Results 9,161-9,180 of 27,019 for speaker:Michael Noonan

Ceisteanna - Questions - Priority Questions: Budget Targets (28 Feb 2013)

Michael Noonan: As I have stated in recent days, it is important to note that some aspects of the promissory note deal are yet to be finalised. For example, the liquidator is in the process of overseeing a valuation and sales process for the assets of IBRC, while the final payments made under the eligible liabilities guarantee, ELG, scheme have not yet been determined. Nevertheless, simulations run by my...

Ceisteanna - Questions - Priority Questions: Budget Targets (28 Feb 2013)

Michael Noonan: It is always easy to prescribe ways of spending extra money. After two years of very hard work we are getting the economy back into a position where it is growing again and where many of the indicators are pointed in a positive direction. It is only February. Over the years Ministers for Finance have not speculated about the budget, even within two months of it. To ask me to speculate...

Ceisteanna - Questions - Priority Questions: Budget Targets (28 Feb 2013)

Michael Noonan: I have already said to Deputy McGrath that it improves the budgetary situation by €1 billion between now and 2015. Obviously, if it improves the situation by €1 billion between now and 2015 then unless something disastrous happens the public will see the benefit of that improvement over the course of the budgets. Deputy McGrath is going down the road which got his party into...

Ceisteanna - Questions - Priority Questions: Budget Targets (28 Feb 2013)

Michael Noonan: Deputy McGrath should be very careful. It is what destroyed his party. He should not destroy it a second time.

Ceisteanna - Questions - Priority Questions: Budget Targets (28 Feb 2013)

Michael Noonan: Do not destroy it a second time.

Ceisteanna - Questions - Priority Questions: Mortgage Interest Rates (28 Feb 2013)

Michael Noonan: While the Government is acutely aware of the increasing financial stress that some householders are facing in the current environment, ultimately, the pricing of financial products, including standard variable mortgage interest rates, is a commercial matter for the management and the board of the institution. At the same time, the Government must ensure that the day-to-day running of these...

Ceisteanna - Questions - Priority Questions: Mortgage Interest Rates (28 Feb 2013)

Michael Noonan: As I have said repeatedly, there is a signed agreement between the previous Government and the banks, which we intend to honour, to the effect that there will be no interference with the commercial decisions of any of the banks in which the State has a shareholding or in any other bank. The Deputy would not thank me if I were the type of Minister who would interfere with private commercial...

Ceisteanna - Questions - Priority Questions: Mortgage Interest Rates (28 Feb 2013)

Michael Noonan: I have made my position very clear. The Deputy misused statistics either deliberately or inadvertently. It is totally and blatantly incorrect that one in four Irish people has problems with mortgages.

Ceisteanna - Questions - Priority Questions: Mortgage Interest Rates (28 Feb 2013)

Michael Noonan: No, the percentage is the percentage of people who have mortgages. More than half the people in the country do not have mortgages. He is putting out the notion that 25% of the Irish nation are under pressure mortgages. It is simply not true.

Ceisteanna - Questions - Priority Questions: Mortgage Interest Rates (28 Feb 2013)

Michael Noonan: We are removing the guarantee, which will increase the banks' profitability and we will ask them to further address their cost base because I believe their costs are too high. As the banks normalise they will give a better service to the Irish people but they must make commercial decisions without interference from politicians. If the Deputy is advocating a regime of banking in Ireland in...

Ceisteanna - Questions - Priority Questions: Income Statistics (28 Feb 2013)

Michael Noonan: I am informed by the Revenue Commissioners that the figures for incomes and tax as provided in my reply to Question No. 65 of 3 October 2012 were based on projected estimates of the total liability to tax in respect of the tax year 2012 and were not based on cash receipts expected to be collected in the corresponding calendar year. The figures were estimates from the Revenue tax forecasting...

Ceisteanna - Questions - Priority Questions: Income Statistics (28 Feb 2013)

Michael Noonan: Even with the use of tax breaks there is a minimum tax rate of just under 30%. Everybody will pay that amount. Beyond that figure, the rates of taxation are very progressive. Under the new deal, senior civil servants have been hit hard by the wage reduction. With everything thrown in, their marginal rate of tax is 61% or 61.5%. Obviously people who earn higher incomes have more take home...

Ceisteanna - Questions - Priority Questions: Income Statistics (28 Feb 2013)

Michael Noonan: It is always speculative at what point one pitches personal taxation. We are in a common travel zone and can move to and live in any of the 27 member states of the European Union. If we tax people too high we do not want a situation in which everybody who is wealthy leaves the country because we want the wealthy people to invest and be productive in terms of providing jobs for other people....

Ceisteanna - Questions - Priority Questions: Local Property Tax (28 Feb 2013)

Michael Noonan: In designing the local property tax, the interdepartmental expert group chaired by Dr. Don Thornhill, the Thornhill group, had due regard to issues such as ability to pay and considered the provision of waivers or deferrals for households unable to pay the tax or where a payment requirement would cause hardship. For individuals on low incomes or those whose only income source is from the...

Ceisteanna - Questions - Priority Questions: Local Property Tax (28 Feb 2013)

Michael Noonan: If I had time to read the remainder of my answer, I would have explained that I appreciate that some property owners may find themselves unable to pay local property tax, but do not qualify for a deferral under the existing legislation. For this reason, the Finance (Local Property Tax) (Amendment) Bill 2013, which we will debate tomorrow, provides that a person who has entered into an...

Ceisteanna - Questions - Priority Questions: Local Property Tax (28 Feb 2013)

Michael Noonan: It was the Fianna Fáil Party when in office which brought about and negotiated a situation where we are obliged to introduce a property tax as part of the programme.

Ceisteanna - Questions - Priority Questions: Local Property Tax (28 Feb 2013)

Michael Noonan: Deputy McGrath himself, before the last budget, published an alternative budget in which he maintained a flat rate property tax, with no allowance for income, would continue to be imposed on people.

Ceisteanna - Questions - Priority Questions: Local Property Tax (28 Feb 2013)

Michael Noonan: Fianna Fáil said it would continue the flat rate property tax and it allowed for no variation depending on income. Explain that to me.

Ceisteanna - Questions - Priority Questions: Local Property Tax (28 Feb 2013)

Michael Noonan: Based on income.

Other Questions: Banks Recapitalisation (28 Feb 2013)

Michael Noonan: I propose to take Questions Nos. 6, 9 and 14 together. As the Deputies will be aware, the European Council in October 2012 reaffirmed that the “the Eurogroup will draw up the exact operational criteria that will guide direct bank recapitalisations by the European Stability Mechanism, ESM, in full respect of the 29 June 2012 euro area Summit statement. It is imperative to break the...