Results 24,121-24,140 of 27,019 for speaker:Michael Noonan

Written Answers — Personal Debt: Personal Debt (21 Sep 2011)

Michael Noonan: The Deputy might wish to note that, in addition to the existing measures which resulted from the report of the Expert Group on Mortgage Arrears and Personal Debt (published in November 2010), a new working group has been established under the Economic Management Council. Its remit is to consider the state of implementation of the main recommendations of the expert group and to consider and...

Written Answers — Interest Rates: Interest Rates (21 Sep 2011)

Michael Noonan: As Minister for Finance, I have no statutory role in the setting of the interest rates charged or paid by financial institutions that are regulated by the Central Bank. The Central Bank has responsibility for the regulation and supervision of financial institutions in terms of consumer protection and prudential requirements and for ensuring ongoing compliance with applicable statutory...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (21 Sep 2011)

Michael Noonan: As the Deputy is aware a review of remuneration policies and practices by each of the covered institutions is under way. As part of that review, the institutions were asked to consider measures that could be taken to realign staff expectations with regard to remuneration and benefits in the current economic environment and financial circumstances of the banks. The review exercise is...

Written Answers — Tax Code: Tax Code (21 Sep 2011)

Michael Noonan: I am informed by the Revenue Commissioners that the purpose of the inquiries into approximately 300 directors and executive or management level employees in the six main financial institutions was to establish if directors and executive or management employees were tax compliant. Inquiries have been closed in approximately 291 of these cases. To date, €1.3 million in tax has been...

Written Answers — Tax Code: Tax Code (21 Sep 2011)

Michael Noonan: I am informed by the Revenue Commissioners that in 2003 they commenced an investigation into the use of offshore bank accounts and other financial products to evade tax. During the initial phase of the investigation, taxpayers were invited to voluntarily disclose previously undeclared liabilities. Under the second phase of the investigation, the Revenue Commissioners obtained High Court...

European Financial Stability Facility and Euro Area Loan Facility (Amendment) Bill 2011: Committee and Remaining Stages (21 Sep 2011)

Michael Noonan: The Deputy's analysis of the cross-references to the ESM is incorrect. There is nothing in the Bill which ties us to the ESM. The cross-references are included because there is an agreement in the European Union that, as we negotiate, the ESM will replace the EFSF. Separate legislation will have to be introduced to facilitate the establishment of the ESM. The Deputy engaged in a critique...

European Financial Stability Facility and Euro Area Loan Facility (Amendment) Bill 2011: Second Stage (Resumed) (21 Sep 2011)

Michael Noonan: I thank everyone for their co-operation. I am sure we will have several such debates between now and Christmas because there is a good deal of follow up and other legislation which will go over much the same ground.

European Financial Stability Facility and Euro Area Loan Facility (Amendment) Bill 2011: Committee and Remaining Stages (21 Sep 2011)

Michael Noonan: We can table amendments for discussion purposes. However, since the text must be endorsed across the member states, if we were to vary it here, it would have to go back again. There are only three sections in the Bill, one of which is the Long Title; therefore, what we are really talking about are the Schedules and Appendices which are standard across Europe, which means all other...

European Financial Stability Facility and Euro Area Loan Facility (Amendment) Bill 2011: Committee and Remaining Stages (21 Sep 2011)

Michael Noonan: There is no provision for stepping back in, but I presume that if we finish our programme successfully and the country is sovereign again, conducting its affairs independently of the IMF and the European authorities, that question will be raised by either the Commission or our European colleagues. However, there is no provision in the Bill which requires us to go back in.

European Financial Stability Facility and Euro Area Loan Facility (Amendment) Bill 2011: Committee and Remaining Stages (21 Sep 2011)

Michael Noonan: The stability fund is temporary in nature and will be replaced by the ESM fund after 2013. There will be further legislation to put the ESM arrangement in place. When we see the text coming through, I expect that provision will be made for guarantees also. It may be bigger or smaller or the same, but the stepping out arrangement will be in place. The ESF fund will run out and be replaced...

European Financial Stability Facility and Euro Area Loan Facility (Amendment) Bill 2011: Committee and Remaining Stages (21 Sep 2011)

Michael Noonan: I think there is a misunderstanding. The House cannot amend the agreement, but the agreement is included in the Schedules. If Deputies want to table amendments to sections 1, 2 or 3 of the Bill, they have the same rights to do so, as they would with any other Bill. I do not see much scope for amending it, but rights are not being taken away. Deputy Higgins has been here for a long time...

European Financial Stability Facility and Euro Area Loan Facility (Amendment) Bill 2011: Committee and Remaining Stages (21 Sep 2011)

Michael Noonan: I thank Deputy Donnelly for his contribution and questions. He made an interesting speech on Second Stage, to which I did not refer in my closing remarks because he was not present. On burden sharing in respect of unguaranteed bonds in Anglo Irish Bank, I was relating to the House the advice I had received. Without quoting Mr. Trichet, I was giving the burden of his advice to the House...

European Financial Stability Facility and Euro Area Loan Facility (Amendment) Bill 2011: Committee and Remaining Stages (21 Sep 2011)

Michael Noonan: All I am saying is that it has gone up in value. The euro also controlled inflation which in the past 12 years has averaged 1.97% per annum. Inflation was higher than this under the Deutsche Mark in the 12 years previously. The single currency has, therefore, been a great success in controlling inflation. European trade has also increased by 50% in the 12 years since the introduction of...

European Financial Stability Facility and Euro Area Loan Facility (Amendment) Bill 2011: Committee and Remaining Stages (21 Sep 2011)

Michael Noonan: Mr. Trichet is independent in the exercise of his functions and not subject to political direction. I have never heard him express the view the Deputy ascribes to him. While he may have done so in a speech somewhere, he has certainly not expressed it at any of the ECOFIN meetings I have attended.

European Financial Stability Facility and Euro Area Loan Facility (Amendment) Bill 2011: Committee and Remaining Stages (21 Sep 2011)

Michael Noonan: As this is a programme country, the notional guarantees ascribed to Ireland will never be exercised because of the stepping-out arrangement for guarantee countries. The ESM has already been agreed to. There may be minor amendments before it is fully signed off, but it has a different structure from the ESF. Under the ESM, there is no guarantee system; countries must pay actual capital into...

European Financial Stability Facility and Euro Area Loan Facility (Amendment) Bill 2011: Committee and Remaining Stages (21 Sep 2011)

Michael Noonan: There is no provision for Ireland to step back into the EFSF and the EFSF would have to be amended to allow it. There is no question of that happening, however, because the ESM has been agreed to at the highest level in the European Union and signed by representatives of member states. All I am saying is that because it has not yet come through the national Parliaments, there is still...

European Financial Stability Facility and Euro Area Loan Facility (Amendment) Bill 2011: Committee and Remaining Stages (21 Sep 2011)

Michael Noonan: My understanding is that we would have discretion, but we have not yet made a policy decision. Obviously, we would need to obtain the advice of the NTMA. In the future we would certainly not want the repayments to be lumpy - in other words, that there would be a very large repayment in any one year. We will use the discretion allowed for on the timeframe to ensure payments are ordered in...

European Financial Stability Facility and Euro Area Loan Facility (Amendment) Bill 2011: Committee and Remaining Stages (21 Sep 2011)

Michael Noonan: The context was that Greece was failing to meet the conditions of its programme, although neither Ireland nor Portugal was failing in that regard. Therefore, it is couched in terms of a new set of easements to facilitate Greece. The Greeks will receive a lower interest rate and there will be flexibility on the maturities and other details. These will then be applied to Ireland and...

European Financial Stability Facility and Euro Area Loan Facility (Amendment) Bill 2011: Committee and Remaining Stages (21 Sep 2011)

Michael Noonan: The pricing structure can be amended by agreement to enable the condition that money will never be given below the cost of the money to be made available. As a general condition, the price will not go below the cost of money. Therefore, if interest rates go up internationally and the EFSF sells a bond to the Chinese, it will still have to be passed on at a rate above what one paid for it....

European Financial Stability Facility and Euro Area Loan Facility (Amendment) Bill 2011: Committee and Remaining Stages (21 Sep 2011)

Michael Noonan: When I was answering questions at an earlier stage of the debate, perhaps on Second Stage, I said the ESFM fund was supplying the money without a margin. The relevant deduction was 3.75%, even though we had thought it would be around 2%. That is agreed to in principle, but has not yet been signed off on by the 27 member states. On the other side, regarding the EFSF fund, I have stated that...