Results 24,641-24,660 of 27,019 for speaker:Michael Noonan

Written Answers — State Banking Sector: State Banking Sector (5 Jul 2011)

Michael Noonan: As I said in a reply to a question from Deputy Flanagan on 21 June, ensuring that a strategic investment bank is operating in the domestic banking market, providing finance to large capital projects and acting as a conduit for venture capital as well as a lender to SMEs, is an objective in the Programme for Government. A comprehensive programme of bank recapitalisation and restructuring is...

Written Answers — Ministerial Meetings: Ministerial Meetings (5 Jul 2011)

Michael Noonan: I propose to take Questions Nos. 188 and 206 together. Since my appointment as Minister for Finance, I have engaged fully with all members of the senior management of the Department, who comprise its Management Advisory Committee, on a very regular basis and as the need arises on a wide range of strategic and policy issues. I am satisfied that these arrangements are working well but, as with...

Written Answers — Departmental Agencies: Departmental Agencies (5 Jul 2011)

Michael Noonan: I propose to take Questions Nos. 189 and 205 together. Details in respect of office rental paid by bodies under the aegis of my Department are contained in the following tables. Public Service Benchmarking Body , Review Group on Higher Remuneration in the Civil Service Year Premises Landlord Annual Rent Rent in years 2008 -2010 Length of Lease 2008 Le Pole House Ship St Great Dublin 8...

Written Answers — Commission on Credit Unions: Commission on Credit Unions (5 Jul 2011)

Michael Noonan: I propose to take Questions Nos. 190 to 192, inclusive, together. The functions of the Registrar of Credit Unions under the Credit Union Act 1997 are to regulate credit unions with a view to the protection by each credit union of the funds of its members and the maintenance of the financial stability and well being of credit unions generally. While the terms of reference of the Commission on...

Written Answers — Deposit Guarantee Scheme: Deposit Guarantee Scheme (5 Jul 2011)

Michael Noonan: Credit union members are covered by the Deposit Guarantee Scheme for up to €100,000 per saver per credit union. I have no plans to introduce a further guarantee scheme.

Written Answers — Mortgage Arrears: Mortgage Arrears (5 Jul 2011)

Michael Noonan: The revised Code of Conduct on Mortgage Arrears, (CCMA) was issued to all mortgage lenders and came into effect on 1 January 2011. The CCMA sets out how mortgage lenders must treat borrowers in or facing mortgage arrears. The CCMA requires that each lending branch must have at least one person with specific responsibility for dealing with arrears and pre-arrears cases. It also requires...

Written Answers — Mortgage Arrears: Mortgage Arrears (5 Jul 2011)

Michael Noonan: I would like to inform the Deputy that figures published by the Central Bank on 19 May 2011 show that, at the end of March 2011, there were 782,429 private residential mortgage accounts held in the Republic of Ireland to a value of almost €116 billion. Of these, 49,609 accounts, or 6.3%, were in arrears for more than 90 days. For further information, please see the relevant press release...

Written Answers — Mortgage Arrears: Mortgage Arrears (5 Jul 2011)

Michael Noonan: Neither I, as Minister for Finance, nor the Central Bank comment on individual lending institutions in the manner referred to in the Deputy's question. However, all mortgage lenders are obliged to adhere to the requirements of the revised Code of Conduct on Mortgage Arrears (CCMA) which is effective from 1 January 2011. The Code sets out specific requirements mortgage lenders must adhere to...

Written Answers — House Repossessions: House Repossessions (5 Jul 2011)

Michael Noonan: I have been informed by the Central Bank of Ireland that this information has only been collated since September 2009. Since that date, the Central Bank has published quarterly data on arrears and repossessions on its website: www.centralbank.ie. The number of repossessions of private houses for each quarter is as follows: To quarter end September 2009 110 repossessions To quarter end...

Written Answers — Banks Restructuring: Banks Restructuring (5 Jul 2011)

Michael Noonan: The Deputy will be aware from my Statement on Banking on 31 March 2011 that the future of Ireland's banking landscape will be built around the two pillar banks, Bank of Ireland and AIB. Each of these banks has already begun to reorganise their operations into core and non-core functions and to implement a carefully managed programme of deleveraging. Both Bank of Ireland and AIB have...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (5 Jul 2011)

Michael Noonan: As I said in my Statement on Banking in March, the PCAR bank stress tests carried out by the Central Bank are certainly among the most thorough and demanding such tests ever performed in Ireland and or indeed anywhere. The detailed results methodology and assumptions underlying these stress tests have been published, emphasising Ireland's firm commitment for this critical exercise to be...

Written Answers — Price Inflation: Price Inflation (5 Jul 2011)

Michael Noonan: The Deputy will be aware that through 2009 and 2010, there were few inflationary pressures. Indeed, price levels fell, with the CPI declining by 4.5% in 2009 and 1% in 2010, and HICP falling by 1.7% and 1.6% respectively. In the latter months of 2010 and to date in 2011, the drivers of inflation have been insurance premium hikes and increases in the price of commodities on the back of rising...

Written Answers — Tax Code: Tax Code (5 Jul 2011)

Michael Noonan: It is customary for jurisdictions to continually update and amend their tax regimes to reflect changes and developments in both the structure of companies and current practices in domestic and international trade and commerce. The tax offering of any jurisdiction is critical to its attractiveness to international business and all jurisdictions compete on the tax front for foreign direct...

Written Answers — Foreign Direct Investment: Foreign Direct Investment (5 Jul 2011)

Michael Noonan: My fellow European Finance Ministers and I regularly discuss at our meetings the economic situation in the EU, eurozone and in individual Member States. This includes matters of common interest with regard to foreign markets and any items which have the potential to negatively impact or delay economic recovery. In this regard, making Europe attractive for global foreign direct investment is...

Written Answers — Croke Park Agreement: Croke Park Agreement (5 Jul 2011)

Michael Noonan: The Implementation Body for the Public Service Agreement 2010 - 2014 published its first progress report on 15th June last. The body found that, over the 12 months to end March 2011, sustainable Exchequer pay bill savings in the order of €289 million had been achieved, driven primarily by a reduction in public service staff numbers of 5,349 over the period. Public service pension costs...

Written Answers — Industrial Relations: Industrial Relations (5 Jul 2011)

Michael Noonan: The Department of Public Expenditure and Reform has recently received documentation from the Department of Education and Skills regarding the Labour Court recommendation in relation to the sports complex referred to by the Deputy. This issue is currently under examination by the Department of Public Expenditure and Reform and a response will issue to the Department of Education and Skills...

Tax Code (5 Jul 2011)

Michael Noonan: Discussions are focused on the possibility of getting an interest rate reduction. An argument about the rates has moved on to the base for quite some time now. The base is described along with the CCCTB, and the Commission has done a paper on it, which will eventually come before the Council of Ministers. It is before some technical committee at the moment which is making adjustments to...

Moneylender Regulation (5 Jul 2011)

Michael Noonan: There is already a comprehensive licensing system in place for moneylenders. Moneylenders have to apply to the Central Bank annually to have their licences renewed. Section 93 of the Consumer Credit Act 1995, as amended, sets out the Central Bank's powers in regard to the grant or refusal of a moneylender's licence. The appropriate moneylending application form - new or renewal - must be...

Moneylender Regulation (5 Jul 2011)

Michael Noonan: Operating as an unlicensed moneylender is illegal and it is a matter for the Garda Síochána in the first instance. In regard to the licensed moneylenders, we have ongoing discussions with the regulator and the Central Bank about all the lending institutions. I will raise the issue the Deputy mentioned with the Cental Bank and the regulator.

Moneylender Regulation (5 Jul 2011)

Michael Noonan: The APR is set down in regulation and it is always a matter of debate as to whether a particular interest rate is too high, but it is regulated. As Deputy McGrath pointed out, the issue of most concern is not the licensed moneylenders who, by and large, comply with the law, but the unlicensed moneylenders. The best approach to this is to ensure credit unions continue to be a strong part of...