Results 20,761-20,780 of 27,019 for speaker:Michael Noonan

Bank Debt Restructuring (5 Jul 2012)

Michael Noonan: There are a number of specifics in the statement. The first decision is the principle now has been set out clearly at the highest political level in Europe that the vicious circle between banking debt and sovereign debt will be separated. The second decision is that in this context, Ireland's sustainability and success in the programme will be reviewed and third, it contains a reaffirmation...

Bank Debt Restructuring (5 Jul 2012)

Michael Noonan: The best way to understand this is that Europe works in different ways at different times. Sometimes it examines the details of a problem and comes up with solutions and the sign-off is at the highest political level. At other times, when little progress is being made on the detail, the Heads of State and Government at the highest political level make a statement of principle in which they...

Bank Debt Restructuring (5 Jul 2012)

Michael Noonan: Yes, it is tied into a banking supervisor being in place. However, it also is linked to President Van Rompuy's statement on a banking union. The banking union will develop a banking supervisor to supervise at least the main international banks in Europe, perhaps comprising 100 banks out of the 8,000 banks operating across the European Union. The timeline to have the banking supervisor in...

Bank Debt Restructuring (5 Jul 2012)

Michael Noonan: The Government welcomes last Friday's euro area summit statement. As the Deputy is aware, it has been working extremely hard to secure a deal on the Irish bank debt. The recent euro area summit statement represents a major shift in European policy in terms of breaking the vicious circle between the banks and the sovereign. It is particularly pleasing to note that last Friday's summit...

Written Answers — National Pensions Reserve Fund: National Pensions Reserve Fund (4 Jul 2012)

Michael Noonan: I am informed by the National Treasury Management Agency, as Manager of the National Pensions Reserve Fund (NPRF), that the total value of the Fund at 31 March 2012 was €15.1 billion and that the value of the Discretionary Portfolio was €5.8 billion.

Written Answers — National Asset Management Agency: National Asset Management Agency (4 Jul 2012)

Michael Noonan: As the deputy may be aware, there is regular contact between officials in my department and NAMA. This contact occurs on a daily basis to ensure the fulfilment of Ministerial responsibilities under the NAMA legislation. I have had several meetings with the Chairman of NAMA, Frank Daly this year and these meetings have taken place at monthly intervals.

Written Answers — European Stability Bonds: European Stability Bonds (4 Jul 2012)

Michael Noonan: I propose to take Questions Nos. 52, 56 and 78 together. The European Commission published a discussion document in November 2011 on options for Eurobonds (which it called Stability Bonds). It put forward three options: (i) the full substitution of Stability Bond issuance for national issuance, with joint and several guarantees; (ii) the partial substitution of Stability Bond issuance for...

Written Answers — Project Bonds Initiative: Project Bonds Initiative (4 Jul 2012)

Michael Noonan: The Europe 2020 Project Bonds Initiative has been proposed by the EU Commission to help promoters of infrastructure projects attract additional private sources of finance from institutional investors. Under the initiative, the European Investment Bank (EIB) will provide credit enhancement to project companies issuing bonds to finance infrastructure projects. This will improve the rating of...

Written Answers — Eurozone Meetings: Eurozone Meetings (4 Jul 2012)

Michael Noonan: I propose to take Questions Nos. 54 and 61 together. The Eurogroup Working Group (EWG) on Monday 21 May considered in a conference call the state of play in financial markets and in Greece, as it usually does. The teleconference was organized following the G8 Summit where the situation in Greece was discussed. There was also the fact that Greece would be going to the polls for the second...

Written Answers — European Central Bank: European Central Bank (4 Jul 2012)

Michael Noonan: I propose to take Questions Nos. 55 and 77 together. Following his appointment as President of the European Central Bank Executive Board on 1st November, 2011, I arranged to meet Mr. Draghi in Frankfurt on 24 January last. This was an initial meeting to congratulate him on his recent appointment and also to brief him on Irish economic, fiscal and banking developments. Since then I have...

Written Answers — European Stability Programmes: European Stability Programmes (4 Jul 2012)

Michael Noonan: I propose to take Questions Nos. 57 and 58 together. The European Union, through various Directives and Regulations, currently provides for common rules to be applied by national supervisors. There is no single European supervisor although supervision is co-ordinated at a European level by the European Banking Authority. Supervision, deposit insurance and resolution are all national...

Written Answers — European Stability Programmes: European Stability Programmes (4 Jul 2012)

Michael Noonan: I propose to take Questions Nos. 59, 63 and 64 together. I am in continuous contact with other European finance ministers and will attend Eurogroup and ECOFIN on the 9th and 10th of July to debate the proposals on Economic and Monetary Union agreed at last week's Council meeting. Officials in my Department have been in regular contact with their counterparts across the European Union for...

Written Answers — European Stability Programmes: European Stability Programmes (4 Jul 2012)

Michael Noonan: As the Deputy will be aware, agreement has been reached to provide loans of up to €100 billion for the recapitalisation of Spanish banks. Loans have not been requested to finance the Spanish sovereign. The financial assistance is to be provided by the EFSF until the ESM becomes available, at which stage it will be transferred to the ESM. The Deputy will also be aware that Heads of State...

Written Answers — Tax Code: Tax Code (4 Jul 2012)

Michael Noonan: The Government's position on Ireland's corporation tax rate is very clear and well known to our EU colleagues. In the context of the discussions on fiscal union, I would like to inform the Deputy that the current proposals on tax simply reflect existing arrangements and do not bring anything new, including corporation tax, to the table.

Written Answers — European Fiscal Union: European Fiscal Union (4 Jul 2012)

Michael Noonan: On June 25th, and in advance of the European Council on 28th/29th June, the President of the European Council published a report entitled Towards a Genuine Economic and Monetary Union. The report sets out a vision for the future of EMU and proposes to move, over the next decade, towards a stronger EMU architecture based on integrated frameworks for the financial sector, for budgetary matters...

Written Answers — Tax Code: Tax Code (4 Jul 2012)

Michael Noonan: Section 17 Finance Act 2003 inserted a new Section 865 into the Taxes Consolidation Act 1997 and subsection (4)(b) of that Section introduced a 4 year time limit as regards claims for repayment of tax made on or after 1 January 2005. At the same time that the 4 year time limit for claiming repayment of tax was introduced, the right of the Revenue Commissioners to raise assessments was also...

Written Answers — Cycle to Work Scheme: Cycle to Work Scheme (4 Jul 2012)

Michael Noonan: I am aware of recent reports of possible abuse of the cycle to work scheme. It would be inappropriate for me to comment on the process of administration of tax reliefs and schemes, which is a matter for the Revenue Commissioners. I am however, advised by the Revenue Commissioners that from time to time random checking is carried out on particular reliefs and schemes to ensure compliance with...

Written Answers — Prompt Payments: Prompt Payments (4 Jul 2012)

Michael Noonan: In response to the Deputy's question the average time lapse between receipt of invoices for goods and services and actual payment in my Department is 10.48 days. This information is taken from data compiled for Prompt Payments Returns to the Department of Jobs, Enterprise and Innovation, dealing with payments that issue to the private sector, as opposed to transfers to other parts of the...

Written Answers — Tax Code: Tax Code (4 Jul 2012)

Michael Noonan: I propose to take Questions Nos. 69 to 72, inclusive, together. I am informed by the Central Bank that there are 5,199 Investment Funds domiciled in Ireland; 6% of their equity holdings are held by Irish investors. Of the total number of investment funds 86 are Money Market Funds; 9% of their equity holdings are domestically held. I understand that some 12,500 jobs are directly sustained by...

Written Answers — National Aquatic Centre: National Aquatic Centre (4 Jul 2012)

Michael Noonan: The process for reporting back to the Public Accounts Committee is the established accounting process of a Minute of the Minister for Public Expenditure and Reform. This process is in train in relation to the PAC Report on VAT Costs on the National Aquatic Centre, but has not been finalised. The Minute will provide a full response to the PAC report, including details of implementation of...