Results 13,081-13,100 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: NAMA Operations (16 Jan 2014)

Michael Noonan: It is not clear to me what the motivation behind these allegations is or how they found their way into the media or to the Oireachtas member who made a statement in the Seanad in December. It is unfortunate that the press coverage and speculation appears to call into question the integrity and professionalism of NAMA and its staff. The progress the Agency is making in hitting its targets is a...

Written Answers — Department of Finance: Central Bank of Ireland Investigations (16 Jan 2014)

Michael Noonan: On 3 October 2013 the Central Bank issued an update on its on-going investigation into the sales of Payment Protection Insurance (PPI). Eleven firms are reviewing their sales and, where appropriate, offering a refund to their customers where the PPI sale is found to be in breach of the Consumer Protection Code since July 2007. I have been informed by the Central Bank that the review of the...

Written Answers — Department of Finance: Economic Policy (16 Jan 2014)

Michael Noonan: As the Deputy will be aware, the response given to the questionnaire was referring to an assessment, recently published by the Economic and Social Research Institute (ESRI), of the distributional impact of the budgetary adjustments undertaken since the onset of the financial crises in 2008. Over the full period from 2009 to 2014, the study found that all income groups experienced losses,...

Written Answers — Department of Finance: Banks Recapitalisation (16 Jan 2014)

Michael Noonan: The Euro Area Heads of State or Government (EU HoSG) agreed in June 2012 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 could, following a regular decision, have the capacity to recapitalize banks directly. The Eurogroup meeting of 20th June 2013 agreed...

Written Answers — Department of Finance: Road Safety (16 Jan 2014)

Michael Noonan: The VAT rating of goods and services is subject to the requirements of EU VAT law with which Irish VAT law must comply. The VAT Directive does not make specific provision for a reduced or zero rate, or an exemption from VAT, to apply to safety equipment, including helmets and visibility clothing. As such, they are subject to the standard VAT rate, which is currently 23%. However, for...

Written Answers — Department of Finance: Tax Code (16 Jan 2014)

Michael Noonan: As the Deputy is aware, a progressive taxation system ensures that the burden of taxation falls most heavily on those with a higher ability to pay. The latest OECD data indicates that Ireland already has the most progressive tax system of the 21 EU countries which are members of that organisation. It is in this context that the Government has committed in the Programme for Government not to...

Written Answers — Department of Finance: Corporation Tax Regime (16 Jan 2014)

Michael Noonan: It is possible to estimate the full year yield to the Exchequer of increasing the standard rate of corporation tax. I am informed by the Revenue Commissioners that the full year yield to the Exchequer, estimated in terms of expected 2014 profits, of increasing the standard rate of corporation tax from 12.5% to 13.5% is tentatively estimated on a straight line arithmetic basis to be about...

Written Answers — Department of Finance: Illicit Trade in Tobacco (16 Jan 2014)

Michael Noonan: I am advised by the Revenue Commissioners that the extent of the illicit cigarettes market in Ireland is estimated through annual surveys of smokers. These surveys are undertaken for Revenue and the National Tobacco Control Office of the Health Services Executive by IPSOS MRBI. The survey for 2012 found that 13% of cigarettes consumed in Ireland are illicit. The comparable figure for 2011...

Written Answers — Department of Finance: Departmental Reports (16 Jan 2014)

Michael Noonan: The Report on the Standard Bank Account pilot project was published on my Department’s website on 10 January 2014. The Financial Inclusion Working Group (FIWG), chaired by my Department, and including stakeholders from other Government Departments, the Central Bank of Ireland, retail banks, An Post, the National Consumer Agency and voluntary sector organisations will work closely...

Written Answers — Department of Finance: Commercial Debt (16 Jan 2014)

Michael Noonan: In June 2013 the Central Bank set quarterly institution-specific performance targets for covered banks to move distressed SME borrowers onto longer-term solutions. The targets set reflect the banks’ capacity, processes and systems. It is not intended that these targets will be published. I am informed by the Central Bank that the banks have reported that they have met their required...

Written Answers — Department of Finance: Government Bonds (16 Jan 2014)

Michael Noonan: The proceeds of all borrowings by the Exchequer, as well as tax revenues, non-tax revenues and other receipts are lodged to the Exchequer account at the Central Bank of Ireland to fund on-going Government expenditure. The National Treasury Management Agency (NTMA) has advised that project-specific bonds issued by the State which are linked to a specific project and which are serviced and...

Written Answers — Department of Finance: Consultancy Contracts Data (16 Jan 2014)

Michael Noonan: The information requested by the Deputy is set out in the following table: Name of Consultant/Consultancy Firm Year Purpose Stratathree 2013-2014 Website development for Medium Term Economic Strategy (MTES) A & L Goodbody Solicitors 2013 Company secretarial work for Sealúchais Árachais Teoranta (SAT) Arthur Cox 2013 Legal advice on restructuring of Irish Banking System,...

Written Answers — Department of Finance: Credit Unions Mergers (16 Jan 2014)

Michael Noonan: I have been informed by the Central Bank that in order to facilitate Naas Credit Union’s consideration of a proposed merger with Newbridge Credit Union, the Central Bank agreed to cover the transaction adviser costs incurred by Naas Credit Union on a capped basis. On 22 November 2013, the Central Bank paid €750,422 to cover the cost of transaction advisers incurred by Naas...

Written Answers — Department of Finance: Departmental Expenditure (16 Jan 2014)

Michael Noonan: In response to the Deputy’s question the following table gives details of the costs of engaging photographers since march 2011. When booking photographers my Department follow public procurement guidelines. Use of Photographer Company used Details Cost € Maxwell Photography Ltd Brian Lenihan - photo required for Minster’s Conference - Engaged on 30th March 2011 ...

Written Answers — Department of Finance: Public Relations Contracts Data (16 Jan 2014)

Michael Noonan: I take it that the Deputy is referring solely to public relations services and not to advertising costs that would be incurred by my Department in the normal course of business, such as entries into telephone directories, the placing of advertisements in national newspapers, recruitment advertising, etc. No such costs have been incurred in respect of my Department in the period since I came...

Written Answers — Department of Finance: Tax Yield (16 Jan 2014)

Michael Noonan: I propose to take Questions Nos. 52 to 56, inclusive, together. The amount of Deposit Interest Retention Tax (DIRT) collected by the State in the most recent tax year (2013) is €499.5 million approximately. I am advised by the Revenue Commissioners that DIRT on interest bearing deposits is returned on a four-times yearly basis by financial institutions: in April, July and October of...

Written Answers — Department of Finance: Home Renovation Incentive Scheme Applications (16 Jan 2014)

Michael Noonan: As the Deputy is aware, I announced the Home Renovation Incentive in the recent Budget. This scheme came into operation on 25 October 2013 and will run until 31 December 2015. It provides for tax relief for homeowners by way of a tax credit at 13.5% of qualifying expenditure incurred on repair, renovation or improvement work carried out on a principal private residence. ...

Written Answers — Department of Finance: Irish Language Issues (16 Jan 2014)

Michael Noonan: Permanent TSB has confirmed to me that it can provide cheque books in the Irish language and is happy to do so in the specific case referred to if the details of the individual customer (whose details were supplied) are provided to it. Permanent TSB has informed me that it regrets that due to the infrequency of requests for such a service some of its staff may be unaware of the availability...

Written Answers — Department of Finance: Hospital Equipment (16 Jan 2014)

Michael Noonan: In my reply to the previous Parliamentary Question cited by the Deputy I explained the practical difficulties in putting a value on the use by hospital consultants of public health facilities for private practice.  I also indicated that the Revenue Commissioners had this situation under active consideration.  I am advised by the Revenue Commissioners that the matter continues to...

Written Answers — Department of Finance: European Court of Justice Rulings (16 Jan 2014)

Michael Noonan: I am advised by the Revenue Commissioners that the European Court of Justice issued its judgement in the Bridport & West Dorset Golf Club Ltd case, C-495/12, on 19 December 2013.  The issue in dispute centred on Article 132(m) of the EU VAT Directive that provides exemption for the supply of certain services closely linked to sport or physical education by non-profit-making...