Results 14,561-14,580 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: EU-IMF Programme of Support Issues (3 Oct 2013)

Michael Noonan: I propose to take Questions Nos. 27 and 30 together. There is a Troika commitment to examine aspects regarding the operation of the Courts repossession framework. This commitment includes an examination, by the end of October, of the possibility of more expedited proceedings for non-principal private residencies properties and the assigning of additional functions to specialist judges. In...

Written Answers — Department of Finance: IBRC Liquidation (3 Oct 2013)

Michael Noonan: The Special Liquidators are continuing the orderly and efficient wind-down of IBRC in accordance with the provisions of the IBRC Act and instructions that have been provided to the Special Liquidators by me under the IBRC Act 2013. The valuation process is on-going and I have been advised that at this point the Special Liquidators have commenced the formal sale process in relation to the...

Written Answers — Department of Finance: IBRC Liquidation (3 Oct 2013)

Michael Noonan: The liquidation of IBRC is similar to any other liquidation with the exception that the Special Liquidators have been appointed by the Minister under the Irish Bank Resolution Corporation Act 2013 rather than appointed by the Courts. As such the Special Liquidators are obliged to follow normal Companies Acts priorities throughout the liquidation process and act in a manner that ensures the...

Written Answers — Department of Finance: European Banking Union (3 Oct 2013)

Michael Noonan: Under the agreement on a Single Supervisory Mechanism (SSM) the ECB will be the direct supervisor of the most significant credit institutions including those with assets of more than €30bn or with an asset-to-GDP ratio of 20%. To ensure the ECB is truly a European level supervisor it will also directly supervise the three most significant banks in each participating Member State. The...

Written Answers — Department of Finance: Banking Sector Investigations (3 Oct 2013)

Michael Noonan: I am advised that a number of reports on INBS have been produced by Ernst and Young and McCann FitzGerald at the request of the INBS Board. Copies of all of these reports have been provided to the Central Bank of Ireland under the terms of a protocol for limited disclosure agreed between the parties to preserve legal privilege over the material. A report was also provided to the Gardaí...

Written Answers — Department of Finance: Departmental Staff Recruitment (3 Oct 2013)

Michael Noonan: When the position of Chief Economist in my Department was first advertised in June 2012, a suitable candidate was identified, and following negotiations, a contract offer was made. However, the candidate subsequently withdrew from the competition for personal reasons. Accordingly, the position was re-advertised in July 2013. On the basis that the current recruitment campaign is still...

Written Answers — Department of Finance: Credit Unions Issues (3 Oct 2013)

Michael Noonan: I propose to take Questions Nos. 35 and 46 together. The decision to apply to the High Court for the appointment of a Special Manager is a matter for the Governor of the Central Bank, following consultation with me as Minister for Finance. On 13 January 2012, the Central Bank of Ireland secured a High Court Order for the appointment of a Special Manager to Newbridge Credit Union. Further...

Written Answers — Department of Finance: Mortgage Arrears Proposals (3 Oct 2013)

Michael Noonan: I have been informed by the Central Bank that it has not defined the concept of "strategic default". However, the Central Bank has defined the concept of ‘cooperation’ within the Code of Conduct on Mortgage Arrears, CCMA, which applies to all mortgage providers in the State. Mortgage holders in arrears but who are deemed to be "co-operating" with their institution are provided...

Written Answers — Department of Finance: Departmental Correspondence (3 Oct 2013)

Michael Noonan: The position remains as I outlined in my replies to Parliamentary Questions Nos. 155 of 28 June 2011, and 125 of 18 July 2013. While the immediate crisis that this Government inherited when it took office has been averted, it remains important for relationships between institutions to be developed and sustained, in order to allow for confidential negotiations to take place, especially on...

Written Answers — Department of Finance: Banking Sector Regulation (3 Oct 2013)

Michael Noonan: I am advised by the Central Bank that information on the Prudential Supervision Engagement Process conducted of credit institutions in 2012 is available on Page 37 of the Central Bank Annual Report 2012 (an extract from which is shown in the following table below. The Central Bank conducts continuous supervision of these high impact institutions and this consists of review work across all...

Written Answers — Department of Finance: Corporate Tax Regime Issues (3 Oct 2013)

Michael Noonan: In a number of answers to previous Parliamentary Questions on this issue I have repeatedly advised that there is no agreed international methodology for calculating the ‘effective rate’ of corporation tax. With that in mind, I am unsure as to the premise of the Deputy's question which seems to imply that Ireland has an "effective rate" that is significantly lower than our 12.5%...

Written Answers — Department of Finance: Economic Growth Rate (3 Oct 2013)

Michael Noonan: All economic forecasts are conditional forecasts - they are based upon assumptions for key inputs such as demand in export markets and exchange rates etc. When these assumptions change, projections will, by definition, change. Economic developments in Ireland’s main trading partners - in particular the UK and the euro area - have underperformed international forecasters’...

Written Answers — Department of Finance: Ministerial Meetings (3 Oct 2013)

Michael Noonan: On Friday September 27th I travelled to Belfast to speak at the Confederation of British Industry’s, Northern Ireland Annual Lunch at a time when economic fortunes on both sides of the border are showing positive signs of recovery. I discussed how our economies have gone through a major transformation over the last number of years and we are finally starting to see signs of stability...

Written Answers — Department of Finance: EU-IMF Programme of Support Issues (3 Oct 2013)

Michael Noonan: I propose to take Questions Nos. 42 and 57 together. As the Deputy is aware, the EU-IMF Programme of Financial Support runs to December this year. The Government's focus is now firmly fixed on achieving a successful and durable exit from our programme. In this regard we are doing all that we can to achieve this end. We continue to meet our programme conditions and our strong implementation...

Written Answers — Department of Finance: Budget 2014 (3 Oct 2013)

Michael Noonan: As the Deputy will be aware, my colleague Brendan Howlin, the Minister for Public Expenditure and Reform announced at the start of the summer, a stimulus package which included €150 million to be invested school projects, local road maintenance and repairs, and a Local Authority Energy Efficiency Scheme. This package will help create jobs throughout local communities as it is focused...

Written Answers — Department of Finance: National Debt (3 Oct 2013)

Michael Noonan: The end September 2013 Exchequer Returns published on 2 October show that interest expenditure on the National Debt was €4,793 million in the first nine months of the year. State support, on a gross basis, for the banking sector has amounted to approximately €64 billion, which includes Exchequer payments, promissory notes in respect of IBRC and EBS, as well as funding from the...

Written Answers — Department of Finance: Credit Review Office Appeals (3 Oct 2013)

Michael Noonan: The Deputy may be aware that the Credit Reviewer stated in his eleventh quarterly report that he had asked that the threshold by which the Credit Review Office (CRO) review decisions to refuse, reduce or withdraw credit facilities (including applications for restructured credit facilities) be raised from €500,000 to €3 million. I published an assessment of the Credit Review...

Written Answers — Department of Finance: Bank Debt Restructuring (3 Oct 2013)

Michael Noonan: During recent Review Missions of the Troika the Irish authorities have discussed the issues relating to the high cost of funding banks’ tracker mortgage books and the related impact of the negative carry, relative to the interest rate received on the mortgages, on net interest margin and profitability. It was agreed that the Irish authorities will present a report on this matter to the...

Written Answers — Department of Finance: Strategic Investment Fund Investments (3 Oct 2013)

Michael Noonan: As recently announced, the Government has decided to establish the Ireland Strategic Investment Fund (ISIF) which will absorb National Pensions Reserve Fund (NPRF). The discretionary fund of the NPRF, of approximately €6.4 billion currently, will be channelled towards productive investment on commercial terms in the Irish economy. Officials of my Department are currently preparing the...

Written Answers — Department of Finance: Credit Union Fund Issues (3 Oct 2013)

Michael Noonan: The Credit Union Fund was established by ministerial order under the Credit Union and Co-operation with Overseas Regulators Act 2012. Under section 57 of the Act, I contributed €250 million to the Fund in December 2012. This funding is designed to support the restructuring of the credit union sector by the Credit Union Restructuring Board (ReBo) as set out in the 2012 Act and in line...