Results 20,681-20,700 of 27,019 for speaker:Michael Noonan

Written Answers — Departmental Statistics: Departmental Statistics (10 Jul 2012)

Michael Noonan: The CSO will publish the Quarterly National Accounts for Quarter 1 2012 on Thursday 12 July 2012.

Written Answers — Tax Code: Tax Code (10 Jul 2012)

Michael Noonan: I propose to take Questions Nos. 131 and 136 together. I have stated in the past my view that, if a financial transactions tax (FTT) cannot be introduced on a global basis, it would be better if it were introduced at least on an EU-wide basis. This would prevent any distortion of activity within the Union. The Deputy will be aware that following the ECOFIN meeting on 22 July, the Commission's...

Written Answers — Bank IT Systems: Bank IT Systems (10 Jul 2012)

Michael Noonan: I have been informed by the Central Bank that, in conjunction with the Financial Services Authority in the UK, they will undertake a review of the IT failure which arose in Ulster Bank. This review will include a focus on lessons learned which will then be utilised in the Bank's on-going oversight of operational risks faced by all banks. In addition, the Irish Payments Services Organisation...

Written Answers — Departmental Reports: Departmental Reports (10 Jul 2012)

Michael Noonan: The following table outlines the actions and current status of recommendations contained in "The Voice of Small Business" for which my Department has lead responsibility: Action Current Status 6(a) Develop & implement a cross-departmental awareness campaign on the impact of hidden economy activity. There is no doubt that shadow/hidden economy activity creates distortions in the economy...

Written Answers — Departmental Functions: Departmental Functions (10 Jul 2012)

Michael Noonan: The Deloitte Report into the error was finalised earlier this year and published on 7th June. A key overarching recommendation was the establishment of a Governance Group to inter alia oversee the implementation of the recommendations arising from the Report. This Group has considered the recommendations, including the recommendation that overall responsibility for the General Government Debt...

Written Answers — National Asset Management Agency: National Asset Management Agency (10 Jul 2012)

Michael Noonan: The recent NAMA Senior Bond redemption was carried out on a pro-rata basis, whereby a proportion of each institution's share of NAMA Senior Bonds was repaid. The NAMA Senior Bonds held by Permanent TSB were received in February 2011 as part of the transfer of the former INBS deposit book to PTSB under the transfer order issued by the previous Minister for Finance. As set out in the transfer...

Written Answers — State Debt: State Debt (10 Jul 2012)

Michael Noonan: Under the Euro Area Loan Facility as agreed for Greece in May 2010, stability support in the form of a joint Euro area/IMF financing package of €110 billion is being provided to Greece over a three-year period. Ireland contributed €345.7 million (net of a 50 basis points service charge) in respect of the first two tranches of the loan in 2010. Ireland withdrew from participation in the...

Bank Debt Restructuring (5 Jul 2012)

Michael Noonan: If there is any benefit, the Deputy can be assured the Government will take it into account. However, Deputies Michael McGrath and Pearse Doherty are better aware than most Deputies that the Government is dealing with two problems. First, it is dealing with the problem of the debt and second, it is dealing with the problem of the budget. The budget problem is the Government is not...

Bank Debt Restructuring (5 Jul 2012)

Michael Noonan: The key element of the communiqué is the sustainability of the Irish programme. That is obviously a clear reference to getting the debt down to a stage where we go back into the markets, and then we are entirely sustainable if we can fund in the markets at low interest rates. If Deputy McGrath puts his accountancy experience to use and thinks of it in terms of a balance sheet, then he will...

Bank Debt Restructuring (5 Jul 2012)

Michael Noonan: Yes, but we get into values then. Is it nominal value or market value? There will be quite a tricky piece of design work and then a very difficult negotiation phase.

Bank Debt Restructuring (5 Jul 2012)

Michael Noonan: The Government has been fully committed to reviewing the arrangements that were put in place to capitalise the Irish Bank Resolution Corporation, formerly Anglo Irish Bank. The purpose of this review was to determine whether there is a way to reduce the overall cost to the State. The first step in this process was the settlement of the March 2012 promissory note repayment with a long-term...

Bank Debt Restructuring (5 Jul 2012)

Michael Noonan: I am not too sure the devil is in the detail in this case. The eminent economist, Colm McCarthy, was saying during the week that in this case, the devil is in the principle. Getting the principle right is probably the most important thing and we can work out the detail subsequently. It is not as clear cut as the Deputy saying that the ESM will be the funder. It looks as if that will be...

Bank Debt Restructuring (5 Jul 2012)

Michael Noonan: There will be no lack of ambition as we proceed. As I said, a lot of bottom-up solutions were being introduced on an instalment basis but they were all behind the curve and the market did not believe in it. There is change now and an overarching policy has been put in place, so we will now fill in in accordance with the overarching policy. A lot of the detail will have to be worked out,...

Bank IT Systems (5 Jul 2012)

Michael Noonan: I am fully aware of the negative impact that Ulster Bank's technical problems are having on the bank's personal and business banking customers throughout the country. This issue has been ongoing for far too long at this stage and, as I have made clear already, it is essential it is resolved as a matter of absolute priority. From my perspective, it is totally unacceptable that it has taken...

Bank IT Systems (5 Jul 2012)

Michael Noonan: Perhaps the Deputy is right. Certainly, I would agree with him that this was an absolute disaster and it has been extremely badly handled by Ulster Bank and by RBS as well. It has taken far too long. Deadlines that were solemnly given have been broken time and again over the last two weeks. What the Deputy is suggesting is that the Central Bank should have a unit that duplicates the IT...

Bank IT Systems (5 Jul 2012)

Michael Noonan: The inspectors go to primary schools but there are not enough inspectors to allow them to move in and replace what the teachers inside are doing. There must be a limit to the manner in which we regulate. I would have thought the directive from the Central Bank, whereby it is obliging the banks under law to do an assurance check of their systems and give a guarantee they are able to deal...

Bank IT Systems (5 Jul 2012)

Michael Noonan: There are many problems in banks and, obviously, technology is one problem and lending is another problem. The biggest problem of all is credibility. We cannot believe the banks; we cannot believe what they say. Look at what is happening in the City of London at the moment and one will get examples in nine-foot-high letters of what the key problem is. There is a credibility problem and I...

Tax Reliefs (5 Jul 2012)

Michael Noonan: A broad range of tax reliefs and incentives are available to assist businesses. While some are specific to small or start-up businesses, the full range of reliefs and incentives are available to them. Some of specific provisions available are as follows. The employment and investment incentive is available to the majority of trades. Under this scheme, companies can raise up to €2.5...

Tax Reliefs (5 Jul 2012)

Michael Noonan: I agree with the Deputy. Foreign direct investment is flowing strongly into the country now. Although it is a significant volume of investment, it is still not the main employer in the economy. The main employers are all the small businesses, as outlined by the Deputy, employing small numbers of people. Until they are restored to health, no impact will be made on reducing unemployment in...

Tax Reliefs (5 Jul 2012)

Michael Noonan: The Minister for Jobs, Enterprise and Innovation is aware of the lack of knowledge of some employers and small businesses of the schemes that are available which would be to their benefit. I understand he is taking steps these weeks to ensure a better flow of information of such schemes to small businesses. I will draw his attention to the Deputy's question and ask him to continue to...