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Written Answers — Department of Finance: Promissory Note Negotiations (25 Sep 2012)

Michael Noonan: The Bank, including the former INBS, has been provided with promissory notes to the value of €30.6bn consisting of a number of tranches. Each tranche pays a market based fixed rate of interest which is set on the date of issue and is appropriate to the maturity date of the tranche. The promissory notes pay 10% of the initial principal amount of each tranche annually. Interest to be...

Written Answers — Department of Finance: Tax Code (25 Sep 2012)

Michael Noonan: Sections 472A and 88A of the Taxes Consolidation Act 1997 provide for the Revenue Job Assist scheme, which allows qualifying employees, in addition to their normal tax credits, to claim certain income deductions, including additional deductions for qualifying children, for a three year period after taking up employment. The scheme also permits employers to take a double deduction for the...

Written Answers — Department of Finance: Fuel Prices (25 Sep 2012)

Michael Noonan: Ireland, as with other countries, has experienced an increase in fuel prices. This increase is an international phenomenon. Fuel prices are driven by a number of factors including the price of oil on international markets, exchange rates, production costs and refining costs. The rise in oil prices over recent periods reflected additional factors such as geopolitical uncertainty in Northern...

Order of Business (26 Sep 2012)

Michael Noonan: Was it the Deputy's cousin or his brother who told him to raise this issue?

An Bille um an Aonú Leasú is Tríocha ar an mBunreacht (Leanaí) 2012: An Dara Céim (Atógáil) - Thirty-First Amendment of the Constitution (Children) Bill 2012: Second Stage (Resumed) (26 Sep 2012)

Michael Noonan: Most children in this country are happy. Most children in this country are well looked after. I often stand back in admiration at the way young mothers and fathers look after their children, how they educate them, take them to school, take them to football, hurling, swimming, music and dancing and all the other things children do. One hears jocose complaints from mothers that sometimes...

Topical Issue Debate: Banks Recapitalisation (26 Sep 2012)

Michael Noonan: I welcome the opportunity to reply to Deputy McGrath. The Deputy should speak with a certain amount of modesty because all of the renegotiation being conducted by the Government on the bailout programme amounts to a series of attempts to unwind the deal made by the Fianna Fáil-led Government which got us into difficulty in the first instance. It made all the arrangements for the...

Topical Issue Debate: Banks Recapitalisation (26 Sep 2012)

Michael Noonan: -----of wishing the Government to fail in order that the Fianna Fáil Party can have a political opportunity to rebuild.

Topical Issue Debate: Banks Recapitalisation (26 Sep 2012)

Michael Noonan: That is a trap he should avoid as it will not get him anywhere. I have noted yesterday's statement by three finance Ministers from Germany, the Netherlands and Finland. The statement addresses issues already decided upon by eurozone leaders when they met in Brussels on 29 June. As the Taoiseach set out this morning, the Heads of State and Government made two important decisions on 29...

Topical Issue Debate: Banks Recapitalisation (26 Sep 2012)

Michael Noonan: The Deputy may be tired of what he describes as political swipes, but when he and his leader get up on a rhetorical and moral high horse and lecture us on the way we are renegotiating, it is valid to point out that what we are renegotiating is the bad deal entered into by the Fianna Fáil-led Government.

Topical Issue Debate: Banks Recapitalisation (26 Sep 2012)

Michael Noonan: That is what we are doing so a little modesty would not go astray. I presume the Deputy saw the statement issued by the European Commission this morning. I will quote Mr. Olivier Bailly, a Commission spokesman, who stated at a media briefing that eurozone Governments should move "quickly" to break the link between bank troubles and sovereign debt. The agreement reached in June by eurozone...

Topical Issue Debate: Banks Recapitalisation (26 Sep 2012)

Michael Noonan: Nothing is irrelevant; everybody is advancing negotiating positions. However, there are 27 countries in the European Community and a spokesman for the Commission, which speaks for the Community, stated this morning that the policy remains the same as that outlined at the Heads of State and Government meeting of 29 June. He also noted that member states should move quickly to implement this...

Order of Business (26 Sep 2012)

Michael Noonan: Was it the Deputy's cousin or his brother who told him to raise this issue?

An Bille um an Aonú Leasú is Tríocha ar an mBunreacht (Leanaí) 2012: An Dara Céim (Atógáil) - Thirty-First Amendment of the Constitution (Children) Bill 2012: Second Stage (Resumed) (26 Sep 2012)

Michael Noonan: Most children in this country are happy. Most children in this country are well looked after. I often stand back in admiration at the way young mothers and fathers look after their children, how they educate them, take them to school, take them to football, hurling, swimming, music and dancing and all the other things children do. One hears jocose complaints from mothers that sometimes...

Topical Issue Debate: Banks Recapitalisation (26 Sep 2012)

Michael Noonan: I welcome the opportunity to reply to Deputy McGrath. The Deputy should speak with a certain amount of modesty because all of the renegotiation being conducted by the Government on the bailout programme amounts to a series of attempts to unwind the deal made by the Fianna Fáil-led Government which got us into difficulty in the first instance. It made all the arrangements for the...

Topical Issue Debate: Banks Recapitalisation (26 Sep 2012)

Michael Noonan: -----of wishing the Government to fail in order that the Fianna Fáil Party can have a political opportunity to rebuild.

Topical Issue Debate: Banks Recapitalisation (26 Sep 2012)

Michael Noonan: That is a trap he should avoid as it will not get him anywhere. I have noted yesterday's statement by three finance Ministers from Germany, the Netherlands and Finland. The statement addresses issues already decided upon by eurozone leaders when they met in Brussels on 29 June. As the Taoiseach set out this morning, the Heads of State and Government made two important decisions on 29...

Topical Issue Debate: Banks Recapitalisation (26 Sep 2012)

Michael Noonan: The Deputy may be tired of what he describes as political swipes, but when he and his leader get up on a rhetorical and moral high horse and lecture us on the way we are renegotiating, it is valid to point out that what we are renegotiating is the bad deal entered into by the Fianna Fáil-led Government.

Topical Issue Debate: Banks Recapitalisation (26 Sep 2012)

Michael Noonan: That is what we are doing so a little modesty would not go astray. I presume the Deputy saw the statement issued by the European Commission this morning. I will quote Mr. Olivier Bailly, a Commission spokesman, who stated at a media briefing that eurozone Governments should move "quickly" to break the link between bank troubles and sovereign debt. The agreement reached in June by eurozone...

Topical Issue Debate: Banks Recapitalisation (26 Sep 2012)

Michael Noonan: Nothing is irrelevant; everybody is advancing negotiating positions. However, there are 27 countries in the European Community and a spokesman for the Commission, which speaks for the Community, stated this morning that the policy remains the same as that outlined at the Heads of State and Government meeting of 29 June. He also noted that member states should move quickly to implement this...

Written Answers — Department of Finance: Tax Yield (26 Sep 2012)

Michael Noonan: It is assumed that the threshold for the proposed new tax rate mentioned by the Deputy would not alter the existing standard rate band structure applying to single and widowed persons, to lone parents and married couples. I am advised by the Revenue Commissioners that the estimated full year yield to the Exchequer, estimated by reference to 2013 incomes, of the introduction of a new 48% rate...

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