Results 23,741-23,760 of 27,019 for speaker:Michael Noonan

Written Answers — Tax Reliefs: Tax Reliefs (6 Oct 2011)

Michael Noonan: I am advised by the Revenue Commissioners that, having reviewed the case, the Revenue Job Assist tax credit has been granted to this person. Revenue have arranged for the issue of an amended certificate of tax credits and have written to the taxpayer advising him of the position.

Written Answers — Departmental Reports: Departmental Reports (6 Oct 2011)

Michael Noonan: I assume that the Deputy is referring to media speculation in relation to recommendations which may be contained in the Report of an Inter-Departmental group which, prior to the Summer recess, was asked by the Economic Management Council to consider further necessary actions to alleviate the increasing problem of mortgage over-indebtedness. The outcome of the work carried out by the group,...

Written Answers — Consultancy Contracts: Consultancy Contracts (6 Oct 2011)

Michael Noonan: The 2011 Estimate for my Vote includes the following provision for consultancy expenditure: Administrative Budget €0.028 million. Consultancy costs associated with the stabilisation of the Banking Sector €3.515 million. At this point I do not envisage that the full allocation will be required but, due to the uncertain nature of the work, the final requirement cannot be predicted...

Seanad: National Asset Management Agency (6 Oct 2011)

Michael Noonan: I thank Senator Byrne for raising this issue. Section 10(2) of the National Asset Management Agency Act provides that NAMA shall obtain the best achievable financial return for the State with regard to its operations. NAMA assures me that it is fully focused on doing just that. The chairman of NAMA recently informed the Joint Committee on Finance, Public Expenditure and Reform that it...

Seanad: National Asset Management Agency (6 Oct 2011)

Michael Noonan: NAMA is independent under the legislation that established it. Senator Byrne tabled a question on the Adjournment and NAMA provided me with the information on the point raised by Senator Byrne. It is not correct to say that NAMA does not try to realise the full amount owed by any debtor. The intention is to get 100% but we know that that is unrealistic in many cases.

Seanad: National Asset Management Agency (6 Oct 2011)

Michael Noonan: NAMA must do its best. It is using market forces to recover as much as it can. The alternative is to appoint receivers, which costs €180 an hour, and there is no incentive other than to run down the business, sell the assets and give whatever is left to the creditors.

Seanad: National Asset Management Agency (6 Oct 2011)

Michael Noonan: No, just this one.

Seanad: National Asset Management Agency (6 Oct 2011)

Michael Noonan: I hear what Senator Byrne is saying. There are many unsatisfactory aspects to the situation of the past 12 months.

Seanad: National Asset Management Agency (6 Oct 2011)

Michael Noonan: These are new ways of dealing with unprecedented crises and they must be adjusted in light of experience. We will take the views of Senator Byrne into account.

Seanad: Statements on Finance (6 Oct 2011)

Michael Noonan: We do not want a Greek tragedy every four or five years. We must make sure it does not happen again, and that is the governance issues. The six pack of measures for Governments was adopted at the Luxembourg ECOFIN. It will come through the Houses of the Oireachtas because we will have to legislate to put it in place but that is a very strong element of governance and it will have to...

Seanad: Statements on Finance (6 Oct 2011)

Michael Noonan: Senator Sheahan asked about the credit union movement. The restructuring of the banks has been mentioned. The last element of the financial retail industry that must be restructured is the credit unions. It is an open secret that while the credit unions have done wonderful work down the years and one could not be complimentary enough about the volunteers who give of their time to provide...

Seanad: Statements on Finance (6 Oct 2011)

Michael Noonan: I know what the Senator is saying. There is no easy way through this and no button we can press to avail of it but I am conscious of what the Senator has said. Issues arise from it. The report of the interdepartmental group on impaired mortgages will be published next week and we will debate it in both Houses. We will see what comes of it. The idea is that it is not a report to be put on...

Seanad: Statements on Finance (6 Oct 2011)

Michael Noonan: Not because of the levy.

Seanad: Statements on Finance (6 Oct 2011)

Michael Noonan: I thank all the Senators who asked questions. Senator van Turnhout's questions are matters that might be the subject of discussion under the expenditure review and in the first instance, the Minister for Public Expenditure and Reform, Deputy Howlin, is interchanged with the Department of Social Protection. I do not know of any intention he has to move adversely into that area. It is a...

Seanad: Statements on Finance (6 Oct 2011)

Michael Noonan: The Senator's party picked them well.

Seanad: Statements on Finance (6 Oct 2011)

Michael Noonan: I thank Senator Byrne for his support with regard to the credit unions. It is very important that the regulatory authorities be supported as they move to recapitalise the credit unions. Every Senator and Deputy will be lobbied. It is not so long ago, this time last year, since we were being assured by all the banks that the Irish banking industry was completely different, that there were...

Seanad: Statements on Finance (6 Oct 2011)

Michael Noonan: I do not know whether they got that advice, but that was the situation. Many of the credit unions are fine, but several were seriously impaired. Therefore, one should check the facts before running with what one is told. There is some mismanagement and, naturally, people who mismanage will give their side of the story. The issue must be approached systematically. I appreciate what the...

Seanad: Statements on Finance (6 Oct 2011)

Michael Noonan: Senator Mooney asked about the taxation. There is little enough scope and we have ruled out income tax increases. Therefore, we will have to look at other tax heads. The figure of €3.6 billion is the correction in the breakdown, but it is not the target. The target is a deficit of €8.6 billion. The €3.6 is a variable and the variation will be upward rather than downward.

Seanad: Statements on Finance (6 Oct 2011)

Michael Noonan: It is a different debate as to whether we would voluntarily go further. The point I am making is that if we make an adjustment of €3.6 billion, we may not reach a deficit of €8.6 billion. With that, we have to go further just to arrive at €8.6 billion. Whether, as a policy measure, it would be desirable to go further is another issue. We are pitching for the deficit of €8.6...

Seanad: Statements on Finance (6 Oct 2011)

Michael Noonan: There are some things in the capital budget we do not need now in a smaller economy. We must be realistic about these things. Senator Mooney will know how the Keynesian model works - where there is a multiplier effect. We are such an open economy now that the multiplier effect on capital investment is about one and not much more than that. Therefore, we do not get the ongoing bang that...