Results 7,481-7,500 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Economic Data (7 May 2015)

Michael Noonan: My Department analyses all economic indicators continuously throughout the year to provide up-to-date policy advice and to produce the economic forecasts that underpin the Budget and Stability Programme Update. In general, recent indicators have been positive, indicating that the recovery is gaining momentum and becoming more broad based. First estimates of economic activity for 2014...

Written Answers — Department of Finance: Government Bonds (7 May 2015)

Michael Noonan: The proceeds of all borrowings by the Exchequer, as well as tax revenues, non-tax revenues and other receipts are lodged to the Exchequer account at the Central Bank of Ireland to fund on-going Government expenditure. The National Treasury Management Agency (NTMA) has advised that project-specific bonds issued by the State which are linked to a specific project and which are serviced and...

Written Answers — Department of Finance: Economic Growth (7 May 2015)

Michael Noonan: My Department consistently monitors risks and obstacles to economic development over the short- to medium-term. The identification of potential obstacles is essential in the context of economic and fiscal forecasting. This year, my Department expects the economy to grow by 4 per cent and to grow by 3.8 per cent next year. Over the medium term, the economy can probably grow by around...

Written Answers — Department of Finance: National Debt (7 May 2015)

Michael Noonan: As per the Deputy's request debt as a percentage of GDP for the past three years can be outlined as follows: 2012 2013 2014 National debt (€m) 137,632 173,947 182,310 General government debt (€m) 210,238 215,328 203,319 GDP (€m) 172,755 174,791 185,412 National debt (% GDP) 79.7 99.5 98.3 General government debt (%GDP) 121.7 123.2 109.7Source: Central Statistics...

Written Answers — Department of Finance: Property Valuations (7 May 2015)

Michael Noonan: According to the Central Statistics Office, national residential property prices increased by 16.8 per cent over the 12 months to March. Looking at more recent trends, prices decreased by 0.9 per cent in the first quarter of 2015, although the latest figures for March indicated a monthly price increase of 0.9 per cent. It is too soon to say whether the recent developments in...

Written Answers — Department of Finance: Mortgage Lending (7 May 2015)

Michael Noonan: Sub-prime lenders usually lend to borrowers who are unable to borrow from traditional lenders usually due to insufficient income or poor credit history. They charge higher interest rates due to the higher risk involved. Moneylenders are licensed by the Central Bank of Ireland to engage in the business of Moneylending under Part VIII of the Consumer Credit Act, 1995 (as amended). The...

Written Answers — Department of Finance: Credit Availability (7 May 2015)

Michael Noonan: This Government recognises that small businesses play a central role in the sustainable recovery of the Irish economy. To facilitate this, Government policy since 2011 has been focused on ensuring that all viable SMEs have access to an appropriate supply of credit facilities from a diverse range of bank and non-bank sources. On 19 February 2015, the Strategic Banking...

Written Answers — Department of Finance: Loan Books Purchasers (7 May 2015)

Michael Noonan: The Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015 will require entities dealing with the consumer to be authorised by the Central Bank and subject to its Codes of Conduct. Dealing with the consumer is credit servicing and the definition of credit servicing is broad. Owners of loan books who deal directly with consumers, that is, who are servicing their own loan books,...

Written Answers — Department of Finance: Household Savings Rate (7 May 2015)

Michael Noonan: CSO estimates for 2014 indicate that gross saving for the economy as a whole amounted to €45.6 billion, an increase of 23.9 per cent compared with 2013. On a seasonally adjusted basis, the household savings ratio was almost 14 per cent in Q3 and Q4 of last year- the highest level since Q1 2012. Household indebtedness in Ireland is high in comparative terms and as a result...

Written Answers — Department of Finance: Insurance Costs (7 May 2015)

Michael Noonan: International comparisons of insurance costs can prove problematic as a result of differences in law, in fiscal regime, in policyholder behaviour and in the expectations of policyholders from their insurance provider.  Neither my Department nor the Central Bank of Ireland maintains information on the costs of insurance in Ireland or across the European Union. The calculation of...

Written Answers — Department of Finance: Pension Provisions (7 May 2015)

Michael Noonan: While it is not absolutely clear from the details supplied, I am assuming that the questions at issue relate to past changes that were made to the annual earnings limit which, along with age-related percentage limits, determine the maximum tax-relievable pension contributions that an individual can make in a tax year and to the 0.6% pension fund levy which I introduced in 2011. In that...

Written Answers — Department of Finance: VAT Rate Application (7 May 2015)

Michael Noonan: The VAT rating of goods and services is subject to the requirements of EU VAT law with which Irish VAT law must comply.  The reduced VAT rate of 13.5% applies to the supply of gas and electricity in Ireland.  The majority of EU Member States apply a much higher VAT rate to the supply of gas and electricity as EU VAT law provides that the standard VAT rate should apply to these...

Written Answers — Department of Finance: Public Sector Staff Increment Payments (7 May 2015)

Michael Noonan: I wish to inform the Deputy that the calculation of increments is a matter for the Payroll Shared Service Centre, who have informed me that because of the variables involved i.e. payees starting and leaving, staff moving on/off sick pay, staff changing worksharing patterns, etc. it is virtually impossible to provide an answer to this Parliamentary Question. However my Officials are...

Sale of Siteserv: Motion [Private Members] (6 May 2015)

Michael Noonan: Would Deputy Martin say that outside the House, if he is so sure of his ground?

Sale of Siteserv: Motion [Private Members] (6 May 2015)

Michael Noonan: On 4 March 2015, I next answered a parliamentary question on the relationship framework that was in place when the sale of Siteserv took place. On 26 March 2015, I next answered three parliamentary questions on Siteserv in which I detailed meetings held between my Department and IBRC on Siteserv and also around the steps that were taken when reports of certain details around the transaction...

Sale of Siteserv: Motion [Private Members] (6 May 2015)

Michael Noonan: I will take back a little time. The review will cover transactions that resulted in a capital loss to IBRC of at least €10 million during that period or which are specifically identified by the special liquidator as likely to give rise to potential public concern, in respect of the ultimate returns to the taxpayer. Retired High Court judge, Mr. Justice larfhlaith O'Neill, will...

Sale of Siteserv: Motion [Private Members] (6 May 2015)

Michael Noonan: I propose to share time with the Minister for Public Expenditure and Reform, Deputy Brendan Howlin, and the Minister of State at the Department of Agriculture, Food and the Marine, Deputy Tom Hayes. The mismanagement of the economy and the financial system by the Fianna Fáil-led Government wrecked the country. Anglo Irish Bank, more recently called IBRC, and the billions of...

Sale of Siteserv: Motion [Private Members] (6 May 2015)

Michael Noonan: The bulk of the board was appointed by the previous Government. When the Deputy makes these allegations-----

Sale of Siteserv: Motion [Private Members] (6 May 2015)

Michael Noonan: Deputy Martin's colleagues-----

Sale of Siteserv: Motion [Private Members] (6 May 2015)

Michael Noonan: Of course there was a Government issue and it was difficult to ensure accountability but the law was on the side of IBRC because the law was introduced by Deputy Martin and his colleagues.