Results 21,741-21,760 of 27,019 for speaker:Michael Noonan

Fiscal Policy (18 Apr 2012)

Michael Noonan: It is difficult to say what it is costing the Exchequer annually but certainly there is widespread abuse. The Deputy will recall that I took measures in the Finance Bill to ensure there will now be full traceability of diesel and petrol from the point of import through to the point of sale. Previously a licensing system was in place if one was providing diesel to pumps. However, if one had...

Fiscal Policy (18 Apr 2012)

Michael Noonan: This came up in Europe in the crisis in 2004 and again in 2007 and 2008. There is agreement throughout the community that when there are spikes in the price of transport fuels Governments will not alter the taxation element. What the Deputy is saying about VAT is correct, namely, that it applies to the total price. However, the increase from 21% to 23% at budget time, with petrol selling...

Banks Recapitalisation (18 Apr 2012)

Michael Noonan: I propose to take Questions Nos. 8, 10, 26 and 29 together. The Government has been committed to reviewing the arrangements that were put in place to capitalise Irish Bank Resolution Corporation, IBRC, formerly Anglo Irish Bank and Irish Nationwide Building Society. The purpose of this review is to determine whether there is a way to reduce the overall cost to the State. Part of the...

Banks Recapitalisation (18 Apr 2012)

Michael Noonan: It is difficult to reply to that contribution, but I will try to do so. There are two policy streams involved here. First, we must get to a point where what we collect in tax matches what we spend. As long as we are running deficits, there is a large gap between the two. That is the fiscal side of it, and we have committed to reducing the deficit to €8.6 billion at the end of this year,...

Banks Recapitalisation (18 Apr 2012)

Michael Noonan: As I have said on several occasions, we are pursuing the possibility of achieving a full deal on a replacement of the promissory note with a mechanism which would, in general terms, lengthen the period of repayment and reduce the interest rate to make it significantly easier on the Irish taxpayer. However, we are not looking for any write-offs or anything like that, because it was made quite...

Banks Recapitalisation (18 Apr 2012)

Michael Noonan: One of the most valuable things a country has is the ability to honour its sovereign signature. The sovereign signature of Ireland was given by the Government's predecessors in office at the end of September 2008. It guaranteed all the debts of the banking system in Ireland, including those of Anglo Irish Bank.

Banks Recapitalisation (18 Apr 2012)

Michael Noonan: A country that wishes to pay its way in respectable company does not walk away from its signature.

Banks Recapitalisation (18 Apr 2012)

Michael Noonan: I have not looked for it. When the Deputy uses the word "achieved", it makes it sound as though I was seeking it.

Banks Recapitalisation (18 Apr 2012)

Michael Noonan: The position always has been absolutely clear, which is that the Government will only act with the full permission of the European authorities and, in particular, with that of the European Central Bank, ECB. The latter has made it absolutely clear on several occasions that there will not be write-downs.

Banks Recapitalisation (18 Apr 2012)

Michael Noonan: The Government has made its position absolutely clear, both in opposition and in government, that it would not act unilaterally and would only act in this respect with the permission of the European Central Bank.

Banks Recapitalisation (18 Apr 2012)

Michael Noonan: What is the point in asking me what one would do were the European Central Bank to say "No", when the Government already has stated it will not act were it to do so?

Banks Recapitalisation (18 Apr 2012)

Michael Noonan: First, I agree with the Deputy's summary of the various groups that took losses as a result of the collapse of the Irish banking system and it is good to have them put in summary form like that. I refer to the problem of the taxpayer being the last in line and accepting the total burden because the bondholders have the support of the ECB. That is as a result of the deal the previous...

Banks Recapitalisation (18 Apr 2012)

Michael Noonan: As the records left behind are less than informative, I am not quite sure what happened on the night.

Banks Recapitalisation (18 Apr 2012)

Michael Noonan: It is known that a bad deal was done. On the question of the ECB taking a hard line, I agree it takes an extremely hard line. The Deputy should recall what happened in Greece during the biggest write-off in history, which was comprised entirely of private sector involvement as not a single euro of European Central Bank debt was written off. It refused to get involved in writing off any...

Banks Recapitalisation (18 Apr 2012)

Michael Noonan: Yes, but with whose army?

Economic Growth (18 Apr 2012)

Michael Noonan: The budget day forecasts were for GDP growth of 1.3% this year and GNP growth of 0.7%. These figures were in line with the prevailing consensus at the time. Moreover, it is worth stressing that the Irish Fiscal Advisory Council, in its second assessment report, outlines that the budget day macroeconomic forecasts were appropriate at the time. Since then, forecasts for growth in some of...

Economic Growth (18 Apr 2012)

Michael Noonan: I take the advice of the fiscal advisory council very seriously. The council provides very good analysis, which is carefully worked out, and offers prudent advice. I will certainly take cognisance of the advice we receive. We are taking steps to grow the economy. As the Deputy is aware we have a very detailed job-creation plan in place and this is being driven forward strongly through the...

Economic Growth (18 Apr 2012)

Michael Noonan: The Deputies are constantly mixing up two different policy positions and trains of thought. I am stating that for 2012, the marking downwards of the growth rate will not affect our ability to achieve the 8.6% target in respect of our deficit. On the evidence of the figures for the first quarter and in the context of an assessment of nominal growth in the economy, we will still realise that...

Economic Growth (18 Apr 2012)

Michael Noonan: -----and this is sustaining our growth figures at present.

Economic Growth (18 Apr 2012)

Michael Noonan: If one mixes up all of the economic data into some kind of Boyd Barrett Irish stew, it will make no sense.