Results 23,381-23,400 of 27,019 for speaker:Michael Noonan

EU-IMF Programme (15 Nov 2011)

Michael Noonan: In answer to what I believe will happen, I was here for five months listening to people shouting to me that we would never get a reduction in the interest rate, but we did. Negotiation with the European authorities is a lengthy process that goes inch by inch. We are moving it forward inch by inch. My present objective is to seek a reduction in the overall burden of the debt on the...

General Government Debt (15 Nov 2011)

Michael Noonan: GDP data for the first half of 2011 confirm that recovery is under way. Growth is being driven by the traded sector, with exports of goods and services increasing by more than 6% on an annual basis in the first quarter and, despite weaker levels of activity in our main trading partners, by close to 5% in the second quarter. These strong levels of export growth partly reflect the very...

General Government Debt (15 Nov 2011)

Michael Noonan: The Deputy is correct to point to the volatility of the situation in Europe, a situation that has been volatile for some time now. This obviously has an adverse effect on economic growth, real and forecasted. It is hoped that as things proceed there will be a settlement. The Deputy is correct that the situation remains volatile, which is disappointing from Ireland's perspective given we...

General Government Debt (15 Nov 2011)

Michael Noonan: It plans to enter the markets earlier than that but with a view to testing the market rather than being fully funded. The Deputy will note that the secondary market is volatile and responds with reasonably large movements to small levels of purchasing or selling. It is difficult to know what will be the appropriate bond price for Ireland until such time as the market has been tested.

General Government Debt (15 Nov 2011)

Michael Noonan: I have not sought any commitment from the ECB about the secondary market. Because we are not in the primary market at this stage it would be premature to have any such discussions. The NTMA is of the same view it has held for the past number of months that it will be possible to get back into the market around the date I indicated and it has not changed its position in this regard.

Economic and Monetary Union (15 Nov 2011)

Michael Noonan: The scenario to which the Deputy refers is a purely hypothetical one and I will not add to speculation in that regard. Indeed, I note that over the weekend there was clarification from Germany and France that they are not proposing any break-up of the euro area but rather are talking about making the euro area work better. However, it is abundantly clear that we are at an important juncture....

Economic and Monetary Union (15 Nov 2011)

Michael Noonan: The Deputy referred to the German finance Minister. I would refer him to a very long interview that minister did with Le Monde, published on Sunday, in which he gave an absolute commitment to the future of the eurozone. He stated his ambition was for the euro to grow to be the most significant reserve currency in the world, that he was confident of its future and that we needed greater...

Economic and Monetary Union (15 Nov 2011)

Michael Noonan: I am glad to see the Deputy pledging support for the euro after his party campaigned against it in the Maastricht and Lisbon treaty referendums-----

Economic and Monetary Union (15 Nov 2011)

Michael Noonan: -----and in every other treaty that advanced the European cause. I am very pleased by that.

Economic and Monetary Union (15 Nov 2011)

Michael Noonan: The Deputy quoted the German finance Minister as evidence but that utterance could apply to anybody in government, any time, anywhere. It would be a very bad government that did not plan for the future. That is all the Minister said. We take the same position.

Economic and Monetary Union (15 Nov 2011)

Michael Noonan: It would be a very bad government that does not plan for the future.

Financial Services Regulation (15 Nov 2011)

Michael Noonan: I welcome any initiatives by the Central Bank in efforts to help homeowners who are struggling with mortgage repayments. Neither the Central Bank nor I, as Minister for Finance, has a statutory role in the setting of interest rates charged or paid by financial institutions that are regulated by the Central Bank. However, I very much welcome the decision by the lenders who have decided to...

Financial Services Regulation (15 Nov 2011)

Michael Noonan: The Deputy is correct. There is a wide variation in mortgage charges. AIB has confirmed that it is reducing its 3.25% rate to 3%. No change has been signalled in Bank of Ireland's 3.95% rate. EBS has confirmed that it is reducing its 4.93% rate to 4.68%. Irish Nationwide has confirmed that it is reducing its 4.48% rate to 4.23%. KBC has confirmed that it is reducing its 4.5% rate to...

Financial Services Regulation (15 Nov 2011)

Michael Noonan: It is not possible for any regime to control the interest rates that are charged without controlling the interest rates on deposits at the same time. The two of them have to go together. If the Deputy would like to make some proposals, we will consider them carefully. We would welcome them. The Deputy Governor and Financial Regulator, Mr. Matthew Elderfield, is very active in this regard....

Financial Services Regulation (15 Nov 2011)

Michael Noonan: The banks are regulated by the Central Bank through the Governor and the Deputy Governor. Ministers meet people all the time every day. We meet people on the basis that we have full and frank discussions on issues which are confidential. I cannot go into the detail of our discussions with Bank of Ireland or any other bank but I am giving the Deputy the result of the discussions. The...

Fiscal Policy (15 Nov 2011)

Michael Noonan: The Irish fiscal advisory council in its first fiscal assessment report published in October stated that it sees a strong argument for strengthening the budgetary consolidation effort and targeting a general government deficit of 1% of GDP by 2015, as compared to the target of having a deficit below 3% by that year. In that regard, the council recommended the implementation of a €4.4...

Fiscal Policy (15 Nov 2011)

Michael Noonan: It is always a question of judgment. There is a lot of advice saying we should front-load the adjustment and there are people who say we are going too fast already. The debate is about whether we reduce demand in the domestic economy unduly so that any hope of growth goes out the window. It is a moot point. I thought the report by the fiscal advisory council was very good and I thank the...

Fiscal Policy (15 Nov 2011)

Michael Noonan: We have made a commitment to do so but it will not be in this term.

Fiscal Policy (15 Nov 2011)

Michael Noonan: Harold Wilson said a week is a long time in politics. Six months is a very long time in the life of the European economy. One must recall that 12 months ago, we were not in the programme. Look at all that has happened since then. The Government has been in office for approximately seven months and look at all that has happened since then. To project to 2015 and to ask me to give a view...

Fiscal Policy (15 Nov 2011)

Michael Noonan: To translate that into very simple terms, in the Irish economy, every 1% reduction in growth rates is 0.5% of GDP. Some 0.5% of GDP up or down generates or takes out approximately €800 million in tax receipts. That is the level of adjustment we made in preparation for this budget. If we had not done the mark down, we would have approximately €700 million extra available to us. We are...