Results 21,721-21,740 of 27,019 for speaker:Michael Noonan

Written Answers — Tax Yield: Tax Yield (18 Apr 2012)

Michael Noonan: I propose to take Questions Nos. 244 and 245 together. I am advised by the Revenue Commissioners that the information requested, estimated by reference to the income tax year 2012, is set out in the following table. Income Tax Post-Budget 2012 (Base year 2009) Range of Gross Income Income Tax % of Total Income Tax Yield €40,000 or less €1,207,918,600 10% €60,000 or greater...

Written Answers — Tax Code: Tax Code (18 Apr 2012)

Michael Noonan: I propose to take Questions Nos. 247, to 249, inclusive, together. I am advised by the Revenue Commissioners that the total identifiable costs to the Exchequer which are currently available relate to income tax and corporation tax allowances, reliefs, exemptions and tax credits available as set out in the following tables for 2008 and 2009, the most recent year for which the necessary...

Written Answers — Fiscal Policy: Fiscal Policy (18 Apr 2012)

Michael Noonan: The Deputy may be aware that a working group was set up between officials of my Department, the IRHA and some members of the Oireachtas. This working group is discussing a number of issues of concern to the haulage industry. I am sure the Deputy will understand that I cannot pre-empt the outcome of those discussions which are ongoing. I should point out that a fuel rebate system, as sought...

Written Answers — EU-IMF Agreement: EU-IMF Agreement (18 Apr 2012)

Michael Noonan: Review missions to Ireland by the three external partners, the EU, the ECB and the IMF (the Troika) take place on a quarterly basis. As the Deputy may be aware, a mission is currently in progress which began yesterday, Tuesday April 17th and will continue until Thursday April 26th. Verification of the relevant quarterly targets forms a key part of the mission. The Government has repeatedly...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (18 Apr 2012)

Michael Noonan: The debate around the adequacy of monitoring of private borrowing and lending during the years 2002 and 2008 has been addressed in various reports and studies into the Irish banking crisis. These reports from Professor Patrick Honohan, Messrs Regling and Watson and the Nyberg Commission identified that poor supervision, an overly-deferential attitude by regulators, poor assessment of risks...

Written Answers — Fiscal Policy: Fiscal Policy (18 Apr 2012)

Michael Noonan: My Eurogroup colleagues and I are acutely aware of the need for Member Sates to remain on the agreed fiscal path. We are also conscious of the institutional deficiencies that played a significant part in creating the crisis, and I think its fair to say that substantial progress has been made in terms of retro-fitting the necessary tools and mechanisms to make the monetary union function...

Written Answers — EU-IMF Agreement: EU-IMF Agreement (18 Apr 2012)

Michael Noonan: As the Deputy will be aware, Ireland's progress in implementing its programme targets is assessed through a quarterly review process. The mission element of the sixth review started this week. Our record of programme implementation has been second to none, a fact repeatedly acknowledged by the EU and IMF authorities. It is also recognised more widely. Each review is subject to approval by...

Written Answers — Fiscal Policy: Fiscal Policy (18 Apr 2012)

Michael Noonan: The annual rate of CPI inflation was 2.2 per cent in March. One of the key factors underlying this figure was higher fuel prices, partly reflecting external developments over which we have no control. On an EU harmonised basis, prices in Ireland also rose at an annual rate of 2.2 per cent in March, compared with 2.7 per cent in the euro area as a whole. In terms of the year as a whole, my...

Written Answers — Economic Competitiveness: Economic Competitiveness (18 Apr 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. On foot of these positive developments, we have seen a recovery in our exports as...

Written Answers — Fiscal Policy: Fiscal Policy (18 Apr 2012)

Michael Noonan: The first quarter Exchequer figures show that we are on course to reach the 8.6 per cent of GDP deficit target - in general government terms - for this year. While there are no economic targets per se the Government is pursuing an agenda to facilitate the return of sustainable economic growth, and in this context the resumption of economic growth last year is encouraging. Furthermore as the...

Written Answers — Departmental Expenditure: Departmental Expenditure (18 Apr 2012)

Michael Noonan: In the period in question no State companies under the aegis of my Department have used overseas printing companies.

EU-IMF Agreement (18 Apr 2012)

Michael Noonan: The decision by the troika not to meet Opposition party members on this occasion was a decision made and announced by the troika. They make their own arrangements when they come here on how they will relate to different groups in society, different Departments and so on. That is what they have done on this occasion. On the programme, the first thing we always do is to have a general...

EU-IMF Agreement (18 Apr 2012)

Michael Noonan: They informed the Department of Finance, which informed me and my officials, and, of course, I informed the Government that they were not meeting the Opposition on this occasion. I suggested that a formula that might suit their concerns would be to meet the finance committee of the House, on which all parties would be represented, and to do it in public session because they had a fear of...

Economic Growth (18 Apr 2012)

Michael Noonan: At budget time, over four months ago at this stage, my Department projected that the economy would expand by 1.3% this year, which was in line with the prevailing consensus at the time. The Irish Fiscal Advisory Council, in its recent report, outlines that the macroeconomic forecasts underpinning the budget were appropriate at the time. However, the council also outlines that the recent...

Economic Growth (18 Apr 2012)

Michael Noonan: I am quite confident that we will meet our target of 8.6% on the deficit this year. Budgets are built not on real growth but on nominal growth, because it is nominal growth that generates tax. The nominal growth we built the budget on was 2.5%. Even with a growth rate of 0.7%, which is on the average and is where the Fiscal Council is coming in, the inflation rate as last measured by the...

Economic Growth (18 Apr 2012)

Michael Noonan: We had three years of continuing decline where the economy in nominal terms went down by about 20%.

Economic Growth (18 Apr 2012)

Michael Noonan: In our first year in Government, 2011, the economy grew by about 1% and it is growing again this year. As long as the economy is growing, we are getting out of the problems we are in and we are driving forward. The Deputy cannot question that but he can question the pace of the recovery. If we have to mark down growth figures, it slows the pace. I would prefer if the economy were growing...

Economic Growth (18 Apr 2012)

Michael Noonan: One could pick any figure but one should examine the matter in its overall context. We expect to collect approximately €36 billion in taxes in 2012. Already, we are almost €400 million ahead in the first quarter. Let us consider the debt servicing costs. I have explained the €90 million additional cost on the promissory note. The debt servicing costs for the first quarter are €70...

Fiscal Policy (18 Apr 2012)

Michael Noonan: The Deputy may be aware that a working group was set up between officials of my Department, the Irish Road Haulage Association, IRHA, and some Members. The working group is discussing several issues of concern to the haulage industry. The Deputy will understand that I cannot pre-empt the outcome of these discussions, which are ongoing. A fuel rebate system, as sought by the IRHA, could not...

Fiscal Policy (18 Apr 2012)

Michael Noonan: It would be a mistake to time-limit discussions of a working group so I will not put a time limit on it. However, there appears to have been a good exchange of views to date as well as serious discussions on the proposals made by the Irish Road Haulage Association. Irish hauliers are impacted in the same way as those throughout Europe. Diesel and petrol prices have gone up throughout...