Results 25,701-25,720 of 27,019 for speaker:Michael Noonan

Written Answers — Public Service Staff: Public Service Staff (23 Mar 2011)

Michael Noonan: The Government plans to bring about a reduction of between 18,000 and 21,000 in overall public service numbers by 2014, relative to the end-2010 position, with a further 4,000 reduction in 2015, subject to there being no compulsory redundancies and to the protection of front line services. As outlined in the Government programme, this will involve a fundamental change to the way in which the...

Written Answers — Mortgage Arrears: Mortgage Arrears (23 Mar 2011)

Michael Noonan: As agreed in the Programme for National Recovery 2011 to 2016, the Government will examine a number of proposals aimed at helping mortgage-holders in difficulty. These will include: increasing mortgage interest relief to 30% for first time buyers in 2004-2008 (from the current sliding scale of 20% to 25% depending on the year the mortgage was taken out), financed in part by bringing forward...

Written Answers — Bond Yields: Bond Yields (23 Mar 2011)

Michael Noonan: The yield on Ireland's 10-year bond, which stood at 4.48% at the end of the first quarter of 2010, was 9.49% on 21 March 2011. The yield spread over the German 10-year bond increased from 1.38% to 6.35% over the same period. The secondary market in Irish Government bonds is negatively affected by a number of factors at the moment, including uncertainty about the implications for the capital...

Written Answers — Jobs Fund: Jobs Fund (23 Mar 2011)

Michael Noonan: The Government is very strongly committed to a jobs and growth strategy. We are also fully committed to bringing forward as a matter of priority a jobs fund to put this strategy into effect. While a specific date for the publication of such a jobs fund has yet to be finalised, the Government is committed to its introduction in the early stages of its term. I can assure the House that this...

Written Answers — Departmental Reports: Departmental Reports (23 Mar 2011)

Michael Noonan: The Review Group on State Assets and Liabilities is currently finalising its report and I expect that it will be brought to Government shortly. Publication of the report will be a matter for Government decision. On foot of Government's consideration of the group's recommendations, a programme of asset disposals will be drawn-up to meet the target that was agreed in the programme for...

Written Answers — EU-IMF Fund: EU-IMF Fund (23 Mar 2011)

Michael Noonan: The Minister for Pubic Expenditure and Reform, Deputy Howlin, myself and officials from my Department met with key officials from the IMF, the European Commission and the European Central Bank, in my Department on Wednesday, 16 March to discuss the implications of the programme for Government for the EU/IMF Programme of Financial Support for Ireland. I restated this Government's commitment...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (23 Mar 2011)

Michael Noonan: The Prudential Capital Assessment Review (PCAR) and Prudential Liquidity Assessment Review (PLAR) for AIB, Bank of Ireland, Irish Life and Permanent, and EBS Building Society will be completed by the Central Bank of Ireland by the end of March and form part of the economic and financial policies to be implemented during the period of the external programme to end of 2013. The PCAR includes...

Written Answers — Expenditure Reviews: Expenditure Reviews (23 Mar 2011)

Michael Noonan: The Government intends to initiate a Comprehensive Spending Review shortly and to complete the exercise within approximately six months, so that its findings can be reflected in the Budget for 2012. The details of how the Review is to be conducted are now being finalised by the Minister for Public Expenditure and Reform.

Written Answers — Public Service Recruitment: Public Service Recruitment (23 Mar 2011)

Michael Noonan: In regard to public sector reform, the Programme for Government 2011 set out the following: the introduction of new personnel from outside the current system, particularly experts in change management. New talent and skills brought into the Department of Finance; new skills and rigour brought into policy-making across all Departments. All appointments at Principal Officer level and above...

Written Answers — Economic Governance: Economic Governance (23 Mar 2011)

Michael Noonan: The Commission published legislative proposals in September 2010, following its Communications earlier in 2010 on strengthening budgetary discipline and introducing new procedures to prevent the occurrence of harmful macro-economic imbalances and excessive divergences in competitiveness in the euro area. The Commission's proposals have been under consideration by a Council working group...

Written Answers — Legislative Programme: Legislative Programme (23 Mar 2011)

Michael Noonan: The NAMA (Amendment) Bill 2011 which was published on 26 January 2011 made provision for the transfer of sub €20 million land and development loans from Allied Irish Banks and Bank of Ireland with a view to achieving further deleveraging of those banks. The Government has clearly stated in the Programme for National Government that further asset transfers to NAMA are unlikely to improve...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (23 Mar 2011)

Michael Noonan: Consistent with the terms of the EU-IMF Programme for Ireland, the Central Bank will perform a Prudential Liquidity Assessment Review (PLAR) which will be completed by the end of March. The PLAR will set out measures to achieve steady deleveraging and bring about a reduction in the reliance of the banks on Central Bank funding by the end of the programme period. In addition to the PLAR, the...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (23 Mar 2011)

Michael Noonan: The commitments referred to by the Deputy contained in the "Government for National Recovery 2011 – 2016" programme - namely those relating to the restructuring of the boards of the covered institutions and the review of remuneration schemes operating in such institutions – will form a vital part of this Government's objective of making the banking system an engine of economic recovery by...

Written Answers — Fiscal Policy: Fiscal Policy (23 Mar 2011)

Michael Noonan: The previous Government set out a multi-annual fiscal consolidation strategy in the National Recovery Plan 2011-2014, which projected the General Government deficit being reduced to under 3 per cent of GDP by 2014. While remaining fully committed to reaching the 3 per cent of GDP deficit target, we believe that the appropriate time-scale to achieve this is over the period to 2015. It is...

Written Answers — State Banking Sector: State Banking Sector (23 Mar 2011)

Michael Noonan: As the Deputy is aware, the day to day running of the bank's operations is a matter for the Board of Anglo Irish Bank. However, the Bank has confirmed that it's tendering does not focus on new I.T. systems other than what is required to maintain the Bank's business and provide essential I.T. maintenance services to support its existing infrastructure and systems. The maintenance of these...

Written Answers — Motor Fuels: Motor Fuels (23 Mar 2011)

Michael Noonan: Ireland, as with other countries, has experienced an increase in the cost of petrol and auto-diesel. The increase in fuel prices is an international phenomenon. Fuel prices are driven by a number of factors including the price of oil on international markets, exchange rates, production costs and refining costs. The rise in oil prices over recent periods reflected additional factors such as...

Written Answers — School Services Staff: School Services Staff (23 Mar 2011)

Michael Noonan: 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 with effect from 1 January 2010. Such reductions apply irrespective of whether a particular post is funded in whole or in part through non-Exchequer funds or income. The non-teaching staffs referred to in the question are, whether...

Written Answers — Tax Code: Tax Code (23 Mar 2011)

Michael Noonan: Section 473 of the Taxes Consolidation Act 1997 provides tax relief for rent paid, up to certain limits, for private accommodation used as a sole or main residence. A phased withdrawal of this relief was announced in the recent National Recovery Plan 2010 – 2014, Budget and Finance Act. The amount of rent that can be relieved will reduce on a gradual basis, culminating in the total...

Corporation Tax: Motion (Resumed) (23 Mar 2011)

Michael Noonan: Last November, across the floor of this Chamber during a Private Members' motion on the retention of our 12.5% corporate tax rate there was consensus on all sides of the House. I hope tonight we can send a similar, strong message from this House, a message that the 12.5% rate is a red line issue for us and that we will not entertain any undue pressure to change it. Last night, some...

Corporation Tax: Motion (Resumed) (23 Mar 2011)

Michael Noonan: I thank everyone who has contributed. Let me conclude by reiterating the Government's position once again: there will be no change in the 12.5% rate of tax as outlined in the programme for Government.