Results 2,861-2,880 of 27,019 for speaker:Michael Noonan

Written Answers — National Asset Management Agency: National Asset Management Agency (20 Sep 2011)

Michael Noonan: With regard to the Deputy's contention that there are delays in the business plan review process, I understand from NAMA that significant progress has been made over recent months and that, as of end-August 2011, NAMA had completed its review of the plans of 113 of the 180 debtors whose loans it is managing directly. These 113 debtors account for some 75% of the total nominal value of debts...

Written Answers — Tax Collection: Tax Collection (20 Sep 2011)

Michael Noonan: I am advised by the Revenue Commissioners that they do not measure the amount of tax lost to the Exchequer due to tax evasion. There is no one internationally recognised and agreed measure. The results from the many different measures must be treated with a great deal of caution. The international response by other tax authorities to tax evasion is to focus on deterrence while at the same...

Written Answers — Tax Clearance Certificates: Tax Clearance Certificates (20 Sep 2011)

Michael Noonan: I am advised by Revenue that an unfortunate mistake was made in this case. Revenue has now taken steps to rectify the matter and to apologise to the taxpayer. In May 2011 the taxpayer informed them that she was in receipt of widow's pension from the Department of Social Protection since 2006. As a result, an adjustment of her tax credits was needed, to remove the married person's tax...

Written Answers — International Agreements: International Agreements (20 Sep 2011)

Michael Noonan: To date, there have been no draw downs from the bilateral loans available under the EU/IMF Programme of Financial Support for Ireland. Arrangements are well underway for the first drawdown under the Loan Agreement reached with the UK. The first drawdown of £403 million or approximately €463 million, using the exchange rate on 19 September 2011, is expected to be completed shortly. Loan...

Written Answers — Appointments to State Boards: Appointments to State Boards (20 Sep 2011)

Michael Noonan: The following are the State Boards whose membership are determined by the Department of Finance; the membership of each Board; the date each member was appointed to the Board and the date each membership of the Board will cease. Members of National Treasury Management Agency Advisory Committee First appointed End of appointment David Byrne (Chairman) 1 Jan 2008 31 Dec 2012 Tytti Noras 1...

Written Answers — Personal Debt: Personal Debt (20 Sep 2011)

Michael Noonan: As I stated to the Joint Oireachtas Committee on Finance, Public Expenditure and Reform on 1 September 2011, the issue of mortgage indebtedness is a complex one and it is clear that there is no magic solution to solve all problems. There have been many contributions to the debate, including suggestions for the granting of debt forgiveness. As the Deputy will appreciate, this is simply not a...

Written Answers — Personal Debt: Personal Debt (20 Sep 2011)

Michael Noonan: The Deputy might wish to note that, in addition to the existing measures which resulted from the report of the Expert Group on Mortgage Arrears and Personal Debt (published in November 2010), a new Working Group has been established under the Economic Management Council. Its remit is to consider the state of implementation of the main recommendations of the Expert Group and to consider and...

Written Answers — Currency Printing: Currency Printing (20 Sep 2011)

Michael Noonan: Irish Pound bank notes were last produced in 2001. Euro notes and coins came into circulation on 1 January 2002. Irish Pound bank notes ceased to be legal tender on 9 February 2002.

European Financial Stability Facility and Euro Area Loan Facility (Amendment) Bill 2011: Second Stage (Resumed) (21 Sep 2011)

Michael Noonan: I thank all the Deputies who contributed to this debate. It was very interesting and we had a very good exchange of ideas. I thank in particular the Deputies in Opposition who said they will support the Bill when we vote on it. I regret it will not pass unanimously but that is the way Parliament works and the system by which we live and do our business. The euro has been a great success...

European Financial Stability Facility and Euro Area Loan Facility (Amendment) Bill 2011: Second Stage (Resumed) (21 Sep 2011)

Michael Noonan: There is an issue about excise on tobacco, which has nothing to do with health concerns, which is that we have a big problem with smuggled tobacco and the higher the excise, the greater the smuggling. We have the highest excise on tobacco products in Europe at present. There is a direct relationship between the level of excise and the black market sales of smuggled tobacco. A number of...

European Financial Stability Facility and Euro Area Loan Facility (Amendment) Bill 2011: Second Stage (Resumed) (21 Sep 2011)

Michael Noonan: I remember participating in a famous debate moderated by Pat Kenny, and the Deputy was burning things all over the place.

European Financial Stability Facility and Euro Area Loan Facility (Amendment) Bill 2011: Second Stage (Resumed) (21 Sep 2011)

Michael Noonan: We will not run the general election campaign again. Whichever way one takes it, the circumstances have changed somewhat since the general election. The big change was that many European countries believed, as we did that night, that there should be burden sharing with bondholders. That was driven by the German Government and when it got agreement, it was tried out in Greece. There are...

European Financial Stability Facility and Euro Area Loan Facility (Amendment) Bill 2011: Second Stage (Resumed) (21 Sep 2011)

Michael Noonan: It was directly related to a decision that Europe should try out burden sharing in the banking sector in Greece, which was done. Mr. Trichet advised strongly against it, but the political side took the decision and that is what happened. It is very difficult to say now that Ireland should go down the same road. In addition, there is now very little distinction in Anglo Irish Bank between...

European Financial Stability Facility and Euro Area Loan Facility (Amendment) Bill 2011: Second Stage (Resumed) (21 Sep 2011)

Michael Noonan: I am relating the advice to the Deputy.

European Financial Stability Facility and Euro Area Loan Facility (Amendment) Bill 2011: Second Stage (Resumed) (21 Sep 2011)

Michael Noonan: I am relating the advice of the European Central Bank to the Deputy so that he is in a position to make a judgment and he can go for the can of diesel and the box of matches after that, but he is entitled to the advice which is that it would be very risky. The Government has not made a decision. On leaving Poland I said that we would reflect on it, but this is the input on which we must...

European Financial Stability Facility and Euro Area Loan Facility (Amendment) Bill 2011: Second Stage (Resumed) (21 Sep 2011)

Michael Noonan: I thank everyone for their co-operation. I am sure we will have several such debates between now and Christmas because there is a good deal of follow up and other legislation which will go over much the same ground.

European Financial Stability Facility and Euro Area Loan Facility (Amendment) Bill 2011: Committee and Remaining Stages (21 Sep 2011)

Michael Noonan: We can table amendments for discussion purposes. However, since the text must be endorsed across the member states, if we were to vary it here, it would have to go back again. There are only three sections in the Bill, one of which is the Long Title; therefore, what we are really talking about are the Schedules and Appendices which are standard across Europe, which means all other...

European Financial Stability Facility and Euro Area Loan Facility (Amendment) Bill 2011: Committee and Remaining Stages (21 Sep 2011)

Michael Noonan: There is no provision for stepping back in, but I presume that if we finish our programme successfully and the country is sovereign again, conducting its affairs independently of the IMF and the European authorities, that question will be raised by either the Commission or our European colleagues. However, there is no provision in the Bill which requires us to go back in.

European Financial Stability Facility and Euro Area Loan Facility (Amendment) Bill 2011: Committee and Remaining Stages (21 Sep 2011)

Michael Noonan: The stability fund is temporary in nature and will be replaced by the ESM fund after 2013. There will be further legislation to put the ESM arrangement in place. When we see the text coming through, I expect that provision will be made for guarantees also. It may be bigger or smaller or the same, but the stepping out arrangement will be in place. The ESF fund will run out and be replaced...

European Financial Stability Facility and Euro Area Loan Facility (Amendment) Bill 2011: Committee and Remaining Stages (21 Sep 2011)

Michael Noonan: I think there is a misunderstanding. The House cannot amend the agreement, but the agreement is included in the Schedules. If Deputies want to table amendments to sections 1, 2 or 3 of the Bill, they have the same rights to do so, as they would with any other Bill. I do not see much scope for amending it, but rights are not being taken away. Deputy Higgins has been here for a long time...