Results 1,301-1,320 of 27,019 for speaker:Michael Noonan

Corporation Tax: Motion (Resumed) (23 Mar 2011)

Michael Noonan: I thank everyone who has contributed. Let me conclude by reiterating the Government's position once again: there will be no change in the 12.5% rate of tax as outlined in the programme for Government.

Written Answers — Tax Yield: Tax Yield (23 Mar 2011)

Michael Noonan: The Government has committed in the Programme for Government, to lower the 13.5% reduced rate of VAT to 12% up to the end of 2013. It is intended that this VAT reduction will be undertaken within the first 100 days of office as part of a series of measures to resource a Jobs Fund. It is estimated that a reduction of 1.5% in the reduced VAT rate would cost €353 million in a full year....

Written Answers — Bank Guarantee Scheme: Bank Guarantee Scheme (23 Mar 2011)

Michael Noonan: The strategy for the future structure, functioning and viability of Irish financial institutions is being developed in detail and will be agreed with the IMF, ECB and the European Commission. Within the context of a comprehensive reorganization and downsizing of the banking sector, the strategy will identify the appropriate path to ensure that the banking system will operate without the need...

Written Answers — Fiscal Advisory Council: Fiscal Advisory Council (23 Mar 2011)

Michael Noonan: The establishment of an independent Fiscal Advisory Council is a key aspect of budgetary reform which the Government is committed to implementing under the terms of the Government Programme. My Department is already working towards strengthening fiscal and budgetary procedures, including the establishment of a Fiscal Council. I hope to review this work shortly and consider how best it can...

Written Answers — Fiscal Policy: Fiscal Policy (23 Mar 2011)

Michael Noonan: I propose to take Questions Nos. 24 and 39 together. Firstly, let me make clear that this Government believes that sustainable public finances are a pre-requisite for economic stability and growth and we are committed to a determined deficit reduction strategy over the coming years. The previous Government set out a multi-annual fiscal consolidation strategy in the National Recovery Plan...

Written Answers — Tax Reliefs: Tax Reliefs (23 Mar 2011)

Michael Noonan: The Deputy may be aware that we undertook in the programme for Government to reduce, cap or abolish property tax reliefs and other tax shelters which benefit very high income earners. All tax reliefs are reviewed as part of the annual budget and Finance Bill process. The EU/IMF programme of assistance included commitments to, among other things; reduce tax relief over the period to 2014 on...

Written Answers — State Banking Sector: State Banking Sector (23 Mar 2011)

Michael Noonan: The Government has published a comprehensive programme setting out its goals over the full range of policy concerns. The Government will address this programme over its term of office in a measured and prioritised way. I would draw the Deputy's attention to those elements of the programme for Government which refer to reform of the way in which Government spending is assessed, planned,...

Written Answers — Public Service Staff: Public Service Staff (23 Mar 2011)

Michael Noonan: The Government plans to bring about a reduction of between 18,000 and 21,000 in overall public service numbers by 2014, relative to the end-2010 position, with a further 4,000 reduction in 2015, subject to there being no compulsory redundancies and to the protection of front line services. As outlined in the Government programme, this will involve a fundamental change to the way in which the...

Written Answers — Mortgage Arrears: Mortgage Arrears (23 Mar 2011)

Michael Noonan: As agreed in the Programme for National Recovery 2011 to 2016, the Government will examine a number of proposals aimed at helping mortgage-holders in difficulty. These will include: increasing mortgage interest relief to 30% for first time buyers in 2004-2008 (from the current sliding scale of 20% to 25% depending on the year the mortgage was taken out), financed in part by bringing forward...

Written Answers — Bond Yields: Bond Yields (23 Mar 2011)

Michael Noonan: The yield on Ireland's 10-year bond, which stood at 4.48% at the end of the first quarter of 2010, was 9.49% on 21 March 2011. The yield spread over the German 10-year bond increased from 1.38% to 6.35% over the same period. The secondary market in Irish Government bonds is negatively affected by a number of factors at the moment, including uncertainty about the implications for the capital...

Written Answers — Jobs Fund: Jobs Fund (23 Mar 2011)

Michael Noonan: The Government is very strongly committed to a jobs and growth strategy. We are also fully committed to bringing forward as a matter of priority a jobs fund to put this strategy into effect. While a specific date for the publication of such a jobs fund has yet to be finalised, the Government is committed to its introduction in the early stages of its term. I can assure the House that this...

Written Answers — Departmental Reports: Departmental Reports (23 Mar 2011)

Michael Noonan: The Review Group on State Assets and Liabilities is currently finalising its report and I expect that it will be brought to Government shortly. Publication of the report will be a matter for Government decision. On foot of Government's consideration of the group's recommendations, a programme of asset disposals will be drawn-up to meet the target that was agreed in the programme for...

Written Answers — EU-IMF Fund: EU-IMF Fund (23 Mar 2011)

Michael Noonan: The Minister for Pubic Expenditure and Reform, Deputy Howlin, myself and officials from my Department met with key officials from the IMF, the European Commission and the European Central Bank, in my Department on Wednesday, 16 March to discuss the implications of the programme for Government for the EU/IMF Programme of Financial Support for Ireland. I restated this Government's commitment...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (23 Mar 2011)

Michael Noonan: The Prudential Capital Assessment Review (PCAR) and Prudential Liquidity Assessment Review (PLAR) for AIB, Bank of Ireland, Irish Life and Permanent, and EBS Building Society will be completed by the Central Bank of Ireland by the end of March and form part of the economic and financial policies to be implemented during the period of the external programme to end of 2013. The PCAR includes...

Written Answers — Expenditure Reviews: Expenditure Reviews (23 Mar 2011)

Michael Noonan: The Government intends to initiate a Comprehensive Spending Review shortly and to complete the exercise within approximately six months, so that its findings can be reflected in the Budget for 2012. The details of how the Review is to be conducted are now being finalised by the Minister for Public Expenditure and Reform.

Written Answers — Public Service Recruitment: Public Service Recruitment (23 Mar 2011)

Michael Noonan: In regard to public sector reform, the Programme for Government 2011 set out the following: the introduction of new personnel from outside the current system, particularly experts in change management. New talent and skills brought into the Department of Finance; new skills and rigour brought into policy-making across all Departments. All appointments at Principal Officer level and above...

Written Answers — Economic Governance: Economic Governance (23 Mar 2011)

Michael Noonan: The Commission published legislative proposals in September 2010, following its Communications earlier in 2010 on strengthening budgetary discipline and introducing new procedures to prevent the occurrence of harmful macro-economic imbalances and excessive divergences in competitiveness in the euro area. The Commission's proposals have been under consideration by a Council working group...

Written Answers — Legislative Programme: Legislative Programme (23 Mar 2011)

Michael Noonan: The NAMA (Amendment) Bill 2011 which was published on 26 January 2011 made provision for the transfer of sub €20 million land and development loans from Allied Irish Banks and Bank of Ireland with a view to achieving further deleveraging of those banks. The Government has clearly stated in the Programme for National Government that further asset transfers to NAMA are unlikely to improve...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (23 Mar 2011)

Michael Noonan: Consistent with the terms of the EU-IMF Programme for Ireland, the Central Bank will perform a Prudential Liquidity Assessment Review (PLAR) which will be completed by the end of March. The PLAR will set out measures to achieve steady deleveraging and bring about a reduction in the reliance of the banks on Central Bank funding by the end of the programme period. In addition to the PLAR, the...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (23 Mar 2011)

Michael Noonan: The commitments referred to by the Deputy contained in the "Government for National Recovery 2011 – 2016" programme - namely those relating to the restructuring of the boards of the covered institutions and the review of remuneration schemes operating in such institutions – will form a vital part of this Government's objective of making the banking system an engine of economic recovery by...