Results 1,721-1,740 of 27,019 for speaker:Michael Noonan

Written Answers — Departmental Expenditure: Departmental Expenditure (11 May 2011)

Michael Noonan: As I indicated in my response to the Deputy's previous question from last Wednesday re cost of consultancy for stress tests, the consultants concerned were engaged by the Central Bank and the Minister does not have a role in this area. The matter raised in the Deputy's question is a matter for the Central Bank. However, I understand from the Central Bank that the contracts with the...

Written Answers — Bank Guarantee Scheme: Bank Guarantee Scheme (11 May 2011)

Michael Noonan: I understand from previous statements that the principal advisers to the Government on the night of the 29 September 2008 were the official agencies. The company referred to in the Deputy's question was, therefore, assigned the task of consolidating the range of options being developed by all the State agencies in a paper for consideration by the Government. The Deputy may wish to note that...

Written Answers — Credit Availability: Credit Availability (11 May 2011)

Michael Noonan: There is no Banking Credit Review Group. I assume the Deputy is referring to the Credit Review Office. The Office was launched on 1 April 2010 and its function is to accept applications from SMEs, sole traders and small and medium-sized farm enterprises that have had their application for credit refused or reduced or have had credit facilities withdrawn by banks participating in the NAMA...

Written Answers — Mortgage Arrears: Mortgage Arrears (11 May 2011)

Michael Noonan: On the question of the availability of tax relief in relation to interest paid in respect of mortgages, the Deputy will be aware that Mortgage Interest Relief was refocused in Budget 2009 to assist first-time buyers. The rates were increased from 20% to 25% for first-time buyers in years 1 and 2 of their mortgage and to 22.5% for years 3, 4 and 5. There is also a commitment in the Programme...

Written Answers — Civil Service Staff: Civil Service Staff (11 May 2011)

Michael Noonan: The Department of Finance Circular 26/2006 sets out details of the confined competition for promotion to Executive Officer in the Civil Service. The terms of the Circular did not envisage appointments being made from the competition after 30 June 2008. For operational reasons this panel was extended until 30 June 2009. In the context of the implementation of savings measures on public...

Jobs Initiative 2011: Statements (Resumed) (12 May 2011)

Michael Noonan: As the Deputy is no doubt aware, in government it comes down to a very simple decision and in this case it is a question of whether one does something or nothing. Everybody in the House agrees the jobs crisis is getting worse and that it needs specific and focused action. The previous Government decided to do nothing, we have decided to do something, which is the basis for this initiative....

Jobs Initiative 2011: Statements (Resumed) (12 May 2011)

Michael Noonan: I had to check twice to see where Deputy Tóibín was sitting because from what he just said he seems to be sitting in the wrong part of the House. Can any Member name me a tax that is universally popular?

Jobs Initiative 2011: Statements (Resumed) (12 May 2011)

Michael Noonan: Can anyone claim jobs are not a crisis problem in society? The pension funds were built up by the most generous tax regime in the State's history.

Jobs Initiative 2011: Statements (Resumed) (12 May 2011)

Michael Noonan: I cannot answer if Deputies keep interrupting.

Jobs Initiative 2011: Statements (Resumed) (12 May 2011)

Michael Noonan: A large proportion of the accrued value of pension funds is due to the fact that previous Governments allowed a tax break at the marginal tax rate of 40% for people to build up pension funds. Considering somebody on €80 a week is expected to pay the universal social charge because of the difficulties we are in, it is reasonable to ask pension funds to pay a levy of 0.6% for four years.

Jobs Initiative 2011: Statements (Resumed) (12 May 2011)

Michael Noonan: It is a very small imposition when compared with the huge generosity of successive Administrations to the pensions industry in providing relief at the marginal rate of tax. This is a generosity that has been pinpointed by the IMF and EU agencies as not to be allowed to continue. That is why the industry came to me and offered the levy. This is a reasonable levy. The lobbies involved will...

Jobs Initiative 2011: Statements (Resumed) (12 May 2011)

Michael Noonan: I thank the Deputy for his question. The Deputy should not be criticising the Government for inactivity in its early days in office. We have already announced a bank restructuring programme of large proportion, renegotiated the IMF-EU agreement entered into by the previous Government, met the targets under that programme and have been assured we will be able to continue to access resources...

Jobs Initiative 2011: Statements (Resumed) (12 May 2011)

Michael Noonan: -----and one's line managers would have to produce them. We are saying something entirely different, namely, the Government is not going to be able to create many jobs directly. What we must do is build confidence, taking the economy sector by sector and introduce initiatives which will allow the private sector to create jobs.

Jobs Initiative 2011: Statements (Resumed) (12 May 2011)

Michael Noonan: Let me finish.

Jobs Initiative 2011: Statements (Resumed) (12 May 2011)

Michael Noonan: I am answering the Deputy's question.

Jobs Initiative 2011: Statements (Resumed) (12 May 2011)

Michael Noonan: I am answering the Deputy's questions. I will drop the economic theory.

Jobs Initiative 2011: Statements (Resumed) (12 May 2011)

Michael Noonan: In terms of direct job creation, some of my colleagues in Government involved in the capital programmes mentioned in the initiative have produced estimates of in excess of 6,000 directly created jobs by the capital programme. I have also said that underpinning the programme for Government from 2011 to 2015, a net 75,000 to 100,000 jobs will be created. That is the net figure. Many jobs...

Jobs Initiative 2011: Statements (Resumed) (12 May 2011)

Michael Noonan: The levy is not retrospective. It is being calculated on the annual value of each pension fund as of 1 January of each year from 2011 onwards. The levy is similar to stamp duty. It is on the value for the year and will be paid in two tranches each year. It will be paid in two tranches in 2011 for the full value of the fund and then each year thereafter, ending after four years. The...

Jobs Initiative 2011: Statements (Resumed) (12 May 2011)

Michael Noonan: There is well over €80 billion in the pension funds. We are not speaking here about little pools of money. There is well in excess of €80 billion in the pension funds about which we are speaking. Many of those funds have been accumulated because of the tax relief. As I stated previously, I believe it is reasonable to take a small stamp duty for four years from the accumulated value of...

Jobs Initiative 2011: Statements (Resumed) (12 May 2011)

Michael Noonan: The Government has made no commitment to introduce any such legislation.