Results 18,421-18,440 of 27,019 for speaker:Michael Noonan

Other Questions: Banks Recapitalisation (17 Jan 2013)

Michael Noonan: Yes, but not in the House.

Other Questions: Banks Recapitalisation (17 Jan 2013)

Michael Noonan: The issue is about naming people in the House.

Other Questions: Banks Recapitalisation (17 Jan 2013)

Michael Noonan: The State has no interest in owning or operating banks. It was because of the catastrophic situation in which we found ourselves that the State had to put capital into the banks and take a shareholding in them. It has always been the policy to recover the taxpayers' money in so far as we could. Up to €1 billion was put into CoCos, contingent capital notes, and we recovered it in...

Other Questions: Banks Recapitalisation (17 Jan 2013)

Michael Noonan: It comes to between €17 million and €18 million.

Other Questions: Banks Recapitalisation (17 Jan 2013)

Michael Noonan: We are okay. We have it well covered under the December returns.

Other Questions: Banks Recapitalisation (17 Jan 2013)

Michael Noonan: This was borrowed money which was put into recapitalising the banks as part of contingency funding in case the banks needed it. As I explained, there was a high risk so there was a 10% coupon on it. It has been the Government's decision that any moneys got from the sale of assets in the banks will be used to reduce the debt because that money was always borrowed. We cleared the debt with...

Other Questions: Corporation Tax (17 Jan 2013)

Michael Noonan: On 16 March 2011, the European Commission, which has the right of initiative to bring forward legislative proposals, published its proposal for a common consolidated corporate tax base, CCCTB. This represented the beginning of a process that involves a detailed examination of the proposal, line by line, by all member states at the Council working group. Since the Commission's proposal has...

Other Questions: Bank Debt Restructuring (17 Jan 2013)

Michael Noonan: As widely known, the Heads of State or Government stated at the 29 June meeting "that it is imperative to break the vicious circle between banks and sovereigns" and that "the Eurogroup will examine the situation of the Irish financial sector with a view to further improving the sustainability of the well-performing adjustment programme." The European Council on 18-19 October subsequently...

Other Questions: Bank Debt Restructuring (17 Jan 2013)

Michael Noonan: I read the article on the front page of the Financial Times, to which the Deputy referred, I have not seen the article in The Wall Street Journal. We have had no indication that there is such a Commission paper. When I spoke to Commissioner Rehn last week in Dublin Castle and discussed these matters with him informally he did not indicate to me that there was such a paper. My officials who...

Other Questions: Banks Recapitalisation (17 Jan 2013)

Michael Noonan: I propose to take Questions Nos. 7 and 11 together. As announced by my Department last week, the State was successful in disposing of its entire €1 billion holding of contingent capital notes, CCNs, in Bank of Ireland. The transaction followed an initial approach by a number of investment banks to the Department late last year which indicated that there was sizeable investor...

Ceisteanna - Questions - Priority Questions: Bank Debt Restructuring (17 Jan 2013)

Michael Noonan: I am satisfied that every available and appropriate opportunity to advance Ireland's position in regard to legacy bank debt with our European partners is being availed of. As the Deputy is aware, the Irish Government has been working extremely hard to secure a deal on the Irish bank debt with our European partners and detailed work will continue to ensure that positive moves in Europe are...

Ceisteanna - Questions - Priority Questions: Bank Debt Restructuring (17 Jan 2013)

Michael Noonan: Rating agencies are paid by financial organisations to measure risk. One should never expect rating agencies to come out singing and dancing and giving one a whole lot of good news because their business is to measure risk, which they are assessing constantly. The rating agencies do not say Irish paper is junk as we have a rating of BBB+. During the week, Fitch said that if Ireland got a...

Ceisteanna - Questions - Priority Questions: Tax Code (17 Jan 2013)

Michael Noonan: I have given the OECD view from its survey. According to the OECD, even a 2.5% rise from 12.5% to 15% would reduce inward investment by nearly 10%. The OECD in its working paper entitled, "Tax and Economic Growth", states:The possibility that high top marginal tax rates will increase the average tax rates paid by high skilled and high income earners so much that they will migrate to...

Ceisteanna - Questions - Priority Questions: Tax Code (17 Jan 2013)

Michael Noonan: I am not avoiding what the OECD has said. I am quoting from two separate OECD studies, one on corporate taxation rates and the other on personal taxation rates, both of which sustain my argument that higher taxes reduce foreign direct investment and they can lead to the migration of the very highly skilled workers whom we need to grow the economy and create further employment.

Ceisteanna - Questions - Priority Questions: Tax Code (17 Jan 2013)

Michael Noonan: We do not have a flow of migrants into Ireland to avail of lower personal tax rates because we do not have lower personal tax rates than the rest of Europe. We have very high marginal rates of tax in Ireland. The marginal tax rate for employees, if the universal social charge and PRSI are included, is now 52%. It has increased from 43.5% in 2008. The top marginal rate for self-assessed...

Ceisteanna - Questions - Priority Questions: Local Property Tax (17 Jan 2013)

Michael Noonan: I am advised by the Revenue Commissioners that significant progress has been made with regard to their preparations for introducing local property tax. The legislation governing local property tax is contained in the Finance (Local Property Tax) Act 2012 which was signed into law by the President on 26 December 2012. The Revenue Commissioners have already had extensive contacts with a...

Ceisteanna - Questions - Priority Questions: Local Property Tax (17 Jan 2013)

Michael Noonan: The Government decided to have one standard rate of tax for the country as a whole, based on the value of houses. At present, as the Deputy will be aware, some of the funding for local government comes from motor taxation. The incidence of motor taxation falls heavily on the Dublin area and on the main urban centres also. The difference here is that unlike motor tax, which goes into a fund...

Ceisteanna - Questions - Priority Questions: Promissory Notes (17 Jan 2013)

Michael Noonan: As I said, while a deal is likely, it is not certain. It has not been concluded. There are significant outstanding matters that have yet to be concluded and they are of sufficient magnitude to derail a deal. There are also some moving parts; therefore, it is not possible for me to discuss the elements of the deal until it has been finalised, which is obvious. I accept Deputy Sean...

Ceisteanna - Questions - Priority Questions: Promissory Notes (17 Jan 2013)

Michael Noonan: As I said, since a deal has not been concluded and is not certain to be concluded, I cannot describe the elements of a deal that has not yet been concluded. It is idle to speculate about something that is not yet in place and may not be. I am not stalling. I am saying that while the negotiations have proceeded in a satisfactory manner, they have not been concluded and there are significant...

Ceisteanna - Questions - Priority Questions: Tax Code (17 Jan 2013)

Michael Noonan: I remind the Deputy of the long-established Government strategy to use the tax code to attract jobs and investment to Ireland, in particular foreign direct investment. This strategy precedes the current Government. We have used a competitive tax system in this way for more than 50 years, but it underpins the Government’s key objective to create jobs and economic growth by attracting...