Results 22,601-22,620 of 27,019 for speaker:Michael Noonan

Written Answers — Economic Growth: Economic Growth (31 Jan 2012)

Michael Noonan: The European Commission released its Autumn Economic Forecast on 10th November 2011. The Commission believes that the global economy has moved to a lower growth trajectory and that real GDP growth in the EU came to a standstill around the end of 2011. Only in the second half of 2012 is a return to economic growth expected. GDP growth in 2011 is estimated at 1.5% in the euro area and 1.6%...

Written Answers — EU-IMF Programme: EU-IMF Programme (31 Jan 2012)

Michael Noonan: The last time that I met formally with US Treasury Secretary Timothy Geithner was in June of last year in Washington. In terms of the discussion, I assured Secretary Geithner that our programme was on track, as had been confirmed in various quarterly reviews, and that political ownership of the programme was strong. Macroeconomic developments at both the European and global level were also...

Written Answers — Flood Insurance: Flood Insurance (31 Jan 2012)

Michael Noonan: I have no plans to introduce a type of Government backed insurance scheme outlined by the Deputy. The possible introduction of a scheme to protect householders who cannot obtain flood insurance from insurance companies was examined in 2010. However, at that time the Government concluded that such an approach was not financially viable. In particular, there were concerns that, over time,...

Written Answers — Pension Provisions: Pension Provisions (31 Jan 2012)

Michael Noonan: The following are the current arrangements which apply in relation to the taxation of retirement lump sums paid under Revenue approved pension arrangements. These arrangements apply in both the public and private sectors and were introduced in Budget and Finance Act 2011: - Retirement lump sum amounts up to €200,000 are paid free of tax. They are also paid free of the Universal Social...

Written Answers — Tax Code: Tax Code (31 Jan 2012)

Michael Noonan: As I have stated clearly in the past, if such a tax cannot be introduced on a global basis, I think it would be better if it were introduced on an EU-wide basis. This would prevent any distortion of activity within the Union. Our major concern is that, if an FTT is introduced, it could affect the financial services industry, especially in the IFSC, and lead to some activities and jobs moving...

Written Answers — Budget Submissions: Budget Submissions (31 Jan 2012)

Michael Noonan: I met with a number of groups as part of the Budget 2012 process. These included ICTU, IBEC, the IFA, the ICMSA, the CIF and the Community and Voluntary Pillar. As the Deputy will be aware, the Pillar is comprised of seventeen organisations representing the interests of people from many different sectors of society. In addition, my Department received in the order of 700 submissions from...

Written Answers — Jobs Initiative: Jobs Initiative (31 Jan 2012)

Michael Noonan: As set out in Budget 2012, my Department expects the unemployment rate to gradually decline as the economy recovers. At present, the labour market is still in a weak state, as confirmed by the latest CSO Quarterly National Household Survey data. The unemployment rate is unacceptably high and people are still losing jobs. At the same time, some jobs are being created. Figures from the...

Written Answers — Eurobond Scheme: Eurobond Scheme (31 Jan 2012)

Michael Noonan: In November last year, the European Commission published a Green Paper on the feasibility of introducing Stability Bonds. The paper analyses the potential benefits and challenges of a number of approaches to common sovereign debt issuance among euro area Member States. In terms of process, the Commission is expected to indicate its views on the best way forward in mid-February, on the basis...

Written Answers — European Council Meetings: European Council Meetings (31 Jan 2012)

Michael Noonan: I propose to take Questions Nos. 168 and 173 together. As of the European Council meeting last night, 25 of the 27 EU Member States signed up to an intergovernmental agreement. The intention is to have the agreement signed in March. In these negotiations the Government at all times sought to protect Ireland's interests and also the jobs in the IFSC. In particular, while it was not mentioned...

Written Answers — EU-IMF Programme: EU-IMF Programme (31 Jan 2012)

Michael Noonan: My colleague, the Minister for Public Expenditure and Reform, Mr Brendan Howlin T.D., and I met with the EU-IMF delegation during the recent quarterly review of the EU / IMF Programme of Financial Support for Ireland. These meetings were also attended by senior officials from both Departments. A wide range of topics was covered at these meetings, including financial reforms, structural...

Written Answers — Tax Collection: Tax Collection (31 Jan 2012)

Michael Noonan: Deputy Martin will be aware that the Chairman of the Revenue Commissioners, at a meeting on 11 January 2012 of the Joint Committee on Finance, Public Expenditure and Reform, explained to the Committee Revenue's approach to using data that the Commissioners received from the DSP on long-term pension payments. The Chairman explained that Revenue's role is to collect the right amount of tax...

Written Answers — Economic and Monetary Union: Economic and Monetary Union (31 Jan 2012)

Michael Noonan: The Treaty on Stability, Coordination and Governance in the Economic and Monetary Union represents a major step forward in terms of economic cooperation in the euro area. The measures contained in the Treaty will go a long way towards addressing many of the root causes of the current crisis, and will ensure much greater fiscal discipline, improved policy co-ordination and convergence, as...

Written Answers — Proposed Legislation: Proposed Legislation (31 Jan 2012)

Michael Noonan: I have no plans to introduce consumer legislation into the area of mortgage rate reductions. In late 2011 the Taoiseach asked for the Central Bank's opinion on recent developments in mortgage interest rates and on possible action by the Central Bank in that regard. In response to the Taoiseach's request, the Deputy Governor wrote to him on 11 November 2011. In his letter the Deputy...

Written Answers — Jobs Initiative: Jobs Initiative (31 Jan 2012)

Michael Noonan: I propose to take Questions Nos. 175 and 182 together. The Jobs Initiative introduced last year brought forward a number of targeted sectoral measures and tax/PRSI changes designed to assist in employment generation, to provide opportunities for those who have lost their jobs and thus generate confidence in the economy. These included a new second reduced VAT rate of 9% aimed primarily at...

Written Answers — Unemployment Levels: Unemployment Levels (31 Jan 2012)

Michael Noonan: The Deputy will be aware that the budgetary documentation which I provided to the House in December contains more up-to-date forecasts than the medium term fiscal statement. The unemployment rate is projected to fall over the coming years but to remain elevated. For 2015, my Department is forecasting an unemployment rate of 11.6 per cent. This figure is a forecast as opposed to a target. It...

Written Answers — Tax Code: Tax Code (31 Jan 2012)

Michael Noonan: The standard VAT rate was increased in the budget from 21% to 23% as part of a general package of raising revenues measures to contribute to Exchequer funding and is in line with commitments made in the Programme for Government and in the EU/IMF Programme. The €670 million raised by this VAT increase will go some way towards funding other costs in Exchequer spending. As I said when I...

Written Answers — Tax Code: Tax Code (31 Jan 2012)

Michael Noonan: The Deputy will be aware that the Programme for Government is a comprehensive document containing many proposals and commitments. Some, such as the Jobs Initiative, have already been delivered; others will be progressed over the lifetime of this Government. The Programme notes that we will direct the Revenue Commissioners to examine the feasibility of introducing – on a revenue neutral...

Written Answers — Unemployment Levels: Unemployment Levels (31 Jan 2012)

Michael Noonan: Obviously as a small open economy whose recovery is being driven by exports, we will be affected by the soft patch that the European economy is currently going through, though competitiveness improvements evidenced in recent years will provide some support. I would also point out that as some of our exports are by their nature quite capital intensive, the impact on employment levels of a...

Written Answers — National Pension Reserve Fund: National Pension Reserve Fund (31 Jan 2012)

Michael Noonan: In September 2011 the Government announced the establishment of the New Economy and Recovery Authority (NewERA) within the NTMA and the establishment of the Strategic Investment Fund. NewERA will centralise the management of Government holdings in the commercial semi-state sector (initially the companies within NewERA's remit are ESB, EirGrid, Bord Gáis, Bord na Móna and Coillte) from a...

Written Answers — Tax Collection: Tax Collection (31 Jan 2012)

Michael Noonan: I am advised by the Revenue Commissioners that it is not possible to estimate the cost to the Irish economy in terms of employment due to tax evasion or avoidance. The measurement of the scale of tax evasion, often referred to as the shadow economy, is inherently difficult given the nature of the problem. There is no one internationally recognised and agreed measure, nor are there agreed...