Results 10,601-10,620 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Pension Provisions (30 Apr 2013)

Michael Noonan: I assume that the Deputy is referring to the arrangements for limited pre-retirement access to Additional Voluntary Contributions (AVCs) which I announced in my Budget 2013 speech. Finance Act 2013 was passed into law on 27th March and section 17 of the Act, which makes provision for the pre-retirement access to AVCs announced in the Budget, has effect from that date. Section 17 introduces a...

Written Answers — Department of Finance: Mortgage Interest Rates Issues (30 Apr 2013)

Michael Noonan: While the Government is acutely aware of the increasing financial stress that some households 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. As the Deputy will be aware the Relationship Framework with AIB provides that the State...

Written Answers — Department of Finance: Tax Forms (30 Apr 2013)

Michael Noonan: I am advised by the Revenue Commissioners that they have assumed the question relates to the number of Forms 12 issued for each of the tax years 2010, 2011 and 2012 and these figures are set out in the table below. PAYE taxpayers are not required to file an annual return. However, Revenue carries out a general issue of Forms 12 to PAYE taxpayers each year. The general issue is based on...

Written Answers — Department of Finance: Property Taxation Exemptions (30 Apr 2013)

Michael Noonan: The Finance (Local Property Tax) Act 2012 (as amended) sets out how a residential property is to be valued for Local Property Tax (LPT) purposes. While there are no specific exemptions or financial concessions from LPT for householders in flood prone areas, the following information would be of relevance in these cases. As LPT is a self-assessed tax, it is a matter for the property owner to...

Written Answers — Department of Finance: Proposed Legislation (30 Apr 2013)

Michael Noonan: The Review of the Equity Investment Landscape in Ireland published by Forfás earlier this year considered the issue of crowd funding and the changes introduced by the Jumpstart Our Business Startups Act (JOBS) in the United States. The Review recognised that "many internationally orientated Irish companies preferred option is to raise capital overseas". These companies may be able to...

Written Answers — Department of Finance: Property Taxation Exemptions (30 Apr 2013)

Michael Noonan: I am informed by the Revenue Commissioners that there is no specific exemption from the Local Property Tax (LPT) for persons in receipt of mortgage interest supplement. For individuals on low incomes the Finance (Local Property Tax) Act 2012 (as amended) provides for a system of deferral arrangements for owner-occupiers where there is an inability to pay the tax and certain specified...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Stability Programme Update: Discussion with Minister for Finance (30 Apr 2013)

Michael Noonan: I thank the Chairman and committee members for inviting me to speak to them about the Irish stability programme - April 2013 update. I look forward to a constructive discussion. The stability programme was approved by the Government at today's Cabinet meeting which concluded at approximately 2.30 p.m. The statement on the programme was circulated to the members of the joint committee at...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Stability Programme Update: Discussion with Minister for Finance (30 Apr 2013)

Michael Noonan: The assumptions are based on the best information we have. Ours is a small, open economy and our assumptions can be turned askew by events elsewhere. However, the forecasting record of the Department in the past couple of years has been better than that of the private-sector forecasters. We do adjust and we are making a slight downward adjustment now because of new information released...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Stability Programme Update: Discussion with Minister for Finance (30 Apr 2013)

Michael Noonan: There are annexes at the back containing considerable information. Much of it is communicated numerically but the Deputy is a numbers man anyway and will, therefore, have no difficulty in working it out. It is table 11, impact on main aggregates, at the top of page 30. Much of what the Deputy is seeking is there.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Stability Programme Update: Discussion with Minister for Finance (30 Apr 2013)

Michael Noonan: The Deputy should ring us and we will see what we can do. We do not hide information; we give out as much as we can.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Stability Programme Update: Discussion with Minister for Finance (30 Apr 2013)

Michael Noonan: That is a matter that must be discussed with the troika. For the purposes of this exercise, somewhat in excess of €1 billion annual savings arising from the promissory notes new arrangement is inputted here as if all of it will be dedicated to reducing the deficit. On that basis one gets the 2.2% figure. Obviously, however, if there are additional savings or if there are costs...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Stability Programme Update: Discussion with Minister for Finance (30 Apr 2013)

Michael Noonan: No.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Stability Programme Update: Discussion with Minister for Finance (30 Apr 2013)

Michael Noonan: We can factor in only what we have done on such issues. We have done the promissory note arrangement. The extension of the maturities does not have a strong up-front impact on the deficit, although it has a huge impact on debt sustainability.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Stability Programme Update: Discussion with Minister for Finance (30 Apr 2013)

Michael Noonan: They are forecasts, not targets. The distinction is that if the Government continues to take a series of initiatives under the jobs programme that are job friendly, the forecasts change and improve. The targets are in advance of the forecast. I have made no secret of what I think should happen if there is spare capacity in the economy. I believe we should invest in growing the economy...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Stability Programme Update: Discussion with Minister for Finance (30 Apr 2013)

Michael Noonan: It is early in the year. Before I came here this evening I looked at the spreads. I do not have them with me. The ten year bond is down to the level where the five year bond was a couple of months ago. It is down to approximately 3.5% this evening, while the five year bond is approximately 2.3%. We are moving towards historically low rates of interest. On the present trajectory, it...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Stability Programme Update: Discussion with Minister for Finance (30 Apr 2013)

Michael Noonan: Forecasting in an inexact science. We are projecting out to 2015 and in this case, for the first time, we are having a punt at what the thing will be like from 2016 to 2019 on the best figures available. It is an inexact science and it moves. That being said, we are in a good position at the moment. It looks as though there may be some flexibility and as though we will beat our targets if...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Stability Programme Update: Discussion with Minister for Finance (30 Apr 2013)

Michael Noonan: Yes; the Government's position is that we will achieve our targets under the programme. The target when the programme was designed was to have a deficit of less than 3% by 2014. In May 2011 we renegotiated and got an extra year, so we must get under 3% by 2015. The Government position is that we must get to that target, but that is not the point I am making. I am suggesting that forecasts...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Stability Programme Update: Discussion with Minister for Finance (30 Apr 2013)

Michael Noonan: Let us consider what we are doing here. Apart from fiscal reasons and conditions in Europe, the reason I am happy to project a set of figures for 2016 and to trace it out to 2019 is that I am keen to see if an extra adjustment is required, below the 3%, to get to a sustainable position. According to the figures we ran, it looks as though as long as we keep our expenditure below the growth...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Stability Programme Update: Discussion with Minister for Finance (30 Apr 2013)

Michael Noonan: I do not agree with the assumption Deputy Doherty is making at all.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Stability Programme Update: Discussion with Minister for Finance (30 Apr 2013)

Michael Noonan: That may not be right at all. It might be the opposite. If we do not keep to the fiscal targets we may blow the economy. We may have an extra 50,000 people out of work and an economy going down the hill. Deputy Doherty's argument is that it will benefit the people if we ease up. That is not proven; it is simply a Sinn Féin theory. There is not a shred of evidence to suggest that it...