Results 5,801-5,820 of 27,019 for speaker:Michael Noonan

National Asset Management Agency (23 May 2012)

Michael Noonan: NAMA is an independent organisation established under law by this House and the Seanad. It is a criminal offence for anyone, including the Minister for Finance, to try to steer or influence a commercial decision being made by NAMA. NAMA is accountable and, for example, it must produce quarterly reports. The report on the last quarter of 2011 will be published tomorrow. NAMA is also...

Economic and Monetary Union (23 May 2012)

Michael Noonan: The overriding objective of the single currency is to enhance the living standards of the citizens of all participating member states. This is achieved inter alia by greater levels of trade, a deepening of the Single Market and increased financial integration within the EU, all of which are facilitated by the single currency. While it is fair to say that the euro has been successful in this...

Economic and Monetary Union (23 May 2012)

Michael Noonan: I thank the Deputy for his questions. I have said on numerous occasions, both in the House and outside, that when the euro was put in place the architecture to defend it in times of adversity was not put in place. What has been happening for the past couple of years is an attempt to retrofit the defence mechanisms for the euro and this continues. The Deputy will know the flaws in the...

Economic and Monetary Union (23 May 2012)

Michael Noonan: There is no silver bullet that will resolve everything but they are a series of actions which taken together or in sequence can help to underpin the euro. Much of the work is already underway. The treaty is very important as a foundation stone and also the corrective action being taken in many European countries is very important. However, I also believe the change of emphasis in the...

Fiscal Code (23 May 2012)

Michael Noonan: The Deputy will be aware that Ireland is scheduled to exit the EU-IMF programme of financial support at the end of 2013. Our general Government balance targets, GGB, for 2014 and 2015, were agreed with the ECOFIN Council in December 2010. The maximum GGB permitted is minus 5.1 % of GDP in 2014 and minus 2.9 % in 2015. On the basis of the macro-economic and fiscal projections set out in...

Fiscal Code (23 May 2012)

Michael Noonan: With respect to the Deputy, he is mixing up the structural deficit with the nominal deficit.

Fiscal Code (23 May 2012)

Michael Noonan: He is. He is talking about the target for 2015 of getting below 3%, which is the nominal deficit. Of course, the pace of growth and inflation has an influence on that. The advice to me at present is that we will meet that target provided we meet the targets of adjustment that were set out in the programme. Before the Deputy came into the Chamber, I quoted what Professor McHale said about...

Fiscal Code (23 May 2012)

Michael Noonan: The latest set of forecasts was published this week by the OECD, which said that the world is working its way out of recession. It named some of the bigger economies that are doing well. It also said its estimate of growth in Ireland for 2012 is 0.6%, and 2% for 2013. That is actual growth, not nominal growth. One must put inflation on top of that when one looks at the figure on which the...

Fiscal Code (23 May 2012)

Michael Noonan: There is no veto and that has been explained several times.

Fiscal Code (23 May 2012)

Michael Noonan: The Deputy does not have to turn to me or the Department because the Commission has explained all this. If he looks to the Commission's advice, he will see how it is explained.

Fiscal Code (23 May 2012)

Michael Noonan: As I have explained, the estimate of the structural deficit, which the Deputy is using, is the European Commission's estimate. We have used that in the figures we have published. However we have now got written confirmation from the European Commission advising us that Ireland and other eurozone countries can use their own methodology and set of assumptions when estimating the structural...

Fiscal Code (23 May 2012)

Michael Noonan: It is not our estimate, it is the estimate-----

Fiscal Code (23 May 2012)

Michael Noonan: It is impossible to answer if the Deputy keeps shouting at me.

Fiscal Code (23 May 2012)

Michael Noonan: Are they a bit unruly?

Fiscal Code (23 May 2012)

Michael Noonan: I am sorry. What did Deputy Lawlor ask me?

Fiscal Code (23 May 2012)

Michael Noonan: If we vote "No" we will reach the back end of 2013 and we will have no money. We will need €16 billion or so for the following year and we will have no money. The Deputies opposite will then be whingeing, shouting and roaring about cutbacks in health services, education and everywhere else because if we get no money we will have to make the adjustment in one year. If we spread it out...

European Council Meetings (23 May 2012)

Michael Noonan: I propose to answer Questions Nos. 7 and 12 together. I attended the meeting of ECOFIN on 15 May 2012 at which the following were the main points. Ministers reached agreement on two legislative proposals to amend existing EU rules on capital requirement for banks and investment firms. The objective of the proposals is, inter alia, to ensure that the effectiveness of the regulation of credit...

European Council Meetings (23 May 2012)

Michael Noonan: The comments attributed to me in Der Spiegel are totally and completely untrue. The Greek Finance Minister came up to me after my contribution and thanked me personally for my support in the course of the meeting. I do not know who did the spinning but it was the opposite of the views I expressed that appeared in Der Spiegel. On the other issue about the level of trade between Ireland and...

European Council Meetings (23 May 2012)

Michael Noonan: I have dealt with all those issues as well. If the Deputy looks back at an interview I did in Brussels on Monday, which he can pull down on the RTE website, he will note that I dealt with all the wider issues. While I was not as alarmist as the Deputy was, I acknowledged the fact that there is a major problem in the eurozone at present because of the situation in Greece, but I was dealing...

European Council Meetings (23 May 2012)

Michael Noonan: My view is that the talks in Brussels will not conclude tonight because, as the Deputies are aware, French parliamentary elections will take place in June and the party of the French President will campaign on the basis of a jobs and growth agenda and any agreements with colleagues in Europe will be arrived at after the elections. I believe this is how it will play out. I see Deputy Higgins...