Results 6,881-6,900 of 27,019 for speaker:Michael Noonan

Ceisteanna - Questions - Priority Questions: Bank Debt Restructuring (4 Oct 2012)

Michael Noonan: The Deputy does not understand my position and never has because he does not listen carefully to what I say. The reason we are committed to the promissory note arrangement is it is a legal agreement entered into by the previous Government. Throughout the election campaign, the drafting of the programme for Government and up to now I have always committed to the objective of a restructuring...

Ceisteanna - Questions - Priority Questions: Bank Debt Restructuring (4 Oct 2012)

Michael Noonan: The purpose of restructuring is to make the debt less burdensome on the Irish taxpayer.

Ceisteanna - Questions - Priority Questions: Bank Debt Restructuring (4 Oct 2012)

Michael Noonan: The Deputy may use whatever words he chooses to describe that.

Ceisteanna - Questions - Priority Questions: Bank Guarantee Scheme (4 Oct 2012)

Michael Noonan: As the Deputy is aware, and while recent media reports may suggest the identity of particular bondholders, the bank or Government has no substantive means of establishing the underlying ownership of these securities, which are freely tradeable once issued. These securities are publicly traded and dealt through market participants and settled by clearing house systems. An issuer does not...

Ceisteanna - Questions - Priority Questions: Bank Guarantee Scheme (4 Oct 2012)

Michael Noonan: I outlined to Deputy Doherty my position on burden sharing with senior bondholders and it remains the same. I would like to do it but I will only do so in agreement with the European Central Bank. Deputy Donnelly has a different view. He believes the Government should move unilaterally and, in effect, refuse to pay through the agency of AIB. However, we need AIB to be a working pillar...

Ceisteanna - Questions - Priority Questions: Bank Guarantee Scheme (4 Oct 2012)

Michael Noonan: Is Deputy Donnelly seriously suggesting that AIB, which is in recovery and as one of the pillar banks financing the economy, should have defaulted on money it raised in 2009 and called its creditors together and gone bust?

Ceisteanna - Questions - Priority Questions: Bank Guarantee Scheme (4 Oct 2012)

Michael Noonan: Is Deputy Donnelly seriously suggesting this would be a prudent course of action?

Ceisteanna - Questions - Priority Questions: Bank Guarantee Scheme (4 Oct 2012)

Michael Noonan: It is a ridiculous proposition.

Ceisteanna - Questions - Priority Questions: Bank Guarantee Scheme (4 Oct 2012)

Michael Noonan: The bogus bonds issued by Deputy Donnelly were not guaranteed.

Ceisteanna - Questions - Priority Questions: Bank Guarantee Scheme (4 Oct 2012)

Michael Noonan: The Deputy was involved in a publicity stunt.

Ceisteanna - Questions - Priority Questions: Bank Guarantee Scheme (4 Oct 2012)

Michael Noonan: A populist publicity stunt on the pretence he is knowledgeable on these matters.

Ceisteanna - Questions - Priority Questions: European Stability Mechanism (4 Oct 2012)

Michael Noonan: As the Deputy is aware, the Government has been working extremely hard to secure a deal on the Irish bank debt and detailed work will continue to ensure the positive moves in Europe are harnessed to maximise the benefit to the taxpayer. This remains one of the Government’s key priorities. We will continue to target the reduction of the burden to the State of funding the bank...

Ceisteanna - Questions - Priority Questions: European Stability Mechanism (4 Oct 2012)

Michael Noonan: Yesterday, President Barroso publicly re-affirmed the Commission's commitment and understanding of the commitment of the 27 Heads of State and Government to that which was agreed and expressed in the communiqué of 29 June 2012. I agree with the Deputy that the promissory note is a complex piece of financial structuring and restructuring it is also complex. Many issues arise but we will...

Ceisteanna - Questions - Priority Questions: European Stability Mechanism (4 Oct 2012)

Michael Noonan: Negotiations are ongoing and progress has been made insofar as people are coming to a better understanding of their positions and moving towards a mutual understanding of the situation. In terms of process, we are separating the timeline on the promissory note and recapitalisation of the banks because, as the Deputy said, on 29 June, it was a condition of any direct recapitalisation of banks...

Ceisteanna - Questions - Priority Questions: Property Taxation Application (4 Oct 2012)

Michael Noonan: The Department of Finance participated in the interdepartmental group, reporting to the Minister for the Environment, Community and Local Government, the terms of reference of which were "to consider the design of a property tax to be approved by Government to replace the household charge and that is equitable and is informed by previous work and international experience". The report of that...

Ceisteanna - Questions - Priority Questions: Property Taxation Application (4 Oct 2012)

Michael Noonan: The group that was chaired by Dr. Thornhill was constituted by the Department of the Environment, Community and Local Government and the report of that group was sent to the Department so in strict terms that Department has ownership of that report. I assume the Department will publish it in due course but I do not know its timeline for publication. I stated what the Government has decided...

Ceisteanna - Questions - Priority Questions: Property Taxation Application (4 Oct 2012)

Michael Noonan: There is a wealth of analysis on the impact of property taxes on an economy as a whole. Normally, it is positive rather than negative. An increase in income tax, for example, would be far more negative. A property tax is applied on a fixed basis in that everybody who owns property pays unless he is subject to an exemption, for example. The data are available. The impact on individuals...

Other Questions: Tax Yield (4 Oct 2012)

Michael Noonan: The Deputy refers to companies based in Shannon. There is no preferential tax rate for companies operating out of the Shannon region. All companies based in Ireland are subject to the same rate of tax on their trading income, which is 12.5%. The 10% corporation tax regime for companies based in Shannon Airport ceased in 2005. I am aware of recent media reports that refer to the ways that...

Other Questions: Tax Yield (4 Oct 2012)

Michael Noonan: I cannot comment on the tax affairs of an individual or individual company. Their relationships with the Revenue Commissioners are confidential and I do not have access to the relevant information. I cannot comment on individual cases raised by Deputy Boyd Barrett but can assure him that the low rate of taxation that applied to the Shannon Airport region ended in 2005. As with everywhere...

Other Questions: Tax Yield (4 Oct 2012)

Michael Noonan: My understanding of what Deputy Boyd Barrett describe as the "double Irish" is that while it exists, it cannot be remediated by changes in Irish tax law. Our law applies a rate of 12.5% to the profits of corporations in Ireland. If the situation is to be changed, it is other countries' tax laws that need to be amended, in particular American laws, but it is not within my remit to do so.