Results 25,441-25,460 of 27,019 for speaker:Michael Noonan

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

Michael Noonan: The Central Bank of Ireland is not Exchequer funded. This matter is the responsibility of the Central Bank Commission. The Minister for Finance had no role in the matter. The Central Bank has informed me that in light of the requirement under the EU-IMF programme to use consultants under a very tight deadline for urgent financial stability purposes, it was not possible to apply normal...

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

Michael Noonan: The Central Bank engaged BlackRock Solutions, an international firm with a strong reputation in the market for its capabilities in assessing losses in credit portfolios, to assist it in its Prudential Capital Assessment Review and Prudential Liquidity Assessment Review. The results of both exercises were announced last month. I understand BlackRock Solutions and its subsidiaries neither...

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

Michael Noonan: I understand the Deputy's question relates to Irish Life and Permanent's sale of its insurance subsidiary, Irish Life Assurance. The Deputy will be aware from my statement of 31 March 2011 on banking matters that in order to satisfy the Central Bank of Ireland's capital requirements, Irish Life and Permanent must raise substantial equity capital and will require a significant restructuring...

Written Answers — Public Sector Staffing: Public Sector Staffing (3 May 2011)

Michael Noonan: As the Deputy will be aware, the Special Civil Service Incentive Career Break Scheme 2009 was introduced as a once-off measure in the Supplementary Budget on 7 April 2009. The measure was extended to staff in different areas of the public service, including the local government sector and the HSE. The closing date for participation in this scheme has expired and there is no current proposal...

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

Michael Noonan: The agreement of the relevant Minister and the Minister for Finance is, under various statutes, required in relation to the remuneration of all employees of non-commercial State bodies and agencies and the remuneration of CEOs of commercial State companies. There are no such statutory provisions in relation to the remuneration of other staff in commercial State companies. The current...

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

Michael Noonan: The table below provides a breakdown of the estimated cost of tax and PRSI reliefs relating to private pension contributions for 2008. I am informed by the Revenue Commissioners that 2008 is the year for which the most up-to-date data is available. Figures have been rounded where appropriate. Estimate of the cost of tax and PRSI reliefs on private pension contributions 2008. Estimated...

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

Michael Noonan: The gradual reduction from marginal to standard rate tax relief on pension contributions commencing in 2012 forms part of the fiscal consolidation measures in the agreement with the EU, IMF and the ECB over the period 2011 to 2014. The Government has initiated a Comprehensive Review of Expenditure to provide it with a set of decision options to meet the overall fiscal consolidation...

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

Michael Noonan: As the Deputy will be aware, the programme for Government states that the Government will "reduce, cap or abolish property tax reliefs and other tax shelters which benefit very high income earners". A small team in my Department, in consultation with the Revenue Commissioners, is in the early stages of carrying out an economic impact assessment of possible changes to the property-based...

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

Michael Noonan: A number of international organisations including the EU Commission and the Financial Stability Board are investigating the potential for various forms of burden-sharing such as debt-write downs, debt-for-equity swaps and contingent capital. These are sometimes referred to as "bail-in" tools. No clear international consensus about the specifics of how such tools should work in practice has...

Written Answers — Infrastructural Development: Infrastructural Development (3 May 2011)

Michael Noonan: Contracts relating to transport infrastructure projects, or indeed any public works projects, are governed by treaty principles and EU directives on public procurement. The provisions in the EU directives allow contracting authorities to attach social conditions to the performance of contracts, as long as they are compatible with EU law. In this regard, EU law requires that such conditions...

Written Answers — Corporation Tax Policy: Corporation Tax Policy (3 May 2011)

Michael Noonan: Corporation tax policy is a national competence. Our position on tax harmonisation is well known among our EU partners. In the circumstances, the question of preparing and circulating documents to our EU partners on our overall corporate tax policy does not arise. My Department commissioned a study from Ernst & Young economic consultants on the budgetary and economic implications for the...

Written Answers — Proposed Legislation: Proposed Legislation (3 May 2011)

Michael Noonan: The Government is committed to holding a referendum to amend the Constitution to reverse the effects of the Abbeylara judgement and enable Oireachtas committees to carry out full investigations. This is in line with the commitment in the programme for Government. Before any amendment is prepared, there will have to be detailed consideration of the complex legal issues involved....

Written Answers — Register of Lobbyists: Register of Lobbyists (3 May 2011)

Michael Noonan: The Government has committed to introduce a statutory register of lobbyists and to establishing rules concerning the practice of lobbying. The Government's published legislative programme indicated that this will be part of an Electoral Commission Bill to be published by the Minister for the Environment, Heritage and Local Government.

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

Michael Noonan: The Expert Group on Mortgage Arrears and Personal Debt published its final report in November 2010. There are no plans to reconstitute the group.

Written Answers — Personal Debt: Personal Debt (3 May 2011)

Michael Noonan: The Deputy will be aware that the Mortgage Arrears and Personal Debt Expert Group produced two reports, an Interim Report which was published in July 2010 and a Final Report which was published in November 2010. Since the publication of the reports, the Central Bank has revised its Code of Conduct for Mortgage Arrears (CCMA) to reflect many of the recommendations of the Expert Group. As a...

Residential Mortgage Debt: Motion (3 May 2011)

Michael Noonan: Who is it? Name him.

Residential Mortgage Debt: Motion (3 May 2011)

Michael Noonan: I move amendment No. 2: To delete all words after "Dáil Éireann" and substitute the following: "— recognises that the recapitalisation and deleveraging of the banking system will facilitate increased lending into the Irish economy and help underpin economic recovery; — endorses recent reforms in the Central Bank to strengthen the regulatory framework and also the Government's plans to...

Residential Mortgage Debt: Motion (3 May 2011)

Michael Noonan: Sorry, does the Deputy want me to answer the question asked? The difficulties arose not only from over-investment in development but from the fact that people who ran profitable businesses in other sectors of the economy used their profits to invest in developments which are now dragging them down. The stain spreads right across the economy and it is essential to reverse this trend. Putting...

Commissions of Investigation (3 May 2011)

Michael Noonan: I do not know whether there is any basis to the Deputy's allegation and have seen absolutely nothing to suggest what he says is correct. It is reasonable when a detailed investigation of banking files is being conducted that one should send in people who understand lending, risk and banking files. If I was sent in, I would not find my way around the files and would have no idea of what was...

Euro Plus Pact (3 May 2011)

Michael Noonan: On 25 March the European Council adopted a package of measures to respond to the crisis, preserve financial stability and lay the ground for sustainable job creating growth. The euro area Heads of State or Government also adopted the euro plus pact to complement these measures to further strengthen the economic pillar of EMU and achieve a new quality of economic policy co-ordination, with...