Last quote by Michael Noonan
Michael Noonan quotes
At the moment we're constrained unduly by the necessity to fit within a set of fiscal rules where the same rules apply to every country in Europe regardless of his state of development or whether its population is increasing or decreasing.
This country needs a huge investment in infrastructure (because) we've one big problem. By 2050, a generation away, the estimate is that the Irish population will be 6.7 million people as against 4.6 (million) now.
On AIB, I'm asking them to continue the preparatory work. There'll be no IPO in 2016, but I'm holding open the possibility of an IPO sometime in 2017 but that will depend on the advice I receive and on market condition.
The government fundamentally disagrees with the European Commission's analysis and the decision left no choice but to take an appeal to the European Courts and this will be submitted tomorrow.
We never decided we would have (an initial public offering) in 2017, the only consideration is the amount of money we can recover for the taxpayer and we'll sell when we think we're at the best position to get the maximum amount.
The UK's decision to exit the European Union represents a real risk to our economy. The best and most immediate policy under our own control to mitigate this risk is to control the public finances. We must also put in place economic shock absorbers to reduce or eliminate the impact of future economic shocks.
How could any foreign direct investor come into Europe if they thought the valid arrangements they made under law could be overturned a generation later and they be liable to pay back money.
This is necessary to defend the integrity of our tax system, to provide tax certainty to business and to challenge the encroachment of EU state aid rules into the sovereign member state competence of taxation.
As far as I am concerned there is no economic basis for this decision. It's bizarre and it's an exercise in politics by the Competition Commission.
I've seen governments on an overall majority at 41, 42 percent. We're very close to that.
I welcome the decision by Credit Suisse to become the first 'third country' bank to seek to branch into Ireland.
I am abolishing the ability of companies to use the 'Double Irish' by changing our residency rules to require all companies registered in Ireland to also be tax resident in Ireland.
A profitable bank is a more valuable bank, which will, over time allow the state to maximise the return on its investment.
This isn't the end of the road. This is a very significant milestone on the road. But we must continue with the same types of policies.
The real heroes and heroines of the story are the Irish people. They've had their taxes increased, they've had their services cut drastically.
The interest rate reduction and the suggestion that the currency level might go down a little would both help our exports and help our economy to grow.
If we had a credit line equivalent to a full year's deficit, in other words about 10 billion euros, then if something happens … then we have a year's funding of the deficit to allow the thing to work through.
If Portugal takes the lead, will certainly be supporting the position as outlined, but it has been signaled to me already that there will be a discussion at both meetings. There isn't an expectation at this stage of an offer being made to Ireland and Portugal.
When I stood before the house last year, the Irish government was locked out of bond markets. Our 2-year bond yields were almost 10 percent. Now they are less than 2 percent. We have seen a total transformation in only 12 months … We are now well on the road to recovery so let's look to the future with confidence.
It has been recited far and wide that it is impossible for Ireland to get money on the markets. Now we have significant private sector investors prepared to put money into Bank of Ireland and that's a strong signal internationally.
The agreements that were reached have to be ratified by the Greek parliament. So its a normal process, but there shouldn't be any undue delay, so I would like to see this resolved early in July.
What we want is an early election because we have a cabinet now at the constitutional minimum of seven ministers. With a Taoiseach who's lost the confidence of the Dail [lower house of parliament] and of his own party, we just can't have that.