Results 25,021-25,040 of 27,019 for speaker:Michael Noonan

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. The Group, during the period of its research, could not identify any arrangements internationally that could be characterised as mortgage debt forgiveness schemes, with the exception of parts of the US where non-recourse mortgage lending...

Written Answers — State Assets: State Assets (7 Jun 2011)

Michael Noonan: Following the publication of the Report of the Review Group on State Assets and Liabilities in April, my colleague the Minister for Public Expenditure and Reform requested Government Departments to give their considered views of the proposals set out in the Report. Departments are now reverting with their views. After giving their submissions full consideration, the Minister intends to...

Written Answers — Tax Code: Tax Code (7 Jun 2011)

Michael Noonan: The programme for National Government contains a commitment to "consider, arising from the previous Government's deal with the IMF, various options for a site valuation tax. Any site valuation tax must take into account the significant number of households in mortgage distress and provide local government with a reliable stream of revenue". Initial consultation on the implications of a...

Written Answers — Job Protection: Job Protection (7 Jun 2011)

Michael Noonan: At the outset the Deputy should note that as Minister for Finance I have had no direct dealings with Liberty Mutual in relation to this transaction including the issue of the future of all existing job-holders. However, I have been informed by the Joint Administrators that aside from the redundancies in Manchester, all the 1570 jobs in Quinn Insurance Ltd (QIL) have been protected for at...

Written Answers — EU-IMF Fund: EU-IMF Fund (7 Jun 2011)

Michael Noonan: Following the formal review mission from the European Commission Services, the IMF and the ECB, which took place between 5 and 15 April 2011, the EU/IMF Programme was updated to take account of implementation and developments since the programme was first agreed in November 2010. It was also amended to reflect Government policy priorities. The revisions were approved by Eurogroup on 16 May...

Written Answers — State Assets: State Assets (7 Jun 2011)

Michael Noonan: The programme for Government provides for the sale of non-strategic assets up to a value of €2 billion. This will occur when market conditions are right and when adequate regulatory structures have been established to protect consumer interests. The recent report of the Review Group on State Assets and Liabilities cautions against hastiness in selling such assets. On foot of the report,...

Written Answers — Tax Code: Tax Code (7 Jun 2011)

Michael Noonan: The question of Ireland's corporation tax rate is an entirely separate matter to the appointment of a new head of the IMF. The Government's position on our corporation tax strategy is unambiguous and it is not at risk. The programme for Government clearly states that the Government will 'keep the corporate tax rate at 12.5%' and that commitment is protected, in an EU context, by the...

Written Answers — Company Administration: Company Administration (7 Jun 2011)

Michael Noonan: At the outset you should be aware that the sale of the QIL business is a matter for the Joint Administrators. It is important to be clear that neither I as Minister for Finance nor the Government had any input into the decision to select Liberty Mutual/Anglo as the preferred bidder. In relation to what consideration was given to the Quinn proposals to re-establish Quinn ownership, the Joint...

Written Answers — Tax Reliefs: Tax Reliefs (7 Jun 2011)

Michael Noonan: I assume the Deputy is referring to the ESRI report entitled "Pension Policy: New Evidence on Key Issues" which was published in November 2009. I am not in a position to question the data on which the Report based its findings. I am informed by the Revenue Commissioners that a breakdown of official data on contributions to pension saving arrangements across income ranges is available only to...

Written Answers — Banks Restructuring: Banks Restructuring (7 Jun 2011)

Michael Noonan: As the Deputy will be aware, a profound restructuring of the Irish banking system is underway. The two most distressed institutions in the market – Anglo and INBS – are being merged and their remaining loans will be worked out over an extended period of time. Under the Government's strategy for reorganising the Irish banking system and consistent with the terms of the EU/ IMF Programme...

Written Answers — Pension Provisions: Pension Provisions (7 Jun 2011)

Michael Noonan: I take the view that there is scope for the pension fund industry to absorb the impact of the temporary pension scheme levy by way of a reduction in the fees and charges made on those schemes. I have made that clear in this House and I have conveyed that view to representatives of the pension fund industry at face-to-face meetings. I have also written to the main representative organisations...

Written Answers — Fiscal Policy: Fiscal Policy (7 Jun 2011)

Michael Noonan: The National Treasury Management Agency (NTMA) is in constant contact with market participants and will advise me when it feels that the time is right to re-enter the markets. While the interest rates at which we can borrow will obviously be a key determinant in this decision, they will not be the only factor. In any event, it would not be wise to speculate about what these rates may be as...

Written Answers — Personal Debt: Personal Debt (7 Jun 2011)

Michael Noonan: The Central Bank has advised me that the following lenders have notified the Bank of their intention to implement the recommendation of a Deferred Interest Scheme (DIS), as set out in the final report of the Expert Group on Mortgage Arrears and Personal Debt: - Allied Irish Banks - AIB Mortgage Bank - Bank of Ireland - ICS Building Society - EBS - Haven Mortgages - Irish Nationwide Building...

Written Answers — Job Creation: Job Creation (7 Jun 2011)

Michael Noonan: The Irish labour market remains very weak, with the latest figures revealing that the number of people on the live register and the standardised unemployment rate increased in May. These are obviously very disappointing developments, particularly as previous data had suggested that the unemployment rate had stabilised in the first four months of the year. Against this backdrop, the measures...

Written Answers — Pension Provisions: Pension Provisions (7 Jun 2011)

Michael Noonan: Under current scheme rules, Members of the Oireachtas elected before 1 April 2004 who qualify for pension are eligible to receive the pension from age 50 on leaving office. Those elected from that date are deemed to be "new entrants" under the Public Service Superannuation (Miscellaneous Provisions) Act 2004 and have a minimum pension age of 65. The Government is reviewing how the Programme...

Written Answers — National Asset Management Agency: National Asset Management Agency (7 Jun 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. The role assigned to the Minister is set out in the legislation. The desirability or otherwise of having a Minister of State with...

Written Answers — National Pensions Reserve Fund: National Pensions Reserve Fund (7 Jun 2011)

Michael Noonan: The total value of the National Pensions Reserve Fund (NPRF), according to its most recently published figures, was €23.2 billion at 31 March 2011. Of this, - €7.9 billion is invested in Bank of Ireland and Allied Irish Banks on the direction of the Minister for Finance; - €5.5 billion is held in cash on foot of a direction from the Minister for Finance in February 2011. This will...

Written Answers — Public Service Remuneration: Public Service Remuneration (7 Jun 2011)

Michael Noonan: I assume the Deputy is referring to the decision made by the previous Minister for Finance, in determining the appropriate reduction in basic salary to apply to Assistant Secretaries, Deputy Secretaries and related grades in other areas of the public service, including groups at comparable levels in the local authorities, HSE, some State Bodies, Garda Síochána and Defence Forces, to take...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (7 Jun 2011)

Michael Noonan: The Prudential Capital Assessment Review in the Central Bank of Ireland's Financial Measures Programme was published on 31 March 2011. The PCAR provides that €24 billion, which includes €3 billion in contingency funds, is required by the banks for capital purposes to ensure the banks maintain a minimum of Core Tier 1 capital ratio of 10.5 per cent at all times in the base case scenario...

Written Answers — Proposed Legislation: Proposed Legislation (7 Jun 2011)

Michael Noonan: It is planned to introduce a new single pension scheme for all new entrants to the public service. The scheme will link pension age to the social welfare pension age, while entitlements will be based on average career earnings and will be linked to consumer price inflation. The scheme will considerably and credibly strengthen our public finances over the long term. It is intended to publish...