Results 1,961-1,980 of 27,019 for speaker:Michael Noonan

Other Questions: Tax Code (10 Nov 2016)

Michael Noonan: We are familiar with the conversation that has taken place in recent months about property investment funds. A section of the Finance Bill dealing with the issue is being debated in Committee this week and next week to deal with the issue. We published legislation back in September and people had a chance to use that as a consultation document and make comments on it. In addition, where...

Other Questions: Banking Sector (10 Nov 2016)

Michael Noonan: The Department of Arts, Heritage, Regional, Rural and Gaeltacht Affairs is taking the lead role in this in accordance with the commitment in the programme for Government. What I was saying was that it is not apparent to the Department of Finance what particular niche is being addressed that is not already covered by one of the other lending initiatives I have described. It has gone from a...

Other Questions: Banking Sector (10 Nov 2016)

Michael Noonan: The only reluctance is to protect the assets of depositors in any banking system. We must be prudential. If we are to learn anything from the experience of the past eight years, it is that you do not take risks with other people's money. That is why the Central Bank is so rigorous in its regulator regime. I outlined six different initiatives that have been put in place over the past five...

Other Questions: Banking Sector (10 Nov 2016)

Michael Noonan: As the Deputy is aware, the State has a shareholding of 99.9% in AIB, 14% in Bank of Ireland and just under 75% in Permanent TSB. These are valuable assets to the State and it is this Government's intention that the State will exit these investments in a measured and careful manner. That position has not changed. As I have indicated on a number of occasions, my primary objective in...

Other Questions: Credit Union Services (10 Nov 2016)

Michael Noonan: My role as Minister for Finance is to ensure that the legal framework for credit unions is appropriate for the effective operation and supervision of credit unions. The Registrar of Credit Unions at the Central Bank of Ireland is the independent regulator for credit unions. Within her independent regulatory discretion, the Registrar acts to support the prudential soundness of individual...

Other Questions: Credit Union Services (10 Nov 2016)

Michael Noonan: I do not agree that the Central Bank is blocking the credit unions or preventing them from providing additional services. There is a procedure laid down in law for the credit unions to apply to offer such services. Already, the Central Bank has given approval to six applicant credit unions for the provision of debit cards, overdrafts and a full range of payment services. The Central...

Other Questions: Credit Union Services (10 Nov 2016)

Michael Noonan: There is no problem with the legislation or with the regulatory authorities in the Central Bank. The Regulator of Credit Unions has provided information to the effect that six credit unions have already been approved for debit cards. Furthermore, 65 others are deemed by the Central Bank, on an overview, to have a sufficient asset base to apply in the next few months to provide debit card...

Other Questions: Banking Sector (10 Nov 2016)

Michael Noonan: I thank the Deputy for his question. The programme for Government contains a commitment to investigate the German Sparkassen model for the development of local public banks that operate within well-defined regions. The Department of Arts, Heritage, Regional, Rural and Gaeltacht Affairs is the lead Department in respect of this commitment and my Department will support it. Previously in...

Ceisteanna - Questions - Priority Questions: NAMA Operations (10 Nov 2016)

Michael Noonan: Several Deputies make representations to and inquiries of NAMA. NAMA does not require them to state what relationships they have with the people seeking the information or whether they are seeking it personally or on behalf of others. Deputy Paul Murphy might be right - I do not know whether he is - regarding the information that he is placing on the record, but there is nothing in what he...

Ceisteanna - Questions - Priority Questions: Exchequer Returns (10 Nov 2016)

Michael Noonan: The end of October 2016 saw the Exchequer record a deficit of €2.429 billion compared with a deficit of €2.184 billion in the same period last year. The €245 million increase in the deficit is driven by an increase in Voted expenditure, an expected reduction in non-tax revenue and a decline in banking-related receipts relative to the same period last year. All of...

Ceisteanna - Questions - Priority Questions: Exchequer Returns (10 Nov 2016)

Michael Noonan: No, we are not. There are swings and roundabouts in every month's Exchequer returns. Some taxes are up, some are down. The taxes received by the Exchequer in the first ten months of the year are €613 million ahead of forecast. We made additional expenditure commitments during the summer, including approximately €500 million for health and some extra money for justice, flood...

Ceisteanna - Questions - Priority Questions: Exchequer Returns (10 Nov 2016)

Michael Noonan: I do not agree with the Deputy's analysis. Tax flows are strong at €630 million ahead of budget and the monthly forecasts provided by Revenue and the Department of Finance. We need a strong last two months to fulfil the commitments made on the expenditure side, but we expect to be in a position to do that. As to next year's base, approximately €2.5 billion in taxes will be...

Ceisteanna - Questions - Priority Questions: Brexit Issues (10 Nov 2016)

Michael Noonan: There is already some reduction in business confidence because uncertainty always produces that. There is some impact on exposed horticultural industries, such as the mushroom production industry. We are all aware of that. It is affecting other food exporters also. One must decide how the United Kingdom will replace its imports from Ireland on the agrifood side. Since the devaluation is...

Ceisteanna - Questions - Priority Questions: NAMA Operations (10 Nov 2016)

Michael Noonan: The newspaper article that Deputy Murphy refers to includes a reference to a specific property. I am informed that NAMA was not the owner or seller of this property. The sale was managed by a receiver and, in accordance with NAMA's policy, was fully openly marketed and sold to the highest bidder. The article also includes reference to correspondence between NAMA and a former Deputy...

Ceisteanna - Questions - Priority Questions: NAMA Operations (10 Nov 2016)

Michael Noonan: As the Deputy is aware, Deputies and others inside and outside the House frequently contact NAMA and are entitled to do so under law. As a matter of fact, NAMA circulated the number of a dedicated helpline and a dedicated email address for Deputies through which they can obtain information from NAMA. It is the practice of many Deputies to get such information on behalf of their community or...

Ceisteanna - Questions - Priority Questions: Brexit Issues (10 Nov 2016)

Michael Noonan: The UK referendum on EU membership presents an important challenge for the economy. My Department has been to the fore in producing and funding relevant analysis on Brexit. Previous outputs include a scoping study produced by the ESRI last year under the joint research programme, initial short-term estimates published in the summer economic statement, an analysis of the possible...

Ceisteanna - Questions - Priority Questions: Brexit Issues (10 Nov 2016)

Michael Noonan: If there was never a Brexit, the economy would still be slowing down somewhat now towards a sustainable growth rate. When one comes out of a recession, there is a lot of spare capacity in an economy. When it begins to improve, growth rates are beyond the sustainable growth rate. When there is such spare capacity in the economy it grows more rapidly than it would be expected to grow on...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (10 Nov 2016)

Michael Noonan: First, foreign direct investment, as all colleagues will know, is very competitive. There are schemes similar to SARP in other jurisdictions that compete with us for foreign direct investment. The Netherlands is a case in point. It has a scheme along the lines of SARP but it is far more generous in its provisions. I introduced SARP, in its present format, in 2012. I did so as a result...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (10 Nov 2016)

Michael Noonan: I decided to come to the Dáil for an extension of the scheme, not to amend it. I am aware of the views expressed in that letter. Similar views were expressed to me directly by representatives of the aircraft leasing industry but I do not think the case was strong enough to make the alterations that were being requested. A lot of the time in these matters, it is a matter of judgment....

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (10 Nov 2016)

Michael Noonan: Section 832A of the Taxes Consolidation Act 1997 provides limited relied from income tax for individuals who travel in order to expand the export of Irish goods and services into non-traditional markets. This section of the Bill amends section 823A of the Act to provide for changes announced in the budget. The changes are that the section is extended such that it will continue to apply for...