Results 23,381-23,400 of 27,019 for speaker:Michael Noonan

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Estimates for Public Services 2016
Vote 7 - Office of the Minister of Finance (Revised)
Vote 8 - Office of the Comptroller and Auditor General (Revised)
Vote 9 - Office of the Revenue Commissioners (Revised)
Vote 10 - Office of the Appeal Commissioners (Revised) (30 Jun 2016)

Michael Noonan: We are not in a position to do anything before then. The people involved in forecasting are watching all the movements. We see no reason to depart from what we have done in the past. We used to produce a Spring Economic Statement, but for reasons we all know it became the Summer Economic Statement. Given that it is a top-down view, circumstances change and the view changes. We will...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Estimates for Public Services 2016
Vote 7 - Office of the Minister of Finance (Revised)
Vote 8 - Office of the Comptroller and Auditor General (Revised)
Vote 9 - Office of the Revenue Commissioners (Revised)
Vote 10 - Office of the Appeal Commissioners (Revised) (30 Jun 2016)

Michael Noonan: I spoke about this recently. We own 14% of Bank of Ireland and the policy is, in due course when we can get the best price possible, to sell it, either in one tranche or in increments. We did not tie it to any time-line and there is no pressure on us to sell bank shares to reduce our debt. It is a stand-alone decision based on when we can recover the most money for the taxpayer. There has...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Estimates for Public Services 2016
Vote 7 - Office of the Minister of Finance (Revised)
Vote 8 - Office of the Comptroller and Auditor General (Revised)
Vote 9 - Office of the Revenue Commissioners (Revised)
Vote 10 - Office of the Appeal Commissioners (Revised) (30 Jun 2016)

Michael Noonan: The figure for arrears is the number of outstanding arrears, taking all files into account. The other side of that coin is that arrangements have been made in respect of 120,000 mortgages. It is well beyond the tipping point or the average now. Up to 89% of the arrangements being made are sticking. The definition of "sticking" is that they are still in place and the borrowers are...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Estimates for Public Services 2016
Vote 7 - Office of the Minister of Finance (Revised)
Vote 8 - Office of the Comptroller and Auditor General (Revised)
Vote 9 - Office of the Revenue Commissioners (Revised)
Vote 10 - Office of the Appeal Commissioners (Revised) (30 Jun 2016)

Michael Noonan: We brought in legislation last year to revamp the Office of the Appeals Commissioner. Provision was made for a third appeals commissioner to be appointed. Historically, there were two commissioners. We changed the process of appeal as well. Historically, appeals had to be channelled through the Office of the Revenue Commissioners. Now, appeals can go directly to the appeals commission....

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Estimates for Public Services 2016
Vote 7 - Office of the Minister of Finance (Revised)
Vote 8 - Office of the Comptroller and Auditor General (Revised)
Vote 9 - Office of the Revenue Commissioners (Revised)
Vote 10 - Office of the Appeal Commissioners (Revised) (30 Jun 2016)

Michael Noonan: First, consultancy costs are lower than anticipated.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Estimates for Public Services 2016
Vote 7 - Office of the Minister of Finance (Revised)
Vote 8 - Office of the Comptroller and Auditor General (Revised)
Vote 9 - Office of the Revenue Commissioners (Revised)
Vote 10 - Office of the Appeal Commissioners (Revised) (30 Jun 2016)

Michael Noonan: Yes, but consultancy and legal costs do not come in on a month-by-month basis. They are expected to rise as the year goes on. There may be some money left over at the end of the year. It is difficult to estimate what legal or consultancy costs would be required in any particular year. Moreover, there are a number of payment dates in the year for the pay bill. There are 26 payment dates...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Estimates for Public Services 2016
Vote 7 - Office of the Minister of Finance (Revised)
Vote 8 - Office of the Comptroller and Auditor General (Revised)
Vote 9 - Office of the Revenue Commissioners (Revised)
Vote 10 - Office of the Appeal Commissioners (Revised) (30 Jun 2016)

Michael Noonan: My officials will come back to Deputy D'Arcy on that.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Estimates for Public Services 2016
Vote 7 - Office of the Minister of Finance (Revised)
Vote 8 - Office of the Comptroller and Auditor General (Revised)
Vote 9 - Office of the Revenue Commissioners (Revised)
Vote 10 - Office of the Appeal Commissioners (Revised) (30 Jun 2016)

Michael Noonan: As I said, there is a provision for consultancy, but it is drawn down as required. Thus far, very few consultancy bills have come in.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Estimates for Public Services 2016
Vote 7 - Office of the Minister of Finance (Revised)
Vote 8 - Office of the Comptroller and Auditor General (Revised)
Vote 9 - Office of the Revenue Commissioners (Revised)
Vote 10 - Office of the Appeal Commissioners (Revised) (30 Jun 2016)

Michael Noonan: There are 20 to 25 people in it and I believe they do a pretty good job. They do not run the Central Bank. The Central Bank has a huge staff and budget. The NTMA and NAMA have big staffs. It is a question of the relationship with the Department of Finance and these organisations in terms of oversight and advising the Minister. They are not directly running any of the operations.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Estimates for Public Services 2016
Vote 7 - Office of the Minister of Finance (Revised)
Vote 8 - Office of the Comptroller and Auditor General (Revised)
Vote 9 - Office of the Revenue Commissioners (Revised)
Vote 10 - Office of the Appeal Commissioners (Revised) (30 Jun 2016)

Michael Noonan: Yes, I believe the unit does a good job. As need arises, and if anything happens now as a result of Brexit, there is no reason we cannot add to the numbers. At present, my advice is that there are sufficient numbers and that the unit is resourced sufficiently to carry out adequately the job it is supposed to carry out.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Estimates for Public Services 2016
Vote 7 - Office of the Minister of Finance (Revised)
Vote 8 - Office of the Comptroller and Auditor General (Revised)
Vote 9 - Office of the Revenue Commissioners (Revised)
Vote 10 - Office of the Appeal Commissioners (Revised) (30 Jun 2016)

Michael Noonan: Yes.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Estimates for Public Services 2016
Vote 7 - Office of the Minister of Finance (Revised)
Vote 8 - Office of the Comptroller and Auditor General (Revised)
Vote 9 - Office of the Revenue Commissioners (Revised)
Vote 10 - Office of the Appeal Commissioners (Revised) (30 Jun 2016)

Michael Noonan: I will have to revert to the Deputy with a breakdown on those.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Estimates for Public Services 2016
Vote 7 - Office of the Minister of Finance (Revised)
Vote 8 - Office of the Comptroller and Auditor General (Revised)
Vote 9 - Office of the Revenue Commissioners (Revised)
Vote 10 - Office of the Appeal Commissioners (Revised) (30 Jun 2016)

Michael Noonan: Nothing has crossed my desk. We have an EU services division, which represents the international aspect. It is headed by a principal officer. There is that differentiation internally.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Estimates for Public Services 2016
Vote 7 - Office of the Minister of Finance (Revised)
Vote 8 - Office of the Comptroller and Auditor General (Revised)
Vote 9 - Office of the Revenue Commissioners (Revised)
Vote 10 - Office of the Appeal Commissioners (Revised) (30 Jun 2016)

Michael Noonan: We will do that.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Estimates for Public Services 2016
Vote 7 - Office of the Minister of Finance (Revised)
Vote 8 - Office of the Comptroller and Auditor General (Revised)
Vote 9 - Office of the Revenue Commissioners (Revised)
Vote 10 - Office of the Appeal Commissioners (Revised) (30 Jun 2016)

Michael Noonan: Yes, it is likely there will be some reduction in 2018, but I could not go beyond making that kind of general comment until we see what the new arrangement is likely to be. If it plays towards us rather than against us, there may be a very marginal effect on the fiscal space. It is another moving part that has to be taken into account in forecasts. However, even if there were never a...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Estimates for Public Services 2016
Vote 7 - Office of the Minister of Finance (Revised)
Vote 8 - Office of the Comptroller and Auditor General (Revised)
Vote 9 - Office of the Revenue Commissioners (Revised)
Vote 10 - Office of the Appeal Commissioners (Revised) (30 Jun 2016)

Michael Noonan: The way it was approached was that the work was done in the spring economic statement on the basis of the United Kingdom remaining in the European Union. Then there were forecast data available as to the downside if the United Kingdom were to leave the European Union. As the Deputy knows, there is a page in the summer economic statement setting out the risk and how it would diminish growth...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Estimates for Public Services 2016
Vote 7 - Office of the Minister of Finance (Revised)
Vote 8 - Office of the Comptroller and Auditor General (Revised)
Vote 9 - Office of the Revenue Commissioners (Revised)
Vote 10 - Office of the Appeal Commissioners (Revised) (30 Jun 2016)

Michael Noonan: The answer in terms of economic activity and achieving full employment and a balanced budget and resources even for a rainy day fund is "Yes" but that is not to say that the fiscal space for future budgets, apart from the forthcoming one, might narrow. It is difficult to predict because it is only one of a number of what I would call moving parts. I have great respect for my forecasting...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Estimates for Public Services 2016
Vote 7 - Office of the Minister of Finance (Revised)
Vote 8 - Office of the Comptroller and Auditor General (Revised)
Vote 9 - Office of the Revenue Commissioners (Revised)
Vote 10 - Office of the Appeal Commissioners (Revised) (30 Jun 2016)

Michael Noonan: There is no point in us running a set of figures if we cannot stand over them. What I am saying is that we are fairly certain regarding what we have. We have put in the data about the adverse effect of Brexit and we will have a new set of figures in the autumn to inform our budgetary position. Things should have been clarified, at least politically in the UK, the negotiations with the EU...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Estimates for Public Services 2016
Vote 7 - Office of the Minister of Finance (Revised)
Vote 8 - Office of the Comptroller and Auditor General (Revised)
Vote 9 - Office of the Revenue Commissioners (Revised)
Vote 10 - Office of the Appeal Commissioners (Revised) (30 Jun 2016)

Michael Noonan: First of all, it is a contingency fund and a contingency fund is unallocated resources that are to be deployed if the unexpected happens. The unexpected has happened and we are lucky we had not allocated all of this for spending purposes because we would be into reversal very quickly. The principle of establishing a rainy day fund remains but on current information, it will be a figure of...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Estimates for Public Services 2016
Vote 7 - Office of the Minister of Finance (Revised)
Vote 8 - Office of the Comptroller and Auditor General (Revised)
Vote 9 - Office of the Revenue Commissioners (Revised)
Vote 10 - Office of the Appeal Commissioners (Revised) (30 Jun 2016)

Michael Noonan: Good.