Results 3,161-3,180 of 27,019 for speaker:Michael Noonan
- Tax Code (5 Oct 2011)
Michael Noonan: I would need notice of that question.
- Public Service Pay (5 Oct 2011)
Michael Noonan: The issue of remuneration, which includes the granting of performance-related awards schemes, severance payments and pensions to senior public servants and public sector workers, is a matter for the Minister for Public Expenditure and Reform in the first instance. I have been informed by my colleague, the Minister, Deputy Howlin, that performance-related award schemes were available in the...
- Public Service Pay (5 Oct 2011)
Michael Noonan: My colleague, the Minister for Public Enterprise and Reform, has taken rigorous action to change things for the future. As a result of arrangements that were made in the past, it is very difficult to deal with certain legal entitlements. Special provision was made for Secretaries General whose terms of appointment included the top level appointments committee exit terms. These terms are...
- Public Service Pay (5 Oct 2011)
Michael Noonan: It was the tradition that the lump sums paid to public servants as part of their pension schemes were tax free. That has been changed. They are now tax free to a certain level only, and then fully taxed after that level has been reached. The last tranche of the former Secretaries General emolument or lump sum would have been taxed at the marginal rate of tax. We tax it at 52%.
- Recent Developments in the Eurozone: Statements (5 Oct 2011)
Michael Noonan: I welcome this opportunity to update the House on recent developments in the eurozone. I participated in the Eurogroup and ECOFIN ministerial meetings in Luxembourg earlier this week. Just over two weeks ago, I attended the annual meetings of the IMF and the World Bank in Washington, where developments in the eurozone were high on everyone's agenda. The Taoiseach, the Tánaiste, other...
- Recent Developments in the Eurozone: Statements (5 Oct 2011)
Michael Noonan: I do not mind who speaks.
- Recent Developments in the Eurozone: Statements (5 Oct 2011)
Michael Noonan: The Deputy should ask the Fianna Fáil Party.
- Recent Developments in the Eurozone: Statements (5 Oct 2011)
Michael Noonan: I thank the Deputy for his questions and his earlier contribution and I thank all Deputies for their interesting contributions. When people ask what we are going to do about Greece they are asking the wrong question. The question is what are our colleagues in Europe going to do about the eurozone. If one tries to answer that question, the Greek situation falls into place. In Europe I have...
- Recent Developments in the Eurozone: Statements (5 Oct 2011)
Michael Noonan: Everyone is conscious of the situation and it is my view these things will not be allowed to happen. The Greek situation will get sorted. The next step after that must be changes in governance. Deputy Clare Daly referred to the debate in the European Parliament. The debate on the six pack regulations went on for some years, with the French Government holding matters up. Finally a...
- Recent Developments in the Eurozone: Statements (5 Oct 2011)
Michael Noonan: That is begrudgery.
- Recent Developments in the Eurozone: Statements (5 Oct 2011)
Michael Noonan: A debt write-down has been negotiated in Greece. This is voluntary in nature and it was negotiated by the authorities with the banks which had lent money to Greece. It is worth approximately 21% of the country's debt and in quantitative terms the write-down will be in the region of â¬24 billion over a significant period. As stated, the write-down was voluntary and while it was a credit...
- Recent Developments in the Eurozone: Statements (5 Oct 2011)
Michael Noonan: While I disagree with the conclusions reached, if one considers the relevant data, it is obvious that sufficient funds are available in order to recapitalise those European banks which require it. I do not agree with the conclusion reached at the time that only four or five banks required recapitalisation. If one considers the data in the context of where the line was drawn, one will see...
- Recent Developments in the Eurozone: Statements (5 Oct 2011)
Michael Noonan: A full debate took place in the European Parliament on the six pack of measures to which Deputy Clare Daly referred. This House will also engage in a full debate on them. I would be here through Private Members' time if I outlined it in detail. In general terms it is the development of the stability and growth pact with the right to intervene earlier in the budgetary process. There are...
- Recent Developments in the Eurozone: Statements (5 Oct 2011)
Michael Noonan: There will be a full debate on it. We are not contributing to the European Financial Stability Facility, EFSF, because we are one of the programme countries. Subject to verification of the figures, the contribution to the European Financial Stabilisation Mechanism, EFSM, is 1.75% of the total fund. That is paid over five years. I slightly overstated the figure, it is actually 1.592% of...
- Recent Developments in the Eurozone: Statements (5 Oct 2011)
Michael Noonan: Ireland's share of the â¬80 billion of paid-in capital would be just above â¬1.275 billion, to be paid in five equal instalments of approximately â¬254 million each, beginning in July 2013.
- Recent Developments in the Eurozone: Statements (5 Oct 2011)
Michael Noonan: With regard to quantitative easing, if the issue is raised privately rather than publicly with central bank authorities in Europe, they will indicate there is no debate and it is not done. The argument is that one of the biggest problems in Europe now is too much liquidity, and as I noted in my preliminary remarks, one of the solutions is to de-leverage and take the liquidity from the...
- Recent Developments in the Eurozone: Statements (5 Oct 2011)
Michael Noonan: There is a reasonable economics-based argument to be made for it but I am giving the Deputy the European Central Bank's position. All the advocacy in the world will not move that position currently. In the UK there will be a third or fourth tranche of quantitative easing shortly and it is being considered in Washington DC as well. Europe has been awash with liquidity so throwing more...
- Recent Developments in the Eurozone: Statements (5 Oct 2011)
Michael Noonan: -----there must be rules of the game. We are where we are because the rules were not put in place when the currency was implemented.
- Recent Developments in the Eurozone: Statements (5 Oct 2011)
Michael Noonan: With regard to going around with tags in our ears, I would be a reactor in that case. With regard to Deputy Boyd Barrett's comments, we will see if the Greek prescription works. If he wants to apply the Greek prescription to Ireland, he can go on the street, burn down the bank, hurt and kill a few people.
- Recent Developments in the Eurozone: Statements (5 Oct 2011)
Michael Noonan: Suddenly there is a solution and the Deputy believes everybody will roll over and cancel debts. Everybody will live happily ever after. The plan does not appear to be working out in Greece so I would not like to take the Greek formula and prescribe it for Ireland.