Results 16,401-16,420 of 27,019 for speaker:Michael Noonan

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Stability Programme Update: Discussion with Minister for Finance (30 Apr 2013)

Michael Noonan: That is not an economic argument.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Stability Programme Update: Discussion with Minister for Finance (30 Apr 2013)

Michael Noonan: Deputy Doherty is telling me the reality of where some people are at.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Stability Programme Update: Discussion with Minister for Finance (30 Apr 2013)

Michael Noonan: Everybody agrees with that; it is a tautology. Anyone in politics knows what it means for real people and real families and what 14% unemployment means in communities throughout the country.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Stability Programme Update: Discussion with Minister for Finance (30 Apr 2013)

Michael Noonan: That is what we are trying to fix. We got the mandate to fix it and, thus far, we are making significant progress in fixing it. Sinn Féin's alternative policies would make it worse.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Stability Programme Update: Discussion with Minister for Finance (30 Apr 2013)

Michael Noonan: The Deputy should ring us and we will see what we can do. We do not hide information; we give out as much as we can.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Stability Programme Update: Discussion with Minister for Finance (30 Apr 2013)

Michael Noonan: That is a matter that must be discussed with the troika. For the purposes of this exercise, somewhat in excess of €1 billion annual savings arising from the promissory notes new arrangement is inputted here as if all of it will be dedicated to reducing the deficit. On that basis one gets the 2.2% figure. Obviously, however, if there are additional savings or if there are costs...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Stability Programme Update: Discussion with Minister for Finance (30 Apr 2013)

Michael Noonan: No.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Stability Programme Update: Discussion with Minister for Finance (30 Apr 2013)

Michael Noonan: We can factor in only what we have done on such issues. We have done the promissory note arrangement. The extension of the maturities does not have a strong up-front impact on the deficit, although it has a huge impact on debt sustainability.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Stability Programme Update: Discussion with Minister for Finance (30 Apr 2013)

Michael Noonan: They are forecasts, not targets. The distinction is that if the Government continues to take a series of initiatives under the jobs programme that are job friendly, the forecasts change and improve. The targets are in advance of the forecast. I have made no secret of what I think should happen if there is spare capacity in the economy. I believe we should invest in growing the economy...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Stability Programme Update: Discussion with Minister for Finance (30 Apr 2013)

Michael Noonan: It is early in the year. Before I came here this evening I looked at the spreads. I do not have them with me. The ten year bond is down to the level where the five year bond was a couple of months ago. It is down to approximately 3.5% this evening, while the five year bond is approximately 2.3%. We are moving towards historically low rates of interest. On the present trajectory, it...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Stability Programme Update: Discussion with Minister for Finance (30 Apr 2013)

Michael Noonan: The assumptions are based on the best information we have. Ours is a small, open economy and our assumptions can be turned askew by events elsewhere. However, the forecasting record of the Department in the past couple of years has been better than that of the private-sector forecasters. We do adjust and we are making a slight downward adjustment now because of new information released...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Stability Programme Update: Discussion with Minister for Finance (30 Apr 2013)

Michael Noonan: There are annexes at the back containing considerable information. Much of it is communicated numerically but the Deputy is a numbers man anyway and will, therefore, have no difficulty in working it out. It is table 11, impact on main aggregates, at the top of page 30. Much of what the Deputy is seeking is there.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Stability Programme Update: Discussion with Minister for Finance (30 Apr 2013)

Michael Noonan: I thank the Chairman and committee members for inviting me to speak to them about the Irish stability programme - April 2013 update. I look forward to a constructive discussion. The stability programme was approved by the Government at today's Cabinet meeting which concluded at approximately 2.30 p.m. The statement on the programme was circulated to the members of the joint committee at...

Written Answers — Department of Finance: Mortgage Arrears Proposals (30 Apr 2013)

Michael Noonan: At the initial application and award of credit stage, it will be a matter, having regard to consumer protection guidelines, for the borrower and the lender to satisfy themselves on the appropriate portion and source of income, including foster care allowances, available to meet mortgage repayments. In a situation of mortgage repayment difficulty, one of the recommendations of the Expert...

Written Answers — Department of Finance: Carbon Tax Implementation (30 Apr 2013)

Michael Noonan: Budget 2013 provided for the extension of carbon tax to all solid fuels supplied in the State. This will take effect from 1 May 2013. Solid fuel is defined under section 77 of the Finance Act 2010, as amended and means coal or peat. Coal is further defined to include coal and lignite, solid fuel manufactured from coal and lignite, and any other energy product within the meaning of Article...

Written Answers — Department of Finance: Insurance Coverage (30 Apr 2013)

Michael Noonan: It should be noted at the outset that neither I nor the Central Bank can compel insurers to quote for business. The decision to provide any specific form of insurance cover and the price at which it is offered is a commercial matter based on the assessment an insurer will make of the risks involved. I understand that insurance companies as a matter of course carry out reviews of the risks...

Written Answers — Department of Finance: Property Taxation Administration (30 Apr 2013)

Michael Noonan: I am informed by the Revenue Commissioners that in the case of property owners for whom e-filing is not practical, the legislation provides that another person may file on their behalf. Alternatively, the property owner can visit her/his local Revenue office where computers and assistance to e-file will be available. In addition, Revenue has made arrangements for property owners to pay and...

Written Answers — Department of Finance: Property Taxation Exemptions (30 Apr 2013)

Michael Noonan: The Finance (Local Property Tax) Act 2012 (as amended) provides that a liability for Local Property Tax (LPT) will arise where a person owns a residential property on the liability date, which will be 1 May 2013 for the year 2013. The legislation defines a residential property as any building or structure which is in use as, or is suitable for use as, a dwelling. I am further advised by...

Written Answers — Department of Finance: NAMA Portfolio Issues (30 Apr 2013)

Michael Noonan: I am advised by NAMA that its role in respect of property is, like a bank, that of a secured lender. Other than properties that have been enforced, all of which are listed on NAMA’s website and which are managed by the appointed receivers/administrators, properties continue to be managed by their existing owners or their professional managers/agents. As a lender and holder of...

Written Answers — Department of Finance: VAT Rebates (30 Apr 2013)

Michael Noonan: I assume the Deputy is referring to the commercial diesel excise relief that I announced in the Budget and which was extended in the Finance Bill to cover all licensed passenger transport. Any bus or coach with a national road passenger transport licence granted under Section 2 of the Road Traffic and Transport Act 2006 will qualify for the relief.