Results 4,481-4,500 of 27,019 for speaker:Michael Noonan

Economic Forecasting (1 Feb 2012)

Michael Noonan: The budget forecast is for real GDP growth of 1.3% in 2012. This forecast was a downward revision from that published in the medium term fiscal statement published at the beginning of November and was necessitated by the deterioration in the external environment that became evident during November. The budget forecast incorporated all of the information – both domestic and international...

Economic Forecasting (1 Feb 2012)

Michael Noonan: The simple answer is "Yes". I did not say I anticipated a deficit of 9.1%. What I said was that if one had a model where one put in a lower growth, one would come out with a projection and one could do the sums that way. However, there are many other variables, which I pointed out. Both the troika and the Department of Finance believe that 8.6% is still an achievable target. I agree that...

Economic Forecasting (1 Feb 2012)

Michael Noonan: We will keep everything in mind, but we can control only that which is under our control. Many events are international and are outside our control. One must remember all the time that the budget is not built on real growth figures, but on growth plus inflation. The recent figures from the Central Statistics Office make a projection of an increase of 1.8% in the Consumer Price Index for...

Economic Competitiveness (1 Feb 2012)

Michael Noonan: Over the last number of years, the Irish economy has suffered enormously, and by extension so too have the Irish people. The bursting of the property bubble has had severe adverse implications for the economy, the public finances and the banking sector, and the fallout has been exacerbated by a global downturn. However, the Deputy should also remember that it was strong export-led growth...

Economic Competitiveness (1 Feb 2012)

Michael Noonan: The best way to project the future is to look at what happened in similar circumstances in the past. It was export-led growth that brought us a great recovery in the 1990s. Between 1994 and 2000, nearly 700,000 extra jobs were created. However, the jobs lagged behind the growth. I am not sure if the Deputy's statistics are correct, but I accept what he says about different components of...

Economic Competitiveness (1 Feb 2012)

Michael Noonan: I fully agree with what Deputy Wallace is saying. Sector after sector in the domestic economy is targeted with initiatives in the budget. In a couple of weeks we will be able to discuss them when we implement them in the finance Bill. There are incentives targeted across the board from agribusiness to the food sector to the property business. We must get the domestic economy going again....

Banks Recapitalisation (1 Feb 2012)

Michael Noonan: As I have indicated, I am committed to reviewing the approach to the promissory notes with a view to reducing the overall cost to the State of correcting the banking system. The troika has agreed to engage in a process with Irish officials to produce a common paper which will consider options for re-engineering the notes in terms of the maturity of the notes, the interest rate, the cash...

Banks Recapitalisation (1 Feb 2012)

Michael Noonan: The core Government objective is to enhance Ireland's capacity to repay its debts in order that we can get back into the markets when the programme is drawing to a close and fund at reasonable amounts. We wish to become a normal eurozone country, that is, one which is no longer involved with the programme. The primary objective is to enhance our capacity to repay. If anybody has a good...

Banks Recapitalisation (1 Feb 2012)

Michael Noonan: What I laid out for the Deputy was the negotiating position put forward by me initially and which has become the Government's position. The mandate to the representatives of the troika who are engaged in producing a common policy paper is to find ways and means, whatever they are, to enhance Ireland's capacity to repay debt and enhance our position as I have outlined. However, certain...

Banks Recapitalisation (1 Feb 2012)

Michael Noonan: While it may have seemed sensible at the time, it is in retrospect the height of foolishness. However, we are stuck with it and must negotiate our way out of it.

Banks Recapitalisation (1 Feb 2012)

Michael Noonan: The Taoiseach was speaking conversationally in a question and answer session. If I told Deputy Boyd Barrett that the people of Dún Laoghaire believe he is the best public representative in the greater Dublin area, it would not mean every one of them stated that view. The Taoiseach's reference to "the people" is a manner of speaking. He did not mean that everybody in Ireland was to blame...

Banks Recapitalisation (1 Feb 2012)

Michael Noonan: Some people in Ireland, at political, banking and developer level, were to blame for what happened. The Taoiseach used a colloquialism. An awful lot was made of a normal way of expressing oneself.

Banks Recapitalisation (1 Feb 2012)

Michael Noonan: I answered the Deputy when I replied to Deputy Boyd Barrett. It was the same issue.

Financial Services Regulation (1 Feb 2012)

Michael Noonan: The Government established the Commission on Credit Unions to review the future of the credit union movement and make recommendations in relation to the most effective regulatory structure for the sector. The commission is to take into account credit unions' not-for-profit mandate, volunteer ethos and community focus, while paying due regard to the need to fully protect depositors' savings...

Financial Services Regulation (1 Feb 2012)

Michael Noonan: We are pursuing the commencement of the resolution fund at present. Discussions are going on between ourselves, the Central Bank and the credit union movement but a number of the recommendations of the interim report have already been implemented. I expect to be in a position shortly to commence Part 3 of the Central Bank Reform Act 2010, which would apply the Central Bank fitness and...

Financial Services Regulation (1 Feb 2012)

Michael Noonan: I was asked a direct question in the Seanad and at the time, there were a lot of rumours going around about credit unions, which were exaggerated. They were applying the conditions that apply to a small minority of credit unions to the generality and I wanted to allay fears by saying that the Central Bank and the Government stood ready to support credit unions, their depositors and their...

Financial Services Regulation (1 Feb 2012)

Michael Noonan: I rely on the Central Bank and the registrar of credit unions. Effectively, what I was saying was that we will support the credit union movement and will ensure it remains solid.

Financial Services Regulation (1 Feb 2012)

Michael Noonan: The decision to intervene in Newbridge and to put in a special manager was a decision under law by the Central Bank. It was not my decision. Under the same legislation, the Central Bank had to consult me before it moved in. It had that consultation and deemed it necessary to intervene and then it did so. The function of the manager is to run the credit union in Newbridge on an ongoing...

Financial Transaction Tax (1 Feb 2012)

Michael Noonan: I propose to take Questions Nos. 8 and 21 together. I have stated clearly in the past my view that any tax on financial transactions would be best applied on a wide international basis to include the major financial centres. If such a tax cannot be introduced on a global basis, it would be better if it were introduced on an EU-wide basis, as this would prevent any distortion of activity...

Financial Transaction Tax (1 Feb 2012)

Michael Noonan: Yes, I will bear the Deputy's advice in mind. I think we are ad idem on this. It is also worth noting that there are various kinds of financial transaction taxes. The one that France says it will introduce in the summer is close to the stamp duty we already apply to share transactions. However, the one in the Commission paper is far more wide-reaching and, in my view, would be injurious...