal Insolvency Acts 2012 to 2015, it is an offence for a person who is subject to a Debt Relief Notice ("DRN"), a Debt Settlement Arrangement ("DSA") or a Personal Insolvency Arrangement ("PIA") to seek to obtain credit of more than €650 without informing the creditor that they are a specified debtor. The Act does not prohibit the granting...

Written Answers — Department of Finance: Motor Insurance (16 Sep 2016)

Michael Noonan: I propose to take Questions Nos. 251 and 282 together. The Cost of Insurance Working Group, chaired by Minister of State Eoghan Murphy TD, is undertaking a review of the factors which are influencing the increased cost of motor insurance.  This review will include the issue of insurance companies denying coverage to cars over 10 years or older. The Working Group brings together all the...

Written Answers — Department of Finance: Economic Data (16 Sep 2016)

Michael Noonan: Work is continuing at European level to improve the predictability and stability of the agreed methodology used to calculate potential output. As part of this, the merit of extending the forecast horizon applied by the European Commission when implementing this methodology, from two years, as current practice dictates, to four years, is currently under review. At present, the three and...

Written Answers — Department of Finance: EU-IMF Programme of Support (16 Sep 2016)

Michael Noonan: There is limited scope for additional interest savings resulting from further early repayment of EU-IMF programme loans. Unlike in the case of the early IMF repayment of late 2014 and early 2015, Ireland would be subject to a break-cost charge were it to repay some of the other loan facilities early. These charges could negate any potential savings arising from a potential early...

Written Answers — Department of Finance: Tax Code (16 Sep 2016)

Michael Noonan: The securitisation regime was introduced as part of the IFSC regime in 1999. The Section 110 regime in its current form was inserted by Section 48 Finance Act 2003 and applies to all transactions entered into on or after the 6th February 2003.  Section 110 was introduced primarily to facilitate the securitisation of loan books by banks.  Therefore, section 110 was designed to...

Written Answers — Department of Finance: Budget Consultation Process (16 Sep 2016)

Michael Noonan: I propose to take Questions Nos. 255 and 302 together. My Department has so far received in the order of 200 Pre-Budget Submissions from a wide range of groups and individuals. These are being considered by the relevant officials in the context of Budget and Finance Bill preparation. I can confirm that a submission from the Disability Federation of Ireland has been received. However, as...

Written Answers — Department of Finance: Tax Data (16 Sep 2016)

Michael Noonan: The 2015 National Income and Expenditure data published in July 2016 by the CSO revised Ireland's 2015 GDP level from €214,623m (Quarterly National Accounts March 2016) to €255,815m. Estimates of tax take, public expenditure and public capital investment are taken from the CSO Government Income & Expenditure release July 2016. The data requested by...

Written Answers — Department of Finance: Tracker Mortgage Data (16 Sep 2016)

Michael Noonan: I propose to take Questions Nos. 257 and 258 together. As the deputy is aware, the Central Bank of Ireland announced in October 2015 that it would conduct a detailed review of Tracker Mortgage portfolios with all the banks under its supervision. The Central Bank sought to conduct a broad examination of tracker mortgage-related issues covering, among other things, transparency of...

Written Answers — Department of Finance: Motor Fuels (16 Sep 2016)

Michael Noonan: The current rates of excise duty applying to auto-diesel is 47.9c per litre and to petrol is 58.7c per litre. Tax Strategy Group papers are prepared by Department of Finance officials in advance of the group meeting to discuss various options with regard to tax.  The papers provide information and background on the various tax heads together with revenues, trends and...