Results 12,741-12,760 of 27,019 for speaker:Michael Noonan

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming Economic and Financial Affairs Council: Minister for Finance (13 Feb 2014)

Michael Noonan: The banks subject to stress testing will be Bank of Ireland, AIB and PTSB. The full mandate and exact detail for the stress testing that will be applied is not fully known. It will be very much along the lines of what was done previously, but there may be some variations. There is nothing that causes us concern at this stage. With regard to growth levels, we built the budget on 2%....

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming Economic and Financial Affairs Council: Minister for Finance (13 Feb 2014)

Michael Noonan: It may need fewer, but I do not direct that. It is independent in the exercise of its functions.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming Economic and Financial Affairs Council: Minister for Finance (13 Feb 2014)

Michael Noonan: Yes.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming Economic and Financial Affairs Council: Minister for Finance (13 Feb 2014)

Michael Noonan: It will accept it, but it will repeat it. The issue for it is that it wants to be sure of what it is taking over in terms of institutions it will regulate. So it will carry out full asset quality reviews of all the banks across the banking union, including Ireland. From our point of view there is an advantage in it because the date of the last quality review was June 2013. The asset...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming Economic and Financial Affairs Council: Minister for Finance (13 Feb 2014)

Michael Noonan: It is very intricate.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming Economic and Financial Affairs Council: Minister for Finance (13 Feb 2014)

Michael Noonan: There have been a number of meetings at official level. We have not taken it up at political level yet. We are waiting for more advances at official level. The Deputy might not like me to read out a long note, so I will give him a short one.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming Economic and Financial Affairs Council: Minister for Finance (13 Feb 2014)

Michael Noonan: Officials are working through the technical discussions and the precise arrangements are not in place yet. The additional piece of news that I have not given the Deputy previously is that the European Investment Bank is also anxious to get involved. It is making signals that it might match whatever KfW does. If that is the structure, we will try to establish a fund in Ireland to deliver...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming Economic and Financial Affairs Council: Minister for Finance (13 Feb 2014)

Michael Noonan: This is a journey or process. First, we have the growth forecast which is the starting point, from which we will move on and incorporate the data in our budgetary forecast and plans for the next three years or so. The big change for Ireland is that while we were in a programme, we did not have to participate in this process, but we will be integrated with everybody else for the first time....

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming Economic and Financial Affairs Council: Minister for Finance (13 Feb 2014)

Michael Noonan: The bank in Frankfurt is the overriding and superior authority and the Central Bank will act as an agent of the ECB, but some of the supervision will be undertaken directly by the new regulatory office that will operate out of Frankfurt. I have a further note which may be helpful to the Deputy. The ECB will be the direct supervisor of banks with assets of more than €30 billion or...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming Economic and Financial Affairs Council: Minister for Finance (13 Feb 2014)

Michael Noonan: I thank the Chairman and committee members for inviting me to speak to them in advance of the meeting of the Economic and Financial Affairs Council of Ministers, ECOFIN, next Tuesday, 18 February, in Brussels. Members will be aware that I have agreed, subject to scheduling arrangements, to attend the committee on a quarterly basis to update them and discuss developments at ECOFIN. In...

Written Answers — Department of Finance: Property Taxation Administration (13 Feb 2014)

Michael Noonan: Section 20 of the Finance (Local Property Tax) Act legislation enables local authorities to increase or decrease the rate of local property tax by a local adjustment factor on properties located in their area.  This factor cannot exceed +15% or -15% of the central national rate.  The Minister for the Environment, Community and Local Government may make regulations...

Written Answers — Department of Finance: Customs and Excise Controls (13 Feb 2014)

Michael Noonan: I am advised by the Revenue Commissioners that, the EU Common Customs Tariff (Council Regulation 2658/87) specifies the duty to be applied to all goods coming into the EU from 3rd countries, whether imported by private individuals or by commercial entities. This EU wide system is applied in all 28 Member States. There is no single rate of duty. The rates of duty vary from one product to...

Written Answers — Department of Finance: Tax Credits (13 Feb 2014)

Michael Noonan: A couple who enter into a civil partnership in accordance with the Civil Partnership and Certain Rights and Obligations of Cohabitants Act 2010 can avail of the same treatment for tax purposes as married couples including joint assessment. This includes the right to share tax credits and reliefs. The relevant taxation provisions extending this tax treatment to civil partners were set out in...

Written Answers — Department of Finance: Pensions Levy Issues (13 Feb 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 will be abolished from the 31st of December 2014. I have, however, introduced an additional levy on pension funds at 0.15% for 2014 and 2015 in Finance (No. 2) Act 2013. I am doing this to, among other things, continue to help fund the Jobs Initiative. This legislation does...

Written Answers — Department of Finance: Corporation Tax Regime (13 Feb 2014)

Michael Noonan: Companies operating in Ireland are chargeable to corporation tax at the 12.5% rate on the profits that are generated from their trading activities here.  A higher 25% rate applies in respect of investment, rental and other non-trading profits, as well as certain petroleum, mining and land dealing activities, while chargeable capital gains are taxable at the capital gains tax rate of...

Written Answers — Department of Finance: Property Taxation Administration (13 Feb 2014)

Michael Noonan: I am informed by Revenue that a key aspect of the work undertaken in regard to Local Property Tax (LPT) was the development of a comprehensive register of residential properties in the State. During the compilation of the Property Register some matching difficulties were encountered when consolidating the various Government and non-Government data sources and in a relatively small number of...

Written Answers — Department of Finance: Central Bank of Ireland (13 Feb 2014)

Michael Noonan: The Central Bank is statutorily obliged to publish information on the main issues addressed during the year including information on how it carried out its regulatory and supervisory activities. In accordance with Section 32L of the Central Bank Act 1942 (as amended), the Central Bank is required to prepare an Annual Performance Statement on its financial regulatory activities...

Written Answers — Department of Finance: Banking Sector Issues (13 Feb 2014)

Michael Noonan: The Central Bank has informed me that, since Danske Bank's original announcement of its commercial decision to withdraw existing day to day personal customer products and services on a phased basis during the first half of 2014, and also to discontinue the provision of personal and business banking products to new customers, the Bank has been in communication with Danske Bank....

Written Answers — Department of Finance: Banking Sector Issues (13 Feb 2014)

Michael Noonan: I can confirm for the Deputy the following in relation to the current valuation of the State's remaining investments in AIB, Bank of Ireland and Permanent tsb. Bank Investment Valuation Source Allied Irish Banks Equity €6.5bn NPRF - Preference Shares €3.5bn NPRF - Contingent capital (CoCo) €1.6bn Par redemption value Bank of Ireland Equity €1.35bn Current...

Written Answers — Department of Finance: Tax Code (13 Feb 2014)

Michael Noonan: The position is that the new Single Person Child Carer Tax Credit is designed to be an activation measure, which was the original intention behind the One Parent Family Tax Credit, which it replaced.   It is designed to be an in-work benefit to support a principal carer to take up, or remain in, employment. The Commission on Taxation acknowledged that the One-Parent...