Results 19,321-19,340 of 27,019 for speaker:Michael Noonan

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

Michael Noonan: The Government has decided, as part of our obligation under the EU-IMF programme of financial support to Ireland, to introduce an annual recurring property tax. In the latest memorandum of understanding between the Government and the troika, a commitment was given to introducing the tax in the forthcoming budget. The introduction of a property tax has been a condition of the programme since...

Ceisteanna - Questions - Priority Questions: Promissory Notes (15 Nov 2012)

Michael Noonan: As the Deputy is aware, the Government has been working very hard to secure a deal on the Irish bank debt and detailed work will continue to ensure that the positive moves in Europe are harnessed to maximise the benefit to the Irish taxpayer. These discussions have intensified on the back of the euro area summit statement of 29 June of this year, and the ongoing work is one of the...

Ceisteanna - Questions - Priority Questions: Promissory Notes (15 Nov 2012)

Michael Noonan: Academics and retired luminaries from illustrious organisations such as the IMF have far more scope to get involved in speculation than a Minister of a Government who has to take the hard decisions. I draw Deputy Doherty's attention to the commitment made by the Government, along with all 27 member states at the European summit in October last:As far as our general approach to private sector...

Ceisteanna - Questions - Priority Questions: Promissory Notes (15 Nov 2012)

Michael Noonan: I have not seen "Anglo The Musical" but I always think that satire, unless handled lightly, is just above pie throwing as theatrical entertainment. I do not think the Deputy should bring it forward as his principal witness in requesting the Government to default. On the other hand, I have made my position clear about the imminence, in March, of a repayment. I did not pay it last year and I...

Ceisteanna - Questions - Priority Questions: Budget Targets (15 Nov 2012)

Michael Noonan: As Deputy Michael McGrath will be well aware, it is not customary to give details of the approach to the budget when we come this close because we would then be revealing provisions that may be in the budget. The Deputy should accept that. When one is farther away from the budget one can speculate about policy and one is freer, as a Minister, to give information. On the basis that people...

Ceisteanna - Questions - Priority Questions: General Government Debt (15 Nov 2012)

Michael Noonan: Officials in my Department have clarified with the Deputy that he is seeking information on general Government debt. The State's debt burden has increased substantially over the last number of years as a result of the collapse in revenues and the significant increase in cyclical unemployment and debt servicing related expenditure arising from the sharp contraction in economic activity, the...

Ceisteanna - Questions - Priority Questions: General Government Debt (15 Nov 2012)

Michael Noonan: On debt sustainability, the word "sustainability" is often used in a colloquial way but in what we are talking about, it has a precise meaning. Debt sustainability means can we meet the repayments or do we have to default. The debt is entirely sustainable on that definition. If one means it will be tough going, it will be hard on people and it is not sustainable because of the pressure, or...

Ceisteanna - Questions - Priority Questions: General Government Debt (15 Nov 2012)

Michael Noonan: Deputy Higgins has moved into a better position now where I can agree with him. It is not that the debt is not sustainable; it is that the debt puts a considerable burden on us and inhibits the growth in the economy. As I have said previously, it is like trying to drive a car with the handbrake on. That is the effect of the debt. It is a drag factor and our growth rates would be higher if...

Ceisteanna - Questions - Priority Questions: Budget Targets (15 Nov 2012)

Michael Noonan: The latest economic and fiscal projections from my Department were published yesterday, 14 November, in the updated medium-term fiscal statement, MTFS. Real GDP growth for 2013 is now estimated at 1.5%. This represents a one quarter of a percentage point downward revision on the previous forecast for 2013 as set out in the stability programme update in April. However, it is not simply a...

Ceisteanna - Questions - Priority Questions: Budget Targets (15 Nov 2012)

Michael Noonan: The closer we get to the budget, the less free I am to give out detailed information about either elements of the budget or the approach. However, in general terms the approach outlined in the medium term projections published during the week holds. We will achieve a target of 7.6% of GDP if we do a correction of €3.5 billion. The Deputy many not have noticed it but in the revised...

Seanad: Adjournment Matters: Banking Sector Remuneration (15 Nov 2012)

Michael Noonan: Obviously the truth is beginning to hurt when I am being heckled by Senator Walsh.

Seanad: Adjournment Matters: Banking Sector Remuneration (15 Nov 2012)

Michael Noonan: The exclusion is for pension contributions. No individual at any of the covered institutions is allowed to receive more than the cap. This is being honoured as proven in the case of the new CEO appointments at AIB and Permanent Trustee Savings Bank, respectively, whose packages are contained within this policy. The Government has also been putting downward pressure on pay levels throughout...

Seanad: Adjournment Matters: Banking Sector Remuneration (15 Nov 2012)

Michael Noonan: That is not to say, however, that we cannot deal with this matter. We are examining ways of doing so. To give Senators the exact advice, pensions are generally taken to be deferred income and any action to reduce a pension payment needs to be comprehensively founded lest it run the risk of being considered an unjust attack by the State on the property rights of individuals affected by the...

Seanad: Adjournment Matters: Banking Sector Remuneration (15 Nov 2012)

Michael Noonan: No. The facts are there, although I know the Senator does not like hearing them.

Seanad: Adjournment Matters: Banking Sector Remuneration (15 Nov 2012)

Michael Noonan: The Senator is a very good Member of this House.

Seanad: Adjournment Matters: Banking Sector Remuneration (15 Nov 2012)

Michael Noonan: He will only damage his reputation, however, by trying to defend the indefensible. It is always a bad idea. You owed them nothing; that is another thing the Senator should remember. As regards Senator O'Donnell's remarks, I share her anger at what is happening. I think I have replied to the points she made in respect of banking and so on. There are also other institutions of which she has...

Seanad: Adjournment Matters: Banking Sector Remuneration (15 Nov 2012)

Michael Noonan: Perhaps the Senator will attend the House to tell us how we might deal with that, when certain individuals on single salaries are getting enough to pay for the President, the Taoiseach and going half way towards paying for the Chief Justice as well.

Seanad: Adjournment Matters: Banking Sector Remuneration (15 Nov 2012)

Michael Noonan: The Senator should not discount the strength of moral pressure and the strength of what he is doing today. AIB's board took this very seriously, wrote to their retired executives who had very high pensions and asked them to make a contribution to the State. One individual has made a very big contribution and has taken a reduction in his pension. I would advocate that all others who can see...

Seanad: Adjournment Matters: Banking Sector Remuneration (15 Nov 2012)

Michael Noonan: I thank Senator Whelan for raising this issue. The outrage expressed by the Senator at excessive bank and pensions is shared by the Government. The allegation in the question is incorrect. Since the Government came to power, no breaches of the salary cap have been allowed by it, unlike the previous policy where exemptions were authorised and some of the Deputies who were part of that...

Written Answers — Department of Finance: Promissory Notes (15 Nov 2012)

Michael Noonan: I propose to take Questions Nos. 10 and 57 together. As the Deputies are aware, the Irish Government has been working extremely hard to secure a deal on the Irish bank debt, including the IBRC Promissory Notes and detailed work will continue to ensure that the positive moves in Europe are harnessed to maximise the benefit to the Irish taxpayer. This is on the back of the Euro Area summit...