Results 4,561-4,580 of 27,019 for speaker:Michael Noonan

Written Answers — Fiscal Policy: Fiscal Policy (1 Feb 2012)

Michael Noonan: Resolving the euro area sovereign debt crisis is a prerequisite for a return to sustainable growth, both in the euro area and in the wider EU. In this regard, we are now seeing concerted action to address the weaknesses that have become evident in the design of monetary union, including through the so-called 'six-pack' of legislative reforms as well as the agreement on a 'fiscal compact' to...

Written Answers — Budgetary Forecasts: Budgetary Forecasts (1 Feb 2012)

Michael Noonan: The Budget forecast is for real GDP growth of 1.3 per cent in 2012. This forecast was prepared on the basis of economic information (domestic and international) available up to end-November 2011, and was mid-range at that time. Given the highly uncertain environment, the Budget documentation also pointed to a number of risks to this forecast – some to the downside and some to the upside....

Written Answers — Budgetary Submissions: Budgetary Submissions (1 Feb 2012)

Michael Noonan: My Department receives large numbers of submissions in the run-up to every Budget and Finance Bill. In respect of Budget 2012 we received in the order of 700 submissions from a variety of interest groups, representative bodies, commercial organisations and individuals. Submissions covered a wide range of economic and taxation issues ranging from suggestions for economic initiatives to...

Written Answers — Tax Collection: Tax Collection (1 Feb 2012)

Michael Noonan: In preparing Exchequer tax forecasts the methodology adopted by my Department at Budget time involves the estimation of the outturn for the outgoing year across a series of tax headings. This becomes the base for the preparation of the projection for the forecast year. The resulting projected outturn is then adjusted as necessary to take account of the effects of previous Budget measures...

Written Answers — Economic Forecasts: Economic Forecasts (1 Feb 2012)

Michael Noonan: I propose to take Questions Nos. 76 and 77 together. The Budget forecast is for real GDP growth of 1.3 per cent in 2012. This forecast was prepared on the basis of economic information (domestic and international) available up to end-November 2011, and was mid-range at that time. Given the highly uncertain environment, the Budget documentation also pointed to a number of risks to this...

Written Answers — Economic Competitiveness: Economic Competitiveness (1 Feb 2012)

Michael Noonan: In terms of cost competitiveness, according to the European Commission's Autumn Forecasts published in November 2011, a decline of 3.1 per cent in Irish nominal unit labour costs was forecast for 2011, the most significant decline among euro area Member States. This is in addition to the fact that over the 2009-2010 period, unit labour costs in Ireland fell more than in any other euro area...

Written Answers — Fiscal Policy: Fiscal Policy (1 Feb 2012)

Michael Noonan: Ireland has faced substantial challenges over the past five years as previously accumulated economic, fiscal and financial imbalances began to unwind rapidly. The fallout from this ultimately necessitated a programme of external financial assistance from the EU/IMF. However, since this Government took office we have actively set about addressing the challenges facing the State. On the...

Written Answers — Fiscal Policy: Fiscal Policy (1 Feb 2012)

Michael Noonan: Since this Government took office we have actively set about addressing the challenges facing the State and where relevant, taken issues up at European level. On the banking side, we have recapitalised and restructured the domestic banking system to make it fit for purpose. We have acknowledged the credit problems facing SMEs and established a loan-guarantee scheme. There is also ongoing...

Written Answers — Financial Services Regulation: Financial Services Regulation (1 Feb 2012)

Michael Noonan: I have outlined my position on this matter when replying to previous parliamentary questions on the same subject in particular on 11 January 2012 (Questions Nos. 76, 78 and 95). The Deputy will be aware that the matter is now before the Labour Relations Commission who are presently endeavouring to find an acceptable solution to all parties. Accordingly, it would not be advisable to comment...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (1 Feb 2012)

Michael Noonan: I am assured by NAMA that it is cognisant of conflicts of interest in the appointment of any advisors and works to prevent them arising. In the case referred to by the Deputy, NAMA has appointed two receivers to the assets of the company subject to receivership proceedings. As one of the receivers is a tenant of the company subject to the receivership process, in a building which is security...

Debt Management Companies (2 Feb 2012)

Michael Noonan: I thank Deputy Collins for raising this important issue. As I indicated in the Dáil in reply to parliamentary questions, I am advised by the Central Bank that, following the failure of Home Payments Ltd. last summer, the bank inspected the bill payment and debt management sector to assess whether firms providing these services are carrying out any activity that falls to be regulated by the...

Debt Management Companies (2 Feb 2012)

Michael Noonan: I again thank the Deputy for raising this matter. The Central Bank has moved in and frozen the company's accounts, and the company has gone out of business. The bank is assessing the position now to see what assets are available in the frozen accounts. I will communicate the Deputy's concerns to the Central Bank and will stress that she sees it as an absolute necessity that customers of...

Written Answers — Tax Code: Tax Code (2 Feb 2012)

Michael Noonan: The position is that in Budget 2011, the previous Government reduced the value of the age tax credits by approximately 25 per cent from €325/€650 to €245/€490 for single and married respectively with a view to them being abolished over four years. As the Deputy is aware, in line with the commitment in the Programme for Government, there have been no changes in tax rates, tax bands or...

Written Answers — Tax Code: Tax Code (2 Feb 2012)

Michael Noonan: The increase in the standard rate of VAT from 21% to 23% applies with effect from 1 January 2012. In the case of continuous supplies of telecommunications services, electricity or gas, for which a bill is issued at least every three months, the rate of VAT that should be charged is the rate in force at the date of issue of the bill. In all other cases of services to private individuals, the...

Written Answers — Social Welfare Benefits: Social Welfare Benefits (2 Feb 2012)

Michael Noonan: I assume that the Deputy is referring to the Mortgage Interest Supplement Scheme which is administered by the Department of Social Protection. I have been advised by that Department that the purpose of the Mortgage Interest Supplement Scheme is to provide short term income to eligible persons who are unable to meet their mortgage interest repayments in respect of a house which is their sole...

Written Answers — Public Sector Remuneration: Public Sector Remuneration (2 Feb 2012)

Michael Noonan: I am assuming that the Deputy is referring to Semi-State Bodies other than commercial State entities such as the ESB, Bord Gáis, etc. There are no such bodies under the aegis of my Department.

Written Answers — Financial Services Regulation: Financial Services Regulation (2 Feb 2012)

Michael Noonan: Section 48 of the Credit Union Act 1997 provides that a credit union may offer additional services to its members subject to these services appearing to the Central Bank of Ireland to be of mutual benefit to its members. Each credit union is required to apply to the Registrar of Credit Unions for permission to provide the service. However, in cases where a service appears to the Central...

Written Answers — Personal Debt: Personal Debt (2 Feb 2012)

Michael Noonan: I am advised by the Central Bank that the outstanding indebtedness on credit cards at end November 2011 was €2.730 billion. This figure is comprised of €2.587 billion debt on personal cards and €143 billion on business cards. The Bank has also advised me that the overall level of indebtedness has been decreasing steadily since August 2010. I have no plans to propose to Government to...

Written Answers — Credit Availability: Credit Availability (2 Feb 2012)

Michael Noonan: I propose to take Questions Nos. 74 to 76, inclusive, together. The banking system restructuring plan creates capacity for the two Pillar Banks, Bank of Ireland and AIB, to provide lending in excess of €30 billion in the next three years. SME and new mortgage lending for these banks is expected to be in the range of €16-20bn over this period. This lending capacity is incorporated into...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (2 Feb 2012)

Michael Noonan: As indicated, I am committed to exploring way to reduce the burden to the State of funding the bank recapitalisation without the use of private sector involvement. This includes reviewing the Promissory Note structure. The Troika have agreed to engage in a process with Irish Officials to produce a common paper which will involve consideration of many factors including restructuring the...