Results 24,081-24,100 of 27,019 for speaker:Michael Noonan

Written Answers — Tax Code: Tax Code (22 Sep 2011)

Michael Noonan: The VAT rating of goods and services is subject to the requirements of EU VAT law with which Irish VAT law must comply. Under the VAT Directive Member States may only apply the reduced VAT rate to those goods and services which are listed under Annex III of the VAT Directive. I understand that the major sectors within the Irish craft industry are pottery, glass, jewellery, textiles and...

Written Answers — Fiscal Policy: Fiscal Policy (22 Sep 2011)

Michael Noonan: The majority of the banking-related expenditure, including Promissory Note payments and the recapitalisations undertaken in July, is classified as non-voted capital expenditure and does not therefore impact upon the current budget balance. However, the cost of borrowing to fund these payments is captured under debt interest costs which are classified as non-voted current expenditure. The...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (22 Sep 2011)

Michael Noonan: I propose to take Questions Nos. 60 and 82 together. Promissory notes were provided as consideration for the capital introduced by the State into Anglo. Under the terms of the Anglo (including INBS) promissory notes the State has an obligation to make annual repayments of €3.1 billion per annum. Furthermore the interest rates on the promissory notes, which were set by reference to...

Written Answers — Irish Bank Resolution Corporation: Irish Bank Resolution Corporation (22 Sep 2011)

Michael Noonan: As the Deputy is aware the Board of the bank is responsible for the day to day operation of the bank including legal proceedings in normal course. Notwithstanding this the bank has informed me that there are a significant number of legal proceedings in existence that have been initiated by and issued across the recently combined entity, including legal proceedings in Ireland, the UK, and the...

Written Answers — Banking Sector: Banking Sector (22 Sep 2011)

Michael Noonan: I propose to take Questions Nos. 62 and 70 together. As I have stated in reply to previous questions on this subject, I am keen that a successful outcome regarding the appointment of a new CEO at AIB is achieved shortly as that bank is a fundamental part of the announced Government strategy to restructure the banking sector and any proposed appointee would play a pivotal part in this process....

Written Answers — Banking Sector: Banking Sector (22 Sep 2011)

Michael Noonan: The legal merger of AIB and EBS was completed on 1st July 2011. Since then, AIB and EBS have been working in close collaboration to gain a fuller understanding of the EBS business operating model, its products and services, its technology infrastructure, the capabilities of its people and its culture. The two institutions, in discussion with my officials, are also in the process of...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (22 Sep 2011)

Michael Noonan: The decision on whether or not to grant a mortgage to a borrower must remain a commercial decision for the lending institution concerned. It is important that each lending institution is allowed to assess properly and independently the risks that it is considering when deciding whether or not to approve a mortgage. Mortgage lending must be undertaken on a sustainable and prudential basis by...

Written Answers — Industrial Relations: Industrial Relations (22 Sep 2011)

Michael Noonan: The Deputy will be aware that the issue he seeks information on is an operational matter for the board and management of the bank. I am informed by the bank they have been in discussions with staff representatives since November 2010 on a range of issues including contractual pay and job security/severance terms. These negotiations have been conducted in both the UK and Republic of Ireland...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (22 Sep 2011)

Michael Noonan: I propose to take Questions Nos. 66 and 97 together. The restructuring of the domestic banking sector creates capacity for the pillar banks to lend in excess of €30 billion over the next three years in SME and other important sectors. This is in excess of Central Bank estimates of the likely demand for SME and mortgage credit over this period. Both pillar banks are concentrating on the...

Written Answers — Customs and Excise Operations: Customs and Excise Operations (22 Sep 2011)

Michael Noonan: I am informed by the Revenue Commissioners that for the period January to August 2011 a total of 77.9m cigarettes with a retail value of approximately €32.8m and 6,683 kgs of tobacco with a retail value of approximately €2.4m have been seized. I am further informed by the Revenue Commissioners, who are responsible for the collection of tobacco products tax, and for tackling the illicit...

Written Answers — Exchequer Savings: Exchequer Savings (22 Sep 2011)

Michael Noonan: I propose to take Questions Nos. 68 and 69 together. Not all the details are finalised yet, so the following figures could change. However, I am informed by the NTMA that, on reasonable assumptions, projected estimated savings from the EFSF and EFSM, including the bilateral loan from the UK, from 2011 to 2014 on a General Government Balance basis are as follows: Year 2011 2012 2013 ...

Written Answers — Eligible Liabilities Guarantee Scheme: Eligible Liabilities Guarantee Scheme (22 Sep 2011)

Michael Noonan: The issuance window under the Eligible Liabilities Guarantee or ELG Scheme currently runs until 31 December 2011. The guarantee covers both eligible debt and deposits and facilitates access to funding for the ELG banks. The state authorities are examining market conditions and bank funding and will assess the necessity for the continuation of the guarantee. If I am advised that an...

Written Answers — Consultancy Contracts: Consultancy Contracts (22 Sep 2011)

Michael Noonan: I take it that the Deputy is referring solely to public relations costs and not to advertising costs that would be incurred by my Department in the normal course of business, such as entries into telephone directories, the placing of advertisements in national newspapers, recruitment advertising, advertising associated with the national development plans, e-tenders etc. In the period in...

Written Answers — Diplomatic Representation: Diplomatic Representation (22 Sep 2011)

Michael Noonan: I had the opportunity to meet with President Trichet on the margins of the Ecofin meeting in Poland on Saturday, 17th September. I raised with him the issue of the burden sharing with the senior unguaranteed bondholders in Anglo Irish Bank. This was unresolved business and I pressed the case for such burden sharing. However, President Trichet was of the strong view that such action was not...

Written Answers — Departmental Agencies: Departmental Agencies (22 Sep 2011)

Michael Noonan: I expect that an announcement on the establishment of and the practical arrangements for NewERA will be made shortly.

Written Answers — National Asset Management Agency: National Asset Management Agency (22 Sep 2011)

Michael Noonan: The National Asset Management Agency has been established as a body corporate and is independent in the performance of its functions under the National Asset Management Agency Act 2009. NAMA has a Board of Directors and a commercial remit under the legislation to manage its portfolio of over €70 billion and it has to consider, on a case-by-case basis, the overhead costs associated with...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (22 Sep 2011)

Michael Noonan: I am aware that AIB has held initial, preliminary meetings with equity investors who have indicated an interest in potentially acquiring a stake in AIB. Following these discussions, I am informed by the bank that they expect investors will require more visibility on the bank's performance, particularly its asset quality, before discussions move beyond the preliminary and exploratory stage....

Written Answers — Fiscal Policy: Fiscal Policy (22 Sep 2011)

Michael Noonan: I propose to take Questions Nos. 77 and 78 together. The Pre-Budget Outlook will be published in October although a precise date has not yet been set. The revised economic and fiscal forecasts which will be contained in the Pre-Budget Outlook will take account of the latest available data including the CSO's Quarter Two National Accounts and the end-September Exchequer Returns. The...

Written Answers — Sovereign Bonds: Sovereign Bonds (22 Sep 2011)

Michael Noonan: My Department does not have the information sought by the Deputy. The vast majority of Irish sovereign bonds are held by institutional investors in the Euroclear clearing and settlement system, generally in a nominee account structure which does not permit the identification of the beneficial owners. This is standard market practice in the sovereign bond markets. While the Central Bank of...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (22 Sep 2011)

Michael Noonan: Following the State's investment of capital into Irish Nationwide Building Society, the Board of the Society was asked to identify and address the "legacy issues" of the Society and to cooperate with, where relevant, the appropriate regulatory or other authorities. To assist them in this work, the INBS Board engaged Ernst and Young and McCann Fitzgerald, and initial reports from these...