Results 4,961-4,980 of 27,019 for speaker:Michael Noonan

Euro Area Loan Facility (Amendment) Bill 2012: Second Stage (Resumed) (7 Mar 2012)

Michael Noonan: I thank the House for agreeing to discuss the Bill in order that we can conclude the debate tonight. The Bill is needed urgently to allow Ireland to ratify the changes to the Greek loan facility to implement the new programme of assistance for Greece as agreed by the euro group Finance Ministers on 20 February 2012. I thank Deputies on all sides of the House for their constructive and...

Euro Area Loan Facility (Amendment) Bill 2012: Second Stage (Resumed) (7 Mar 2012)

Michael Noonan: We do not vote in our Prime Minister by a vote of the people and, therefore, I do not see how the charge that the Greek Administration is not democratic stands up. It was a free choice. The government is an all-party coalition. The centre right parties would not agree to participate in government with Mr. Papandreou continuing as Prime Minister and the arrangement was to appoint a new...

Euro Area Loan Facility (Amendment) Bill 2012: Second Stage (Resumed) (7 Mar 2012)

Michael Noonan: That is also reflected by some of the socialist Members. Deputy Boyd Barrett said this will not work. Does he believe we should turn off the tap, not give them any money and put them in a position where services are closed?

Euro Area Loan Facility (Amendment) Bill 2012: Second Stage (Resumed) (7 Mar 2012)

Michael Noonan: Does the Deputy think that is support for the Greek people? It is a ridiculous position to maintain and if he had any sense of embarrassment or shame, he would not vote against the Bill because it is intended to aid the Greek people. It is essential that they get this money quickly. Deputy Joe Higgins claimed that the problem in Greece was German capitalism. In one of our frequent...

Euro Area Loan Facility (Amendment) Bill 2012: Second Stage (Resumed) (7 Mar 2012)

Michael Noonan: Socialist governments in Portugal and Greece were unable to manage the problem.

Euro Area Loan Facility (Amendment) Bill 2012: Second Stage (Resumed) (7 Mar 2012)

Michael Noonan: Of course, the banks caused the problem as well, but the Sinn Féin and socialist position that Greece might need the money and people might go hungry but, for the sake of a principle, they will not give them €130 billion they need to keep the country going for the next few years is ludicrous. These amendments will allow for three key changes to the loan facility: a further increase of the...

Written Answers — Tax Collection: Tax Collection (7 Mar 2012)

Michael Noonan: I am advised by the Revenue Commissioners that their tax compliance programmes are under constant review to ensure that they are focussed on the areas of greatest risk, including risks from the shadow/hidden economy. Revenue tackles the problem of the shadow/hidden economy through its range of compliance and audit interventions including through targeted special projects. Case interventions...

Written Answers — Fiscal Policy: Fiscal Policy (7 Mar 2012)

Michael Noonan: The Government considers that the best means to improve consumer confidence is to restore sustainability to the public finances, repair the banking system and return the economy to sustainable growth. Effectively addressing these three areas will result in increased employment, investment and consumer spending and will be key in driving this country forward. Looking more specifically at what...

Written Answers — EU Treaties: EU Treaties (7 Mar 2012)

Michael Noonan: The European Stability Mechanism (ESM) Treaty, which was signed by all Euro Area Member States on 2 February, subject to ratification, provides "that the granting of financial assistance in the framework of new programmes under the ESM will be conditional, as of 1 March 2013, on the ratification of the TSCG by the ESM Member concerned" and on implementation of the balanced budget rule as...

Written Answers — Tax Reliefs: Tax Reliefs (7 Mar 2012)

Michael Noonan: The position is as I stated in my Budget day speech, that the Government has now fulfilled its commitment contained in the programme for Government to increase the rate of mortgage interest relief to 30 per cent for first-time buyers who took out their first mortgage in the period 2004 to 2008. I have sought to be as flexible as possible within the constraints pertaining. Under the...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (7 Mar 2012)

Michael Noonan: I propose to take Questions Nos. 39 and 41 together. As the Deputy is aware the day-to-day operation of the bank is a matter for the Board of the bank. PQ 31 of 22 February 2012 was interpreted to inquire about the Minister's involvement in the approval of the engagement referred to in the question. In reply, it was indicated that no notice requiring the Minister's approval was received as in...

Written Answers — Sovereign Debt: Sovereign Debt (7 Mar 2012)

Michael Noonan: The information which the Deputy requests is set out in the table. In regards to Government debt, the General Government debt is the standard measurement of gross indebtedness used for comparative purposes within the EU and, as such, is often expressed as a percentage of GDP. Historical figures for the General Government debt back to 1970 are not available as the harmonised methodology for...

Written Answers — Appointments to State Boards: Appointments to State Boards (7 Mar 2012)

Michael Noonan: In response to the Deputy's question during since 1 January 2009 the National Asset Management Agency (NAMA) was established in December 2009. The Chief Executive Officer of NAMA Mr. Brendan McDonagh is an ex officio member of the Board. In addition, since 1 January 2009, Mr. Mike Aynsley was appointed as Chief Executive Officer and a board member of the Irish Bank Resolution Company...

Written Answers — Universal Social Charge: Universal Social Charge (8 Mar 2012)

Michael Noonan: I assume the Deputy is referring to the increase in the lower exemption limit for the Universal Social Charge I announced in the last Budget. I am informed by the Revenue Commissioners that as lone parents who qualify for that increase are not distinguished from other payers of the Universal Social Charge it is not possible to provide a precise estimate of the numbers so qualifying. ...

Written Answers — EU Treaties: EU Treaties (8 Mar 2012)

Michael Noonan: The European Stability Mechanism (ESM) Treaty, was signed by Euro Area Member States on 2 February 2012. The original version of the Treaty was signed on 11 July 2011, but it has been modified to incorporate decisions taken by the Heads of State or Government (HoSG) of the Euro Area on 21 July and 9 December 2011, aimed at improving the effectiveness of the mechanism. The ESM Treaty as signed...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (8 Mar 2012)

Michael Noonan: As the Deputy is aware, the Government has imposed lending targets on the two domestic pillar banks for the three calendar years, 2011 to 2013. Both banks were required to sanction lending of at least €3 billion in 2011, €3.5 billion this year and €4 billion in 2013 for new or increased credit facilities to SMEs. I can confirm to the Deputy that both banks have achieved their 2011...

Written Answers — EU Treaties: EU Treaties (8 Mar 2012)

Michael Noonan: I propose to take Questions Nos. 65 and 66 together. I assume the Deputy is referring to the European Stability Mechanism. The European Stability Mechanism (ESM) Treaty was signed by Euro Area Member States on 2 February 2012. The original version of the treaty was signed on 11 July 2011, but it has been modified to incorporate decisions taken by the Heads of State or Government (HoSG) of the...

Written Answers — Appointments to State Boards: Appointments to State Boards (8 Mar 2012)

Michael Noonan: In response to the Deputy's question the following appointments were made in respect of bodies under the aegis of my Department since March 2011. Fiscal Advisory Council - The following people were appointed to the Fiscal Advisory Council: Mr Sebastian Barnes; Professor Alan Barrett; Dr Donal Donovan; Professor John McHale, Chair; Dr Roisin O'Sullivan. As Minister for Finance I announced...

Written Answers — Tax Code: Tax Code (8 Mar 2012)

Michael Noonan: I am advised by the Revenue Commissioners that the VAT rating of goods and services is subject to the requirements of EU VAT law with which Irish VAT law must comply. In so far as the supply of printed matter is concerned, three different rates may apply. The general position is that books are zero-rated, newspapers and periodicals are subject to VAT at the 9% reduced rate and stationery...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (8 Mar 2012)

Michael Noonan: As a result of the March 2011 PCAR Irish Life & Permanent (IL&P) was required to raise additional capital of €4 billion. In July 2011 €2.3 billion of this requirement was injected by way of a placing of shares to the Minister for Finance, leaving the State with its current holding of 99.24% in IL&P. At that time a further €400 million was also injected into IL&P in return for the...