Results 4,461-4,480 of 27,019 for speaker:Michael Noonan

Written Answers — Economic and Monetary Union: Economic and Monetary Union (31 Jan 2012)

Michael Noonan: The Treaty on Stability, Coordination and Governance in the Economic and Monetary Union represents a major step forward in terms of economic cooperation in the euro area. The measures contained in the Treaty will go a long way towards addressing many of the root causes of the current crisis, and will ensure much greater fiscal discipline, improved policy co-ordination and convergence, as...

Written Answers — Proposed Legislation: Proposed Legislation (31 Jan 2012)

Michael Noonan: I have no plans to introduce consumer legislation into the area of mortgage rate reductions. In late 2011 the Taoiseach asked for the Central Bank's opinion on recent developments in mortgage interest rates and on possible action by the Central Bank in that regard. In response to the Taoiseach's request, the Deputy Governor wrote to him on 11 November 2011. In his letter the Deputy...

Written Answers — Jobs Initiative: Jobs Initiative (31 Jan 2012)

Michael Noonan: I propose to take Questions Nos. 175 and 182 together. The Jobs Initiative introduced last year brought forward a number of targeted sectoral measures and tax/PRSI changes designed to assist in employment generation, to provide opportunities for those who have lost their jobs and thus generate confidence in the economy. These included a new second reduced VAT rate of 9% aimed primarily at...

Written Answers — Unemployment Levels: Unemployment Levels (31 Jan 2012)

Michael Noonan: The Deputy will be aware that the budgetary documentation which I provided to the House in December contains more up-to-date forecasts than the medium term fiscal statement. The unemployment rate is projected to fall over the coming years but to remain elevated. For 2015, my Department is forecasting an unemployment rate of 11.6 per cent. This figure is a forecast as opposed to a target. It...

Written Answers — Tax Code: Tax Code (31 Jan 2012)

Michael Noonan: The standard VAT rate was increased in the budget from 21% to 23% as part of a general package of raising revenues measures to contribute to Exchequer funding and is in line with commitments made in the Programme for Government and in the EU/IMF Programme. The €670 million raised by this VAT increase will go some way towards funding other costs in Exchequer spending. As I said when I...

Written Answers — Tax Code: Tax Code (31 Jan 2012)

Michael Noonan: The Deputy will be aware that the Programme for Government is a comprehensive document containing many proposals and commitments. Some, such as the Jobs Initiative, have already been delivered; others will be progressed over the lifetime of this Government. The Programme notes that we will direct the Revenue Commissioners to examine the feasibility of introducing – on a revenue neutral...

Written Answers — Unemployment Levels: Unemployment Levels (31 Jan 2012)

Michael Noonan: Obviously as a small open economy whose recovery is being driven by exports, we will be affected by the soft patch that the European economy is currently going through, though competitiveness improvements evidenced in recent years will provide some support. I would also point out that as some of our exports are by their nature quite capital intensive, the impact on employment levels of a...

Written Answers — National Pension Reserve Fund: National Pension Reserve Fund (31 Jan 2012)

Michael Noonan: In September 2011 the Government announced the establishment of the New Economy and Recovery Authority (NewERA) within the NTMA and the establishment of the Strategic Investment Fund. NewERA will centralise the management of Government holdings in the commercial semi-state sector (initially the companies within NewERA's remit are ESB, EirGrid, Bord Gáis, Bord na Móna and Coillte) from a...

Written Answers — Tax Collection: Tax Collection (31 Jan 2012)

Michael Noonan: I am advised by the Revenue Commissioners that it is not possible to estimate the cost to the Irish economy in terms of employment due to tax evasion or avoidance. The measurement of the scale of tax evasion, often referred to as the shadow economy, is inherently difficult given the nature of the problem. There is no one internationally recognised and agreed measure, nor are there agreed...

Written Answers — Credit Availability: Credit Availability (31 Jan 2012)

Michael Noonan: As the Deputy is aware the Central Bank gathers and collates statistics on a wide range of Financial Services Sector activities on an on-going basis. As a general rule, my Department does not engage in a separate exercise to collect such statistics, but has access to and relies on statistics provided and published by the Central Bank. Data provided by the Central Bank indicates that the...

Public Finance Strategy (1 Feb 2012)

Michael Noonan: The Government's overriding fiscal objectives are twofold: first, we must return to a situation in which we are living within our means; and, second, we must put the debt-GDP ratio on a firm downward path. The strategy to achieve these objectives is set out in the Government's medium-term fiscal statement as well as in the documentation accompanying budget 2012. These documents spell out...

Public Finance Strategy (1 Feb 2012)

Michael Noonan: Allowance is being made for countries with excessive deficits, especially countries in programmes, such as Ireland. The timeline will be a matter for negotiation with the Commission. Certainly countries with larger deficits will have a longer period of adjustment than countries with balanced budgets at present.

Public Finance Strategy (1 Feb 2012)

Michael Noonan: The practice of the Commission over the years with all governments is to discuss matters before imposing any regime. When it states "propose", it will discuss. The Deputy is correct that the concept of a structural deficit is difficult to understand in the first place. It is extremely difficult to measure, particularly for a country such as Ireland, which has, in effect, a common labour...

Public Finance Strategy (1 Feb 2012)

Michael Noonan: The reason was that all the transactional taxes coming from the property industry were part of the cycle and were not a permanent feature of the tax system. That all disappeared and they left this huge deficit. When considered in those terms, structural deficits and structural surpluses are easier to understand.

Job Creation (1 Feb 2012)

Michael Noonan: In September 2011 the Government announced the establishment of the New Economy and Recovery Authority, NewERA, within the NTMA and the establishment of the strategic investment fund. NewERA will centralise the management of Government holdings in the commercial semi-State sector - initially the companies within NewERA's remit are ESB, EirGrid, Bord Gáis Éireann, Bord na Mona and Coillte -...

Job Creation (1 Feb 2012)

Michael Noonan: There has been an extraordinary change since the Government was elected ten months ago. The Government is working every day bringing forward initiatives to restore health to the economy and this has been recognised at home and abroad. The live register figures passed through Government yesterday and they were published today. They are the best set of positive figures since 2010. I do not...

Job Creation (1 Feb 2012)

Michael Noonan: Deputy Doherty has quoted the troika as stating as much to him previously but when we asked the troika at subsequent meetings it denied that it ever stated this to the Deputy. Deputy Doherty should sort out that with the troika. I suspect the troika is right because on several occasions we raised with it the possibility not only of using the National Pensions Reserve Fund for job creation,...

Economic Forecasting (1 Feb 2012)

Michael Noonan: There is a good deal of uncertainty at the moment as evidenced by the wide range of GDP projections for this year not only for Ireland, but also for the euro area. The recent downgrading of forecasts by the IMF, including those for Ireland, reflects heightened concern about growth prospects in the euro area and the wider global outlook. As a small, open economy whose recovery is being...

Economic Forecasting (1 Feb 2012)

Michael Noonan: That is an interesting intervention but growth in Ireland has been marked down because of failing growth in our customer countries abroad. It is not because of anything in the domestic economy. In fact, the economy in Ireland is positioned to grow and if we got fair weather abroad certainly it would grow strongly. The economy is growing. It grew last year by at least 1%. It continues to...

Economic Forecasting (1 Feb 2012)

Michael Noonan: Some 20% of our exports go to the United States, another 20% to the United Kingdom, 40% to Europe in general and the other member state and 20% to other markets. Many of our exports are inelastic to demand, for example medical and pharmaceutical products. If one is sick and needs a stent for one's heart, one will buy and pay for the stent. Food is in the same category, particularly food...