Results 23,841-23,860 of 27,019 for speaker:Michael Noonan
- Recent Developments in the Eurozone: Statements (5 Oct 2011)
Michael Noonan: A debt write-down has been negotiated in Greece. This is voluntary in nature and it was negotiated by the authorities with the banks which had lent money to Greece. It is worth approximately 21% of the country's debt and in quantitative terms the write-down will be in the region of â¬24 billion over a significant period. As stated, the write-down was voluntary and while it was a credit...
- Recent Developments in the Eurozone: Statements (5 Oct 2011)
Michael Noonan: While I disagree with the conclusions reached, if one considers the relevant data, it is obvious that sufficient funds are available in order to recapitalise those European banks which require it. I do not agree with the conclusion reached at the time that only four or five banks required recapitalisation. If one considers the data in the context of where the line was drawn, one will see...
- Recent Developments in the Eurozone: Statements (5 Oct 2011)
Michael Noonan: A full debate took place in the European Parliament on the six pack of measures to which Deputy Clare Daly referred. This House will also engage in a full debate on them. I would be here through Private Members' time if I outlined it in detail. In general terms it is the development of the stability and growth pact with the right to intervene earlier in the budgetary process. There are...
- Recent Developments in the Eurozone: Statements (5 Oct 2011)
Michael Noonan: There will be a full debate on it. We are not contributing to the European Financial Stability Facility, EFSF, because we are one of the programme countries. Subject to verification of the figures, the contribution to the European Financial Stabilisation Mechanism, EFSM, is 1.75% of the total fund. That is paid over five years. I slightly overstated the figure, it is actually 1.592% of...
- Recent Developments in the Eurozone: Statements (5 Oct 2011)
Michael Noonan: Ireland's share of the â¬80 billion of paid-in capital would be just above â¬1.275 billion, to be paid in five equal instalments of approximately â¬254 million each, beginning in July 2013.
- Recent Developments in the Eurozone: Statements (5 Oct 2011)
Michael Noonan: With regard to quantitative easing, if the issue is raised privately rather than publicly with central bank authorities in Europe, they will indicate there is no debate and it is not done. The argument is that one of the biggest problems in Europe now is too much liquidity, and as I noted in my preliminary remarks, one of the solutions is to de-leverage and take the liquidity from the...
- Recent Developments in the Eurozone: Statements (5 Oct 2011)
Michael Noonan: There is a reasonable economics-based argument to be made for it but I am giving the Deputy the European Central Bank's position. All the advocacy in the world will not move that position currently. In the UK there will be a third or fourth tranche of quantitative easing shortly and it is being considered in Washington DC as well. Europe has been awash with liquidity so throwing more...
- Recent Developments in the Eurozone: Statements (5 Oct 2011)
Michael Noonan: -----there must be rules of the game. We are where we are because the rules were not put in place when the currency was implemented.
- Recent Developments in the Eurozone: Statements (5 Oct 2011)
Michael Noonan: With regard to going around with tags in our ears, I would be a reactor in that case. With regard to Deputy Boyd Barrett's comments, we will see if the Greek prescription works. If he wants to apply the Greek prescription to Ireland, he can go on the street, burn down the bank, hurt and kill a few people.
- Recent Developments in the Eurozone: Statements (5 Oct 2011)
Michael Noonan: Suddenly there is a solution and the Deputy believes everybody will roll over and cancel debts. Everybody will live happily ever after. The plan does not appear to be working out in Greece so I would not like to take the Greek formula and prescribe it for Ireland.
- Recent Developments in the Eurozone: Statements (5 Oct 2011)
Michael Noonan: We are going beyond the terms of the debate. We will have the debate on the six pack when legislation is introduced.
- Recent Developments in the Eurozone: Statements (5 Oct 2011)
Michael Noonan: The fiscal responsibility Bill will be in the House before Christmas, so we can kick it off on that. I think we will need a cup of coffee to discuss the proposition about VAT.
- Recent Developments in the Eurozone: Statements (5 Oct 2011)
Michael Noonan: I welcome this opportunity to update the House on recent developments in the eurozone. I participated in the Eurogroup and ECOFIN ministerial meetings in Luxembourg earlier this week. Just over two weeks ago, I attended the annual meetings of the IMF and the World Bank in Washington, where developments in the eurozone were high on everyone's agenda. The Taoiseach, the Tánaiste, other...
- Recent Developments in the Eurozone: Statements (5 Oct 2011)
Michael Noonan: I do not mind who speaks.
- Recent Developments in the Eurozone: Statements (5 Oct 2011)
Michael Noonan: The Deputy should ask the Fianna Fáil Party.
- EU-IMF Programme (5 Oct 2011)
Michael Noonan: The European authorities and the IMF require the sale of State assets as part of the programme. I am sure the Deputy is au fait with the debate in Greece and Portugal. One could see the difficulty in Greece when the troika visited Athens and insisted on a very large privatisation programme. There was no similar outcry in Portugal but there was a requirement for a very significant sale of...
- EU-IMF Programme (5 Oct 2011)
Michael Noonan: The movement towards the private sector holding infrastructural assets, such as those about which we are talking, rather than the public sector has been a part of economic management in all modern economies for the past 30 years, of which I am sure the Deputy is well aware. The European authorities are of the view - it is supported by any economic theory one would like to read - that assets...
- EU-IMF Programme (5 Oct 2011)
Michael Noonan: The line is drawn between what is strategic and non-strategic. A minority shareholding in any State company is not strategic.
- Deficit Targets (5 Oct 2011)
Michael Noonan: The general Government deficit target for 2012, as set by the ECOFIN Council in December 2010, is 8.6% of GDP. The Government is fully aware of the importance of achieving this target in the context of the 2012 budget as well as the views of those who have called for a more ambitious deficit target. The Government is committed to implementing the necessary adjustment package to ensure we...
- Deficit Targets (5 Oct 2011)
Michael Noonan: The 8.6% target is in the programme and is the one we are working towards in preparation for the budget. We do not have the full data yet which would allow us to make full decisions. Yesterday's figures were helpful but there were things in them which were unhelpful as well. The Deputy will notice VAT was below profile. When one comes to the end of the year, it will probably be still...