Results 15,901-15,920 of 27,019 for speaker:Michael Noonan

Ceisteanna - Questions - Priority Questions: Banking Sector Remuneration (21 May 2013)

Michael Noonan: The Deputy will be aware that when publishing the review of remuneration practices and frameworks at the covered institutions on 12 March 2013, I indicated that the Government had formed the view that with the remaining State-supported banks still incurring losses it was an inescapable conclusion that the cost base of the institutions needed to be reduced further. This is essential if they...

Ceisteanna - Questions - Priority Questions: Credit Union Issues (21 May 2013)

Michael Noonan: The Department of Finance and I have a very good relationship with the credit union movement, both at national level and with individual credit unions around the country. The Deputy will recall that when the legislation to restructure the credit union movement was brought before the House, many amendments were suggested by Deputies on behalf of the movement. All issues were resolved by...

Ceisteanna - Questions - Priority Questions: Bank Charges (21 May 2013)

Michael Noonan: We have very good formal relationships with the banks now. Contacts can be make quite adequately through officials in the Department of Finance, who are in constant contact with the banks. An interest rate is the price at which money is lent and the price contains a pricing in of risk. The banks must be in a position to arrange these matters commercially when they are no longer relying...

Ceisteanna - Questions - Priority Questions: Credit Union Issues (21 May 2013)

Michael Noonan: Many distressed borrowers have multiple debts with different lenders and have to deal with each lender on each debt. This makes it difficult for a borrower and his or her lenders to address the personal debt difficulties on a whole of debt basis. In view of this, at the start of March the Central Bank commenced a process to facilitate the development of a co-ordinated approach among lenders...

Ceisteanna - Questions - Priority Questions: Bank Charges (21 May 2013)

Michael Noonan: The Deputy refers to November 2011, which was when the Taoiseach wrote to the Central Bank to ask if it was seeking regulatory powers to control interest rates. The Deputy Governor replied to the effect that the Central Bank was not seeking such powers and provided good and sufficient reasons for not doing so. The difference between the situation in November 2011 and now is that at that...

Ceisteanna - Questions - Priority Questions: European Banking Union (21 May 2013)

Michael Noonan: The stability mechanism is not just an Irish institution; it is in place for all 27 member states. I have explained previously to the Deputy that three Eurogroup meetings included a political discussion to give guidance to the small group drafting the guidelines for the ESM. In that context, there were discussions on both legacy issues and retrospective application in recapitalisation....

Ceisteanna - Questions - Priority Questions: Bank Charges (21 May 2013)

Michael Noonan: I must confirm for the Deputy that the lending institutions in Ireland, including those in which the State has a significant shareholding, are independent commercial entities. I have no statutory role in relation to regulated financial institutions passing on the European Central Bank interest rate change. It is a commercial matter for each institution concerned. Neither have I...

Ceisteanna - Questions - Priority Questions: European Banking Union (21 May 2013)

Michael Noonan: We have made significant progress in the Irish Presidency on the single supervisory mechanism which was the first major step that has now been agreed. We have also got agreement on the capital requirements directive, CRD IV, which the Deputy will recall was the directive which decided on the capital requirements of banks and introduces the new Basel rules with which banks must comply. The...

Ceisteanna - Questions - Priority Questions: European Banking Union (21 May 2013)

Michael Noonan: The European Council meeting of 29 June 2012 considered a report from the President of the European Council, in co-operation with the Presidents of the Commission, the Eurogroup and the ECB, which set out building blocks for future Economic and Monetary Union. One of these building blocks is an integrated financial framework, or banking union, which comprises three elements: an integrated...

Written Answers — Department of Finance: State Banking Sector Regulation (21 May 2013)

Michael Noonan: As the Deputy will appreciate, officials from the Irish authorities are in regular dialogue with all of the State supported banks in an effort to enhance stability and to facilitate the sectors’ return to profitability. The long term profitability of the State supported banks depends on many variables, the impact of trackers is only one of those. There has been improvement in many...

Written Answers — Department of Finance: Central Bank of Ireland Issues (21 May 2013)

Michael Noonan: I propose to take Questions Nos. 61 and 63 together. It is to be expected that staff will move between the Central Bank and the financial sector in both directions. This can be healthy to the extent that it allows the Central Bank to gain access to high-level sectoral expertise while allowing those with regulatory experience to move into the industry and support a compliance culture....

Written Answers — Department of Finance: Mortgage Arrears Proposals (21 May 2013)

Michael Noonan: I propose to take Questions Nos. 62 and 122 together. As the Deputies are aware, on 13 March the Central Bank announced new measures to address mortgage arrears, including the publication of performance targets for proposing and concluding sustainable solutions for borrowers in arrears over 90 days for the main mortgage banks and proposed changes to the Code of Conduct on Mortgage Arrears....

Written Answers — Department of Finance: EU Directives (21 May 2013)

Michael Noonan: I propose to take Questions Nos. 64 and 75 together. The Bank Recovery and Resolution (“BRRD”) proposal aims to introduce an effective recovery and resolution framework for credit institutions and investment firms at national level to ensure minimum harmonisation at EU level. The proposed directive provides for three stages of crisis prevention and management: a...

Written Answers — Department of Finance: Promissory Note Negotiations (21 May 2013)

Michael Noonan: As the Deputy is aware, on 6/7 February the liquidation of IBRC was agreed in the Houses of the Oireachtas and the IBRC Promissory Notes were replaced with longer-dated Irish Government Bonds. This followed extensive discussions with our European partners at all levels, particularly in the later stages of 2012 and into 2013. The new arrangements go a long way towards addressing the...

Written Answers — Department of Finance: Euro Coins Production (21 May 2013)

Michael Noonan: In 2011, I requested that the Central Bank examine ways to improve Ireland's payment infrastructure. The Central Bank established a Steering Committee which prepared and submitted the National Payments Plan to me. The membership of the Steering Group was to act as representatives for all sections in society, including marginalised and disadvantaged groups. Government subsequently approved...

Written Answers — Department of Finance: Shadow Banking Sector (21 May 2013)

Michael Noonan: Shadow banking was not discussed at the ECOFIN meeting of EU Finance and Economic Ministers on 14 May. The agenda dealt with Banking Recovery and Resolution; the draft Budget; Savings Taxation agreements with third countries; tax evasion and fraud; macroeconomic imbalances; Economic and Monetary Union, including the introduction of a Convergence and Competitiveness Instrument and ex...

Written Answers — Department of Finance: Fodder Crisis (21 May 2013)

Michael Noonan: I am advised by NAMA that such requests, in so far as there may be any, would be received by its debtors and receivers and not by the Agency itself, given that it is a secured lender and does not own agricultural land. I am advised by NAMA that farmers seeking access to an individual property should in the first instance contact the owner of the property or the receiver, if one is in...

Written Answers — Department of Finance: European Banking Union (21 May 2013)

Michael Noonan: The European Council meeting of 29 June 2012 considered a report from the President of the European Council in cooperation with the Presidents of the Commission, Eurogroup and ECB which set out building blocks for future Economic and Monetary Union. One of these building blocks is an integrated financial framework or banking union which comprises three elements (a) an integrated system for...

Written Answers — Department of Finance: State Banking Sector Regulation (21 May 2013)

Michael Noonan: As I stated in response to PQ 2009/13 a way forward for Permanent TSB was agreed with the Troika in April 2012 which envisaged it playing an important role in the future of Irish retail banking, being a more focused retail bank bringing an element of competition to the marketplace which has consolidated significantly since 2008. In this regard Permanent TSB submitted a Restructuring Plan to...

Written Answers — Department of Finance: Tax Avoidance Issues (21 May 2013)

Michael Noonan: I am advised by the Revenue Commissioners that they are strongly focused on ensuring optimal compliance with tax obligations, and that non-compliance is confronted and penalised. Revenue's overall approach to managing compliance is to undertake a range of targeted interventions that are most appropriate for dealing with the specific risks presented in individual cases. In 2012, Revenue...