Results 23,661-23,680 of 27,019 for speaker:Michael Noonan

Written Answers — EU-IMF Support Programme: EU-IMF Support Programme (13 Oct 2011)

Michael Noonan: As the Deputy will be aware, the Euro Area Heads of State or Government (HOSG) agreed on 21 July 2011 to reduce the cost of the European Financial Stability Facility (EFSF) to lending rates equivalent to those of the Balance of Payments facility close to, without going below, the EFSF funding cost. The EFSF Amendments are currently the subject of ratification by all Euro Area Member...

Written Answers — Bank Guarantee Scheme: Bank Guarantee Scheme (13 Oct 2011)

Michael Noonan: The latest publicly available figures on the amount of Eurozone Government bonds held by AIB, Bank of Ireland and Irish Life & Permanent were published as part of the EU wide bank stress tests on 15 July 2011. A link to the main release on the Central Bank of Ireland's website is below. http://www.centralbank.ie/press-area/press-releases/Pages/20...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (13 Oct 2011)

Michael Noonan: During 2009 it was determined that Anglo and INBS required additional capital. A commitment was provided by the 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 contribution...

Written Answers — Mortgage Arrears: Mortgage Arrears (13 Oct 2011)

Michael Noonan: Earlier this year, the Economic Management Council, of which I am a member, requested an Inter-Departmental Group to consider further necessary actions to alleviate the increasing problem of mortgage over-indebtedness. The Group's report was published yesterday and is available on my Department's website. The Government are proposing that the Dail be given an opportunity to debate the...

Written Answers — Bank Guarantee Scheme: Bank Guarantee Scheme (13 Oct 2011)

Michael Noonan: The Central Bank has informed me that borrowing from the Eurosystem relating to monetary policy operations by the covered institutions stood at €68.430bn as of 31 August 2011. The figure for Exceptional Liquidity Assistance (ELA) is contained within the other assets of the Financial Statement of the Central Bank of Ireland. As at the 26th of August the figure for other assets was...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (13 Oct 2011)

Michael Noonan: As the Deputy is aware, the Government is considering burden sharing with senior bondholders in both Anglo and INBS in consultation with our EU partners. In the current circumstances, the State is not in a position or minded to act unilaterally in this regard. I had the opportunity to meet with President Trichet on the margins of the Ecofin meeting in Poland on Saturday, 17th September. I...

Written Answers — EU Funding: EU Funding (13 Oct 2011)

Michael Noonan: Irish credit institutions access ECB liquidity under the same rules and subject to the same conditions as credit institutions around Europe, and it has not been suggested to me that this situation would change. Clearly the ECB has given very large amounts of liquidity assistance to Irish banks and it maintains a keen interest in the Irish banking sector. In this regard, I would point to the...

Written Answers — Official Engagements: Official Engagements (13 Oct 2011)

Michael Noonan: The Minister meets with and has telephone conversations with the Chief Executives, Chairpersons and Directors of covered institutions on a regular basis. These contacts are generally routine in nature but on occasion may address specific issues relating to the particular institution or to the financial system as a whole. The following entries appear in Minister Noonan's diary commencing from...

Written Answers — Tax Code: Tax Code (13 Oct 2011)

Michael Noonan: The EU/IMF Programme provides for a 1% increase in the standard VAT rate to 22% with effect from January 2013, and a further 1% increase in the standard VAT rate to 23% with effect from January 2014. The Programme for Government limits the standard rate of VAT to 23%, but does not specify the timeframe for this increase. The level and timeframe of any increases in the standard VAT rate...

Leaders' Questions (13 Oct 2011)

Michael Noonan: Tell us how you are going to do it.

Leaders' Questions (13 Oct 2011)

Michael Noonan: It is the all-island economy.

Written Answers — Banking Sector Recruitment: Banking Sector Recruitment (12 Oct 2011)

Michael Noonan: I propose to take Questions Nos. 42 to 44, inclusive, together. The Minister for Finance has no role in recruitment of staff and hiring of consultants of the Central Bank of Ireland. However, I have been informed by the Central Bank of the following: Number of appointments on an annual basis since 2008. Year No. of appointments 2008 126 2009 85 2010 265 2011 173.4 Number of consultants...

Written Answers — Consultancy Contracts: Consultancy Contracts (12 Oct 2011)

Michael Noonan: I am informed by the Central Bank that in the context of the Financial Measures project, consultancy advice was provided in relation to all the relevant aspects of the stress testing exercise undertaken for AIB, EBS, Bank of Ireland and Irish Life and Permanent including mortgages. This work was undertaken by a team of consultants from three companies namely - Blackrock, BarCap and BCG.

Written Answers — Appointments to State Boards: Appointments to State Boards (12 Oct 2011)

Michael Noonan: The Information requested by the Deputy in relation to appointments to bodies under the aegis of my Department is contained in the following tables. 2009 Name of Body Name of appointee Date appointed /reappointed National Development Finance Agency (NDFA) Mr John Corrigan (Chairman) Chief Executive, (NTMA) ex-officioMr Brian Murphy( Chief Ececutive) Director, (NTMA) ex-officio 4 Dec...

Written Answers — Tax Code: Tax Code (12 Oct 2011)

Michael Noonan: I am advised by the Revenue Commissioners that the EU VAT Directive, with which the VAT law in EU Member States must comply, provides for a margin scheme for auctioneers of works of art. Under the margin scheme, VAT is charged on the commission or margin received by the auctioneer and not the full value of the item being supplied as would be the case under normal VAT rules. However, it is...

Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (12 Oct 2011)

Michael Noonan: The legal basis for the Deposit Guarantee Scheme in Ireland is set out in the European Communities (Deposit Guarantee Scheme) Regulations 1995 (S.I. No. 168 of 1995) as amended. These Regulations implement the European Union Directive on Deposit Guarantee Schemes (Directive 94/19/EC) as amended. As a statutory scheme implemented under EU law, the Deposit Guarantee Scheme is in place on an...

Written Answers — Legislative Programme: Legislative Programme (12 Oct 2011)

Michael Noonan: The material supplied by the Deputy refers to recent amendments to the Credit Union Act 1997 which were brought forward at Committee Stage of the Central Bank and Credit Institutions (Resolution) (No. 2) Bill 2011. The primary purpose of these amendments is to enhance the Central Bank's existing powers to issue regulatory directions. On foot of concerns raised by credit union...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (12 Oct 2011)

Michael Noonan: On 25 July 2011, I announced the successful conclusion of negotiations by the Government with private investors who, subject to appropriate regulatory clearances being obtained, committed to buy up to €1.123 billion of the NPRF's holding of Bank of Ireland ordinary stock. The investors committed to both initially purchase approximately €0.2 billion of stock and subsequently purchase the...

Written Answers — Tax Code: Tax Code (12 Oct 2011)

Michael Noonan: I assume that the Deputy is referring to the current annual earnings cap of €115,000 which operates to limit the level of tax-relieved personal pension contributions in any one year. The annual earnings cap acts, in conjunction with age-related percentage limits of annual earnings, to put a ceiling on the annual amount of tax relief an individual taxpayer can obtain on pension...

Central Bank and Credit Institutions (Resolution) (No. 2) Bill 2011: Report and Final Stages (12 Oct 2011)

Michael Noonan: I thank Deputies for their contributions. We all share the same objective; we want the ethos of the credit unions to continue while we want them to be solid and have deep roots in the modern financial world as they work in their communities. Sometimes when only a few Members are in attendance in the Dáil, we think no one is listening and that the views expressed have no influence. I assure...