Results 23,861-23,880 of 27,019 for speaker:Michael Noonan

Deficit Targets (5 Oct 2011)

Michael Noonan: The plan is 2012 to 2015. Like all these plans, it gets less precise as one goes forward to the third year or fourth year. We will give as accurate an estimate as we possibly can. My intention is to publish towards the end of October but I cannot give the Deputy a date yet.

Deficit Targets (5 Oct 2011)

Michael Noonan: The figure from the Department of Finance is not comparable with that of the Central Bank because our projections were made in April, when the situation was entirely different. Clearly, we will also be making a downward adjustment to our projection because the countries to which we export are not growing as fast as anticipated. We will have to mark down our growth given that it is export...

Public Investment Projects (5 Oct 2011)

Michael Noonan: I propose to take Questions Nos. 7 and 42 together. On Thursday, 29 September, following a decision by the Government, I and my colleagues, the Minister for Public Expenditure and Reform, Deputy Howlin, and the Minister of State at the Department of Communications, Energy and Natural Resources with responsibility for the NewERA project, Deputy O'Dowd, announced the establishment of NewERA...

Public Investment Projects (5 Oct 2011)

Michael Noonan: The Deputy will appreciate that while we are in the programme with the IMF and EU authorities, we can only borrow enough to meet the day-to-day running of the country and a small capital programme. To get movement in the economy and put people back to work, we need to think outside the box. NewERA is in effect an exercise in thinking outside the box in terms of putting a demand stimulus...

Public Investment Projects (5 Oct 2011)

Michael Noonan: It is a cross-departmental initiative. Clearly, if a State company comes within the ambit of a particular Minister, he or she will be involved in the consultative process. If it involves the disposal of a State asset, the Minister for Public Expenditure and Reform will have responsibility. The primary responsibility for the NTMA lies with me, as Minister for Finance, and at the end of the...

Public Investment Projects (5 Oct 2011)

Michael Noonan: We are not going to allocate a great budget. In the first instance they should come up with proposals and projects they think are worthwhile to grow the economy, provide modern infrastructure and get people back to work and then we will see what the allocations of money are, but they can draw on the pool of money.

Public Investment Projects (5 Oct 2011)

Michael Noonan: It is an evolving situation. This is a significant first step in what we think will be a significant approach to the provision of infrastructure and the creation of jobs. As I said in my reply, the NPRF will come back to me shortly with proposals for the establishment of the strategic investment fund. My understanding of the nature of the fund is that people will apply to it....

Public Investment Projects (5 Oct 2011)

Michael Noonan: The principle the Deputy enunciates is not a general economic one. It is one enunciated by people who decide they are against the project and then proceed to do the research to support that theory.

Public Investment Projects (5 Oct 2011)

Michael Noonan: It is not an objective analysis. The principle is that this country is in a bad state. Thousands of our fellow citizens are out of work. There is no money available to the Government to stimulate the economy in the traditional new deal type of roll-out. As a result we are trying to find new ways of doing things. NewERA is a new way of doing things. In simple terms, if we can get €1...

Fiscal Policy (5 Oct 2011)

Michael Noonan: There are many risks in the broad economic environment at present, which I must take into account in conjunction with my Department and the agencies that report to me. The euro is a firm and solid currency currently trading well against all the other major currencies. There is clearly no market expectation, and there is certainly no Irish Government expectation, of any collapse in the euro.

Fiscal Policy (5 Oct 2011)

Michael Noonan: If the Deputy will accept the distinction, the problem is not with the euro, the problem is with the eurozone. The euro is a solid currency. Since it was established 12 years ago it has gone up in value against all the main currencies of the world. It has increased trade in Europe by 50%. It has kept inflation below 2% for 12 years in a row. When the Swiss had difficulties a fortnight...

Fiscal Policy (5 Oct 2011)

Michael Noonan: As well as the difficulties individual countries have, there are speculators in the market that are targeting banks and sovereigns. To say too much about these things would make one a softer target than one might be. The Deputy can take it that we are aware of his concerns and that we will take them into account.

Fiscal Policy (5 Oct 2011)

Michael Noonan: We do not plan against all eventualities but we have some contingency planning against what might be probable rather than what is improbable. Deputy Wallace is right on the money when he speaks about Switzerland. His analysis is absolutely correct. It is also true to say that it suits Ireland to have the euro weakening at present because our main customer countries are dollar countries and...

EU Directives (5 Oct 2011)

Michael Noonan: The European Commission last week published its proposal for a financial transactions tax, or FTT. It also published its impact analysis to accompany this. We will analyse the detailed proposals in the draft directive. The draft directive will now be subject to detailed discussions at EU level and, as always, we will participate constructively in those discussions. There is no consensus as...

EU Directives (5 Oct 2011)

Michael Noonan: It is, I suppose, the beginning of a debate. The Commission is charged, as part of its legal responsibility, to bring forward policy proposals for the Europe Union and it does this from time to time. Sometimes the proposals get legs under them and they are discussed quickly at political level. Other times they merely lie there and they are not activated. This seems to have a push behind it...

Tax Code (5 Oct 2011)

Michael Noonan: There are several provisions in the tax code that provide tax relief for charities and charitable giving. These include income tax relief on donations, capital taxes relief on inheritances given to charities and special treatment under the DIRT regime. The Commission on Taxation made a number of recommendations, some of which would cost the Exchequer in terms of tax foregone. However,...

Tax Code (5 Oct 2011)

Michael Noonan: All of the proposals being put forward by the Irish Charities Tax Reform Group are being taken into account at the meetings between officials of my Department, the Revenue Commissioners and the Irish Charities Tax Reform Group. If proposals come forward that we think are appropriate, they will be considered in the context of the budget. There is a wider report which will emanate from the...

Tax Code (5 Oct 2011)

Michael Noonan: There is no restriction on the issues with the Irish Charities Tax Reform Group or the Forum on Philanthropy and Fundraising can discuss. We will see what they report and then we will examine it.

Tax Code (5 Oct 2011)

Michael Noonan: I would need notice of that question.

Public Service Pay (5 Oct 2011)

Michael Noonan: The issue of remuneration, which includes the granting of performance-related awards schemes, severance payments and pensions to senior public servants and public sector workers, is a matter for the Minister for Public Expenditure and Reform in the first instance. I have been informed by my colleague, the Minister, Deputy Howlin, that performance-related award schemes were available in the...