Results 25,721-25,740 of 27,019 for speaker:Michael Noonan

Fiscal Policy (23 Mar 2011)

Michael Noonan: There is now a general appreciation of the importance of debt sustainability considerations in the pricing of EU and euro area financial assistance loans to member states. In this regard, the Heads of State and Government of the euro area decided on 11 March that the pricing of the EFSF - loans - should be lowered to better take into account debt sustainability of the recipient countries,...

Fiscal Policy (23 Mar 2011)

Michael Noonan: It is the actual draw-down. The Deputy will recall that when I became Opposition spokesperson for finance at the start of the autumn session, this became an issue. At the time the advice was that a reduction in the interest rate was not possible. That changed as we came to Christmas and Commissioner Ollie Rehn in particular seemed to move his position. I know the Deputy had discussions...

Fiscal Policy (23 Mar 2011)

Michael Noonan: It is helpful and will become increasingly helpful as draw-down increases both on the sovereign side and with any potential additional draw-down on the banking side. A 1% reduction is a significant amount of money. This has also influenced the pricing on the new European stability mechanism, which will apply from 2013. There is a complex pricing blend but it ends up at approximately 1%...

Tax Code (23 Mar 2011)

Michael Noonan: I propose to take Questions Nos. 14 and 18 together. There is a commitment in the new programme for Government to review the universal social charge. The terms of reference and other matters relating to the review have yet to be finalised. I expect the terms of reference to be finalised shortly. I anticipate that the review will be completed in time for the 2012 budget.

Tax Code (23 Mar 2011)

Michael Noonan: The incoming Government cannot do everything at once and certainly not in the first ten days in office. Our commitment to review does not equal immediate reductions. I indicated during the election campaign that options were given to the Department of Finance; those which were worth doing seemed to cost too much and those which cost little did not seem worth doing. We made it clear at the...

Tax Code (23 Mar 2011)

Michael Noonan: I am sure the Deputy, in his part of the country, would be familiar with a phrase common in my part of the country. It is that if somebody has a dog, that person should not bark. If we are to have a review, we will let that process formulate proposals. If I followed the Deputy's request and announced my views before the review, it would prevent a valid review. We will have a valid review...

Tax Code (23 Mar 2011)

Michael Noonan: In the current context if Deputies want to participate in a movement for change on this tax, they should participate in and submit proposals to the review. Proposals cannot be one sided. Everybody knows what people are against. I ask the parties and Deputies opposite to include with their proposals alternative suggestions for raising the tax foregone, possibly along the lines of the...

Bank Guarantee Scheme (23 Mar 2011)

Michael Noonan: The issuance window under the eligible liabilities guarantee or ELG scheme runs in national law until 31 December 2011. This is subject to a renewal of the current European Union state aid approval for the continuance of the so-called issuance window for the scheme beyond 30 June to 31 December 2011. The issuance window is the period during which a guarantee can be applied to a new bank...

Bank Guarantee Scheme (23 Mar 2011)

Michael Noonan: There appears to be a misunderstanding that the guarantee only includes a guarantee for persons who bought bank bonds. It guarantees all creditors and the largest creditors in the banks are those who have money on deposit. If an individual opens a savings account and places his or her savings on deposit in a local bank, the bank owes the person in question the sum of money on deposit. One...

Fiscal Policy (23 Mar 2011)

Michael Noonan: Based on the domestic and international economic and financial data that was available last October, the Department of Finance prepared macroeconomic and fiscal forecasts which subsequently formed the basis of the budget forecasts published in early December. These forecasts, which at the time identified risks, positive and negative, remain the latest official forecasts. These estimates are...

Fiscal Policy (23 Mar 2011)

Michael Noonan: The figures I read out were provided by the Department of Finance in advance of preparation of the budget introduced by the former Minister for Finance, Deputy Brian Lenihan. These figures will obviously vary. I am giving the current set of figures available in the Department, without saying whether I believe them to be correct. I am aware that the IMF and EU Commission figures, both of...

Fiscal Policy (23 Mar 2011)

Michael Noonan: I do not want any misunderstanding in regard to what I am saying, namely, that the figures I have given are those provided to my predecessor in advance of preparation of the budget. The 2011 budget is built on an estimated economic growth of 1.7%. I am pointing out there are variations between respected agencies in relation to the growth figure. I am also saying that I fully accept that...

European Council Meetings (23 Mar 2011)

Michael Noonan: The President of the European Council, Herman Van Rompuy, held bilateral consultations with member states, including Ireland, in relation to the pact for the euro in the run up to the meeting of Heads of State and Government on 11 March last. The proposed pact focuses primarily on improving growth and competitiveness in the euro area. It outlines objectives in the policy areas of...

European Council Meetings (23 Mar 2011)

Michael Noonan: The general approach on the pact for the euro is made up of measures to increase competitiveness, which are strongly endorsed by the German Government and have the support of all the AAA-rated countries in Europe, measures to promote greater economic growth and job creation and measures to have a sustainable public finance regime. There is nothing in place we cannot buy into immediately....

Banks Recapitalisation (23 Mar 2011)

Michael Noonan: I propose to take Questions Nos. 19, 27 and 28 together. Government consideration of the approach to burden sharing will be further informed by the outcome of the important capital assessment exercise currently being undertaken by the Central Bank as well as international developments on burden sharing. As Deputies will be aware, the prudential capital assessment review, PCAR, exercise to...

Banks Recapitalisation (23 Mar 2011)

Michael Noonan: Deputy Boyd Barrett's question was addressed in part of the answer, which was too lengthy to read out in full. However, he will receive it in written form. In general terms, the names of bondholders are not known to institutions issuing bonds because there is an active secondary market on which bonds are constantly bought and sold. If AIB issues a bond, it may know who buys it in the first...

Banks Recapitalisation (23 Mar 2011)

Michael Noonan: I am advising the Deputy to be patient. It is not long until the end of March.

Department of Finance (23 Mar 2011)

Michael Noonan: It is intended to establish a new Department of public expenditure and reform which will have responsibility for all public expenditure as well as the modernisation and reform of the public service. The Minister for Finance will retain responsibility for overall budget, tax and spending parameters while the Minister with responsibility for public expenditure and reform will be responsible...

Department of Finance (23 Mar 2011)

Michael Noonan: I thank Deputy Lenihan for his good wishes and congratulations. The manner in which responsibilities are now being allocated in the Department is new. However, it is not entirely new. Deputy Lenihan will recall that it was quite common, over the years, to have a Minister for the Public Service with full Cabinet rank. It was also the practice to combine that portfolio with the functions of...

Department of Finance (23 Mar 2011)

Michael Noonan: Deputy Bruton produced a document containing the analysis that public service reform had failed over a series of Governments for two reasons. First, the person responsible, whether a public servant or a Minister, did not have full Cabinet rank. Second, even when the Minister with responsibility for public service reform had full Cabinet rank he did not have the influential policy levers to...