Results 6,261-6,280 of 27,019 for speaker:Michael Noonan

Bank Debt Restructuring (5 Jul 2012)

Michael Noonan: The Government welcomes last Friday's euro area summit statement. As the Deputy is aware, it has been working extremely hard to secure a deal on the Irish bank debt. The recent euro area summit statement represents a major shift in European policy in terms of breaking the vicious circle between the banks and the sovereign. It is particularly pleasing to note that last Friday's summit...

Bank Debt Restructuring (5 Jul 2012)

Michael Noonan: If there is any benefit, the Deputy can be assured the Government will take it into account. However, Deputies Michael McGrath and Pearse Doherty are better aware than most Deputies that the Government is dealing with two problems. First, it is dealing with the problem of the debt and second, it is dealing with the problem of the budget. The budget problem is the Government is not...

Bank Debt Restructuring (5 Jul 2012)

Michael Noonan: The key element of the communiqué is the sustainability of the Irish programme. That is obviously a clear reference to getting the debt down to a stage where we go back into the markets, and then we are entirely sustainable if we can fund in the markets at low interest rates. If Deputy McGrath puts his accountancy experience to use and thinks of it in terms of a balance sheet, then he will...

Bank Debt Restructuring (5 Jul 2012)

Michael Noonan: Yes, but we get into values then. Is it nominal value or market value? There will be quite a tricky piece of design work and then a very difficult negotiation phase.

Bank Debt Restructuring (5 Jul 2012)

Michael Noonan: The Government has been fully committed to reviewing the arrangements that were put in place to capitalise the Irish Bank Resolution Corporation, formerly Anglo Irish Bank. The purpose of this review was to determine whether there is a way to reduce the overall cost to the State. The first step in this process was the settlement of the March 2012 promissory note repayment with a long-term...

Bank Debt Restructuring (5 Jul 2012)

Michael Noonan: I am not too sure the devil is in the detail in this case. The eminent economist, Colm McCarthy, was saying during the week that in this case, the devil is in the principle. Getting the principle right is probably the most important thing and we can work out the detail subsequently. It is not as clear cut as the Deputy saying that the ESM will be the funder. It looks as if that will be...

Bank Debt Restructuring (5 Jul 2012)

Michael Noonan: There will be no lack of ambition as we proceed. As I said, a lot of bottom-up solutions were being introduced on an instalment basis but they were all behind the curve and the market did not believe in it. There is change now and an overarching policy has been put in place, so we will now fill in in accordance with the overarching policy. A lot of the detail will have to be worked out,...

Bank IT Systems (5 Jul 2012)

Michael Noonan: I am fully aware of the negative impact that Ulster Bank's technical problems are having on the bank's personal and business banking customers throughout the country. This issue has been ongoing for far too long at this stage and, as I have made clear already, it is essential it is resolved as a matter of absolute priority. From my perspective, it is totally unacceptable that it has taken...

Bank IT Systems (5 Jul 2012)

Michael Noonan: Perhaps the Deputy is right. Certainly, I would agree with him that this was an absolute disaster and it has been extremely badly handled by Ulster Bank and by RBS as well. It has taken far too long. Deadlines that were solemnly given have been broken time and again over the last two weeks. What the Deputy is suggesting is that the Central Bank should have a unit that duplicates the IT...

Bank IT Systems (5 Jul 2012)

Michael Noonan: The inspectors go to primary schools but there are not enough inspectors to allow them to move in and replace what the teachers inside are doing. There must be a limit to the manner in which we regulate. I would have thought the directive from the Central Bank, whereby it is obliging the banks under law to do an assurance check of their systems and give a guarantee they are able to deal...

Bank IT Systems (5 Jul 2012)

Michael Noonan: There are many problems in banks and, obviously, technology is one problem and lending is another problem. The biggest problem of all is credibility. We cannot believe the banks; we cannot believe what they say. Look at what is happening in the City of London at the moment and one will get examples in nine-foot-high letters of what the key problem is. There is a credibility problem and I...

Tax Reliefs (5 Jul 2012)

Michael Noonan: A broad range of tax reliefs and incentives are available to assist businesses. While some are specific to small or start-up businesses, the full range of reliefs and incentives are available to them. Some of specific provisions available are as follows. The employment and investment incentive is available to the majority of trades. Under this scheme, companies can raise up to €2.5...

Tax Reliefs (5 Jul 2012)

Michael Noonan: I agree with the Deputy. Foreign direct investment is flowing strongly into the country now. Although it is a significant volume of investment, it is still not the main employer in the economy. The main employers are all the small businesses, as outlined by the Deputy, employing small numbers of people. Until they are restored to health, no impact will be made on reducing unemployment in...

Tax Reliefs (5 Jul 2012)

Michael Noonan: The Minister for Jobs, Enterprise and Innovation is aware of the lack of knowledge of some employers and small businesses of the schemes that are available which would be to their benefit. I understand he is taking steps these weeks to ensure a better flow of information of such schemes to small businesses. I will draw his attention to the Deputy's question and ask him to continue to...

National Asset Management Agency (5 Jul 2012)

Michael Noonan: The debt repayment goals for the National Asset Management Agency, NAMA, have been set by its board and include several targets set out over three-year periods. These are a repayment of 25% of NAMA senior bonds by the end of 2013, 50% by the end of 2016, 90% by the end of 2019 and full repayment of NAMA senior bonds by the end of 2020. These targets are based on a combination of expected...

National Asset Management Agency (5 Jul 2012)

Michael Noonan: There is not really a timeline set down by NAMA's creditors or the European authorities. There are figures in the programme but there is flexibility in those. So far, NAMA has sufficient moneys to fulfil its objectives. The Deputy will recall when we needed to make a payment on a promissory note, it was cash in hand from NAMA that did it until Bank of Ireland could organise a shareholders'...

National Asset Management Agency (5 Jul 2012)

Michael Noonan: In general terms I agree with the approach suggested by the Deputy. However, the authorities which provided us with the money do not have a repayment schedule. That schedule is contained in the programme. Those to whom I refer are flexible and sensible individuals and do not want fire sales to occur.

National Asset Management Agency (5 Jul 2012)

Michael Noonan: There is another difficulty; it is important remember that we must strike a balance. So much property in Dublin, in particular, but also elsewhere throughout the country is in the hands of NAMA that unless it puts some of it on the market, there will be no market. NAMA is obliged to both create a market and then avail of it. The actions we took by means of the Finance Act have proved to be...

Financial Transactions Tax (5 Jul 2012)

Michael Noonan: I propose to take Questions Nos. 7 and 9 together. The ESRI and the Central Bank of Ireland prepared a report on the financial transactions tax at my request. I circulated this report to Deputies last Monday, 2 July, and published it yesterday. I thank the bodies for their work on the report which indicates that the "net revenue gain for Ireland from the introduction of an FTT ... is likely...

Financial Transactions Tax (5 Jul 2012)

Michael Noonan: In all the discussions which have taken place to date Ireland has never opposed the principle of a financial transactions tax. However, we have pragmatic reasons for believing it might not work in all circumstances. Our first position is that if it could be introduced through the G20 at a global level, we would be in favour. Our fall-back position is that if it could be introduced across...