Results 7,601-7,620 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Financial Transaction Tax (14 Nov 2012)

Michael Noonan: On 3 October I met Commissioner Máire Geoghegan-Quinn. The discussion was primarily on the negotiations for the next Multi-Annual Financial Framework, which is the EU Budget cycle for 2014-2020. Therefore I did not directly raise the issue of the Financial Transaction Tax. However, as part of the discussion at the bilateral meeting, the Commissioner’s Chef de Cabinet mentioned...

Written Answers — Department of Finance: Pension Provisions (14 Nov 2012)

Michael Noonan: I assume the Deputy is referring to the commitment in the Government’s Programme to cap taxpayers’ subsidies for future pension schemes that deliver income in retirement of more than €60,000. The maximum allowable pension fund at retirement for tax purposes (the Standard Fund Threshold) has already been significantly reduced in Budget and Finance Act 2011 from over...

Written Answers — Department of Finance: Departmental Staff Promotions (14 Nov 2012)

Michael Noonan: Since my appointment as Minister for Finance on 9 March 2011, 24 staff members who were serving as Administrative Officer (AO) and Higher Executive Officer (HEO) have been awarded promotions through an internal competitive process to Assistant Principal Higher level. 8 staff members, serving as Assistant Principal (AP) have been awarded promotions through an internal competitive process to...

Seanad: Fiscal Responsibility Bill 2012: Second Stage (14 Nov 2012)

Michael Noonan: I am pleased to have the opportunity of introducing the Second Stage reading by the Seanad of the Fiscal Responsibility Bill 2012. I thank Members of the Seanad for agreeing to discuss it today. With regard to the topic of fiscal responsibility, the Seanad has a head start over the Dáil because of the Fiscal Responsibility (Statement) Bill 2011 which was introduced by Senator Barrett....

Seanad: Fiscal Responsibility Bill 2012: Second Stage (14 Nov 2012)

Michael Noonan: I thank all contributors to the debate. I have received some notes from my officials and I will go down through them. It was obviously a very constructive debate, which underlines the importance of the Fiscal Responsibility Bill. The Bill will implement the key provisions of the stability treaty, as voted for by the people. As Senator Reilly said, there might not have been any mass...

Ceisteanna - Questions - Priority Questions: Budget Targets (15 Nov 2012)

Michael Noonan: The latest economic and fiscal projections from my Department were published yesterday, 14 November, in the updated medium-term fiscal statement, MTFS. Real GDP growth for 2013 is now estimated at 1.5%. This represents a one quarter of a percentage point downward revision on the previous forecast for 2013 as set out in the stability programme update in April. However, it is not simply a...

Ceisteanna - Questions - Priority Questions: Budget Targets (15 Nov 2012)

Michael Noonan: The closer we get to the budget, the less free I am to give out detailed information about either elements of the budget or the approach. However, in general terms the approach outlined in the medium term projections published during the week holds. We will achieve a target of 7.6% of GDP if we do a correction of €3.5 billion. The Deputy many not have noticed it but in the revised...

Ceisteanna - Questions - Priority Questions: Budget Targets (15 Nov 2012)

Michael Noonan: As Deputy Michael McGrath will be well aware, it is not customary to give details of the approach to the budget when we come this close because we would then be revealing provisions that may be in the budget. The Deputy should accept that. When one is farther away from the budget one can speculate about policy and one is freer, as a Minister, to give information. On the basis that people...

Ceisteanna - Questions - Priority Questions: General Government Debt (15 Nov 2012)

Michael Noonan: Officials in my Department have clarified with the Deputy that he is seeking information on general Government debt. The State's debt burden has increased substantially over the last number of years as a result of the collapse in revenues and the significant increase in cyclical unemployment and debt servicing related expenditure arising from the sharp contraction in economic activity, the...

Ceisteanna - Questions - Priority Questions: General Government Debt (15 Nov 2012)

Michael Noonan: On debt sustainability, the word "sustainability" is often used in a colloquial way but in what we are talking about, it has a precise meaning. Debt sustainability means can we meet the repayments or do we have to default. The debt is entirely sustainable on that definition. If one means it will be tough going, it will be hard on people and it is not sustainable because of the pressure, or...

Ceisteanna - Questions - Priority Questions: General Government Debt (15 Nov 2012)

Michael Noonan: Deputy Higgins has moved into a better position now where I can agree with him. It is not that the debt is not sustainable; it is that the debt puts a considerable burden on us and inhibits the growth in the economy. As I have said previously, it is like trying to drive a car with the handbrake on. That is the effect of the debt. It is a drag factor and our growth rates would be higher if...

Ceisteanna - Questions - Priority Questions: Promissory Notes (15 Nov 2012)

Michael Noonan: As the Deputy is aware, the Government has been working very hard to secure a deal on the Irish bank debt and detailed work will continue to ensure that the positive moves in Europe are harnessed to maximise the benefit to the Irish taxpayer. These discussions have intensified on the back of the euro area summit statement of 29 June of this year, and the ongoing work is one of the...

Ceisteanna - Questions - Priority Questions: Promissory Notes (15 Nov 2012)

Michael Noonan: Academics and retired luminaries from illustrious organisations such as the IMF have far more scope to get involved in speculation than a Minister of a Government who has to take the hard decisions. I draw Deputy Doherty's attention to the commitment made by the Government, along with all 27 member states at the European summit in October last:As far as our general approach to private sector...

Ceisteanna - Questions - Priority Questions: Promissory Notes (15 Nov 2012)

Michael Noonan: I have not seen "Anglo The Musical" but I always think that satire, unless handled lightly, is just above pie throwing as theatrical entertainment. I do not think the Deputy should bring it forward as his principal witness in requesting the Government to default. On the other hand, I have made my position clear about the imminence, in March, of a repayment. I did not pay it last year and I...

Ceisteanna - Questions - Priority Questions: Banking Sector Remuneration (15 Nov 2012)

Michael Noonan: At the outset, let me state that the outrage expressed by the Deputy in his question is not the sole preserve of the Opposition. It is shared in equal measure by the Government. However, the Deputy will readily appreciate from the time his party was in office that the Government’s scope for action to claw back or reduce such pre-existing contractual entitlements is limited due to...

Ceisteanna - Questions - Priority Questions: Banking Sector Remuneration (15 Nov 2012)

Michael Noonan: Always within the cap.

Ceisteanna - Questions - Priority Questions: Banking Sector Remuneration (15 Nov 2012)

Michael Noonan: He is within the cap.

Ceisteanna - Questions - Priority Questions: Banking Sector Remuneration (15 Nov 2012)

Michael Noonan: I know the Deputy does not like to be reminded of the past but by and large these extravagant pensions and payments are the result of agreements entered into by the Government which he supported. They are Fianna Fáil arrangements. I will wind them down if I can because I, too, am angry about what I inherited. He is like the boy who ran around the streets asking who will put out the...

Ceisteanna - Questions - Priority Questions: Banking Sector Remuneration (15 Nov 2012)

Michael Noonan: AIB has already reduced pay significantly. I can supply the Deputy with the details. It has been successful in introducing pay reduction schemes and it has written to those who are in receipt of extravagant pensions to request them to return voluntarily part of their payments. One individual has already made a significant contribution in terms of reducing his pension. IBRC's pay bill has...

Ceisteanna - Questions - Priority Questions: Banking Sector Remuneration (15 Nov 2012)

Michael Noonan: I am quite aware of the implications of the legislation and I have set out for the Deputy my approach to the matter. In the first instance I will engage with the covered institutions to achieve the policy ends that have been set out. We will see how that proceeds. I do not know what the IBRC executives said before the committee but, as they say down my way, I hope it stays fine for them.