Results 24,321-24,340 of 27,019 for speaker:Michael Noonan

Written Answers — State Banking Sector: State Banking Sector (21 Jul 2011)

Michael Noonan: As the Deputy will be aware, the covered institutions continue to be managed at arms length basis, not withstanding the large shareholding the State holds, in relation to operational matters subject to compliance with prevailing Government policy. This is important from the point of view of ensuring that their operations are managed, by their respective boards and management on a commercial...

Written Answers — State Banking Sector: State Banking Sector (21 Jul 2011)

Michael Noonan: I propose to take Questions Nos. 141 and 150 together. The Deputy will be aware that the merger of the respective institutions referred to in his questions was announced on 1 July 2011. The future organisational and operational structures of the combined entities is under detailed consideration. This will be finalised over time in a manner which creates the best possible fit to deliver on...

Written Answers — Banking Sector Remuneration: Banking Sector Remuneration (21 Jul 2011)

Michael Noonan: I propose to take Questions Nos. 142 to 147, inclusive, together. The Deputy will be aware that the institutions continue to be managed at arms length basis, not withstanding the large shareholding the Government holds. Accordingly, I do not compile the data sought by the Deputy at the level of detail he is seeking. This also applies to a whole series of questions put down for answer on the...

Written Answers — Consultancy Contracts: Consultancy Contracts (21 Jul 2011)

Michael Noonan: The information sought by the Deputy is as follows. It is not possible to provide all the information is a short time frame and more specific information will be provided to the Deputy in relation to the implementation of recommendations. Company Year Cost Description McCann Fitzgerald 2008 €48,400 Advice on tender procedures and drafting of contracts for the provision of foreign...

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

Michael Noonan: As the Deputy is aware, the EU/IMF Programme of Financial Support for Ireland under its fiscal consolidation measures commits to the introduction of a property tax for 2012 and to an increase in the property tax for 2013. Decisions have yet to be taken on the precise legal mechanism to be used to introduce a property tax; what form that tax will take; the extent of the tax and any exemptions...

Written Answers — Financial Services Regulation: Financial Services Regulation (21 Jul 2011)

Michael Noonan: I propose to take Questions Nos. 151 and 153 together. More than 32,000 people are directly employed in international financial services, in over 500 firms. Substantial indirect employment is also generated, and the sector contributes €2.1bn in corporate and payroll taxes to the Exchequer. Accounting for 10% of multi-national employment, international financial services represents an...

Written Answers — Credit Availability: Credit Availability (21 Jul 2011)

Michael Noonan: The Deputy will appreciate that I cannot do much to prevent the banking industry, which operates on a commercial basis and must compete for funding, from increasing the interest rates. However, as I have already stated in this House, the banks are engaging in cost cutting plans which are already underway. These cost reductions which will improve operating margins and permit the banks to...

Written Answers — Departmental Agencies: Departmental Agencies (21 Jul 2011)

Michael Noonan: I am not aware of any instance in which the annual fee payable to a State agency board member exceeds €50,000.

Central Bank and Credit Institutions (Resolution) (No. 2) Bill 2011: Referral to Select Committee (21 Jul 2011)

Michael Noonan: I move: That the Bill be referred to the Select Sub-Committee on Finance pursuant to Standing Order 82A(3)(a) and (6)(a).

Central Bank and Credit Institutions (Resolution) (No. 2) Bill 2011: Second Stage (Resumed) (21 Jul 2011)

Michael Noonan: I thank the Deputies who participated in this Second Stage debate for their thoughtful contributions on what is undoubtedly an important piece of legislation. Many expressed a welcome for the provisions of the Bill, recognising the importance of the State having available to it a comprehensive toolkit to address financial institutions that are in distress. Turning to some of the specific...

Written Answers — Vehicle Registration Tax: Vehicle Registration Tax (20 Jul 2011)

Michael Noonan: I propose to take Questions Nos. 59 and 60 together. I am informed by the Revenue Commissioners that having reviewed this case they are prepared to allow de-registration subject to the owner establishing to the satisfaction of his local Revenue tax district that the vehicle concerned remains a new and unused item of stock. The position is that when a de-registration takes place the VRT can...

Written Answers — Banking Sector Remuneration: Banking Sector Remuneration (20 Jul 2011)

Michael Noonan: I propose to answer Questions Nos. 62, 63 and 66 together. As outlined in my reply of 12 July 2011, to the Deputy's series of twenty four parliamentary questions on particular aspects of the remuneration of staff members in various financial institutions, as these institutions continue to be managed at arms length basis, notwithstanding the large shareholding the Government holds, I do not...

Written Answers — Fiscal Policy: Fiscal Policy (20 Jul 2011)

Michael Noonan: As the Deputy is aware, there is a commitment in the Programme for Government to help homeowners in distress. The Government will examine a number of proposals in relation to this commitment. One of these proposals relates to increasing mortgage interest relief to 30% for First Time Buyers who bought between 2004 and 2008 and to finance this in part by abolishing mortgage interest relief for...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (20 Jul 2011)

Michael Noonan: The financial institutions which the Deputy refers to are engaging in cost-cutting plans which are already underway. These are part of the plans arising out of the restructuring and recapitalisation programme announced last March. The effects of these plans including the consolidation of the banks around two pillar banks made up of the merger of AIB and EBS, alongside Bank of Ireland will be...

Written Answers — National Asset Management Agency: National Asset Management Agency (20 Jul 2011)

Michael Noonan: I assume the Deputy is referring to Parliamentary Question No. 97 of 7 June 2011, which asked if I would provide an itemised list of all bonuses paid to staff of the National Asset Management Agency since its establishment. In my reply, I explained that all officers of the National Asset Management Agency (NAMA) are employees of the National Treasury Management Agency (NTMA) and that the...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (20 Jul 2011)

Michael Noonan: I have no intention of launching a commission of enquiry into the operations of ACC Bank. Regulation of the banks is a matter for the Central Bank. Individual complaints about ACC Bank should be brought to the attention of the Central Bank. If the Deputy has any information about the involvement of subversives in relation to the activities of ACC Bank or any other bank he should make it...

Written Answers — Fiscal Policy: Fiscal Policy (20 Jul 2011)

Michael Noonan: There is no automatic linkage between ECB interest rate changes and the interest rates charged by the EU and the IMF on their various loans to Ireland. In the case of the IMF, the Special Drawing Rights (SDR) interest rate is somewhat influenced by a European 3-month collateralised lending rate, EUREPO, which is correlated, but not linked, to the ECB interest rate. The other elements of...

Written Answers — Fiscal Policy: Fiscal Policy (20 Jul 2011)

Michael Noonan: I propose to take Questions Nos. 70 and 71 together. It is the Government's policy to pay its debts when payment is due. Promissory Notes issued to Anglo Irish Bank and INBS are no different to any other Sovereign debt in this respect and will continue to be honoured by the Government as a matter of policy. Abandonment of payments of Promissory Notes by the Government would in fact amount...

Written Answers — Fiscal Policy: Fiscal Policy (20 Jul 2011)

Michael Noonan: I would like to inform the Deputy that there are measures in place to assist mortgage holders who are in genuine difficulties with regard to the payment of their mortgages. The Deputy will be aware of the work of the Expert Group on Mortgage Arrears and Personal Debt. This Group published its final report in November 2010. All of the Groups recommendations are listed in Chapter 2 of the...

Written Answers — Proposed Legislation: Proposed Legislation (20 Jul 2011)

Michael Noonan: I assume that the Deputy is referring to "non-recourse" mortgages. I have no plans to introduce legislation to promote such mortgages. There are accrued property rights which subsist as a consequence of existing property mortgages; legislation to alter such mortgage contracts could raise constitutional issues. The Deputy might wish to note that the provision of non recourse mortgages...