Results 10,061-10,080 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Sovereign Debt (7 Oct 2014)

Michael Noonan: As the Deputy is aware, Ireland voted against the recent UN Resolution towards a multilateral convention to establish a legal regulatory framework for sovereign debt restructuring processes. As I have indicated in previous replies on this issue, while Ireland recognises the significant economic, social and financial implications associated with sovereign debt restructuring, it was unable to...

Written Answers — Department of Finance: Vehicle Registration (7 Oct 2014)

Michael Noonan: I am advised by the Revenue Commissioners that vehicle registration tax (VRT) is a domestic tax provided for in legislation under Section 132(1) of the Finance Act, 1992 (as amended) and that vehicles are classified for VRT purposes on the basis of type rather than use.  Section 130 of the Finance Act 1992 (as amended by Section 102 of the Finance Act 2010) provided for the...

Written Answers — Department of Finance: IBEC Membership (7 Oct 2014)

Michael Noonan: In response to the Deputy's question I can confirm that two bodies under my remit are paid up members of IBEC. These are the Financial Service Ombudsman Bureau and the National Treasury Management Agency (NTMA). The details of the amounts paid for subscription can be found in the table below. - 2014 2013 2012 2011 € € € € NTMA 10,883.46 9,205.44 9,082.36...

Other Questions: Credit Unions Restructuring (2 Oct 2014)

Michael Noonan: The credit union movement is terrific and we support it absolutely and fully. Credit unions did not escape free from the financial crisis. Significant damage was done to the movement, as it was to the banks. Legislation was passed and organisations such as ReBo were established to protect credit unions. The primary purpose of everything we did with regard to credit unions was, in the...

Other Questions: Credit Unions Restructuring (2 Oct 2014)

Michael Noonan: The information passed on to Deputies on credit unions usually comes from the managements or board members of credit unions that have a particular perspective. However, there is another perspective, from the point of view of the regulator whose primary purpose is to protect depositors. I suggest the Deputy invite the section of the Central Bank dealing with credit unions and the regulator...

Other Questions: Fiscal Policy (2 Oct 2014)

Michael Noonan: Following the crash of the credit-fuelled property bubble, together with the accompanying financial crisis, Ireland's economy experienced a sharp downturn, with a loss of almost 10% in real output between 2008 and 2012.  Immediately following the crash, a major gap in the public finances emerged. Through implementation of a substantial adjustment, significant progress has been made in...

Other Questions: Fiscal Policy (2 Oct 2014)

Michael Noonan: The consumer benefits from low inflation and also from competition in the market. I understand there is significant competition between the supermarket chains, which has brought down the cost of the weekly shopping basket. The consumer will also benefit if future Finance Ministers have the capacity to reduce tax impositions or levies. The principal benefit for the consumer is that, as the...

Other Questions: Post Office and Credit Union Mergers (2 Oct 2014)

Michael Noonan: The credit union sector nationally plays an important role in providing financial services, but in doing so retains responsibility to ensure members' funds are not put at undue risk. While the Department receives many proposals on various issues, my Department recently received a proposal involving a group of six Limerick credit unions and An...

Other Questions: Post Office and Credit Union Mergers (2 Oct 2014)

Michael Noonan: To give a flavour of the proposal, the suggestion is that participating credit unions will be provided with post point terminals by An Post that will deliver a number of services, including Bill payment, mobile phone top-ups, one4all gift cards, refuse charges, electronic funds transfer payments, television licences, parking and toll top-ups, stamps and the local property tax. The credit...

Other Questions: Credit Unions Restructuring (2 Oct 2014)

Michael Noonan: The Credit Union and Co-operation with Overseas Regulators Act 2012 provides the statutory basis for the restructuring of credit unions and placed the credit union restructuring board - ReBo - on a statutory footing from 1 January 2013.  ReBo is currently in the process of overseeing and facilitating restructuring on a voluntary, incentivised and time-bound basis and is working...

Ceisteanna - Questions - Priority Questions: State Banking Sector (2 Oct 2014)

Michael Noonan: No. When the conversation commenced - I do not propose to go into the detail on this - in terms of the general primary colour and shape of the model, that was the idea. It was never a case of money for nothing. Obviously, there are considerations that arise from that, including whether, if one thought one could get more money on the market, one go down that road or pursue that. On the...

Ceisteanna - Questions - Priority Questions: State Banking Sector (2 Oct 2014)

Michael Noonan: As stated, that is not the policy. Government policy is to progressively sell the State's shares in AIB. We do not believe a State bank is the best model for the Irish economy in the medium to long term. There is a fourth alternative. We could sell part of AIB and retain a significant chunk of it in the hands of the State for a long time so that we would have an influence over banking...

Other Questions: Excise Duties (2 Oct 2014)

Michael Noonan: As the Deputy will be aware, it is not my practice to comment in advance on what measures may or may not be introduced in the budget. I do not intend to have a budget debate in advance of its announcement. I cannot be more precise than that. In general terms, the Deputy will be aware that the VAT rate was reduced from 13.5% to 9%, which would have helped the pub trade, particularly the...

Other Questions: Excise Duties (2 Oct 2014)

Michael Noonan: Our approach has been to stimulate the industry in general, which included a reduction in VAT, the initiatives of The Gathering and the Wild Atlantic Way and the abolition of the travel tax, which resulted in an enormous amount of additional tourists coming into the country. That has been the general approach. In regard to excise rates and the percentage charged in this regard in terms of...

Other Questions: Excise Duties (2 Oct 2014)

Michael Noonan: Social practices have changed significantly. Members will be surprised to hear that of all the excise collected from the drink trade, 23% comes from wine, which is massive. This is derived not from wine consumed in restaurants or pubs but from bottles of wine purchased in supermarkets and so on. Another curiosity about wine, which applies to all applications of excise, is the charge applies...

Ceisteanna - Questions - Priority Questions: State Banking Sector (2 Oct 2014)

Michael Noonan: I have no plans to divest any portion of AIB in 2014 and no decisions have been made on divesting subsequent to that year. The major events that will occur in banking in Ireland will take place at the end of October, when the result of the stress test emerges. We will want a full account of the stress test before we begin to form policy on the future of AIB and our residual shares in Bank...

Ceisteanna - Questions - Priority Questions: State Banking Sector (2 Oct 2014)

Michael Noonan: Things are evolving pretty quickly. With regard to the business plan for recovery in AIB, it is well ahead of the targets set, as it did not expect to be in profit in 2014. It is significantly in profit, with the figure in excess of €400 million. The two banks are strengthening well. The economy is growing at pace and there are effectively only two significant banks in business;...

Ceisteanna - Questions - Priority Questions: State Banking Sector (2 Oct 2014)

Michael Noonan: The taxpayer has made a very substantial investment in AIB and it is critical that we carefully examine all possibilities to ensure this investment is protected and enhanced, with a view to ultimately generating a return for the State. Officials from the shareholding management unit in my Department are charged with this responsibility and continue to engage with the bank on a regular basis...

Ceisteanna - Questions - Priority Questions: State Banking Sector (2 Oct 2014)

Michael Noonan: The policy has not changed since I spoke at the finance committee in June. I wanted to widen the debate and still want to do so. Many people think retroactive recapitalisation of the banks is simply a matter of sending a letter to the European Union and that the money will be returned. The construct was always that there would be an exchange of shares in the Irish banks with the ESM in...

Ceisteanna - Questions - Priority Questions: Mortgage Arrears Proposals (2 Oct 2014)

Michael Noonan: Some of the recommendations are applicable to the Department of Finance and others are applicable to the Central Bank and the banks themselves. Of those that are applicable to the Department of Finance, recommendation 2, for example, states that the committee rejects the Central Bank’s general acceptance of legal solutions as “sustainable” and requests the Minister for...