Results 10,821-10,840 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 May 2013)

Michael Noonan: No. We are in the month of May. It will depend on from when this will be effective. The figure of seven will be on the table as a proposal. We are looking for something extra but there are always numbers like that over and back. Only ten days ago, the Central Bank notified us that it had extra excess profits and that instead of giving us something over €1 billion, there is about...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (8 May 2013)

Michael Noonan: We have no specific plans at this time. However, much of the Deputy's analysis is correct in that the root cause of the Irish crisis was a banking crisis. Whatever add-ons one assigns to it, that was the root cause. As such, the troika will not sign off on Ireland's exit from the bailout programme without a re-evaluation of the banks which shows they are adequately capitalised. That is...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (8 May 2013)

Michael Noonan: Our intention is to exit the programme in the sense of being fully funded in the market. However, the stress testing of the banks is the condition we must fulfil to achieve that. Our policy is to ensure our banking system is normalised such that we are in line with the other European banks in advance of banking union. I do not want the banks in Ireland to be treated once again as an...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (8 May 2013)

Michael Noonan: We do not insist, we negotiate.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (8 May 2013)

Michael Noonan: The Commission has undertaken a cost benefit analysis of the proposed financial transaction tax, which was published.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (8 May 2013)

Michael Noonan: I will clarify that for the Deputy. I recall seeing such a document but rather than being a full evaluation, the focus seemed to be on the effect the tax might have on competitiveness. I understand a full cost benefit analysis was not done, but some work was carried out.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (8 May 2013)

Michael Noonan: Contributions from the banks will fund it; it is not a taxpayer funded scheme.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (8 May 2013)

Michael Noonan: There will be a dedicated fund, provided by the financial institutions not the taxpayers.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (8 May 2013)

Michael Noonan: There is general acceptance across Europe that a mistake was made in respect of Ireland. That has been openly and publicly stated, including by the German Finance Minister, Mr. Wolfgang Schäuble, three weeks ago.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (8 May 2013)

Michael Noonan: The EU would undoubtedly argue that it has already done a lot for us. Such issues as the promissory note, the extension of maturities and the granting of loans without taking a margin would be mentioned. We would be reminded that we are now being charged an interest rate of 3%.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (8 May 2013)

Michael Noonan: I am giving members a perspective on what we are dealing with.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (8 May 2013)

Michael Noonan: My embarrassment threshold is extraordinarily low. I ask for more all the time.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (8 May 2013)

Michael Noonan: Only the principle has been announced in that regard. There is no detail as yet.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (8 May 2013)

Michael Noonan: Not particularly, because we have done most of the work already.

Written Answers — Department of Finance: Banking Sector Issues (9 May 2013)

Michael Noonan: The Government recognises that SMEs are the lifeblood of the economy and will play a vital role in the recovery of employment growth in our country. It is also very conscious of the costs faced by SMEs in doing business and one of the aims of the Action Plan for Jobs 2013 is to reduce controllable costs of doing business. I have no statutory function in relation to business interest rate...

Written Answers — Department of Finance: Property Taxation Application (9 May 2013)

Michael Noonan: The Government agreed with the recommendation of the “Thornhill Group” – the expert group that advised on the design of the Local Property Tax (LPT) – that the tax should be centred on the principles of equity, transparency and simplicity. It was also considered that a universal liability should apply to all owners of residential property with a limited number of...

Written Answers — Department of Finance: Mortgage Repayments Issues (9 May 2013)

Michael Noonan: I can assure the Deputy that the Government is very aware of the significant difficulties some homeowners are facing in meeting their mortgage obligations and it has put in place a comprehensive strategy to address the problem focusing on four main distinct areas: - Innovative Personal Insolvency Reform: Personal insolvency reform was identified by the Keane Report as a catalyst for...

Written Answers — Department of Finance: Excise Duties Yield (9 May 2013)

Michael Noonan: The breakdown in excise returns by category and by month from January 2011 to February 2013 is as follows: 2011 Alcohol Tobacco Oils Carbon VRT Other Excise Jan 87.8 0.6 234.7 14.5 41.5 12.1 Feb 35.9 26.8 176.7 44.7 57.7 9.0 Mar 51.2 64.7 183.0 23.3 49.1 8.2 Apr 67.9 96.1 180.2 32.2 45.9 9.5 May 67.5 65.4 177.5 19.4 33.5 5.5 Jun 65.6 102.9 177.9 26.9 36.1 4.8 Jul 70.8 113.7 174.3...

Written Answers — Department of Finance: Excise Duties Yield (9 May 2013)

Michael Noonan: Consistent with the recently published April Stability Programme Update, the forecast for excise duties in 2013 is €4,920 million. This is unchanged from the Budget 2013 estimate. It is important to take into account that this estimate is inclusive of the impact of all measures introduced in Budget 2013, including the increase in revenues from the increase in motor tax rates. With the...

Written Answers — Department of Finance: IBRC Liquidation (9 May 2013)

Michael Noonan: I propose to take Questions Nos. 46, 60 and 64 together. The Special Liquidators have responsibility for the appointment of independent valuers to value the assets of IBRC. Section 9 of the IBRC Act provides that the Minister shall issue the Special Liquidator with instructions setting out the details of the manner in which the winding up of IBRC is to proceed. Section 9 also gives the...