Results 2,881-2,900 of 27,019 for speaker:Michael Noonan

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

Michael Noonan: I thank Deputy Donnelly for his contribution and questions. He made an interesting speech on Second Stage, to which I did not refer in my closing remarks because he was not present. On burden sharing in respect of unguaranteed bonds in Anglo Irish Bank, I was relating to the House the advice I had received. Without quoting Mr. Trichet, I was giving the burden of his advice to the House...

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

Michael Noonan: All I am saying is that it has gone up in value. The euro also controlled inflation which in the past 12 years has averaged 1.97% per annum. Inflation was higher than this under the Deutsche Mark in the 12 years previously. The single currency has, therefore, been a great success in controlling inflation. European trade has also increased by 50% in the 12 years since the introduction of...

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

Michael Noonan: Mr. Trichet is independent in the exercise of his functions and not subject to political direction. I have never heard him express the view the Deputy ascribes to him. While he may have done so in a speech somewhere, he has certainly not expressed it at any of the ECOFIN meetings I have attended.

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

Michael Noonan: As this is a programme country, the notional guarantees ascribed to Ireland will never be exercised because of the stepping-out arrangement for guarantee countries. The ESM has already been agreed to. There may be minor amendments before it is fully signed off, but it has a different structure from the ESF. Under the ESM, there is no guarantee system; countries must pay actual capital into...

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 Ireland to step back into the EFSF and the EFSF would have to be amended to allow it. There is no question of that happening, however, because the ESM has been agreed to at the highest level in the European Union and signed by representatives of member states. All I am saying is that because it has not yet come through the national Parliaments, there is still...

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

Michael Noonan: My understanding is that we would have discretion, but we have not yet made a policy decision. Obviously, we would need to obtain the advice of the NTMA. In the future we would certainly not want the repayments to be lumpy - in other words, that there would be a very large repayment in any one year. We will use the discretion allowed for on the timeframe to ensure payments are ordered in...

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

Michael Noonan: The context was that Greece was failing to meet the conditions of its programme, although neither Ireland nor Portugal was failing in that regard. Therefore, it is couched in terms of a new set of easements to facilitate Greece. The Greeks will receive a lower interest rate and there will be flexibility on the maturities and other details. These will then be applied to Ireland and...

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

Michael Noonan: The pricing structure can be amended by agreement to enable the condition that money will never be given below the cost of the money to be made available. As a general condition, the price will not go below the cost of money. Therefore, if interest rates go up internationally and the EFSF sells a bond to the Chinese, it will still have to be passed on at a rate above what one paid for it....

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

Michael Noonan: When I was answering questions at an earlier stage of the debate, perhaps on Second Stage, I said the ESFM fund was supplying the money without a margin. The relevant deduction was 3.75%, even though we had thought it would be around 2%. That is agreed to in principle, but has not yet been signed off on by the 27 member states. On the other side, regarding the EFSF fund, I have stated that...

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

Michael Noonan: Nothing hangs on it either.

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

Michael Noonan: There is an understanding that the figure will not be more than 50 basis points. If there was no margin, I would be telling the Deputy we would receive the EFSF money with a reduction of about 280 or 283 basis points. By using the figure of 260 basis points, I am allowing a margin. This is not yet exact and minor adjustment must be made at the end.

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

Michael Noonan: Normally when somebody beats one up, they do not stick €65 billion in one's pocket before going away.

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

Michael Noonan: I would nearly allow myself to be beaten up outside the gates of Leinster House this evening if I thought that would happen.

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

Michael Noonan: The Deputy's analysis of the cross-references to the ESM is incorrect. There is nothing in the Bill which ties us to the ESM. The cross-references are included because there is an agreement in the European Union that, as we negotiate, the ESM will replace the EFSF. Separate legislation will have to be introduced to facilitate the establishment of the ESM. The Deputy engaged in a critique...

Written Answers — Tax Code: Tax Code (21 Sep 2011)

Michael Noonan: It is assumed that the threshold for the proposed new tax bands mentioned by the Deputy would not alter the existing standard rate band structure applying to single and widowed persons, to lone parents and married couples. I am advised by the Revenue Commissioners that the estimated full year yield to the Exchequer, estimated by reference to 2012 incomes, of the introduction of each of the...

Written Answers — International Agreements: International Agreements (21 Sep 2011)

Michael Noonan: I am not privy to the full details of the agreement to which the Deputy has referred and accordingly it would be inappropriate for me to comment on it. Initial reports would suggest that any such agreement may provide for a one-off deduction from funds on deposit to settle past liabilities and a withholding tax from 2013 in place of the actual liability due in respect of investment income...

Written Answers — Tax Code: Tax Code (21 Sep 2011)

Michael Noonan: The VAT rating of goods and services is subject to the requirements of EU VAT law with which Irish VAT law must comply. Under the VAT Directive Member States may only apply the reduced VAT rate to those goods and services which are listed under Annex III of the VAT Directive. I understand that the major sectors within the Irish craft industry are pottery, glass, jewellery, textiles and...

Written Answers — Tax Collection: Tax Collection (21 Sep 2011)

Michael Noonan: I am advised by the Revenue Commissioners that this matter is currently undergoing an Internal Review. The issue in question is the PAYE tax credit. The taxpayer was not allowed this credit because it was deemed that she belonged to a category excluded by Section 472 of the Taxes Consolidation Act, being the child of her employer. The taxpayer has however claimed that her circumstances...

Written Answers — Financial Products: Financial Products (21 Sep 2011)

Michael Noonan: The Central Bank does not regulate financial products, rather it regulates financial institutions. The Central Bank's Consumer Protection Code requires regulated financial institutions to act honestly, fairly and professionally in the best interests of their customers. In addition, a regulated institution must ensure that all information it provides to the customer is clear and...

Written Answers — Banking Sector: Banking Sector (21 Sep 2011)

Michael Noonan: The restructuring of the domestic banking sector creates capacity for the pillar banks to lend in excess of €30 billion over the next three years to the SME and to other important sectors. This is in excess of the Central Bank's estimates of the likely demand for SME and mortgage credit over this period. Both pillar banks are concentrating on the Irish economy and need to issue credit to...