Results 5,261-5,280 of 27,019 for speaker:Michael Noonan

EU-IMF Agreement (18 Apr 2012)

Michael Noonan: They informed the Department of Finance, which informed me and my officials, and, of course, I informed the Government that they were not meeting the Opposition on this occasion. I suggested that a formula that might suit their concerns would be to meet the finance committee of the House, on which all parties would be represented, and to do it in public session because they had a fear of...

Economic Growth (18 Apr 2012)

Michael Noonan: At budget time, over four months ago at this stage, my Department projected that the economy would expand by 1.3% this year, which was in line with the prevailing consensus at the time. The Irish Fiscal Advisory Council, in its recent report, outlines that the macroeconomic forecasts underpinning the budget were appropriate at the time. However, the council also outlines that the recent...

Economic Growth (18 Apr 2012)

Michael Noonan: I am quite confident that we will meet our target of 8.6% on the deficit this year. Budgets are built not on real growth but on nominal growth, because it is nominal growth that generates tax. The nominal growth we built the budget on was 2.5%. Even with a growth rate of 0.7%, which is on the average and is where the Fiscal Council is coming in, the inflation rate as last measured by the...

Economic Growth (18 Apr 2012)

Michael Noonan: We had three years of continuing decline where the economy in nominal terms went down by about 20%.

Economic Growth (18 Apr 2012)

Michael Noonan: In our first year in Government, 2011, the economy grew by about 1% and it is growing again this year. As long as the economy is growing, we are getting out of the problems we are in and we are driving forward. The Deputy cannot question that but he can question the pace of the recovery. If we have to mark down growth figures, it slows the pace. I would prefer if the economy were growing...

Economic Growth (18 Apr 2012)

Michael Noonan: One could pick any figure but one should examine the matter in its overall context. We expect to collect approximately €36 billion in taxes in 2012. Already, we are almost €400 million ahead in the first quarter. Let us consider the debt servicing costs. I have explained the €90 million additional cost on the promissory note. The debt servicing costs for the first quarter are €70...

Fiscal Policy (18 Apr 2012)

Michael Noonan: The Deputy may be aware that a working group was set up between officials of my Department, the Irish Road Haulage Association, IRHA, and some Members. The working group is discussing several issues of concern to the haulage industry. The Deputy will understand that I cannot pre-empt the outcome of these discussions, which are ongoing. A fuel rebate system, as sought by the IRHA, could not...

Fiscal Policy (18 Apr 2012)

Michael Noonan: It would be a mistake to time-limit discussions of a working group so I will not put a time limit on it. However, there appears to have been a good exchange of views to date as well as serious discussions on the proposals made by the Irish Road Haulage Association. Irish hauliers are impacted in the same way as those throughout Europe. Diesel and petrol prices have gone up throughout...

Fiscal Policy (18 Apr 2012)

Michael Noonan: It is difficult to say what it is costing the Exchequer annually but certainly there is widespread abuse. The Deputy will recall that I took measures in the Finance Bill to ensure there will now be full traceability of diesel and petrol from the point of import through to the point of sale. Previously a licensing system was in place if one was providing diesel to pumps. However, if one had...

Fiscal Policy (18 Apr 2012)

Michael Noonan: This came up in Europe in the crisis in 2004 and again in 2007 and 2008. There is agreement throughout the community that when there are spikes in the price of transport fuels Governments will not alter the taxation element. What the Deputy is saying about VAT is correct, namely, that it applies to the total price. However, the increase from 21% to 23% at budget time, with petrol selling...

Banks Recapitalisation (18 Apr 2012)

Michael Noonan: I propose to take Questions Nos. 8, 10, 26 and 29 together. The Government has been committed to reviewing the arrangements that were put in place to capitalise Irish Bank Resolution Corporation, IBRC, formerly Anglo Irish Bank and Irish Nationwide Building Society. The purpose of this review is to determine whether there is a way to reduce the overall cost to the State. Part of the...

Banks Recapitalisation (18 Apr 2012)

Michael Noonan: It is difficult to reply to that contribution, but I will try to do so. There are two policy streams involved here. First, we must get to a point where what we collect in tax matches what we spend. As long as we are running deficits, there is a large gap between the two. That is the fiscal side of it, and we have committed to reducing the deficit to €8.6 billion at the end of this year,...

Banks Recapitalisation (18 Apr 2012)

Michael Noonan: As I have said on several occasions, we are pursuing the possibility of achieving a full deal on a replacement of the promissory note with a mechanism which would, in general terms, lengthen the period of repayment and reduce the interest rate to make it significantly easier on the Irish taxpayer. However, we are not looking for any write-offs or anything like that, because it was made quite...

Banks Recapitalisation (18 Apr 2012)

Michael Noonan: One of the most valuable things a country has is the ability to honour its sovereign signature. The sovereign signature of Ireland was given by the Government's predecessors in office at the end of September 2008. It guaranteed all the debts of the banking system in Ireland, including those of Anglo Irish Bank.

Banks Recapitalisation (18 Apr 2012)

Michael Noonan: A country that wishes to pay its way in respectable company does not walk away from its signature.

Banks Recapitalisation (18 Apr 2012)

Michael Noonan: I have not looked for it. When the Deputy uses the word "achieved", it makes it sound as though I was seeking it.

Banks Recapitalisation (18 Apr 2012)

Michael Noonan: The position always has been absolutely clear, which is that the Government will only act with the full permission of the European authorities and, in particular, with that of the European Central Bank, ECB. The latter has made it absolutely clear on several occasions that there will not be write-downs.

Banks Recapitalisation (18 Apr 2012)

Michael Noonan: The Government has made its position absolutely clear, both in opposition and in government, that it would not act unilaterally and would only act in this respect with the permission of the European Central Bank.

Banks Recapitalisation (18 Apr 2012)

Michael Noonan: What is the point in asking me what one would do were the European Central Bank to say "No", when the Government already has stated it will not act were it to do so?

Banks Recapitalisation (18 Apr 2012)

Michael Noonan: First, I agree with the Deputy's summary of the various groups that took losses as a result of the collapse of the Irish banking system and it is good to have them put in summary form like that. I refer to the problem of the taxpayer being the last in line and accepting the total burden because the bondholders have the support of the ECB. That is as a result of the deal the previous...