Results 7,501-7,520 of 27,019 for speaker:Michael Noonan

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (8 Nov 2012)

Michael Noonan: I have not heard that suggestion from anybody. The main tendency in Europe is that such a tax is needed instead of the European budget being met totally by sovereign states' contributions-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (8 Nov 2012)

Michael Noonan: Would the Deputy let me answer?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (8 Nov 2012)

Michael Noonan: Would the Deputy let me answer?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (8 Nov 2012)

Michael Noonan: On the Deputy's first question about the capital requirements directive and regulations, it is important that the heightened pace of the trilogue negotiations is maintained and agreement is reached on the outstanding issues before the Basel III deadline for implementation on 1 January 2013. In that context, Ireland welcomes the efforts to reach a compromise on the outstanding issues and we...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (8 Nov 2012)

Michael Noonan: We have those figures and I have put them in the public domain by way of a parliamentary question. I will send them on to the Deputy. In terms of helping the Deputy, if he thinks of the promissory note repayments on 31 March every year in respect of Anglo Irish Bank alone, the sum is €3.1 billion. That will go on for about 12 years, and then there is a long tail to it after that of...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (8 Nov 2012)

Michael Noonan: It is quite complicated. As the Deputy knows, the previous Government negotiated an interest rate holiday so it did not hit our budgets, effectively, until the change of Government. Within the sum of €3.1 billion there is a lot of capital repayment built in. The amount is not standard as one goes through the years so, again, in the interest of being exact, I would need to give the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (8 Nov 2012)

Michael Noonan: It is certainly in Ireland's interest that Europe would grow at much stronger rates than at present. Some European countries are in recession at the moment and, indeed, we are one of the stronger countries in terms of growth rates. We had a growth rate of 1.4% last year, better than the budget provision of 0.7% for this year and somewhere around the middle of the forecast for next year. We...

Tax Transparency Bill 2012: Second Stage [Private Members] (9 Nov 2012)

Michael Noonan: What about the Committee of Public Accounts?

Tax Transparency Bill 2012: Second Stage [Private Members] (9 Nov 2012)

Michael Noonan: The Bill proposed by Deputy Murphy contains some interesting proposals. It aims to provide greater transparency in respect of spending by Departments and agencies in a given year and to draw a stronger correlation between taxes paid by individuals and State services delivered. The Bill is also intended to encourage more responsible budgeting, in particular in terms of preparation of annual...

Tax Transparency Bill 2012: Second Stage (Resumed) [Private Members] (9 Nov 2012)

Michael Noonan: Again, I compliment Deputy Murphy on introducing the Bill to the House. In principle, I agree with the provision of more information to members of the public, as does everyone who contributed to the debate this morning. I see what the Deputy is trying to achieve and I think it is laudable that further advances be made. I also note the progress being made by my colleague, the Minister for...

Fiscal Responsibility Bill 2012: Report Stage (Resumed) and Final Stage (13 Nov 2012)

Michael Noonan: I do not propose to accept the amendment. As Deputy Doherty noted, we thrashed this issue out on Committee Stage, but it is worth stating my position once again. The Fiscal Council has been established to address gaps in fiscal policy analysis and provide assessments and recommendations in regard to fiscal policy. Imposing a wide mandate on the council would require a much greater level of...

Fiscal Responsibility Bill 2012: Report Stage (Resumed) and Final Stage (13 Nov 2012)

Michael Noonan: The Deputy made these points previously. When one establishes an agency to do a particular job, it is advisable to let it do the job rather than treat it as an empty train carriage onto which other policy options can be loaded. The ESRI already evaluates the areas suggested by Deputy Doherty, as does the National Economic and Social Council. The Fiscal Council has been instituted to do a...

Fiscal Responsibility Bill 2012: Report Stage (Resumed) and Final Stage (13 Nov 2012)

Michael Noonan: As I said, we will have a fuller response. The Fiscal Council is independent and publishes its own report, but if the Opposition wants to debate the reports as they are issued, I have no problem with that. The arrangements can be made through the Whips.

Fiscal Responsibility Bill 2012: Report Stage (Resumed) and Final Stage (13 Nov 2012)

Michael Noonan: The Government is never reluctant to have a debate on any issue. If the Opposition wants to debate any particular Fiscal Council report, we will debate it. It stands to reason that a special report of a more crucial nature should take priority. We would be even more bound to debate that. However, the provision for a Dáil debate need not be written into every piece of legislation....

Fiscal Responsibility Bill 2012: Report Stage (Resumed) and Final Stage (13 Nov 2012)

Michael Noonan: I see a danger in this amendment. If we are to include a series of provisions in certain legislation because we think it is important that Dáil debates take place in certain circumstances, a future Government might decide it was free to refuse to hold a Dáil debate because a requirement to do so was not specifically written into the relevant legislation. If we write this provision...

Fiscal Responsibility Bill 2012: Report Stage (Resumed) and Final Stage (13 Nov 2012)

Michael Noonan: I move amendment No. 14:In page 14, lines 10 to 11, to delete all words from and including "who" in line 10 down to and including "Council" in line 11 and substitute the following:"who shall be the officer accountable for such accounts".This technical amendment proposes to remove the references to "accounting officer" and "appropriation accounts" in paragraph 10(2) of the Schedule to the...

Fiscal Responsibility Bill 2012: Report Stage (Resumed) and Final Stage (13 Nov 2012)

Michael Noonan: I thought Deputy Richard Boyd Barrett was going to vote with me this time.

Written Answers — Department of Finance: New Economy and Recovery Authority (13 Nov 2012)

Michael Noonan: In September 2011 the Government announced the establishment of the New Economy and Recovery Authority (NewERA) within the National Treasury Management Agency (NTMA). NewERA will centralise the management of Government holdings in the commercial semi-state sector (initially the companies within NewERA’s remit are ESB, EirGrid, Bord Gáis, Bord na Móna and Coillte ) from a...

Written Answers — Department of Finance: Banking Sector Remuneration (13 Nov 2012)

Michael Noonan: I am advised that public servant pension abatement rules do not apply to fees paid to the Public Interest Directors appointed to the boards of Irish Bank Resolution Corporation, Permanent TSB, Bank of Ireland or Allied Irish Bank. The abatement rules could not be applied to these fees as the institutions involved are not within the Public Service. As the issue of public service pensions is...

Written Answers — Department of Finance: Credit Availability (13 Nov 2012)

Michael Noonan: As the Deputy is aware, 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...