Results 5,281-5,300 of 27,019 for speaker:Michael Noonan

Banks Recapitalisation (18 Apr 2012)

Michael Noonan: As the records left behind are less than informative, I am not quite sure what happened on the night.

Banks Recapitalisation (18 Apr 2012)

Michael Noonan: It is known that a bad deal was done. On the question of the ECB taking a hard line, I agree it takes an extremely hard line. The Deputy should recall what happened in Greece during the biggest write-off in history, which was comprised entirely of private sector involvement as not a single euro of European Central Bank debt was written off. It refused to get involved in writing off any...

Banks Recapitalisation (18 Apr 2012)

Michael Noonan: Yes, but with whose army?

Economic Growth (18 Apr 2012)

Michael Noonan: The budget day forecasts were for GDP growth of 1.3% this year and GNP growth of 0.7%. These figures were in line with the prevailing consensus at the time. Moreover, it is worth stressing that the Irish Fiscal Advisory Council, in its second assessment report, outlines that the budget day macroeconomic forecasts were appropriate at the time. Since then, forecasts for growth in some of...

Economic Growth (18 Apr 2012)

Michael Noonan: I take the advice of the fiscal advisory council very seriously. The council provides very good analysis, which is carefully worked out, and offers prudent advice. I will certainly take cognisance of the advice we receive. We are taking steps to grow the economy. As the Deputy is aware we have a very detailed job-creation plan in place and this is being driven forward strongly through the...

Economic Growth (18 Apr 2012)

Michael Noonan: The Deputies are constantly mixing up two different policy positions and trains of thought. I am stating that for 2012, the marking downwards of the growth rate will not affect our ability to achieve the 8.6% target in respect of our deficit. On the evidence of the figures for the first quarter and in the context of an assessment of nominal growth in the economy, we will still realise that...

Economic Growth (18 Apr 2012)

Michael Noonan: -----and this is sustaining our growth figures at present.

Economic Growth (18 Apr 2012)

Michael Noonan: If one mixes up all of the economic data into some kind of Boyd Barrett Irish stew, it will make no sense.

Written Answers — EU Treaties: EU Treaties (18 Apr 2012)

Michael Noonan: In relation to publication, the Taoiseach has given a commitment that legislative measures associated with the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union (Stability Treaty) will be made publicly available in advance of the referendum. While a decision has yet to be taken on the publication date for the ESM Treaty ratification Bill it will be consistent...

Written Answers — Tax Collection: Tax Collection (18 Apr 2012)

Michael Noonan: I should point out that the Deputy has already received a reply to this question which was previously submitted for answer on 28 February 2012, Question Number 156 (PQ Reference 10896/12). On that basis, the reply which was provided on the 28 February 2012 is set out below: I am advised by the Revenue Commissioners that the information requested, estimated by reference to the income tax...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (18 Apr 2012)

Michael Noonan: The Central Bank indicated in October 2011 that IBRC should not increase its usage of financing arrangements provided under open market operations with the ECB. At the end of 2011, IBRC had €2.1 billion borrowed under open market operations from the ECB. Furthermore the bank had €40.1 bn of Emergency Liquidity Assistance from the Irish Central Bank. The provision of this ELA by the...

Written Answers — Credit Union Regulation: Credit Union Regulation (18 Apr 2012)

Michael Noonan: The Commission on Credit Unions submitted its Report to me on schedule on the 31 March 2012. The Report was presented to Government yesterday and it was published this morning. I welcome the Report and commend the Commission for its professional approach to the review of the sector. The agreement of all Commission participants to recommendations on issues such as restructuring and a...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (18 Apr 2012)

Michael Noonan: As recently as last month – 29 March 2012 – I indicated to the Deputy, in response to his question on the matter, that I am not in a position to specify when the review will be completed. In the light of recent developments on redundancies issues I am presently considering how best to progress the review. I also indicated that I would not consider it appropriate to publish incomplete...

Written Answers — Tax Yield: Tax Yield (18 Apr 2012)

Michael Noonan: Tax revenue returned to growth in 2011 for the first time since 2007 and excluding some technical adjustments that have positively impacted on tax revenues, taxes are up an estimated €758 million (10.1%) year-on-year and are €351 million (4.4%) ahead of profile in the first quarter of 2012. It is encouraging to see that income tax is running marginally ahead of profile. The tax figures...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (18 Apr 2012)

Michael Noonan: There are significant advantages to the settlement of the March 2012 promissory note installment with the new Government bond including: · This payment was included in our debt repayment schedule for 2012 and this proposal removes the requirement for the exchequer to settle in cash, the €3.06 billion promissory note installment. · There is a significant cash flow benefit to the...

Written Answers — Household Debt: Household Debt (18 Apr 2012)

Michael Noonan: I propose to take Questions Nos. 18, 21, 28, 35 and 92 together. The Government is conscious of the significant difficulty some home owners are experiencing in meeting their mortgage obligations. This is an issue of the utmost concern and the Government is taking a number of significant measures to address the problem. However, the vast majority of homeowners wish and continue to meet...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (18 Apr 2012)

Michael Noonan: Settlement of the 2012 Promissory Note instalment to IBRC with a Government bond was not completed by end-March for the purposes of the Exchequer Statement. The end-March Exchequer Statement recorded activity up to and including the last working day of the month which was Friday 30th March. Under the terms of the Promissory Notes, as the due date for payment of 31st March fell on a...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (18 Apr 2012)

Michael Noonan: As a result of the March 2011 PCAR Irish Life and Permanent plc. t/a Permanent TSB ('PTSB') was required to raise total 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 Minister with his current holding of 99.24%. At this time a further €400 million was also injected into...

Written Answers — Tax Code: Tax Code (18 Apr 2012)

Michael Noonan: The pension fund levy was introduced for a temporary 4 year period in order to fund the measures introduced as part of the Jobs Initiative in May 2011. These measures include the new temporary reduced rate of VAT of 9%, aimed primarily at the tourism sector, the halving of the lower rate of employers PRSI and small additional amounts of current and capital expenditure. The levy raised €463...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (18 Apr 2012)

Michael Noonan: My Department is currently updating its macroeconomic and fiscal assessment for the forthcoming Stability Programme Update (SPU). The SPU will give an update of, amongst other things, the General Government deficit estimate for 2012, taking account of all of the latest available economic and fiscal data, both positive and negative. The SPU will be published at the end of the month. On foot...