Results 21,441-21,460 of 27,019 for speaker:Michael Noonan

Written Answers — Banking Sector Regulation: Banking Sector Regulation (1 May 2012)

Michael Noonan: As already indicated the Board of the bank is responsible for the day to day operation of the bank including fees incurred in relation to the procurement of advisers. While I and my Department are aware of the bank's policy in relation to procurement it is not the practice to establish the cost of each individual arrangement the bank enters into. That said overall expenditure is monitored on...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (1 May 2012)

Michael Noonan: As the Deputy is aware the Board of the bank is responsible for the day to day operation of the bank. I have no function in relation to routine meetings arranged or attended by staff of the bank, when those meetings took place or the number of staff from the bank attending such meetings. As the matter of the engagement of the company to which the Deputy refers has been the subject of a...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (1 May 2012)

Michael Noonan: I can confirm that neither I nor any officials from the Banking Division of my Department have met Mr Cox in his capacity as paid advisor to the company mentioned in the Deputy's question.

Written Answers — Banking Sector Regulation: Banking Sector Regulation (1 May 2012)

Michael Noonan: Notwithstanding the State's shareholding in the bank, Irish Life and Permanent operates in an arm's length capacity from the State in relation to commercial issues. It is a matter for the board and management to determine and implement operational policy in their organisation. Therefore, commercial decisions such as these are solely a decision for the bank.

Written Answers — Banking Sector Regulation: Banking Sector Regulation (1 May 2012)

Michael Noonan: While the State holds a majority shareholding in both AIB and Irish Life and Permanent, they are not covered by formal public procurement rules as the banks' commercial remit makes them subject to market forces. Under the Relationship Frameworks the Boards of these banks' are responsible for the day to day operations of the bank including the awarding of contracts. Neither AIB nor PTSB are...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (1 May 2012)

Michael Noonan: I have been informed by the Central Bank of Ireland that the company referred to in the Deputy's question is not a regulated financial services provider and therefore neither the company nor its employees are subject to the Central Bank of Ireland's Fitness and Probity regime.

Written Answers — Banking Sector Regulation: Banking Sector Regulation (1 May 2012)

Michael Noonan: I am informed by NAMA that in developing their strategy for asset disposals they take account of any deleveraging that is occurring in the markets in which NAMA operates. I am reassured by the Board of NAMA that it continues to expect that it will meet its obligations by 2020. It would not be appropriate for me to comment on the specifics of the press reports of the loan sale referred to by...

Written Answers — EU-IMF Agreement: EU-IMF Agreement (1 May 2012)

Michael Noonan: As the Deputy is aware, the programme is envisaged to run to the end of 2013. All programme funding must be drawn down by that date. While the arrangement regarding the recent March promissory note payment does not affect the programme timeframe, it does mean that the Exchequer has additional cash reserves of €3.06 billion at its disposal. On the basis that we fully draw-down the...

Written Answers — EU-IMF Agreement: EU-IMF Agreement (1 May 2012)

Michael Noonan: On the basis of my Department's current budgetary forecasts, Ireland's General Government deficit is expected to be below 3% of GDP in 2015. The deadline for correcting the excessive deficit was extended to 2015 in December 2010 upon Ireland's entry into the EU/IMF Programme of Financial Support.

Written Answers — Budget Deficits: Budget Deficits (1 May 2012)

Michael Noonan: I propose to take Questions Nos. 198 and 199 together. The forecasts set out in the 2012 Stability Programme Update are consistent with a General Government Balance of just under –3% of GDP in 2015. As discussed in the document, the exact size of the structural component of this is, of course, uncertain. Not only do technical estimates differ depending on the approach used, but it is also...

Written Answers — National Debt: National Debt (1 May 2012)

Michael Noonan: As part of the reforms to the Stability and Growth Pact, contained in the so-called '6-pack' of legislative reforms, Member States with a debt-to-GDP ratio in excess of 60% will have to reduce the part of their debt ratio above the 60% threshold by 1/20th annually. This will have to be done irrespective of the Stability Treaty, though it also forms part of the Treaty. Ireland and the other...

Written Answers — National Debt: National Debt (1 May 2012)

Michael Noonan: The focus of Government presently is on stabilising the General Government debt to GDP ratio and beginning the process of reducing it to a lower, safer level over time. This will be done through the implementation of further budgetary consolidation as well as policies which foster employment and economic growth. The recently published Stability Programme Update (SPU) estimates that by the...

Written Answers — National Debt: National Debt (1 May 2012)

Michael Noonan: At 60%, the target debt-to-GDP ratio set out in the Fiscal Compact is in line with the reference value for the debt ratio contained in the Stability and Growth Pact. So irrespective of the Stability Treaty, we - like all EU Member States - are committed to reducing our debt-to-GDP ratio to the 60% reference value. This will be achieved over time, and it is reasonable to expect that growth...

Written Answers — National Debt: National Debt (1 May 2012)

Michael Noonan: There is no requirement to bring the debt to GDP ratio to 25 per cent. The debt correction requirement in the Inter-Governmental Treaty on Stability, Coordination and Governance in the Economic and Monetary Union is to reduce that part of the debt ratio which is above the threshold rate of 60 per cent annually by at least one-twentieth of the difference between the actual rate and the...

Written Answers — Tax Code: Tax Code (1 May 2012)

Michael Noonan: 5The VAT rating of goods and services is subject to the requirements of EU VAT law with which Irish VAT law must comply. The VAT Directive does not make specific provision for a reduced or zero rate to apply to safety equipment, including life saving equipment, and as such they are subject to the standard VAT rate, which is currently 23%. However, for historic reasons the zero rate of VAT...

Written Answers — Departmental Reports: Departmental Reports (1 May 2012)

Michael Noonan: As regards the recommendations for improvement to the budgetary process, to a large extent these recommendations have been superseded by the major reforms introduced since this Government took office in 2011. In the first instance, the establishment of an entirely separate Department of Public Expenditure & Reform introduces a new focus upon issues of expenditure management, and incorporates...

Written Answers — Tax Yield: Tax Yield (1 May 2012)

Michael Noonan: I am informed by the Revenue Commissioners that the expected yield from Carbon Tax in 2012 is €370.7 million (excluding VAT). It is the general practice not to ring-fence revenues for specific purposes but rather take an overall view on priorities in the context of expenditure decisions which, of course, are dependent on Exchequer revenues.

Written Answers — Tax Yield: Tax Yield (1 May 2012)

Michael Noonan: I am informed by the Revenue Commissioners that the amount of revenue raised by betting duty in each of the past five years is as follows: € 2007 36,437,009 2008 36,667,784 2009 30,988,780 2010 30,919,211 2011 27,096,522 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...

Written Answers — Consultancy Contracts: Consultancy Contracts (1 May 2012)

Michael Noonan: The Department is paying for the services of one external consultant who is providing specialist support to the work on mortgage arrears arising from the recommendations contained in the Interdepartmental Report on Mortgage Arrears. In addition, until recently the Shareholding Management Unit in the Department was being advised in relation to bank restructuring matters, by the consultants...

Written Answers — International Monetary Fund: International Monetary Fund (1 May 2012)

Michael Noonan: The IMF is a quota-based institution. Each member is assigned a quota, broadly based on its size relative to the world economy. A member's quota determines its maximum financial commitment to the IMF, its voting power, and has a bearing on its access to IMF financing. Quotas are denominated in Special Drawing Rights (SDRs^), the IMF's unit of account. Ireland's IMF quota is currently SDR...