Results 25,361-25,380 of 27,019 for speaker:Michael Noonan

Written Answers — Fiscal Policy: Fiscal Policy (3 May 2011)

Michael Noonan: While the opinion piece in question was headed "Ireland's taxpayers must share the pain" the bulk of the article dealt with the author's views on a number of issues in the area of banking supervision and crisis resolution. The piece is one of a number of recent public statements by the individual concerned in connection with Ireland. There was for instance a lengthy interview with The Irish...

Written Answers — State Assets: State Assets (3 May 2011)

Michael Noonan: The Review Group on State Assets and Liabilities published its report on 20 April 2011. The Government will now study the findings of the report and its extensive recommendations in detail.

Written Answers — Insurance Industry: Insurance Industry (3 May 2011)

Michael Noonan: The Joint Administrators announced last week the acquisition by Liberty Mutual Direct Insurance Company Ltd (LMDI), a joint venture between Liberty Mutual (LM) and Anglo Irish Bank, of certain assets and liabilities of Quinn Insurance Limited (in administration) (QIL). They see this as the best option for the policy holders of QIL. A twelve to fourteen week transition process will now...

Written Answers — National Asset Management Agency: National Asset Management Agency (3 May 2011)

Michael Noonan: NAMA has a commercial remit and it is a matter for its Board, as informed by property market expertise, to determine the scale and timing of proposed assets sales and its strategies in the various markets in which it operates. The actual level of sales achieved over the coming years will depend on market conditions as they evolve. To the extent that NAMA can realise cash from the sale of UK...

Written Answers — EM-IMF Fund: EM-IMF Fund (3 May 2011)

Michael Noonan: As the Deputy will be aware, the Government has successfully concluded the first and second quarterly programme review mission with the Troika, that is, the EU Commission, the ECB and the IMF, which took place between the 5th and 15th April 2011. The purpose of the quarterly review mission was to evaluate performance against targets to date on all the elements of the programme of financial...

Written Answers — Fiscal Policy: Fiscal Policy (3 May 2011)

Michael Noonan: The Stability Programme Update was laid before the House on Friday last and subsequently submitted to the European Commission. This document is also available on the Department of Finance website. The Stability Programme takes account of Budget 2011, the Programme for Government and the Joint EU/IMF Programme. It includes an update of the economic and fiscal outlook for this year and next,...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (3 May 2011)

Michael Noonan: I propose to take Questions Nos. 45, 51 and 53 together. The Deputies will be aware that on 22 March 2011, the Central Bank of Ireland published a consultation paper proposing the implementation of new statutory fitness and probity powers for the financial services industry. In this regard, the Central Bank is seeking views on proposed new statutory grounds which are identified in the...

Written Answers — Fiscal Policy: Fiscal Policy (3 May 2011)

Michael Noonan: As the Deputy is aware, the majority of the State's financing needs over the period 2011 to 2013 will be met through the funding provided under the EU/IMF programme of assistance. However, the National Treasury Management Agency (NTMA) is planning to return to the markets before the end of the term of the programme once conditions have become more receptive. The NTMA is in constant contact...

Written Answers — National Asset Management Agency: National Asset Management Agency (3 May 2011)

Michael Noonan: All approvals of working and development capital are subject to a credit decision-making process which has been approved by the Board of NAMA. I am advised by NAMA that, up to the end of March 2011, NAMA had approved advances of €771m of working and development capital. Of this, it is estimated that €280m relates to projects which are based in the UK. Only a small number of the...

Written Answers — State Banking Sector: State Banking Sector (3 May 2011)

Michael Noonan: As the Deputy may be aware, a joint restructuring and work out plan for Anglo Irish Bank and Irish Nationwide Building Society was submitted to the European Commission on 31 January for approval under State Aid rules; this was in line with the timelines agreed under the terms of the EU/IMF Programme. In accordance with Government policy, the plan provides for the work out of the assets over...

Written Answers — Economic Regulators: Economic Regulators (3 May 2011)

Michael Noonan: The Programme for Government gives a commitment to rationalise regulators to strengthen consumer regulation and protect the consumer interest. The recently published Report of the Review Group on State Assets makes a number of recommendations for reforming the economic regulators, including transferring responsibility for their supervision and performance measurement to the Department of...

Written Answers — Departmental Agencies: Departmental Agencies (3 May 2011)

Michael Noonan: The State Claims Agency (SCA) is the name used by the National Treasury Management Agency (NTMA) when carrying out its claims and associated risk management functions. I have been informed by the State Claims Agency (SCA) that the key priorities of the Agency are as stated below: (i) To ensure that the State's liability in relation to personal injury claims, and the expenses of the Agency in...

Written Answers — Insurance Industry: Insurance Industry (3 May 2011)

Michael Noonan: I propose to take Questions Nos. 52 and 177 together. The Joint Administrators announced last week the acquisition by Liberty Mutual Direct Insurance Company Ltd (LMDI), a joint venture between Liberty Mutual (LM) and Anglo Irish Bank, of certain assets and liabilities of QIL. A 12-14 week transition process will commence immediately during which time LMDI will obtain all the necessary...

Written Answers — Departmental Staff: Departmental Staff (3 May 2011)

Michael Noonan: The moratorium on recruitment and promotion, introduced by the Government at the end of March 2009 allows for certain general exemptions in the Education and Health Sectors for the filling of certain key posts as well as for the Local Authorities in relation to certain key posts. Information in relation to the posts covered by these general exemptions may be sought from the relevant...

Written Answers — Tax Code: Tax Code (3 May 2011)

Michael Noonan: The position is that there is a commitment in the new Programme for Government to carry out a review of the Universal Social Charge (USC) and I would anticipate that the review will be completed in time for Budget 2012. I would 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...

Written Answers — Insurance Industry: Insurance Industry (3 May 2011)

Michael Noonan: The Joint Administrators announced last week the acquisition by Liberty Mutual Direct Insurance Company Ltd (LMDI), a joint venture between Liberty Mutual (LM) and Anglo Irish Bank, of certain assets and liabilities of QIL. A 12-14 week transition process will commence immediately during which time LMDI will obtain all the necessary regulatory consents from parties including the Central Bank...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (3 May 2011)

Michael Noonan: I propose to take Questions Nos. 57 and 61 together. As the Deputies will be aware the Nyberg Commission of Investigation recently published its Report. The main findings of the Commission, in relation to the role of auditors, were auditors' commentary regularly focuses only on issues which they consider relate to the accuracy of the historic accounts in the absence of an express...

Written Answers — National Pensions Reserve Fund: National Pensions Reserve Fund (3 May 2011)

Michael Noonan: The National Pensions Reserve Fund (NPRF) was established on 2 April 2001 under the National Pensions Reserve Fund Act 2000 for the purpose of meeting as much as possible of the cost to the Exchequer of social welfare pensions and public service pensions to be paid from the year 2025 until the year 2055, or such other year as may be specified by order. Subsequent amendments to the National...

Written Answers — Banking Sector: Banking Sector (3 May 2011)

Michael Noonan: The Central Bank has advised me that the process of issuing new bonds is normally through underwriting, where one or more securities firms or banks form a syndicate buying the entire bond issue from the issuer and then re-selling to investors. Primary issuance is arranged by these syndicates who contact potential investors and advise the bond issuer in terms of timing, tenor and pricing of...

Written Answers — EU-IMF Fund: EU-IMF Fund (3 May 2011)

Michael Noonan: The position is that the issue of maintaining tax credits and bands at their current rates was discussed with the European Commission, IMF and ECB Troika during the recent Review Mission of 5 April to 15 April 2011. 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...