Results 25,661-25,680 of 27,019 for speaker:Michael Noonan

Banks Recapitalisation and Restructuring: Statements (31 Mar 2011)

Michael Noonan: The most impaired banking unit around is Irish Life & Permanent. If one considers——

Banks Recapitalisation and Restructuring: Statements (31 Mar 2011)

Michael Noonan: If one considers the situation in Irish Life & Permanent, one will see its debt-to-deposit ratio is about 280%. How can one lend 2.8 times more than one is taking in on deposits and have a normal banking system? The Deputy is right that the life division is prosperous. The reason we are doing this is that the life division is backing up an impaired banking system, and if that continues...

Banks Recapitalisation and Restructuring: Statements (31 Mar 2011)

Michael Noonan: About €200 billion in liquidity is being provided by the ECB and the Central Bank of Ireland to keep day-to-day activity going in this country. We have to take this action because we need a banking system. No Opposition Member would thank us if he or she went to his or her local bank machine tomorrow morning and it did not work and no money was available.

Banks Recapitalisation and Restructuring: Statements (31 Mar 2011)

Michael Noonan: The liquidity has to keep flowing. The banks are being restructured. I am confident we will drive this restructuring forward and that we will again have a banking system based around the two pillars I suggested with some competition from foreign banks such as Ulster Bank. That side will build up and we can restore credit to the market again. Credit is the lifeblood of business and when we...

Banks Recapitalisation and Restructuring: Statements (31 Mar 2011)

Michael Noonan: ——there is a possibility that it will grow again. We will get to the national debt. We will have other days to talk about it. Of course there are servicing cost implications if one puts capital into banks. However, the Deputy will recall that of the €24 billion, between €5 billion and €6 billion is available through discounting subordinated debt. He will also recall that €3...

Banks Recapitalisation and Restructuring: Statements (31 Mar 2011)

Michael Noonan: ——but the sum of the figures is not as bad as it appears in the first instance. I am not trying to make a good story out of it. We are in a very dire position, but my perception is that it is sustainable if we can get the economy growing and we can do that if we have a proper banking system. That is the purpose of today.

Written Answers — Tax Code: Tax Code (31 Mar 2011)

Michael Noonan: I am advised by the Revenue Commissioners that the Certificate of Authorisation (C2) has not been issued in the case of this company as there are outstanding liabilities by the company for 2009 and 2010. Also, the company has not submitted the following returns, which are overdue: Corporation Tax Return for the accounting period ended 31/3/10 due on 21/12/10. RCT 35 for the year 2010. RCT...

Banks Recapitalisation and Restructuring: Statements (31 Mar 2011)

Michael Noonan: I regret delaying the House momentarily. Copies of my statement are on the way and will be distributed to everyone shortly. The date of Tuesday, 30 September 2008, will go down in history as the blackest day in Ireland since the Civil War broke out. This was the date on which the then Government extended the infamous guarantee to the Irish banks and decided that Anglo Irish Bank should be...

Banks Recapitalisation and Restructuring: Statements (31 Mar 2011)

Michael Noonan: The Deputy appointed the consultants.

Written Answers — Departmental Expenditure: Departmental Expenditure (30 Mar 2011)

Michael Noonan: The Government Programme for National Recovery 2011 - 2016 provides that the Government will establish a new model of financing social interventions - called Social Impact Bonds - that share audited exchequer savings with charitable and voluntary organisations. The Government will consider how best to establish this new and innovative mechanism and will bring forward proposals in due course.

Written Answers — Programmes for Government: Programmes for Government (30 Mar 2011)

Michael Noonan: The Government has set out its programme in the document A Government for National Recovery 2011-2016. The measures contained in the programme represent the Government's assessment of the policies that should be pursued in the best interests of the country. The Government is fully committed to reaching the 3 per cent of GDP General Government deficit target. However, we believe that the...

Written Answers — Tax Collection: Tax Collection (30 Mar 2011)

Michael Noonan: I am informed by the Revenue Commissioners that they received an application for mortgage interest relief for 2010 on 14th March last. Revenue is satisfied that the person concerned has an entitlement to interest relief from 2007 to 2010 on the basis of qualifying loans taken out by him. The relief applies also to 2011. Relief for 2011 will be granted at source through the mortgage provider...

Written Answers — National Pensions Reserve Fund: National Pensions Reserve Fund (30 Mar 2011)

Michael Noonan: The total value of the National Pensions Reserve Fund at 31 December 2010 was €24.4 billion. This figure comprised €9.5 billion in the Directed Portfolio (the value of investments in Bank of Ireland and Allied Irish Banks held on the direction of the Minister for Finance) and €14.9 billion in the Discretionary Portfolio (the balance of the Fund excluding directed investments). The...

Written Answers — Public Sector Pay: Public Sector Pay (30 Mar 2011)

Michael Noonan: As I mentioned in my response to PQ5488/11 by the Deputy on Wednesday, 23rd March, 2011, the Financial Emergency Measures in the Public Interest (No 2) Act 2009 provides for the reduction in the pay rates of all persons employed by public service bodies, as defined under the Act, with effect from 1 January 2010. The non-teaching staff referred to in the question are, whether employed in...

Universal Service Charge: Motion (Resumed) (30 Mar 2011)

Michael Noonan: I followed last night's debate in the House with interest and want to recap on four of the points made on both sides. First, there will be a review of the universal social charge. It is a commitment in the programme for Government and I have already invited submissions in this House from Sinn Féin and any other interested parties or Members. Second, the universal social charge is...

Universal Service Charge: Motion (Resumed) (30 Mar 2011)

Michael Noonan: Sinn Féin's charge of regressivity of the universal social charge was dealt with soundly last night. The comparison made by Sinn Féin of the individual on €16,016 and €100,000 as an example of regressivity is wrong. An individual earning €16,016 in 2011 will be expected to pay €440 in taxes over the entire year. An individual earning €100,000 in 2011 will be expected to pay...

Universal Service Charge: Motion (Resumed) (30 Mar 2011)

Michael Noonan: -----and their wealthy clients, who, seeing no way of avoiding the universal social charge, also deem it an unfair and draconian tax. The media and the financial papers show that the strongest opponents of the universal social charge are the categories of professionals I refer to. The proposals of Sinn Féin are not well thought out. They are responding to the anger felt by people on whom...

Universal Service Charge: Motion (Resumed) (30 Mar 2011)

Michael Noonan: It is the old story. We know precisely what Sinn Féin is against but we never know what that party is for.

Universal Service Charge: Motion (Resumed) (30 Mar 2011)

Michael Noonan: I am sorry, we know Sinn Féin is in favour of a united Ireland but, apart from that, we do not know what Sinn Féin is in favour of.

Universal Service Charge: Motion (Resumed) (30 Mar 2011)

Michael Noonan: Let me close by confirming that the universal social charge will be reviewed. I encourage all interested parties to make submissions to the Department of Finance. These will be considered in the context of the next budget.