Results 15,361-15,380 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: EU Budget (2 Jul 2013)

Michael Noonan: As the Deputy will be aware, Ireland's contribution to the EU Budget is an obligation of EU membership and is a charge on the Central Fund under national legislation. The contribution formula for the EU Budget is comprised of Traditional Own Resources, a VAT-based payment and a residual balancing component paid in accordance with a contribution key derived from each Member State's share of EU...

Written Answers — Department of Finance: Money Laundering (2 Jul 2013)

Michael Noonan: I propose to take Questions Nos. 98, 169, 174, 190, 210, 239, 240, 243, 253 to 255, inclusive, 268 to 270, inclusive, 272, 273 and 275 together. European legislation has been adopted to protect the financial system and certain professions and activities from being misused for money laundering and financing of terrorism purposes. The anti-money-laundering obligations applicable in...

Written Answers — Department of Finance: Promissory Note Issues (2 Jul 2013)

Michael Noonan: As the Deputy will be aware the Promissory Notes were replace with a portfolio of Irish Government Bonds in February 2013. The Promissory Notes were returned to the Department of Finance and cancelled at that time. As part of the transaction the Central Bank committed that the bonds would be sold in accordance with an agreed schedule and only where such a sale is not disruptive to financial...

Written Answers — Department of Finance: Tax Code (2 Jul 2013)

Michael Noonan: I propose to take Questions Nos. 100, 107, 281 and 283 together. Officials in my department, alongside their colleagues in the Revenue Commissioners, the Department of Foreign Affairs and Trade, the IDA, and our embassies and consulates around the world, have been working hard to supply factual information on our corporate tax strategy. This corporate tax strategy is based on the three Rs...

Written Answers — Department of Finance: Banks Recapitalisation (2 Jul 2013)

Michael Noonan: As the Deputy is aware on the 20th June 2013 the Eurogroup of Euro-area Finance Ministers agreed a framework under which the European Stability Mechanism (ESM) will operate its direct recapitalisation instrument. It is expected that this facility will come into force towards the end of the first half of 2014. In addition the Eurogroup also agreed to consider retro-active recapitalisation of...

Written Answers — Department of Finance: Property Taxation Exemptions (2 Jul 2013)

Michael Noonan: I propose to take Questions Nos. 103 and 112 together. Section 10A of the Finance (Local Property Tax) Act 2012 (as amended) provides that an exemption from the charge to Local Property Tax (LPT) will apply for a temporary period of at least three consecutive years for residential properties that have been certified under Regulations made by the Minister for the Environment, Community and...

Written Answers — Department of Finance: Tax Avoidance Issues (2 Jul 2013)

Michael Noonan: The issues of tax fraud and evasion and aggressive tax planning need to be addressed as quickly as possible. Everybody recognises that an international response is required and that individual countries cannot resolve these issues by way of unilateral action. The OECD has been looking at this issue for some time and will present its proposals on Base Erosion and Profit Shifting (BEPS) to the...

Written Answers — Department of Finance: Tax Avoidance Issues (2 Jul 2013)

Michael Noonan: The issues of tax fraud and evasion and aggressive tax planning need to be addressed as quickly as possible. Everybody recognises that an international response is required and that individual countries cannot resolve these issues by way of unilateral action. The OECD has been looking at this issue for some time and will present its proposals on Base Erosion and Profit Shifting (BEPS) to the...

Written Answers — Department of Finance: Universal Social Charge Application (2 Jul 2013)

Michael Noonan: The Universal Social Charge (USC) was introduced from 1 January 2011 to replace the Income Levy and the Health Levy. It was a necessary measure to widen the tax base, remove poverty traps and raise revenue to reduce the budget deficit. The USC is a tax in nature and not a social contribution as it does not possess the attributes of a social security contribution. Payment of the USC does...

Written Answers — Department of Finance: Credit Union Fund Issues (2 Jul 2013)

Michael Noonan: In its final report, the Commission on Credit Unions identified the financial position of credit unions in Ireland, stating that the declining fortunes of the Irish economy have not only put an additional brake on credit union development but have contributed to regression in some credit unions. In response to this, the Commission set out a range of measures to provide a strong foundation...

Written Answers — Department of Finance: NAMA Debtors (2 Jul 2013)

Michael Noonan: The Deputy may wish to refer to NAMA’s Annual Report and Financial Statements for 2012, which contain extensive information regarding the Agency's operations, including, as set out in pages 26 and 27 in particular, its insolvency activity and on the locus of debtor bankruptcy. NAMA advises that in each instance of bankruptcy involving a NAMA debtor it reviews its options and selects...

Written Answers — Department of Finance: NAMA Loans Sale (2 Jul 2013)

Michael Noonan: Unfortunately, I am not in a position to comment directly on cases currently in before the Courts. I have been advised by the Special Liquidators that in the Republic of Ireland any claims made in relation to the potential overcharging of interest would likely rank as unsecured creditors in the liquidation. I am further advised by the Special Liquidators that these allegations are not...

Written Answers — Department of Finance: Financial Services Sector (2 Jul 2013)

Michael Noonan: Moneylenders are licensed by the Central Bank of Ireland in accordance with the provisions of Part VIII of the Consumer Credit Act 1995 (as amended). Moneylenders have to apply to the Central Bank each year for renewal of their licences. In addition to the provisions of the Consumer Credit Act 1995, a licensed moneylender must comply with the provisions of the Consumer Protection Code for...

Written Answers — Department of Finance: Fuel Laundering (2 Jul 2013)

Michael Noonan: I propose to take Questions Nos. 111, 236, 245, 246 and 252 together. I am advised by the Revenue Commissioners, which have responsibility for the collection of mineral oil tax, that they are very aware of the threat fuel fraud poses to the Exchequer and to legitimate businesses. The most serious risk in relation to illicit trade in mineral oil products is from the laundering of markers...

Written Answers — Department of Finance: Banking Debt (2 Jul 2013)

Michael Noonan: The Deputy will be aware that there were discussions with our external partners on the issue of payment to bondholders. I have advised the House on a number of occasions that our European partners expressed strong reservations about burden sharing with senior bondholders and the rationale for this position. This commitment was agreed with our external partners and was the basis on which...

Written Answers — Department of Finance: Tax Reliefs Application (2 Jul 2013)

Michael Noonan: In my Budget 2013 speech, I announced that changes to give effect to the commitment in the Programme for Government to cap taxpayers’ subsidies for pension schemes which deliver pension income of more than €60,000 will be put in place in 2014. An examination of the various options for change is continuing. An estimated full year saving of €250 million was provided for...

Written Answers — Department of Finance: IBRC Account Holders (2 Jul 2013)

Michael Noonan: I am not in a position to discuss the specifics of any customer accounts in IBRC (in special liquidation). However, I am advised by the Special Liquidators that there are certain tracker bond products which were sold to a number of Credit Unions which were liabilities of IBRC at the time of the liquidation. I am further advised that these products have a structured deposit element which is...

Written Answers — Department of Finance: Youth Unemployment Measures (2 Jul 2013)

Michael Noonan: I have consistently said that addressing the deterioration in the labour market is the key macro-economic objective of the Government. All of the economic policies being implemented by the Government - restoring order to the public finances, repairing the banking system, promoting competitiveness improvements - are designed to generate sustainable economic growth, so that employment growth...

Written Answers — Department of Finance: Mortgage Arrears Proposals (2 Jul 2013)

Michael Noonan: The Central Bank has now concluded a review of the Code of Conduct on Mortgage Arrears (CCMA), following a public consultation process, with in excess of 230 submissions received. The revised CCMA was published on 27 June 2013 and came into effect on 1 July 2013. The submissions made to the public consultation, as well as a feedback document which outlines the Central Bank's response to the...

Written Answers — Department of Finance: Irish Nationwide Report (2 Jul 2013)

Michael Noonan: I propose to take Questions Nos. 122 and 227 together. I have been advised that given the on-going nature of the investigations by the authorities, including in particular the investigation being conducted under the Central Bank’s Administrative Sanctions Procedure into historic lending practices at INBS, as well as internal considerations within the bank, the report cannot legally...