Results 9,621-9,640 of 27,019 for speaker:Michael Noonan
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Pre-ECOFIN Briefing: Minister for Finance (4 Nov 2014)
Michael Noonan: One would need to illustrate the number.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Pre-ECOFIN Briefing: Minister for Finance (4 Nov 2014)
Michael Noonan: I am informed that we have kept the risk adjustment modest in our negotiation. It is between 0.8% and 1.5%. That acts as an equaliser and does not expose us to extensive additional risk along the lines the Deputy suggests.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Pre-ECOFIN Briefing: Minister for Finance (4 Nov 2014)
Michael Noonan: The risk of extra cost-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Pre-ECOFIN Briefing: Minister for Finance (4 Nov 2014)
Michael Noonan: No, but there is a proposal for a Council directive amending the framework for the taxation of energy products and electricity. A summary outcome of the discussion shows that member states were evenly divided and had an exchange of views on whether work on the long-running energy tax file should continue or whether the proposal should be withdrawn and reconsidered. That is how the situation...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Pre-ECOFIN Briefing: Minister for Finance (4 Nov 2014)
Michael Noonan: The Deputy misunderstands our position. I have never taken a hostile position to a financial transaction tax.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Pre-ECOFIN Briefing: Minister for Finance (4 Nov 2014)
Michael Noonan: No, it has not. When Ireland held the Presidency last year, I put this matter on the agenda of the first ECOFIN meeting that I chaired so as to allow those who wanted to do so to move ahead and try to find agreement under the enhanced co-operation rules. I could have kept it off the agenda, as I had control for six months.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Pre-ECOFIN Briefing: Minister for Finance (4 Nov 2014)
Michael Noonan: That was not an act of hostility. It was an act of enablement.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Pre-ECOFIN Briefing: Minister for Finance (4 Nov 2014)
Michael Noonan: When the debate started, there were all sorts of proposal being made about a financial transaction tax. To be blunt, though, if the EU settled on a kind of stamp duty of 0.1%, it would make no difference to us beyond a reduction in our Exchequer flow from more than €200 million to approximately €25 million. I would oppose it in that context not because it would damage us, but...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Pre-ECOFIN Briefing: Minister for Finance (4 Nov 2014)
Michael Noonan: We have a financial transaction tax, a 1% stamp duty on shares. The only other country that has such a tax is the UK at 0.5%. The French have been pushing to introduce it at 0.1% and are participating in the financial transaction tax talks. However, the proposals are going nowhere at the moment. This is the position.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Pre-ECOFIN Briefing: Minister for Finance (4 Nov 2014)
Michael Noonan: I am not interested in a financial transaction tax because I-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Pre-ECOFIN Briefing: Minister for Finance (4 Nov 2014)
Michael Noonan: I make policy. That is the difference.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Pre-ECOFIN Briefing: Minister for Finance (4 Nov 2014)
Michael Noonan: Right, and I am-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Pre-ECOFIN Briefing: Minister for Finance (4 Nov 2014)
Michael Noonan: That does not mean that I have to agree with the committee. All I have to do is tell it what position I am taking. Until the electorate votes us out of office and I am removed as Minister for Finance, I will create policy.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Pre-ECOFIN Briefing: Minister for Finance (4 Nov 2014)
Michael Noonan: I do not have to-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Pre-ECOFIN Briefing: Minister for Finance (4 Nov 2014)
Michael Noonan: We are.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Pre-ECOFIN Briefing: Minister for Finance (4 Nov 2014)
Michael Noonan: We do not have such a report.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Pre-ECOFIN Briefing: Minister for Finance (4 Nov 2014)
Michael Noonan: We have a lot of work to do. It is not necessary to commission such a report at this time. If, on the other hand, a group of people in Europe devise a financial transaction tax and it becomes policy across even a limited group of countries, it would be worth our while conducting an analysis then. I would do it then.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Pre-ECOFIN Briefing: Minister for Finance (4 Nov 2014)
Michael Noonan: Why is it preposterous?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Pre-ECOFIN Briefing: Minister for Finance (4 Nov 2014)
Michael Noonan: I understand the position. I know what will happen if a tax is applied in Dublin that is not applied in London. It is self-evident.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Pre-ECOFIN Briefing: Minister for Finance (4 Nov 2014)
Michael Noonan: I was supposed to be out of here by 9 p.m.