Results 22,041-22,060 of 27,019 for speaker:Michael Noonan

Written Answers — Banking Sector Regulation: Banking Sector Regulation (8 Mar 2012)

Michael Noonan: The Central Bank has advised me that they wrote to all mortgage lenders in 2010 to ascertain whether they were offering, or intended to offer, a mortgage product that would allow home owners to sell their existing home and transfer the negative equity portion of the original loan to the new loan. In order to ensure that proposals in relation to such mortgages are consistent with the Central...

Written Answers — Tax Reliefs: Tax Reliefs (8 Mar 2012)

Michael Noonan: I am informed by Revenue Commissioners that it has been in contact with all qualifying lenders to ensure the necessary software changes to the lenders' Tax Relief at Source systems are made to cater for the new 30% rate of tax relief and pass on the increased rate of relief to borrowers without undue delay. Testing of software programmes designed to implement the new rate has commenced with...

Seanad: Euro Area Loan Facility (Amendment) Bill 2012: Second Stage (8 Mar 2012)

Michael Noonan: Before I outline the purpose and content of the Bill, I thank the Senators for agreeing to discuss and consider all Stages of the Euro Area Loan Facility (Amendment) Bill 2012 today at short notice. Although it is a fairly technical Bill, it is critical to the public finances and our economy. Enactment of the Bill is required to allow Ireland to ratify the changes to the Greek loan...

Seanad: Euro Area Loan Facility (Amendment) Bill 2012: Second Stage (8 Mar 2012)

Michael Noonan: I thank all the Senators who participated in this important debate. The Bill is technical and looks complex on first reading. However, the bottom line is simple enough. If Ireland and the other partner countries in Europe fail to legislate to amend the Greek programme to allow a second bailout, the €130 billion that Greece needs during March to avoid default cannot be paid. Senator...

Seanad: Euro Area Loan Facility (Amendment) Bill 2012: Second Stage (8 Mar 2012)

Michael Noonan: Obviously the European Central Bank does not have the legal authority to get involved in quantitative easing, but under the new director, Mr. Draghi, more imaginative approaches seem to be taken and there are elements of demand stimulus now in Europe also. Some Senators raised the issue of euro bonds. While, when viewed on a week-to-week basis, one might think that little is happening, over...

Seanad: Euro Area Loan Facility (Amendment) Bill 2012: Second Stage (8 Mar 2012)

Michael Noonan: I will not be commenting on Goldman Sachs at the moment, but our position is sustainable and we will continue.

Euro Area Loan Facility (Amendment) Bill 2012: Second Stage (Resumed) (7 Mar 2012)

Michael Noonan: I thank the House for agreeing to discuss the Bill in order that we can conclude the debate tonight. The Bill is needed urgently to allow Ireland to ratify the changes to the Greek loan facility to implement the new programme of assistance for Greece as agreed by the euro group Finance Ministers on 20 February 2012. I thank Deputies on all sides of the House for their constructive and...

Euro Area Loan Facility (Amendment) Bill 2012: Second Stage (Resumed) (7 Mar 2012)

Michael Noonan: We do not vote in our Prime Minister by a vote of the people and, therefore, I do not see how the charge that the Greek Administration is not democratic stands up. It was a free choice. The government is an all-party coalition. The centre right parties would not agree to participate in government with Mr. Papandreou continuing as Prime Minister and the arrangement was to appoint a new...

Euro Area Loan Facility (Amendment) Bill 2012: Second Stage (Resumed) (7 Mar 2012)

Michael Noonan: That is also reflected by some of the socialist Members. Deputy Boyd Barrett said this will not work. Does he believe we should turn off the tap, not give them any money and put them in a position where services are closed?

Euro Area Loan Facility (Amendment) Bill 2012: Second Stage (Resumed) (7 Mar 2012)

Michael Noonan: Does the Deputy think that is support for the Greek people? It is a ridiculous position to maintain and if he had any sense of embarrassment or shame, he would not vote against the Bill because it is intended to aid the Greek people. It is essential that they get this money quickly. Deputy Joe Higgins claimed that the problem in Greece was German capitalism. In one of our frequent...

Euro Area Loan Facility (Amendment) Bill 2012: Second Stage (Resumed) (7 Mar 2012)

Michael Noonan: Socialist governments in Portugal and Greece were unable to manage the problem.

Euro Area Loan Facility (Amendment) Bill 2012: Second Stage (Resumed) (7 Mar 2012)

Michael Noonan: Of course, the banks caused the problem as well, but the Sinn Féin and socialist position that Greece might need the money and people might go hungry but, for the sake of a principle, they will not give them €130 billion they need to keep the country going for the next few years is ludicrous. These amendments will allow for three key changes to the loan facility: a further increase of the...

Written Answers — Tax Collection: Tax Collection (7 Mar 2012)

Michael Noonan: I am advised by the Revenue Commissioners that their tax compliance programmes are under constant review to ensure that they are focussed on the areas of greatest risk, including risks from the shadow/hidden economy. Revenue tackles the problem of the shadow/hidden economy through its range of compliance and audit interventions including through targeted special projects. Case interventions...

Written Answers — Fiscal Policy: Fiscal Policy (7 Mar 2012)

Michael Noonan: The Government considers that the best means to improve consumer confidence is to restore sustainability to the public finances, repair the banking system and return the economy to sustainable growth. Effectively addressing these three areas will result in increased employment, investment and consumer spending and will be key in driving this country forward. Looking more specifically at what...

Written Answers — EU Treaties: EU Treaties (7 Mar 2012)

Michael Noonan: The European Stability Mechanism (ESM) Treaty, which was signed by all Euro Area Member States on 2 February, subject to ratification, provides "that the granting of financial assistance in the framework of new programmes under the ESM will be conditional, as of 1 March 2013, on the ratification of the TSCG by the ESM Member concerned" and on implementation of the balanced budget rule as...

Written Answers — Tax Reliefs: Tax Reliefs (7 Mar 2012)

Michael Noonan: The position is as I stated in my Budget day speech, that the Government has now fulfilled its commitment contained in the programme for Government to increase the rate of mortgage interest relief to 30 per cent for first-time buyers who took out their first mortgage in the period 2004 to 2008. I have sought to be as flexible as possible within the constraints pertaining. Under the...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (7 Mar 2012)

Michael Noonan: I propose to take Questions Nos. 39 and 41 together. As the Deputy is aware the day-to-day operation of the bank is a matter for the Board of the bank. PQ 31 of 22 February 2012 was interpreted to inquire about the Minister's involvement in the approval of the engagement referred to in the question. In reply, it was indicated that no notice requiring the Minister's approval was received as in...

Written Answers — Sovereign Debt: Sovereign Debt (7 Mar 2012)

Michael Noonan: The information which the Deputy requests is set out in the table. In regards to Government debt, the General Government debt is the standard measurement of gross indebtedness used for comparative purposes within the EU and, as such, is often expressed as a percentage of GDP. Historical figures for the General Government debt back to 1970 are not available as the harmonised methodology for...

Written Answers — Appointments to State Boards: Appointments to State Boards (7 Mar 2012)

Michael Noonan: In response to the Deputy's question during since 1 January 2009 the National Asset Management Agency (NAMA) was established in December 2009. The Chief Executive Officer of NAMA Mr. Brendan McDonagh is an ex officio member of the Board. In addition, since 1 January 2009, Mr. Mike Aynsley was appointed as Chief Executive Officer and a board member of the Irish Bank Resolution Company...

Written Answers — Tax Code: Tax Code (6 Mar 2012)

Michael Noonan: A derogation under EU Directive 2003/96 on Energy Taxation allowed the application of a reduced rate of Mineral Oil Tax to fuel used for the purposes of certain road passenger services. That derogation has expired and the arrangement was, therefore, terminated by the Finance Act 2008. It would not be possible, having regard to the relevant provisions of EU law, to re-introduce a scheme of...