Results 17,761-17,780 of 27,019 for speaker:Michael Noonan

Other Questions: Banks Recapitalisation (28 Feb 2013)

Michael Noonan: The Government's objective is to try to have some of the money invested in the pillar banks when they were recapitalised in March 2011 credited once more to the taxpayer. The debate on the mechanism to be used for that purpose is still open.

Other Questions: Banks Recapitalisation (28 Feb 2013)

Michael Noonan: The Deputy is falling into the same political trap he fell into during the various debates on the promissory note arrangement. His hope that the Government will fail in order that he can continue to build a political movement on a failed economy is clouding his judgment. He is making wild prophecies. He is being dictated to by his hope that the Government will fail. He has fallen before...

Other Questions: Banks Recapitalisation (28 Feb 2013)

Michael Noonan: The discussions that are ongoing have been well recorded in the media. We will continue to negotiate to achieve the best deal possible for Ireland. I am not going to put my negotiating position on the table when everybody could snipe at it internationally. We succeeded in one serious renegotiation and I believe we will succeed in this also, but it will take time. We need to remember the...

Other Questions: Banks Recapitalisation (28 Feb 2013)

Michael Noonan: It upsets the negotiating process.

Other Questions: Banks Recapitalisation (28 Feb 2013)

Michael Noonan: It is a fair question, to which I will give a fair answer. In the first week of January we sold the contingent capital notes - the CoCos - in Bank of Ireland. We achieved fair value because we got back the €1 billion the taxpayer had put in and we got a little bit with it - €40 million or €50 million. That was good. If similar circumstances allowed me to sell either...

Other Questions: Banks Recapitalisation (28 Feb 2013)

Michael Noonan: If I lower the bar in any way by nominating a figure that is smaller than the amount we put in, regardless of my expectations, that will become the benchmark for negotiation. I have to work on the basis that we are in the game to negotiate as much as we can get out of it.

Other Questions: Banks Recapitalisation (28 Feb 2013)

Michael Noonan: While some of the actions taken served to prevent contagion from spreading from Ireland to the European banks which was in the interests of the wider European banking industry, it is obvious that the contagion was in Ireland. There is an Irish issue and there is an Irish responsibility also. I do not think the European authorities are going to exonerate us from all responsibility. The...

Ceisteanna - Questions - Priority Questions: Local Property Tax (28 Feb 2013)

Michael Noonan: In designing the local property tax, the interdepartmental expert group chaired by Dr. Don Thornhill, the Thornhill group, had due regard to issues such as ability to pay and considered the provision of waivers or deferrals for households unable to pay the tax or where a payment requirement would cause hardship. For individuals on low incomes or those whose only income source is from the...

Ceisteanna - Questions - Priority Questions: Local Property Tax (28 Feb 2013)

Michael Noonan: If I had time to read the remainder of my answer, I would have explained that I appreciate that some property owners may find themselves unable to pay local property tax, but do not qualify for a deferral under the existing legislation. For this reason, the Finance (Local Property Tax) (Amendment) Bill 2013, which we will debate tomorrow, provides that a person who has entered into an...

Ceisteanna - Questions - Priority Questions: Local Property Tax (28 Feb 2013)

Michael Noonan: It was the Fianna Fáil Party when in office which brought about and negotiated a situation where we are obliged to introduce a property tax as part of the programme.

Ceisteanna - Questions - Priority Questions: Local Property Tax (28 Feb 2013)

Michael Noonan: Deputy McGrath himself, before the last budget, published an alternative budget in which he maintained a flat rate property tax, with no allowance for income, would continue to be imposed on people.

Ceisteanna - Questions - Priority Questions: Local Property Tax (28 Feb 2013)

Michael Noonan: Fianna Fáil said it would continue the flat rate property tax and it allowed for no variation depending on income. Explain that to me.

Ceisteanna - Questions - Priority Questions: Local Property Tax (28 Feb 2013)

Michael Noonan: Based on income.

Other Questions: Banks Recapitalisation (28 Feb 2013)

Michael Noonan: I propose to take Questions Nos. 6, 9 and 14 together. As the Deputies will be aware, the European Council in October 2012 reaffirmed that the “the Eurogroup will draw up the exact operational criteria that will guide direct bank recapitalisations by the European Stability Mechanism, ESM, in full respect of the 29 June 2012 euro area Summit statement. It is imperative to break the...

Ceisteanna - Questions - Priority Questions: Mortgage Interest Rates (28 Feb 2013)

Michael Noonan: I have made my position very clear. The Deputy misused statistics either deliberately or inadvertently. It is totally and blatantly incorrect that one in four Irish people has problems with mortgages.

Ceisteanna - Questions - Priority Questions: Mortgage Interest Rates (28 Feb 2013)

Michael Noonan: No, the percentage is the percentage of people who have mortgages. More than half the people in the country do not have mortgages. He is putting out the notion that 25% of the Irish nation are under pressure mortgages. It is simply not true.

Ceisteanna - Questions - Priority Questions: Mortgage Interest Rates (28 Feb 2013)

Michael Noonan: We are removing the guarantee, which will increase the banks' profitability and we will ask them to further address their cost base because I believe their costs are too high. As the banks normalise they will give a better service to the Irish people but they must make commercial decisions without interference from politicians. If the Deputy is advocating a regime of banking in Ireland in...

Ceisteanna - Questions - Priority Questions: Income Statistics (28 Feb 2013)

Michael Noonan: I am informed by the Revenue Commissioners that the figures for incomes and tax as provided in my reply to Question No. 65 of 3 October 2012 were based on projected estimates of the total liability to tax in respect of the tax year 2012 and were not based on cash receipts expected to be collected in the corresponding calendar year. The figures were estimates from the Revenue tax forecasting...

Ceisteanna - Questions - Priority Questions: Income Statistics (28 Feb 2013)

Michael Noonan: Even with the use of tax breaks there is a minimum tax rate of just under 30%. Everybody will pay that amount. Beyond that figure, the rates of taxation are very progressive. Under the new deal, senior civil servants have been hit hard by the wage reduction. With everything thrown in, their marginal rate of tax is 61% or 61.5%. Obviously people who earn higher incomes have more take home...

Ceisteanna - Questions - Priority Questions: Income Statistics (28 Feb 2013)

Michael Noonan: It is always speculative at what point one pitches personal taxation. We are in a common travel zone and can move to and live in any of the 27 member states of the European Union. If we tax people too high we do not want a situation in which everybody who is wealthy leaves the country because we want the wealthy people to invest and be productive in terms of providing jobs for other people....