Results 121-140 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Banking Sector (23 May 2017)

Michael Noonan: The 2015 capital reorganisation at AIB resulted in a number of changes to the shareholding structure. Principal among these was the consolidation of shares as well as the redemption and conversion of the State’s Preference Shares. As you know, AIB had in excess of 523 billion Ordinary Shares in issue (increasing to around 678 billion as a result of the conversion) which was...

Written Answers — Department of Finance: Insurance Coverage (23 May 2017)

Michael Noonan: As Minister for Finance, I am responsible for the development of the legal framework governing financial regulation.  Neither I nor the Central Bank of Ireland can interfere in the provision or pricing of insurance products, as these matters are of a commercial nature, and are determined by insurance companies based on an assessment of the risks they are willing to accept.  This...

Written Answers — Department of Finance: Company Liquidations (23 May 2017)

Michael Noonan: Enterprise Insurance Company plc (Enterprise) is a Gibraltar incorporated company and, therefore, the Enterprise liquidation is being carried out under the laws of Gibraltar.  The situation around the Enterprise liquidation is an evolving one.  The position as it currently stands is as set out below. A Provisional Liquidator was appointed to Enterprise on 25 July...

Written Answers — Department of Finance: Tax Data (23 May 2017)

Michael Noonan: I am advised by Revenue Commissioners that, at end 2016, there were around 2,375,600 live PAYE employees on Revenue records. This includes cases earning but not in the tax net. It should be noted that PAYE employments on Revenue records also include retired persons in receipt of private or occupational pensions. Comparison between Revenue and CSO figures are not straightforward for a number...

Written Answers — Department of Finance: Fiscal Data (23 May 2017)

Michael Noonan: At a national level, the Central Statistics Office is responsible under EU regulation for ensuring that all units within the economy are classified according to the rules set out under the European System of Accounts 2010 (ESA 2010). Eurostat is the ultimate arbiter on classification decisions under ESA 2010. Classifications are determined on a case by case basis and a great deal of...

Written Answers — Department of Finance: Help-To-Buy Scheme Eligibility (23 May 2017)

Michael Noonan: The “Help to Buy” scheme is provided for in section 477C of the Taxes Consolidation Act 1997. The section provides that, in order to qualify for the scheme a first-time purchaser must be “an individual who, at the time of a claim - has not, either individually or jointly with any other person, previously purchased or previously built, directly or indirectly, on his or her...

Other Questions: Departmental Investigations (18 May 2017)

Michael Noonan: On an all-Ireland economy, two currencies apply. There is sterling North of the Border and the euro down here. The most salient factor that should be considered is the deficit position, as I mentioned in my reply. For the years 2013 and 2014, the total public sector revenue collected in Northern Ireland is estimated at €14.9 billion. The total public sector expenditure for the same...

Other Questions: Departmental Investigations (18 May 2017)

Michael Noonan: The deficit is €9.2 billion. Anyone advocating an all-Ireland economy would want to tell us where the €9.2 billion will come from if the UK authorities turn off the tap.

Other Questions: Help-To-Buy Scheme (18 May 2017)

Michael Noonan: As I stated, I never thought I would see Sinn Féin advocating policies to prevent young people from acquiring their first home. I gave the figure of €22 million to Deputy Michael McGrath today. It defies belief to argue that an injection of €22 million into house purchasing is the factor that is driving up prices when house purchasing is now back as a multi-million euro...

Other Questions: Help-To-Buy Scheme (18 May 2017)

Michael Noonan: I have answered that question. There was a misunderstanding in the votes today and the matter is now in dispute. There are discussions taking place with the Ceann Comhairle's office and we will await the outcome. I remind the House that it already committed to and voted on the programme for Government which includes a commitment to sell up to 25% of the shares in AIB. That is the...

Other Questions: Departmental Investigations (18 May 2017)

Michael Noonan: I assume the Deputy is referring to the economic benefits of a united Ireland. As he will be aware, the principle of consent and the possibility of a change in the constitutional status of Northern Ireland are fundamental parts of the Good Friday Agreement which was endorsed by the people of this island, North and South. The calling of a Border poll under the terms of the Agreement would...

Other Questions: Sale of State Assets (18 May 2017)

Michael Noonan: I will make two points. In terms of the general government debt balance under EUROSTAT rules, selling AIB shares would not make a difference because we hold the asset in shares. When one sells it, one holds it in cash, but it has the same value and it is the same amount. It would not give us the freedom to spend under EUROSTAT rules. Therefore, if we were to spend, we would be in breach...

Other Questions: Sale of State Assets (18 May 2017)

Michael Noonan: There was a misunderstanding in the vote this morning and the matter is still the subject of discussion with the Ceann Comhairle's office. We will see how it works out. Lest we forget, it was only in 2008 that the country virtually went bankrupt and it did so because too much was being spent against a reducing revenue flow. Whatever mythology one applies to burning bondholders and so on,...

Other Questions: Help-To-Buy Scheme (18 May 2017)

Michael Noonan: I answered a similar question put by Deputy Michael McGrath, but I will read the reply to this one also. As the Deputy will be aware, the help-to-buy incentive was announced as part of Rebuilding Ireland: Action Plan for Housing and Homelessness. The plan contains a significant volume of responses to the current housing crisis, of which the help-to-buy incentive is just one....

Other Questions: Tax Exemptions (18 May 2017)

Michael Noonan: I will continue to carry out my duties until I am replaced by an incoming Minister for Finance. I told the Deputy in February that a householder who posted a new valuation to Revenue could have his or her local property tax liability significantly reduced, if not eliminated completely. In other words, a person who valued his or her property in one of the higher bands before the appearance...

Other Questions: Tax Exemptions (18 May 2017)

Michael Noonan: Perhaps the words I used the last day might have been clearer. I said that when Revenue received a new valuation on a self-assessment basis, it could not eliminate the tax liability completely but that it could reduce it significantly in accordance with the law. An example of a significant reduction would be a change to a €70 or €90 property tax level, depending on whether the...

Other Questions: Sale of State Assets (18 May 2017)

Michael Noonan: I propose to take Questions Nos. 8 and 19 together. As I outlined previously, the sales of financial assets such as bank shares are transactions which do not result in a beneficial impact on the general Government balance under EUROSTAT rules. Such disposals are classified as financial transactions that essentially involve the exchange of one form of asset such as shares, equities and...

Other Questions: Tax Exemptions (18 May 2017)

Michael Noonan: I propose to take Questions Nos. 7 and 21 together. I understand my Department has clarified with the Deputy that her question relates to statements made in the Dáil on 28 February 2017 rather than on 4 April. The Deputy will be aware that the qualifying criteria in respect of exemption from LPT for properties with 2significant pyritic damage" were modified by the Finance (Local...

Ceisteanna - Questions - Priority Questions: Brexit Issues (18 May 2017)

Michael Noonan: As I said, this is a political issue which will require a creative political solution. The political solution being sought is along the lines of that promulgated by the European Union's negotiating guidelines and reflects Ireland's unique concerns and priorities. The guidelines express the European Union's continued support for the peace process and the need to protect the Good Friday...

Ceisteanna - Questions - Priority Questions: Brexit Issues (18 May 2017)

Michael Noonan: The political position is quite clear. We do not want a hard but an invisible border. We do not want the Border to encroach on any aspect of the Good Friday Agreement.