Results 10,001-10,020 of 27,019 for speaker:Michael Noonan

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: European Stability Mechanism (Amendment) Bill 2014: Committee Stage (8 Oct 2014)

Michael Noonan: I have a copy of the European Stability Mechanism Guideline on Financial Assistance for the Recapitalisation of Financial Institutions, Article 1 of which deals with scope.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: European Stability Mechanism (Amendment) Bill 2014: Committee Stage (8 Oct 2014)

Michael Noonan: The guideline provides a reasonable indication of how matters will proceed. I draw the Deputy's attention to Article 14 - retroactive application of direct recapitalisation - which states: 1. This guideline is established without prejudice to existing ESM and EFSF programmes in which financial assistance has been provided to ESM Members who recapitalised their institutions, which could be...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: European Stability Mechanism (Amendment) Bill 2014: Committee Stage (8 Oct 2014)

Michael Noonan: In the first instance, the word "direct" indicates that the ESM would provide money directly for banks without going through the sovereigns. If funding is channelled through the sovereign, it is indirect in nature. That is the significance of the use of the word "direct". If AIB is the example we are discussing, it must be stated it is a solvent bank which is trading profitably. For the...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: European Stability Mechanism (Amendment) Bill 2014: Committee Stage (8 Oct 2014)

Michael Noonan: I do not propose to accept either of the amendments put forward by Deputy Doherty. The first amendment provides for a report to be laid before the Houses outlining how an application for retroactive recapitalisation of a financial institution will be processed. Article 14(2) of the draft guidelines on financial assistance for the direct recapitalisation of institutions sets out the...

Written Answers — Department of Finance: Financial Services Regulation (8 Oct 2014)

Michael Noonan: I propose to take Questions Nos. 48, 49 and 58 together. The Deputy is aware that I have responded to a number of recent Parliamentary Questions on  this same topic and, for the benefit of the Deputy, I include the substance of my previous responses in the following: I have no direct role in the relationship between banks and their customers.  Neither hav...

Written Answers — Department of Finance: Tax Rebates (8 Oct 2014)

Michael Noonan: I am advised by the Revenue Commissioners that in the time available, having regard to the need to establish the full facts in this particular case, Revenue are not in a position to provide the information sought. However, I will arrange for the information to be supplied directly to the Deputy.

Written Answers — Department of Finance: IBRC Bond Issues (8 Oct 2014)

Michael Noonan: I propose to take Questions Nos. 51 to 55, inclusive, together. Subsequent to the liquidation of IBRC the Central Bank acquired €25bn of Floating Rate Notes (FRNs) and €3.46bn of Government Fixed Coupon 2025 Government bonds. The Bank undertook to sell the combined portfolio of the FRNs and the fixed rate bond as soon as possible provided the conditions of financial stability...

Written Answers — Department of Finance: Commissions of Investigation (8 Oct 2014)

Michael Noonan: I would like to advise the Deputy that no commissions of investigation, inquiries and similar investigations have been established under my Department during the past 12 months. At this time my Department is not considering the establishment of any commissions of investigation, inquiries and similar investigations during the next 12 months.

Written Answers — Department of Finance: VAT Rate Application (8 Oct 2014)

Michael Noonan: As you will be aware, the VAT rating of goods and services is subject to the requirements of EU VAT law with which Irish VAT law must comply. In this regard, EU VAT law specifically provides that all digitised publications, including e-books, are treated as the supply of a service liable at the standard rate of VAT, which in Ireland is 23%. The VAT charged on electronically supplied...

Written Answers — Department of Finance: EU Regulations (8 Oct 2014)

Michael Noonan: EU Council Regulation (EC) 2271/96 provides protection against and counteracts extra-territorial effects of certain US laws and regulations specified in the Annex to the Regulation.  In the main, the Regulation takes direct effect across the EU through the activities of the Commission, while the Regulation may also entitle EU persons and entities to take action to recover damages and...

Written Answers — Department of Finance: Fuel Laundering (8 Oct 2014)

Michael Noonan: I am advised by the Revenue Commissioners, who are responsible for tackling fuel fraud, that they are very aware of the risks posed to consumers' vehicles, legitimate businesses and the exchequer by all forms of such fraud. Revenue has made great progress in tackling the problem of diesel laundering over the past three years, and reports now indicate the emergence of another form of fuel...

Written Answers — Department of Finance: Excise Duties (8 Oct 2014)

Michael Noonan: I propose to take Questions Nos. 61 and 63 together. It is not my practice to comment on what measures may or may not be introduced in advance of the Budget.

Written Answers — Department of Finance: Excise Duties (8 Oct 2014)

Michael Noonan: I am informed by the Revenue Commissioners that the Budget 2015 Ready Reckoner, available on the Commissioners website at , shows a number of indicative changes to Excise Duty on unleaded petrol and diesel. While the Ready Reckoner shows illustrative increases in Duty rates, the cost of the specific decreases requested by the Deputy can be broadly assumed to be in the same magnitude as the...

Written Answers — Department of Finance: Tax Compliance (8 Oct 2014)

Michael Noonan: I am informed by the Revenue Commissioners that stamp duty, which is mainly chargeable on instruments, such as deeds of conveyance or transfers of property, was mandatory in relation to instruments executed in 2002. Where an instrument was executed in 2002 stamp duty was generally payable within 30 days of its execution. Interest and penalties were applicable where an instrument was not...

Written Answers — Department of Finance: Fuel Laundering (8 Oct 2014)

Michael Noonan: I will address the aspects of the Deputy's question that relate to diesel laundering, cross border cooperation between State agencies and fuel markers. The Revenue Commissioners, who are responsible for combating fuel fraud, advise me that they have prioritised the problem of diesel laundering and have implemented a comprehensive strategy to tackle the problem through enhanced supply...

Written Answers — Department of Finance: Excise Duties (8 Oct 2014)

Michael Noonan: The correspondence attached to the Deputy's question makes a number of points in relation to excise duty increases in Budgets 2013 and 2014.  The correspondence also refers to the incentive for cross-border shopping and the risks to tourism resulting from increases in excise on alcohol. The increases to excise duty on alcohol in Budgets 2013 and 2014 must be seen firstly in the context...

Written Answers — Department of Finance: Foreign Earnings Deduction (8 Oct 2014)

Michael Noonan: Section 12 of Finance Act 2012 introduced the Foreign Earnings Deduction (FED) scheme which provides for a limited tax deduction for individuals who temporarily carry out the duties of their office or employment in Brazil, Russia, India, China or South Africa. The provision applies as respects the years 2012, 2013 and 2014. The scheme was extended in Finance Act 2013 to include travel...

Written Answers — Department of Finance: Vehicle Registration (8 Oct 2014)

Michael Noonan: I am advised by the Revenue Commissioners that under Section 147 of the Finance Act 2001, Vehicle Registration Tax (VRT) must be paid before an appeal can be lodged against a refusal to allow an exemption under Transfer of Residence. Because the specific details of the particular case are not provided by the Deputy, the Revenue Commissioners are not in a position to advise me in...

Written Answers — Department of Finance: Banking Sector Regulation (7 Oct 2014)

Michael Noonan: The Deputy might be aware that I have responded to a number of recent Parliamentary Questions on  this same topic and, for the benefit of the Deputy I repeat my answer as follows: I have no direct function in the relationship between banks and their customers.  I have no statutory function in relation to banking decisions made by individual lending institutions at any...

Written Answers — Department of Finance: Excise Duties (7 Oct 2014)

Michael Noonan: As the Deputy is aware, it is not my practice to comment on what measures may or may not be introduced in advance of the Budget.