Results 3,121-3,140 of 27,019 for speaker:Michael Noonan
- Fiscal Policy (5 Oct 2011)
Michael Noonan: However, an amount was not nominated in this regard.
- Fiscal Policy (5 Oct 2011)
Michael Noonan: In the programme for Government we indicated that a sum of â¬2 billion was to be achieved from the sale of State assets. The troika's view is that the proceeds of such sales should be used principally for debt reduction, while it is our view that a high proportion should be used for job creation and capital projects. The matter will have to be negotiated when the representatives of the...
- Fiscal Policy (5 Oct 2011)
Michael Noonan: Should I provide an answer now or wait until the subsequent question is reached? I do not want to offend any other Deputy.
- Fiscal Policy (5 Oct 2011)
Michael Noonan: In that event, the Administration's position, as reiterated by the Taoiseach, is as set out in the programme for Government. In his recent remarks the Taoiseach merely pointed out that income tax increases amounting to approximately â¬250 million per year had been pencilled in for 2012 and 2013 and that we would be obliged to obtain the agreement of the troika to remove these commitments...
- Fiscal Policy (5 Oct 2011)
Michael Noonan: The McCarthy report had been drafted but not published when our predecessors negotiated the programme with the troika and when the memorandum of understanding was put in place. It was clear that both sides were aware what the McCarthy report would contain, even though it had not been published. It was also clear what the intent was at that stage.
- Fiscal Policy (5 Oct 2011)
Michael Noonan: We are not resiling from any matter. No figure was included in the original memorandum of understanding. We included a figure of â¬2 billion in the programme for Government and intend to realise that sum. However, we are obliged to negotiate with the troika on what we may do with the proceeds of the sale of State assets.
- Fiscal Policy (5 Oct 2011)
Michael Noonan: I do not believe there is an issue of blame. I am in favour of and welcome the sale of State assets. There is no blame attached.
- Banks Recapitalisation (5 Oct 2011)
Michael Noonan: The promissory notes were issued in various tranches with different interest rates. There were four tranches for Anglo Irish Bank and two for the Irish Nationwide Building Society. The total interest cost to the State for all tranches of the Anglo Irish Bank and Irish Nationwide Building Society promissory notes is approximately â¬17 billion, with annual repayments of â¬3.1 billion per...
- Banks Recapitalisation (5 Oct 2011)
Michael Noonan: The cost is not â¬74 billion but â¬47.4 billion. One can think of it as a mortgage. A person making monthly mortgage repayments has a capital as well as an interest payment element. The interest represents the cost of borrowing, while the capital payment diminishes the debt. The Deputy is adding the interest rate cost of â¬16.8 billion to the â¬47.4 billion, but it is contained within...
- Banks Recapitalisation (5 Oct 2011)
Michael Noonan: That is incorrect; â¬47 billion would be saved.
- National Asset Management Agency (5 Oct 2011)
Michael Noonan: The National Asset Management Agency, NAMA, has been established as a body corporate which is required to carry out its functions in a commercial manner. In this regard, it must consider on a case-by-case basis the overhead costs associated with leaving a debtor in place to manage his or her business at an agreed salary level versus the alternative of appointing an insolvency expert. I am...
- National Asset Management Agency (5 Oct 2011)
Michael Noonan: Many people would share the Deputy's views and concerns. However, NAMA had to make a pragmatic business decision on this. The alternative is to get in experts on credit to run the business, and we have experience of those already with NAMA assets that have gone into receivership. The receivers are a fine body of people but they charge â¬180 per hour. That amount over the year is far...
- National Asset Management Agency (5 Oct 2011)
Michael Noonan: I am advised that much of the information the Deputy wishes the public to have is commercially sensitive. There is a prohibition under the National Asset Management Agency Act, which was sponsored by my predecessor and passed by the Oireachtas, which prevents this information being given.
- Mortgage Arrears (5 Oct 2011)
Michael Noonan: The Government is acutely aware of the increasing financial stress that some households face arising from difficulty in meeting their mortgage commitments. Against this background, the Government's Economic Management Council, prior to the summer recess, requested an interdepartmental group to consider further necessary actions to alleviate the increasing problem of mortgage...
- Mortgage Arrears (5 Oct 2011)
Michael Noonan: Various solutions were examined by the interdepartmental group. Considering that it spanned the holiday period, I believe the group treated the matter with great urgency. It briefed the economic council and provided me with a full report before the end of September. The report would have gone to the Government yesterday except I was attending an ECOFIN meeting in Brussels. I will bring it...
- Mortgage Arrears (5 Oct 2011)
Michael Noonan: I am committing to taking the report to the Government next week and if the Government clears it, we will publish it straight away. However, one never knows what might arise between now and next Wednesday, so I do not wish to give an absolute commitment to publish it next week if the Government does not clear it. There is no reason the Government would not clear it and I expect that it will...
- EU-IMF Programme (5 Oct 2011)
Michael Noonan: The fourth quarterly review of the EU-IMF Programme of Financial Support for Ireland takes place from 11 to 21 October 2011. The review will comprise a series of meetings to evaluate all the elements of the programme covering fiscal developments, including the comprehensive spending review and potential asset disposal, the macroeconomic outlook, progress on commitments in restructuring the...
- EU-IMF Programme (5 Oct 2011)
Michael Noonan: The European authorities and the IMF require the sale of State assets as part of the programme. I am sure the Deputy is au fait with the debate in Greece and Portugal. One could see the difficulty in Greece when the troika visited Athens and insisted on a very large privatisation programme. There was no similar outcry in Portugal but there was a requirement for a very significant sale of...
- EU-IMF Programme (5 Oct 2011)
Michael Noonan: The movement towards the private sector holding infrastructural assets, such as those about which we are talking, rather than the public sector has been a part of economic management in all modern economies for the past 30 years, of which I am sure the Deputy is well aware. The European authorities are of the view - it is supported by any economic theory one would like to read - that assets...
- EU-IMF Programme (5 Oct 2011)
Michael Noonan: The line is drawn between what is strategic and non-strategic. A minority shareholding in any State company is not strategic.