Results 1,341-1,360 of 27,019 for speaker:Michael Noonan

Universal Service Charge: Motion (Resumed) (30 Mar 2011)

Michael Noonan: Sinn Féin's charge of regressivity of the universal social charge was dealt with soundly last night. The comparison made by Sinn Féin of the individual on €16,016 and €100,000 as an example of regressivity is wrong. An individual earning €16,016 in 2011 will be expected to pay €440 in taxes over the entire year. An individual earning €100,000 in 2011 will be expected to pay...

Universal Service Charge: Motion (Resumed) (30 Mar 2011)

Michael Noonan: -----and their wealthy clients, who, seeing no way of avoiding the universal social charge, also deem it an unfair and draconian tax. The media and the financial papers show that the strongest opponents of the universal social charge are the categories of professionals I refer to. The proposals of Sinn Féin are not well thought out. They are responding to the anger felt by people on whom...

Universal Service Charge: Motion (Resumed) (30 Mar 2011)

Michael Noonan: It is the old story. We know precisely what Sinn Féin is against but we never know what that party is for.

Universal Service Charge: Motion (Resumed) (30 Mar 2011)

Michael Noonan: I am sorry, we know Sinn Féin is in favour of a united Ireland but, apart from that, we do not know what Sinn Féin is in favour of.

Universal Service Charge: Motion (Resumed) (30 Mar 2011)

Michael Noonan: Let me close by confirming that the universal social charge will be reviewed. I encourage all interested parties to make submissions to the Department of Finance. These will be considered in the context of the next budget.

Written Answers — Departmental Expenditure: Departmental Expenditure (30 Mar 2011)

Michael Noonan: The Government Programme for National Recovery 2011 - 2016 provides that the Government will establish a new model of financing social interventions - called Social Impact Bonds - that share audited exchequer savings with charitable and voluntary organisations. The Government will consider how best to establish this new and innovative mechanism and will bring forward proposals in due course.

Written Answers — Programmes for Government: Programmes for Government (30 Mar 2011)

Michael Noonan: The Government has set out its programme in the document A Government for National Recovery 2011-2016. The measures contained in the programme represent the Government's assessment of the policies that should be pursued in the best interests of the country. The Government is fully committed to reaching the 3 per cent of GDP General Government deficit target. However, we believe that the...

Written Answers — Tax Collection: Tax Collection (30 Mar 2011)

Michael Noonan: I am informed by the Revenue Commissioners that they received an application for mortgage interest relief for 2010 on 14th March last. Revenue is satisfied that the person concerned has an entitlement to interest relief from 2007 to 2010 on the basis of qualifying loans taken out by him. The relief applies also to 2011. Relief for 2011 will be granted at source through the mortgage provider...

Written Answers — National Pensions Reserve Fund: National Pensions Reserve Fund (30 Mar 2011)

Michael Noonan: The total value of the National Pensions Reserve Fund at 31 December 2010 was €24.4 billion. This figure comprised €9.5 billion in the Directed Portfolio (the value of investments in Bank of Ireland and Allied Irish Banks held on the direction of the Minister for Finance) and €14.9 billion in the Discretionary Portfolio (the balance of the Fund excluding directed investments). The...

Written Answers — Public Sector Pay: Public Sector Pay (30 Mar 2011)

Michael Noonan: As I mentioned in my response to PQ5488/11 by the Deputy on Wednesday, 23rd March, 2011, the Financial Emergency Measures in the Public Interest (No 2) Act 2009 provides for the reduction in the pay rates of all persons employed by public service bodies, as defined under the Act, with effect from 1 January 2010. The non-teaching staff referred to in the question are, whether employed in...

Banks Recapitalisation and Restructuring: Statements (31 Mar 2011)

Michael Noonan: I regret delaying the House momentarily. Copies of my statement are on the way and will be distributed to everyone shortly. The date of Tuesday, 30 September 2008, will go down in history as the blackest day in Ireland since the Civil War broke out. This was the date on which the then Government extended the infamous guarantee to the Irish banks and decided that Anglo Irish Bank should be...

Banks Recapitalisation and Restructuring: Statements (31 Mar 2011)

Michael Noonan: The Deputy appointed the consultants.

Banks Recapitalisation and Restructuring: Statements (31 Mar 2011)

Michael Noonan: I thank all the Deputies for their contributions. It was an interesting debate. I am sorry it had to be so late on a Thursday evening, when people are anxious to get away, but the announcements could not be made by the Central Bank until after the markets had closed.

Banks Recapitalisation and Restructuring: Statements (31 Mar 2011)

Michael Noonan: That is what delayed matters until this hour of the evening.

Banks Recapitalisation and Restructuring: Statements (31 Mar 2011)

Michael Noonan: Deputy Brian Lenihan was correct in saying that the stress tests were based on conservative assumptions. The BlackRock consultancy group, from the United States, which is the lead consultant in this regard, took a conservative approach, assuming, for example, a further 30% drop in property values over the test period, which is beyond what most domestic economists would say. They did so...

Banks Recapitalisation and Restructuring: Statements (31 Mar 2011)

Michael Noonan: However, there is one thing that should be said in the House. We will deleverage down to a point at which there will be headroom for further borrowing. Such a proportion of bank borrowing at present is dedicated to the construction and development industry that it crowds out all other lending. If we can do that, we will create the headroom. What is built into the model is sufficient...

Banks Recapitalisation and Restructuring: Statements (31 Mar 2011)

Michael Noonan: There are not any profitable banks.

Banks Recapitalisation and Restructuring: Statements (31 Mar 2011)

Michael Noonan: That is the problem. There are no profitable banks.

Banks Recapitalisation and Restructuring: Statements (31 Mar 2011)

Michael Noonan: The most impaired banking unit around is Irish Life & Permanent. If one considers——

Banks Recapitalisation and Restructuring: Statements (31 Mar 2011)

Michael Noonan: If one considers the situation in Irish Life & Permanent, one will see its debt-to-deposit ratio is about 280%. How can one lend 2.8 times more than one is taking in on deposits and have a normal banking system? The Deputy is right that the life division is prosperous. The reason we are doing this is that the life division is backing up an impaired banking system, and if that continues...