Results 20,721-20,740 of 27,019 for speaker:Michael Noonan

Written Answers — Banks Recapitalisation: Banks Recapitalisation (5 Jul 2012)

Michael Noonan: The recent very welcome Euro Area summit statement represents a major shift in European policy in terms of breaking the vicious circle between the banks and the sovereign. The Irish government has been working extremely hard to secure a deal on the Irish bank debt. It is particularly pleasing to note that last Friday's summit agreement reflects the proposals set out in the Taoiseach's...

Written Answers — Credit Availability: Credit Availability (5 Jul 2012)

Michael Noonan: I propose to take Questions Nos. 20 and 68 to 70, inclusive, together. As the Deputy is aware, the banking system restructuring plan creates capacity for the two Pillar Banks, Bank of Ireland and AIB, to provide lending in excess of €30 billion in the period 2011-2013. SME and new mortgage lending for these banks is expected to be in the range of €16-20bn over this period. This lending...

Written Answers — Tax Yield: Tax Yield (5 Jul 2012)

Michael Noonan: I am advised by the Revenue Commissioners that the information requested in respect of the top 10% of income earners, estimated by reference to the income tax year 2012, is as follows: Top 10% of income earners Gross Income €29,600 million Amount of income tax €7,080 million Percentage of income tax due by all income earners 60% It should be noted that the figures for tax and...

Written Answers — National Asset Management Agency: National Asset Management Agency (5 Jul 2012)

Michael Noonan: The formation of a single servicer capable of providing well informed and timely opinions on the many different asset classes, including office, retail, residential, industrial and residential, and across the range of locations in which NAMA debtors and receivers control properties is unlikely to be feasible, cost effective or productive. Furthermore, in light of the extensive and...

Written Answers — Banking Sector Staff: Banking Sector Staff (5 Jul 2012)

Michael Noonan: I have been informed by the Central Bank of Ireland that in June 2011 it commenced a review of the fitness and probity of all sitting directors of the six banks and building societies covered by the State guarantee. As part of that review the Central Bank wrote to all directors of the relevant institutions in June 2011 to see if they planned to remain in their post beyond January 2012. There...

Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (5 Jul 2012)

Michael Noonan: The Government supports the principle that the cost of rescuing financial institutions should be shared by the shareholders and creditors of that institution as opposed to being borne by the taxpayer. The Commission's proposal for a Directive establishing a framework for the recovery and resolution of credit institutions and investment firms envisages, amongst other mechanisms, the use of a...

Written Answers — Bank Debt Restructuring: Bank Debt Restructuring (5 Jul 2012)

Michael Noonan: As the Deputy is aware, the Government has been fully committed to reviewing the arrangements that were put in place to capitalise IBRC. The purpose of this review was to determine if there is a way to reduce the overall cost to the State. In tandem with this review the Troika have opened a discussion on how best the Irish banking system and the Irish State can benefit from having further...

Written Answers — Mortgage Interest Rates: Mortgage Interest Rates (5 Jul 2012)

Michael Noonan: Notwithstanding the fact that the State is a significant shareholder in the covered institutions, I must ensure that the banks are run on a commercial, cost effective and independent basis to ensure the value of the bank as an asset to the State, as per the Memorandum on Economic and Financial Policies agreed with the EU Commission, the ECB and the IMF. Relationship Frameworks have now been...

Written Answers — Credit Unions Regulation: Credit Unions Regulation (5 Jul 2012)

Michael Noonan: The imposition of lending restrictions is the responsibility of the Registrar of Credit Unions, who is the independent regulator for credit unions. Within his independent regulatory discretion, the Registrar acts to support the prudential soundness of individual credit unions, to maintain sector stability and to protect the savings of credit union members. As Minister for Finance, my role is...

Written Answers — Credit Unions Regulation: Credit Unions Regulation (5 Jul 2012)

Michael Noonan: The General Scheme of the Credit Union Bill 2012 was approved by Government on June 26 and published on June 28 following consultation with the Commission on Credit Unions and engagement with key stakeholders. The General Scheme has been forwarded to the Office of the Attorney General for formal drafting. It is also being referred to the Oireachtas Joint Committee on Finance, Public...

Written Answers — Departmental Staff: Departmental Staff (5 Jul 2012)

Michael Noonan: In my Department, no staff member who retired in the last six months has been rehired. I am advised by the Revenue Commissioners that there have been no such cases since 1 March 2012. However, they have advised that two officials who retired within the last six months have recently worked for them in an advisory capacity on a pro bono basis.

Written Answers — Fuel Prices: Fuel Prices (5 Jul 2012)

Michael Noonan: I acknowledge the importance of the haulage industry to our export-led economy. As the Deputy is aware a working group was set up between officials of my Department, the IRHA and members of the Oireachtas. This working group had a series of meetings to discuss issues of concern to the haulage industry. I have recently received a submission from the group and I am considering the matters...

Written Answers — Banking Sector Staff: Banking Sector Staff (5 Jul 2012)

Michael Noonan: It is deeply regrettable, for all concerned, that the proposed action of shedding of jobs, even on a voluntary basis in these challenging economic times, at Allied Irish Banks and Bank of Ireland as announced, has had to be taken. This is an inevitable consequence of the necessary restructuring of the banking system to render it fit to better serve personal and business customers throughout...

Written Answers — Mortgage Arrears: Mortgage Arrears (5 Jul 2012)

Michael Noonan: Last October the Government published the Report of the Inter-Departmental Working Group on Mortgage Arrears ("Keane Report") and the implementation of its recommendations is now a significant part of the Government's overall efforts to tackle mortgage difficulty. As announced last week, a number of significant milestones have now been achieved in the implementation of the report's...

Written Answers — Promissory Notes: Promissory Notes (5 Jul 2012)

Michael Noonan: As the Deputy is aware, the Government has been fully committed to reviewing the arrangements that were put in place to capitalise IBRC. The purpose of this review was to determine if there is a way to reduce the overall cost to the State. In tandem with this review the Troika have opened a discussion on how best the Irish banking system and the Irish State can benefit from having further...

Written Answers — Bank Debt Restructuring: Bank Debt Restructuring (5 Jul 2012)

Michael Noonan: As the Deputy can appreciate, officials from the Irish Authorities are in constant on-going dialogue, with all of the covered institutions with a view to considering and implementing structures and solutions which would seek to advance the overall financial system. As and when further measures are agreed/solutions emerge I will inform the Houses as appropriate. The recent very welcome Euro...

Written Answers — Promissory Notes: Promissory Notes (5 Jul 2012)

Michael Noonan: As the Deputy is aware, the Government has been fully committed to reviewing the arrangements that were put in place to capitalise IBRC. The purpose of this review was to determine if there is a way to reduce the overall cost to the State. In tandem with this review the Troika have opened a discussion on how best the Irish banking system and the Irish State can benefit from having further...

Written Answers — Credit Unions Regulation: Credit Unions Regulation (5 Jul 2012)

Michael Noonan: The Government established the Commission on Credit Unions in May 2011 to review the future of the credit union movement and to make recommendations in relation to the most effective regulatory structure for credit unions. The Commission, which included two members of the Irish League of Credit Unions (ILCU), met on 29 occasions before publishing its Final Report on 18 April 2012....

Written Answers — Fiscal Policy: Fiscal Policy (5 Jul 2012)

Michael Noonan: I propose to take Questions Nos. 40, 57, 58 and 71 together. Last week's announcement following the euro area summit in Brussels represents a major shift in European policy in terms of breaking the link between recapitalising the banks and the sovereign, a policy change that I have repeatedly pressed for at EU meetings. This message has been echoed by the Taoiseach, the Tánaiste and other...

Written Answers — Tax Code: Tax Code (5 Jul 2012)

Michael Noonan: It was announced in Budget 2011 that the necessary arrangements are being made to ensure that bets placed on the internet by domestic punters are subject to the same level of betting duty as applies to high street betting shops. This will serve to broaden the tax base and increase betting duty receipts. The Finance Act 2011 provides for the taxation of bets that remote bookmakers enter into...