Results 6,841-6,860 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: European Banking Sector (3 Oct 2012)

Michael Noonan: In their statement made following their meeting on 29th June 2012, the Euro Area Heads of State or Government said that "it is imperative to break the vicious circle between banks and sovereigns". Their statement also noted that this is conditional on the creation of a "single supervisory mechanism", and tasked Finance Ministers with establishing it. Work is continuing at a technical level...

Written Answers — Department of Finance: European Council Meetings (3 Oct 2012)

Michael Noonan: The European Commission published a discussion document in November 2011 on options for Eurobonds (which it called Stability Bonds). It put forward three options: (1) the full substitution of Stability Bond issuance for national issuance, with joint and several guarantees; (2) the partial substitution of Stability Bond issuance for national issuance, with joint and several guarantees;...

Written Answers — Department of Finance: European Banking Sector (3 Oct 2012)

Michael Noonan: I propose to take Questions Nos. 70, 87 and 88 together. The European Council meeting of 29 June considered a report from the President of the European Council in cooperation with the Presidents of the Commission, Eurogroup and ECB which set out building blocks for future Economic and Monetary Union. One of these building blocks is an integrated financial framework or banking union which...

Written Answers — Department of Finance: European Council Meetings (3 Oct 2012)

Michael Noonan: I propose to take Questions Nos. 71, 74 and 75 together. Heads of State or Government in the EU decided on a compact for growth and jobs at the European Council on 28th June. This involves action by Member States and at EU level in order to boost growth, investment and employment. Measures to be implemented at national level include the full implementation of the country-specific...

Written Answers — Department of Finance: EU Summits (3 Oct 2012)

Michael Noonan: As the Deputy will be aware, on June 28 and 29 Heads of State and Government confirmed their commitment to ensuring the integrity of the euro area and agreed on important general principles for achieving this, notably by breaking the link between sovereigns and banks. The ensuing positive market reaction would indicate that these agreements were perceived as substantial. Furthermore,...

Written Answers — Department of Finance: Credit Availability (3 Oct 2012)

Michael Noonan: The Government has imposed SME lending targets on the two domestic pillar banks for the three calendar years, 2011 to 2013. Both banks were required to sanction lending, including lending for working capital purposes, of at least €3 billion in 2011, €3.5 billion this year and €4 billion in 2013 for new or increased credit facilities to SMEs. Both banks achieved their 2011...

Written Answers — Department of Finance: Job Initiatives (3 Oct 2012)

Michael Noonan: As a general principle revenues such as those from tax revenue and non-tax revenue are not assigned to particular areas of expenditure. Rather they form part of the overall “pot” of resources, along with funds sourced from borrowing and capital receipts, from which the Government draws for expenditure on State services. As regards the resources available for job creation these...

Written Answers — Department of Finance: Tax Code (3 Oct 2012)

Michael Noonan: The OECD and the international community do not regard Ireland as a tax haven. The OECD identifies four key indicators of a tax haven: the first is having no taxes or only nominal taxes; the second is a lack of transparency; the third indicator is an unwillingness to exchange information with tax administrations of OECD member countries; and the fourth indicator is absence of a substantial...

Written Answers — Department of Finance: Economic Growth Rate (3 Oct 2012)

Michael Noonan: National accounts for the second quarter of this year recently published by the Central Statistics Office show no change in the level of GDP in the second quarter of this year relative to the first. As a result, the level of GDP was down by just over 1 per cent relative to the same period of 2011. This follows an annual increase of just over 2 per cent in the first quarter. These figures...

Written Answers — Department of Finance: Ministerial Staff (3 Oct 2012)

Michael Noonan: In relation to all tax matters, I expect everybody – including Government Departments, other public bodies and Government advisers – to comply with our tax laws by paying all tax due and by operating the correct deduction systems. The Code of Practice for the Governance of State Bodies which was previously published by my Department sets out at paragraph 19, certain...

Written Answers — Department of Finance: Tax Code (3 Oct 2012)

Michael Noonan: The position is that I have not discussed with President Francois Hollande or Prime Minister Cameron the new 75 per cent income tax rate for top earners that the French Government has announced that it intends to introduce in Budget 2013.

Written Answers — Department of Finance: Banking Sector Remuneration (3 Oct 2012)

Michael Noonan: I attended the recent Informal ECOFIN Council meeting which took place on the 13th and 14th September in Cyprus. At this meeting the issue of bank bonuses was not discussed under any of the agenda items. I understand that the issue of bonuses has been raised by the European Parliament as part of the Trilogue considerations under the Capital Requirement Regulation and Directive. My officials...

Written Answers — Department of Finance: Bond Markets (3 Oct 2012)

Michael Noonan: At the ECB press conference on 6 September it was announced that the ECB intend to purchase short-term bonds of countries that are within a full EFSF/ESM programme, subject to strict conditionality. It was also announced that the ECB would rank pari-passu with other investors in such bonds. This has been a major issue for markets since the Greek bond restructuring. The amount of bonds...

Written Answers — Department of Finance: Credit Availability (3 Oct 2012)

Michael Noonan: I presume the Deputy is referring to Volume 2012, No.8 of the Economic Letter Series published by the Central Bank on 22 August last, entitled “Irish SME credit supply and demand: comparisons across surveys and countries.” I welcome all analysis in this key area which is used to inform all stakeholders. However, the Deputy should note that the Economic Letter contains a footnote...

Written Answers — Department of Finance: Departmental Correspondence (3 Oct 2012)

Michael Noonan: There is a good and professional relationship with the EU Commission, the ECB and the IMF (The Troika) at all levels and this is reflected in the reports that are published after each Review. As the deputy may be aware, contact between the Irish authorities and the EU, the ECB and the IMF concerning the support programme continues before, during, and after the review missions. In...

Written Answers — Department of Finance: Official Engagements (3 Oct 2012)

Michael Noonan: The World Economic Forum organises a range of meetings through the year. The Taoiseach attended the World Economic Forum Annual Meeting in Davos in January this year where he participated in a number of events including in a plenary panel on ‘Rebuilding Europe’. There was no Government representative in attendance at the World Economic Forum’s sixth ‘Annual...

Written Answers — Department of Finance: Tax Code (3 Oct 2012)

Michael Noonan: I understand this question was originally submitted to the Taoiseach but as it is within my functional area of responsibility it was passed over to me. I am pleased to confirm for the Deputy that the Irish Government remains committed to retaining our 12.5% corporate tax rate. This has been made clear on many occasions by the Taoiseach, the Tánaiste, myself and other Government...

Written Answers — Department of Finance: Promissory Note Negotiations (3 Oct 2012)

Michael Noonan: I propose to take Questions Nos. 89 and 91 together. As the Deputy is aware, the Irish Government has been working extremely hard to secure a deal on the Irish bank debt and further detailed work will be stepped up to ensure that the positive moves in Europe are harnessed to maximise the benefit to the Irish taxpayer. This is on the back of the Euro Area summit statement of 29 June of...

Written Answers — Department of Finance: Ministerial Meetings (3 Oct 2012)

Michael Noonan: I met President Draghi and his officials on 17 July in Frankfurt. In addition I have also had discussions with ECB officials on the margins of both the July and September Eurogroup/Ecofin meetings.

Written Answers — Department of Finance: EU-IMF Programme of Support Issues (3 Oct 2012)

Michael Noonan: As Deputy Martin will know, I have responsibility for the overall budget and budgetary projections. However expenditure matters and the detailed allocation of expenditure are the responsibility of my colleague, the Minister for Public Expenditure & Reform, Brendan Howlin TD. Following each quarterly EU/IMF Programme review, I, along with the Governor of the Central Bank, issue a Letter...