Results 23,761-23,780 of 27,019 for speaker:Michael Noonan
- Seanad: Statements on Finance (6 Oct 2011)
Michael Noonan: The Minister for Public Expenditure and Reform, Deputy Howlin, has brought forward a new pension Bill. While it does not move mandatory retirement, it moves the age upwards and by the mid-2020s the retirement age will be 68 rather than the current age. Therefore, there is movement in the direction required, but by a different means. Please remind me of the second question.
- Seanad: Statements on Finance (6 Oct 2011)
Michael Noonan: There has been mixed advice on that, but I am looking at it. A proposal in the Fine Gael programme for Government suggested that people would be allowed draw down 2.5% of their fund for each of four consecutive years, a total of 10%. However, that proposal was not carried forward into the programme for Government. We are looking at the possibilities. There is a case for and against. We...
- Seanad: Statements on Finance (6 Oct 2011)
Michael Noonan: There are various estimates, but how can we know the real figure with illegal activity? We just have a rough estimate. I can get some figures on it for the Senator, but I would not vouch for their accuracy.
- Seanad: Statements on Finance (6 Oct 2011)
Michael Noonan: People must make up their own minds on that. The big run of retirements from the public service are people who can retire up to February of 2012 and have their pension based on public service pay before the reductions were introduced. That is the big incentive and quite a lot of people are contemplating that. I cannot be more accurate than that. I will have to get the figure with regard to...
- Seanad: Statements on Finance (6 Oct 2011)
Michael Noonan: I thank the Acting Chairman. I am pleased to be in the Seanad to discuss the latest economic and financial developments. At the outset, I wish to highlight that, notwithstanding the more negative view of the euro area and global economies which has emerged recently, both market and international sentiment towards Ireland has improved since the summer. I believe that this reflects a number...
- Seanad: Statements on Finance (6 Oct 2011)
Michael Noonan: I am at the disposal of the House if Members want me to answer questions.
- Seanad: Statements on Finance (6 Oct 2011)
Michael Noonan: I thank all Senators for their contributions and I hope to answer the questions of other Senators once I have made my initial response. There are many questions but some Members went over the same ground. I will give a quick run through and if I leave anything out, they can remind me and I will come back to it. The jobs initiative was funded by and large, as Senator O'Brien said, by a levy...
- Seanad: Statements on Finance (6 Oct 2011)
Michael Noonan: -----the facts.
- Seanad: Statements on Finance (6 Oct 2011)
Michael Noonan: I challenge Senator O'Brien and anyone else who wants to contribute to the debate-----
- Seanad: Statements on Finance (6 Oct 2011)
Michael Noonan: -----to explain how a 0.6% levy on a pension fund leads to a drop of 10% of the payout on an annual basis. Does the Senator know what is going on? That is people in badly managed pension funds-----
- Seanad: Statements on Finance (6 Oct 2011)
Michael Noonan: -----pretending that the loss in the fund is due to the levy-----
- Seanad: Statements on Finance (6 Oct 2011)
Michael Noonan: -----when the loss is due to the defining market and, in some cases, their own mismanagement.
- Seanad: Statements on Finance (6 Oct 2011)
Michael Noonan: Yes, in some cases. I will subject any of the extravagant claims to audit if they send me their full returns-----
- Seanad: Statements on Finance (6 Oct 2011)
Michael Noonan: -----but I cannot understand how a 0.6% levy on a pension fund leads to a reduction in pension payouts of 10% per annum to the beneficiaries. That makes no financial sense and it is a made up story-----
- Seanad: Statements on Finance (6 Oct 2011)
Michael Noonan: -----to hide something else.
- Seanad: Statements on Finance (6 Oct 2011)
Michael Noonan: The Senator asked other questions about the effectiveness of the jobs initiative. Anybody who got even a week's holidays this summer will be aware that it had a big impact on the hospitality industry. There were more people in coffee shops, bars and restaurants this summer. People were going out again and they were spending. It was a confidence builder but it also reduced the prices. We...
- Seanad: Statements on Finance (6 Oct 2011)
Michael Noonan: I will tell the Senator privately. NewERA is another example of new thinking, and I hope it works. The concept is simple. There is money in the pension fund. There is money that we hope we will be allowed use from the sale of State assets. We do not have a bob to put into any kind of stimulus package in the economy to develop new infrastructure, and we are trying to fund it in a different...
- Written Answers — Licensed Moneylenders: Licensed Moneylenders (5 Oct 2011)
Michael Noonan: Firstly, I wish to assure the Deputy that there is a comprehensive regulatory licensing system in place for moneylenders. Moneylenders have to apply to the Central Bank annually to have their licences renewed. Section 93 of the Consumer Credit Act 1995 (the Act) sets out the Central Bank's powers in relation to the grant or refusal of a moneylender's licence. The appropriate moneylending...
- Written Answers — Budget Submissions: Budget Submissions (5 Oct 2011)
Michael Noonan: I understand the Deputy to be referring to a process whereby each element of revenue and expenditure contained within the Budget would be examined to assess its impacts on gender equality. As the Deputy is aware, the Government's primary focus at the moment, as regards budgetary matters, is on reducing the deficit further and returning sustainability to the public finances in the coming...
- Written Answers — Fiscal Policy: Fiscal Policy (5 Oct 2011)
Michael Noonan: The economic crisis and the recent euro-area debt crisis highlighted deficiencies in the current EU economic governance system and illustrated that broader and enhanced surveillance of member states' fiscal and macroeconomic policies is required in order to ensure financial and economic stability within the Euro Area. In March of this year the European Commission proposed a comprehensive and...