Results 3,261-3,280 of 27,019 for speaker:Michael Noonan
- Seanad: Statements on Finance (6 Oct 2011)
Michael Noonan: -----pretending that the loss in the fund is due to the levy-----
- Seanad: Statements on Finance (6 Oct 2011)
Michael Noonan: -----when the loss is due to the defining market and, in some cases, their own mismanagement.
- Seanad: Statements on Finance (6 Oct 2011)
Michael Noonan: Yes, in some cases. I will subject any of the extravagant claims to audit if they send me their full returns-----
- Seanad: Statements on Finance (6 Oct 2011)
Michael Noonan: -----but I cannot understand how a 0.6% levy on a pension fund leads to a reduction in pension payouts of 10% per annum to the beneficiaries. That makes no financial sense and it is a made up story-----
- Seanad: Statements on Finance (6 Oct 2011)
Michael Noonan: -----to hide something else.
- Seanad: Statements on Finance (6 Oct 2011)
Michael Noonan: The Senator asked other questions about the effectiveness of the jobs initiative. Anybody who got even a week's holidays this summer will be aware that it had a big impact on the hospitality industry. There were more people in coffee shops, bars and restaurants this summer. People were going out again and they were spending. It was a confidence builder but it also reduced the prices. We...
- Seanad: Statements on Finance (6 Oct 2011)
Michael Noonan: I will tell the Senator privately. NewERA is another example of new thinking, and I hope it works. The concept is simple. There is money in the pension fund. There is money that we hope we will be allowed use from the sale of State assets. We do not have a bob to put into any kind of stimulus package in the economy to develop new infrastructure, and we are trying to fund it in a different...
- Seanad: Statements on Finance (6 Oct 2011)
Michael Noonan: We do not want a Greek tragedy every four or five years. We must make sure it does not happen again, and that is the governance issues. The six pack of measures for Governments was adopted at the Luxembourg ECOFIN. It will come through the Houses of the Oireachtas because we will have to legislate to put it in place but that is a very strong element of governance and it will have to...
- Seanad: Statements on Finance (6 Oct 2011)
Michael Noonan: Senator Sheahan asked about the credit union movement. The restructuring of the banks has been mentioned. The last element of the financial retail industry that must be restructured is the credit unions. It is an open secret that while the credit unions have done wonderful work down the years and one could not be complimentary enough about the volunteers who give of their time to provide...
- Seanad: Statements on Finance (6 Oct 2011)
Michael Noonan: I know what the Senator is saying. There is no easy way through this and no button we can press to avail of it but I am conscious of what the Senator has said. Issues arise from it. The report of the interdepartmental group on impaired mortgages will be published next week and we will debate it in both Houses. We will see what comes of it. The idea is that it is not a report to be put on...
- Seanad: Statements on Finance (6 Oct 2011)
Michael Noonan: Not because of the levy.
- Seanad: Statements on Finance (6 Oct 2011)
Michael Noonan: I thank all the Senators who asked questions. Senator van Turnhout's questions are matters that might be the subject of discussion under the expenditure review and in the first instance, the Minister for Public Expenditure and Reform, Deputy Howlin, is interchanged with the Department of Social Protection. I do not know of any intention he has to move adversely into that area. It is a...
- Seanad: Statements on Finance (6 Oct 2011)
Michael Noonan: The Senator's party picked them well.
- Seanad: Statements on Finance (6 Oct 2011)
Michael Noonan: I thank Senator Byrne for his support with regard to the credit unions. It is very important that the regulatory authorities be supported as they move to recapitalise the credit unions. Every Senator and Deputy will be lobbied. It is not so long ago, this time last year, since we were being assured by all the banks that the Irish banking industry was completely different, that there were...
- Seanad: Statements on Finance (6 Oct 2011)
Michael Noonan: I do not know whether they got that advice, but that was the situation. Many of the credit unions are fine, but several were seriously impaired. Therefore, one should check the facts before running with what one is told. There is some mismanagement and, naturally, people who mismanage will give their side of the story. The issue must be approached systematically. I appreciate what the...
- Seanad: Statements on Finance (6 Oct 2011)
Michael Noonan: Senator Mooney asked about the taxation. There is little enough scope and we have ruled out income tax increases. Therefore, we will have to look at other tax heads. The figure of â¬3.6 billion is the correction in the breakdown, but it is not the target. The target is a deficit of â¬8.6 billion. The â¬3.6 is a variable and the variation will be upward rather than downward.
- Seanad: Statements on Finance (6 Oct 2011)
Michael Noonan: It is a different debate as to whether we would voluntarily go further. The point I am making is that if we make an adjustment of â¬3.6 billion, we may not reach a deficit of â¬8.6 billion. With that, we have to go further just to arrive at â¬8.6 billion. Whether, as a policy measure, it would be desirable to go further is another issue. We are pitching for the deficit of â¬8.6...
- Seanad: Statements on Finance (6 Oct 2011)
Michael Noonan: There are some things in the capital budget we do not need now in a smaller economy. We must be realistic about these things. Senator Mooney will know how the Keynesian model works - where there is a multiplier effect. We are such an open economy now that the multiplier effect on capital investment is about one and not much more than that. Therefore, we do not get the ongoing bang that...
- Seanad: Statements on Finance (6 Oct 2011)
Michael Noonan: The Minister for Public Expenditure and Reform, Deputy Howlin, has brought forward a new pension Bill. While it does not move mandatory retirement, it moves the age upwards and by the mid-2020s the retirement age will be 68 rather than the current age. Therefore, there is movement in the direction required, but by a different means. Please remind me of the second question.
- Seanad: Statements on Finance (6 Oct 2011)
Michael Noonan: There has been mixed advice on that, but I am looking at it. A proposal in the Fine Gael programme for Government suggested that people would be allowed draw down 2.5% of their fund for each of four consecutive years, a total of 10%. However, that proposal was not carried forward into the programme for Government. We are looking at the possibilities. There is a case for and against. We...