Results 25,001-25,020 of 27,019 for speaker:Michael Noonan
- Written Answers — Financial Instruments: Financial Instruments (7 Jun 2011)
Michael Noonan: The Deputy will appreciate that this information is not held by my Department. I have however requested this information from each of the covered institutions and I will forward it to the Deputy as soon as possible. The Deputy may wish to note that I am advised that the measurement of the average interest rate on bank debt liabilities is not - especially at present - a particularly...
- Written Answers — Ministerial Meetings: Ministerial Meetings (7 Jun 2011)
Michael Noonan: I propose to take Questions Nos. 37 and 118 together. My fellow European finance ministers and I regularly discuss at our meetings the economic situation in the EU, eurozone and in individual member states. Since the new Government has taken office, I have communicated widely with my European colleagues in this forum and in others to foster a deeper understanding of Ireland's economic...
- Written Answers — Tax Code: Tax Code (7 Jun 2011)
Michael Noonan: The issue of maintaining tax credits and bands at their current rates will be a matter for Budget 2012. As the Deputy is aware, the Government has initiated a Comprehensive Review of Expenditure (CRE) to provide the Government with a set of decision options to meet the overall fiscal consolidation objectives and re-align spending with the Programme for Government priorities. The CRE is due...
- Written Answers — Financial Instruments: Financial Instruments (7 Jun 2011)
Michael Noonan: My Department has been advised by the bank that as of 1 June 2011 it has â¬2.86 billion in unguaranteed senior debt outstanding and â¬2.96 billion in senior debt guaranteed under the ELG scheme. The table below gives details of the value of this debt maturing in each of the years referenced in the Deputy's question. These securities are valued at par in the bank's financial accounts as the...
- Written Answers — Fiscal Policy: Fiscal Policy (7 Jun 2011)
Michael Noonan: I propose to take Questions Nos. 40 and 116 together. The recent increase in the rate of inflation across Europe has been discussed at a number of ECOFIN meetings this year. However, I would like to stress that responsibility for monetary policy rests with the ECB and that national Governments do not have any influence on the decision making process.
- Written Answers — Fiscal Policy: Fiscal Policy (7 Jun 2011)
Michael Noonan: I propose to take Questions Nos. 41 and 58 together. As the Deputy is aware, earlier today, in response to a priority question, I outlined the position in this regard. As I intimated, the Joint EU/IMF Programme of Financial Support provides for a total financial package of â¬85 billion. Within this total amount, â¬67.5 billion comes from external sources, while the remaining â¬17.5...
- Written Answers — Public Service Pensions: Public Service Pensions (7 Jun 2011)
Michael Noonan: I understand the Deputy is referring to Members of the previous Seanad and their entitlements on leaving office. These are set out in the following table: Senator service Annual Pension (reduced with effect from 1 Jan 2011) Lump Sum (pre-reduced pension x 3) 5 years â¬8,766 â¬26,300 10 years â¬18,253 â¬55,956 15 years â¬26,900 â¬83,934 20 years â¬35,386 â¬111,912 If an...
- Written Answers — Tax Code: Tax Code (7 Jun 2011)
Michael Noonan: The position is that the programme for Government commits to a review of the Universal Social Charge (USC) and I have stated a number of times in the House that I encourage all interested parties to join the review of the USC by way of submission to my Department. My Department is currently accepting submissions from interested parties; however, if changes to the USC are being proposed, I...
- Written Answers — Fiscal Policy: Fiscal Policy (7 Jun 2011)
Michael Noonan: The Stability Programme Update submitted to the European Commission and published by my Department at the end of April forecasts the 2012 General Government deficit at 8.6% of GDP, which is in line with the terms of the revised EDP Recommendation issued by the ECOFIN Council in December 2010. This forecast is based on the implementation of a budgetary adjustment of â¬3.6 billion in 2012....
- Written Answers — Jobs Initiative: Jobs Initiative (7 Jun 2011)
Michael Noonan: Taking account of the state of the public finances and the need to repair our banking system, this agreement is committed to ensure that Ireland is put firmly back on a path to a more sustainable and equitable society. We are only in office a very short time and we have already brought forward a number of initiatives. For instance, the intention of the measures contained in last month's Jobs...
- Written Answers — Banks Recapitalisation: Banks Recapitalisation (7 Jun 2011)
Michael Noonan: The Deputy may be aware that the restructuring plan creates capacity for the Pillar Banks to provide lending in excess of â¬30 billion in the next three years. SME and new mortgage lending for these banks is expected to be in the range of â¬16-20bn over this period. In each bank, a team of senior managers will be dedicated to the sole task of ensuring lending continues to grow to support...
- Written Answers — Mortgage Arrears: Mortgage Arrears (7 Jun 2011)
Michael Noonan: As the Deputy will be aware, according to figures published by the Central Bank of Ireland on 19 May 2011, 6.3% of private residential mortgage accounts were in arrears for more than 90 days at the end of March 2011. My Department has been informed by the Central Bank that robust estimates of potential losses cannot be extrapolated from the arrears figures as mortgage loss amounts will...
- Written Answers — Proposed Legislation: Proposed Legislation (7 Jun 2011)
Michael Noonan: The Finance (No. 3) Bill 2011 will be published on Thursday 9 June 2011. It will provide for the necessary taxation changes to the various Taxation Acts arising from the Civil Partnership and Certain Rights and Obligations of Cohabitants Act 2010. I expect the Bill to be enacted before the summer.
- Written Answers — Proposed Legislation: Proposed Legislation (7 Jun 2011)
Michael Noonan: The programme for Government contains a commitment to introduce new legislation to protect small building subcontractors that have been denied payments from bigger companies. In this regard, the Deputy will be aware that the Construction Contracts Bill 2010 was introduced by Senator Feargal Quinn and passed Committee and remaining Stages in the Seanad on 8 March 2011. It is now before the...
- Written Answers — National Anthem: National Anthem (7 Jun 2011)
Michael Noonan: Copyright protection in relation to the National Anthem will run out in December 2012. The main purpose of ownership by the State of the copyright to the original version of the National Anthem was to ensure that it was freely available for general use. This situation will remain unchanged on the expiry of the copyright.
- Written Answers — Public Procurement: Public Procurement (7 Jun 2011)
Michael Noonan: The Government recognises that the small and medium enterprise (SME) sector is very important to the economy and that public procurement can be an important source of business for SMEs. In this regard, my Department recently issued guidelines addressed to public bodies and aimed at facilitating small and medium-sized enterprises in competing for public procurement opportunities. The...
- Written Answers — Banking Sector: Banking Sector (7 Jun 2011)
Michael Noonan: The information the Deputy has requested is available from the Money and Banking Statistics published by the Central Bank of Ireland and can be accessed at www.centralbank.ie. The Central Bank of Ireland has, however, informed me that the value of deposits from Irish residents and deposits from non-residents at the end of April 2011 is as follows: Month Deposits from Irish Residents...
- Written Answers — Credit Unions: Credit Unions (7 Jun 2011)
Michael Noonan: The Government's position with regard to the credit union sector set out in the Programme for National Government 2011-2016 recognises the importance of credit unions as a volunteer co-operative movement and distinguishes between them and other financial institutions. The programme for Government agreed that a Commission on Credit Unions would be established to review the future of the...
- Written Answers — Mortgage Arrears: Mortgage Arrears (7 Jun 2011)
Michael Noonan: The Deputy will be aware of the work of the Expert Group on Mortgage Arrears and Personal Debt (the Group) which produced its Final Report in November 2010. All of the Group's recommendations are listed in Chapter 2 of the Final Report. They can be accessed at www.finance.gov.ie. Since publication of the Final Report, the Code of Conduct on Mortgage Arrears (CCMA) has been revised by...
- Written Answers — Banks Recapitalisation: Banks Recapitalisation (7 Jun 2011)
Michael Noonan: A fundamental element of Government Strategy has been to restore a functioning banking system and the Government has made particular commitments to recapitalising the banks and restructuring the banking sector as part of its Programme for Government. The Prudential Capital Assessment Review in the Central Bank of Ireland's Financial Measures Programme was published on 31 March 2011. The...