Results 21,181-21,200 of 27,019 for speaker:Michael Noonan

Written Answers — Economic and Monetary Union: Economic and Monetary Union (23 May 2012)

Michael Noonan: I propose to take Questions Nos. 88 and 92 together. While the EU and the euro area in particular has and continues to experience very turbulent and volatile times, it must be acknowledged that significant policy developments have also taken place. Considerable progress has been made in terms of improving the functioning of the EU and of the euro area in particular. Amongst other things we...

Written Answers — Economic Competitiveness: Economic Competitiveness (23 May 2012)

Michael Noonan: Substantial progress has been made in terms of improving our competitiveness. Relatively lower price inflation over the last number of years means that Irish price levels have fallen relative to our major trading partners. At the same time there has been a significant improvement in our cost competitiveness. Indeed, the European Commission recently forecast that our nominal unit labour...

Written Answers — Economic Competitiveness: Economic Competitiveness (23 May 2012)

Michael Noonan: Following three successive years in which output fell, positive growth returned to the Irish economy last year. The recovery is expected to continue this year, and to both broaden and gain ground in 2013. Over the medium term, a return to robust and more sustainable growth is foreseen. While exports are expected to continue supporting economic activity, a gradual pick-up in domestic demand is...

Written Answers — Mortgage Arrears: Mortgage Arrears (23 May 2012)

Michael Noonan: Mortgage lending must fully comply with the regulatory requirements set by the Central Bank, both in relation to the financial institution itself and also the safeguarding of the borrower's interests. When providing a product or service to a customer, a financial institution must comply with the 'Knowing the Customer' and 'Suitability Provisions ' of the Central Bank's revised Consumer...

Written Answers — Tax Reliefs: Tax Reliefs (23 May 2012)

Michael Noonan: I am informed by the Revenue Commissioners that the table below represents the number of repayments made to PAYE taxpayers for 2009 – 2012. These repayments represent those cases for which a review of taxpayers' details resulted in a PAYE refund following claims from the taxpayer for credits or reliefs to which they are entitled. I am further informed that the total amount refunded is...

Written Answers — Director of Corporate Enforcement: Director of Corporate Enforcement (23 May 2012)

Michael Noonan: The Office of the Director of Corporate Enforcement is under the aegis of the Minister for Jobs, Enterprise and Innovation and as Minister for Finance I have no role in ensuring compliance by regulated financial service providers with the requirement of that Office The Central Bank's primary regulatory role concerns regulated financial service providers. The Central Bank has informed me...

Tax Collection (23 May 2012)

Michael Noonan: I thank Deputies Mac Lochlainn and Doherty for raising this matter. I believe it would be entirely inappropriate for me to comment on any alleged or perceived dispute between Revenue and an individual taxpayer or business. For reasons of taxpayer confidentiality, Revenue cannot disclose details of or comment publicly on the specific affairs of any individual business or taxpayer, which is...

Tax Collection (23 May 2012)

Michael Noonan: Usually the sheriff arrives only after many other approaches have been made by Revenue. It is usually a recourse of last resort. If I may suggest it, the Deputies are entitled under law to make representations to Revenue on behalf of a constituent. There is nothing improper in that as has been made clear on a number of occasions. The Deputies should probably talk in the first instance to...

National Asset Management Agency (23 May 2012)

Michael Noonan: NAMA is an independent organisation established under law by this House and the Seanad. It is a criminal offence for anyone, including the Minister for Finance, to try to steer or influence a commercial decision being made by NAMA. NAMA is accountable and, for example, it must produce quarterly reports. The report on the last quarter of 2011 will be published tomorrow. NAMA is also...

Economic and Monetary Union (23 May 2012)

Michael Noonan: The overriding objective of the single currency is to enhance the living standards of the citizens of all participating member states. This is achieved inter alia by greater levels of trade, a deepening of the Single Market and increased financial integration within the EU, all of which are facilitated by the single currency. While it is fair to say that the euro has been successful in this...

Economic and Monetary Union (23 May 2012)

Michael Noonan: I thank the Deputy for his questions. I have said on numerous occasions, both in the House and outside, that when the euro was put in place the architecture to defend it in times of adversity was not put in place. What has been happening for the past couple of years is an attempt to retrofit the defence mechanisms for the euro and this continues. The Deputy will know the flaws in the...

Economic and Monetary Union (23 May 2012)

Michael Noonan: There is no silver bullet that will resolve everything but they are a series of actions which taken together or in sequence can help to underpin the euro. Much of the work is already underway. The treaty is very important as a foundation stone and also the corrective action being taken in many European countries is very important. However, I also believe the change of emphasis in the...

Fiscal Code (23 May 2012)

Michael Noonan: The Deputy will be aware that Ireland is scheduled to exit the EU-IMF programme of financial support at the end of 2013. Our general Government balance targets, GGB, for 2014 and 2015, were agreed with the ECOFIN Council in December 2010. The maximum GGB permitted is minus 5.1 % of GDP in 2014 and minus 2.9 % in 2015. On the basis of the macro-economic and fiscal projections set out in...

Fiscal Code (23 May 2012)

Michael Noonan: With respect to the Deputy, he is mixing up the structural deficit with the nominal deficit.

Fiscal Code (23 May 2012)

Michael Noonan: He is. He is talking about the target for 2015 of getting below 3%, which is the nominal deficit. Of course, the pace of growth and inflation has an influence on that. The advice to me at present is that we will meet that target provided we meet the targets of adjustment that were set out in the programme. Before the Deputy came into the Chamber, I quoted what Professor McHale said about...

Fiscal Code (23 May 2012)

Michael Noonan: The latest set of forecasts was published this week by the OECD, which said that the world is working its way out of recession. It named some of the bigger economies that are doing well. It also said its estimate of growth in Ireland for 2012 is 0.6%, and 2% for 2013. That is actual growth, not nominal growth. One must put inflation on top of that when one looks at the figure on which the...

Fiscal Code (23 May 2012)

Michael Noonan: There is no veto and that has been explained several times.

Fiscal Code (23 May 2012)

Michael Noonan: The Deputy does not have to turn to me or the Department because the Commission has explained all this. If he looks to the Commission's advice, he will see how it is explained.

Fiscal Code (23 May 2012)

Michael Noonan: As I have explained, the estimate of the structural deficit, which the Deputy is using, is the European Commission's estimate. We have used that in the figures we have published. However we have now got written confirmation from the European Commission advising us that Ireland and other eurozone countries can use their own methodology and set of assumptions when estimating the structural...

Fiscal Code (23 May 2012)

Michael Noonan: It is not our estimate, it is the estimate-----