Results 19,301-19,320 of 27,019 for speaker:Michael Noonan

Other Questions: European Banking Sector (15 Nov 2012)

Michael Noonan: The object of the exercise which led, in the first instance, to the commitment at the Council of Ministers meeting on 29 June last is to examine the sustainability of Irish debt and to take action to make it more sustainable, even though that bit was not in the communiqué. That was then reinforced by the Taoiseach's meeting with Chancellor Merkel and subsequently with President Hollande...

Other Questions: Tax Yield (15 Nov 2012)

Michael Noonan: Tax revenues at end-October 2012 were €96 million or 0.3% ahead of profile in aggregate terms. Both income tax and corporation tax are performing marginally ahead of expectations in the year to date and, given that these two tax-heads combined account for over half of total Exchequer taxes, this is a positive development. Income tax receipts were €69 million or 0.6% ahead of...

Other Questions: Tax Yield (15 Nov 2012)

Michael Noonan: Profiling is an inexact science but the profiling section in the Department of Finance has been very accurate, month after month this year. While there are swings and roundabouts within margins, overall, they have got it pretty well spot on. I have confidence what they are profiling for November can be achieved, although there are always variations. It sometimes depends on whether the last...

Other Questions: Tax Yield (15 Nov 2012)

Michael Noonan: The Estimates were done in preparation for the budget and, over the course of the year, things are re-estimated and there is more data at hand for the officials who do that kind of work. In light of the additional data they had, they marked it down.

Other Questions: Tax Yield (15 Nov 2012)

Michael Noonan: We operate in accordance with our corpus of tax legislation and the Irish tax code is recognised internationally as being a very good one. We have tax treaties with other jurisdictions. I cannot comment on the tax affairs of any particular individual or company because I do not know the details. Those are confidential matters between the PAYE system and the Revenue Commissioners. From a...

Other Questions: NewERA Project (15 Nov 2012)

Michael Noonan: NewERA is up and running on a non-statutory basis. It has been involved in assessing the possibilities associated with the disposal of Bord Gáis Energy, the non-strategic power generation capacity of the ESB and the sale of Coillte's harvesting rights. The Government has given a commitment to put NewERA on a statutory basis. We are working on that. We will bring a Bill to the House...

Other Questions: European Banking Sector (15 Nov 2012)

Michael Noonan: I propose to take Questions Nos. 7 and 50 together. The European Council meeting of 29 June last considered a report from the President of the European Council, in co-operation with the Presidents of the Commission, the euro group and the European Central Bank, which set out building blocks for future economic and monetary union. One of these building blocks is an integrated financial...

Other Questions: European Banking Sector (15 Nov 2012)

Michael Noonan: The Deputy has quoted Wolfgang Schäuble correctly. Mr. Schäuble has suggested that nothing will be in place until early 2014. The President of the European Central Bank, Mario Draghi, has said it will be a 2013 project and will take six to 12 months to put in place. Mr. Schäuble's own Chancellor, Angela Merkel, has said it will happen in the last six months of 2013. I am...

Other Questions: European Banking Sector (15 Nov 2012)

Michael Noonan: It is difficult to estimate when this supervision will be in place. The 27 countries that are involved in this process fall into three groups. The first group consists of the 17 eurozone countries, which want this to proceed in one way or another with slight variations in policy opinion. The second group consists of EU member states that are outside the eurozone but want to take part in...

Ceisteanna - Questions - Priority Questions: Tax Collection (15 Nov 2012)

Michael Noonan: Previous housing policies, property and transaction taxes have been disastrous and placed significant impositions on people. The Government has decided that it will introduce a property tax and I do not see it as a solution to argue that it should increase income tax rates instead. Some of the people mentioned by the Deputy would have to pay increased income tax. The property tax approach...

Ceisteanna - Questions - Priority Questions: Tax Collection (15 Nov 2012)

Michael Noonan: We have a difference of opinion on policy. I do not believe imposing very high additional charges on income taxpayers is the way to collect additional taxes or lift the economy out of the position it has been in for some time. We will take the difficulties to which the Deputy points into account in designing the property tax. Approximately three weeks from the budget, I cannot give him the...

Other Questions: NewERA Project (15 Nov 2012)

Michael Noonan: In September 2011 the Government announced the establishment of the New Economy and Recovery Authority, NewERA, within the National Treasury Management Agency. NewERA has a centralised shareholder advisory role from a financial and commercial perspective in respect of corporate governance matters for five commercial semi-state companies: the ESB, Bord Gáis Energy, EirGrid, Bord na...

Other Questions: NewERA Project (15 Nov 2012)

Michael Noonan: I refer the Deputy to the core activities of NewERA such as undertaking a centralised shareholder advisory role from a financial and commercial perspective in respect of corporate governance matters for five commercial semi-State companies, namely, the ones mentioned. NewERA provides advice for Departments on a range of financial activities in these commercial State companies, including on...

Other Questions: NewERA Project (15 Nov 2012)

Michael Noonan: To give an example, NewERA is engaging with the Department of Communcations, Energy and Natural Resources on a range of potential projects across the telecommunications and renewables sectors, including broadband and biomass projects. As part of the broadband action plan, NewERA has been asked to assess the relevant assets owned and operated by State entities, both commercial and...

Ceisteanna - Questions - Priority Questions: Banking Sector Remuneration (15 Nov 2012)

Michael Noonan: At the outset, let me state that the outrage expressed by the Deputy in his question is not the sole preserve of the Opposition. It is shared in equal measure by the Government. However, the Deputy will readily appreciate from the time his party was in office that the Government’s scope for action to claw back or reduce such pre-existing contractual entitlements is limited due to...

Ceisteanna - Questions - Priority Questions: Banking Sector Remuneration (15 Nov 2012)

Michael Noonan: Always within the cap.

Ceisteanna - Questions - Priority Questions: Banking Sector Remuneration (15 Nov 2012)

Michael Noonan: He is within the cap.

Ceisteanna - Questions - Priority Questions: Banking Sector Remuneration (15 Nov 2012)

Michael Noonan: I know the Deputy does not like to be reminded of the past but by and large these extravagant pensions and payments are the result of agreements entered into by the Government which he supported. They are Fianna Fáil arrangements. I will wind them down if I can because I, too, am angry about what I inherited. He is like the boy who ran around the streets asking who will put out the...

Ceisteanna - Questions - Priority Questions: Banking Sector Remuneration (15 Nov 2012)

Michael Noonan: AIB has already reduced pay significantly. I can supply the Deputy with the details. It has been successful in introducing pay reduction schemes and it has written to those who are in receipt of extravagant pensions to request them to return voluntarily part of their payments. One individual has already made a significant contribution in terms of reducing his pension. IBRC's pay bill has...

Ceisteanna - Questions - Priority Questions: Banking Sector Remuneration (15 Nov 2012)

Michael Noonan: I am quite aware of the implications of the legislation and I have set out for the Deputy my approach to the matter. In the first instance I will engage with the covered institutions to achieve the policy ends that have been set out. We will see how that proceeds. I do not know what the IBRC executives said before the committee but, as they say down my way, I hope it stays fine for them.