Results 22,441-22,460 of 27,019 for speaker:Michael Noonan

Written Answers — Credit Availability: Credit Availability (2 Feb 2012)

Michael Noonan: I propose to take Questions Nos. 74 to 76, inclusive, together. 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 next three years. SME and new mortgage lending for these banks is expected to be in the range of €16-20bn over this period. This lending capacity is incorporated into...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (2 Feb 2012)

Michael Noonan: As indicated, I am committed to exploring way to reduce the burden to the State of funding the bank recapitalisation without the use of private sector involvement. This includes reviewing the Promissory Note structure. The Troika have agreed to engage in a process with Irish Officials to produce a common paper which will involve consideration of many factors including restructuring the...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (2 Feb 2012)

Michael Noonan: During 2009 it was determined that Anglo and INBS required additional capital. A commitment was provided by the then Minister to Anglo and separately to INBS to provide capital of €8.3 billion and €2.7 billion, respectively. This capital was provided on 31 March 2010. In relation to Anglo, this €8.3 billion of capital was injected by way of a capital contribution. This capital...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (2 Feb 2012)

Michael Noonan: During 2009 it was determined that Anglo and INBS required additional capital. A commitment was provided by the then Minister to Anglo and separately to INBS to provide capital of €8.3 billion and €2.7 billion, respectively. This capital was provided on 31 March 2010. In relation to Anglo, this €8.3 billion of capital was injected by way of a capital contribution. This capital...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (2 Feb 2012)

Michael Noonan: One of the functions of the Central Bank of Ireland, similar to other central banks, is to grant Exceptional Liquidity Assistance to a credit institution when this is deemed necessary for financial stability purposes. These amounts are published monthly. ELA is one of the ways that the Central Bank has responded to the financial crisis. This is distinct and separate from regular funding...

Written Answers — Credit Availability: Credit Availability (2 Feb 2012)

Michael Noonan: I presume the Deputy is referring to business lending in this instance. As the Deputy is aware, the Government has imposed lending targets on the two domestic pillar banks for the three calendar years, 2011 to 2013. Both banks were required to sanction lending of at least €3 billion in 2011, €3.5 billion this year and €4 billion in 2013 for new or increased credit facilities to SMEs....

Written Answers — EU-IMF Agreement: EU-IMF Agreement (2 Feb 2012)

Michael Noonan: The Euro Area Heads of State or Government (HOSG) agreed on 21 July 2011 to lengthen the maturity of future EFSF loans from 7.5 years to a minimum of 15 years and up to 30 years. The EFSF has since raised a mixture of long and short-term funds for Ireland including a 10 year loan of €3 billion. The weighted average original maturity of Ireland's €10 billion EFSF loans to date is 5.8...

Debt Management Companies (2 Feb 2012)

Michael Noonan: I thank Deputy Collins for raising this important issue. As I indicated in the Dáil in reply to parliamentary questions, I am advised by the Central Bank that, following the failure of Home Payments Ltd. last summer, the bank inspected the bill payment and debt management sector to assess whether firms providing these services are carrying out any activity that falls to be regulated by the...

Debt Management Companies (2 Feb 2012)

Michael Noonan: I again thank the Deputy for raising this matter. The Central Bank has moved in and frozen the company's accounts, and the company has gone out of business. The bank is assessing the position now to see what assets are available in the frozen accounts. I will communicate the Deputy's concerns to the Central Bank and will stress that she sees it as an absolute necessity that customers of...

Public Finance Strategy (1 Feb 2012)

Michael Noonan: The Government's overriding fiscal objectives are twofold: first, we must return to a situation in which we are living within our means; and, second, we must put the debt-GDP ratio on a firm downward path. The strategy to achieve these objectives is set out in the Government's medium-term fiscal statement as well as in the documentation accompanying budget 2012. These documents spell out...

Public Finance Strategy (1 Feb 2012)

Michael Noonan: Allowance is being made for countries with excessive deficits, especially countries in programmes, such as Ireland. The timeline will be a matter for negotiation with the Commission. Certainly countries with larger deficits will have a longer period of adjustment than countries with balanced budgets at present.

Public Finance Strategy (1 Feb 2012)

Michael Noonan: The practice of the Commission over the years with all governments is to discuss matters before imposing any regime. When it states "propose", it will discuss. The Deputy is correct that the concept of a structural deficit is difficult to understand in the first place. It is extremely difficult to measure, particularly for a country such as Ireland, which has, in effect, a common labour...

Public Finance Strategy (1 Feb 2012)

Michael Noonan: The reason was that all the transactional taxes coming from the property industry were part of the cycle and were not a permanent feature of the tax system. That all disappeared and they left this huge deficit. When considered in those terms, structural deficits and structural surpluses are easier to understand.

Job Creation (1 Feb 2012)

Michael Noonan: In September 2011 the Government announced the establishment of the New Economy and Recovery Authority, NewERA, within the NTMA and the establishment of the strategic investment fund. NewERA will centralise the management of Government holdings in the commercial semi-State sector - initially the companies within NewERA's remit are ESB, EirGrid, Bord Gáis Éireann, Bord na Mona and Coillte -...

Job Creation (1 Feb 2012)

Michael Noonan: There has been an extraordinary change since the Government was elected ten months ago. The Government is working every day bringing forward initiatives to restore health to the economy and this has been recognised at home and abroad. The live register figures passed through Government yesterday and they were published today. They are the best set of positive figures since 2010. I do not...

Job Creation (1 Feb 2012)

Michael Noonan: Deputy Doherty has quoted the troika as stating as much to him previously but when we asked the troika at subsequent meetings it denied that it ever stated this to the Deputy. Deputy Doherty should sort out that with the troika. I suspect the troika is right because on several occasions we raised with it the possibility not only of using the National Pensions Reserve Fund for job creation,...

Economic Forecasting (1 Feb 2012)

Michael Noonan: There is a good deal of uncertainty at the moment as evidenced by the wide range of GDP projections for this year not only for Ireland, but also for the euro area. The recent downgrading of forecasts by the IMF, including those for Ireland, reflects heightened concern about growth prospects in the euro area and the wider global outlook. As a small, open economy whose recovery is being...

Economic Forecasting (1 Feb 2012)

Michael Noonan: That is an interesting intervention but growth in Ireland has been marked down because of failing growth in our customer countries abroad. It is not because of anything in the domestic economy. In fact, the economy in Ireland is positioned to grow and if we got fair weather abroad certainly it would grow strongly. The economy is growing. It grew last year by at least 1%. It continues to...

Economic Forecasting (1 Feb 2012)

Michael Noonan: Some 20% of our exports go to the United States, another 20% to the United Kingdom, 40% to Europe in general and the other member state and 20% to other markets. Many of our exports are inelastic to demand, for example medical and pharmaceutical products. If one is sick and needs a stent for one's heart, one will buy and pay for the stent. Food is in the same category, particularly food...

Economic Forecasting (1 Feb 2012)

Michael Noonan: The budget forecast is for real GDP growth of 1.3% in 2012. This forecast was a downward revision from that published in the medium term fiscal statement published at the beginning of November and was necessitated by the deterioration in the external environment that became evident during November. The budget forecast incorporated all of the information – both domestic and international...