Results 17,801-17,820 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Credit Availability (28 Feb 2013)

Michael Noonan: I am aware of the comments made by the Credit Reviewer in his appearance before the Joint Committee on Finance and Public Expenditure and Reform. I would accept his view that having only three main banks lending to the SME sector is not an ideal situation. The Government has taken a number of actions, particularly where SMEs have been refused credit, to improve the situation in relation to...

Written Answers — Department of Finance: Mortgage Arrears Rate (28 Feb 2013)

Michael Noonan: I have been advised by the Central Bank that they have already publicly committed to reviewing the Code of Conduct on Mortgage Arrears during 2013. This review will include a public consultation period. Details of the arrangements for the consultation will appear shortly on the Central Bank’s website – www.centralbank.ie.

Written Answers — Department of Finance: Public Sector Staff Issues (28 Feb 2013)

Michael Noonan: The information requested by the Deputy relating to the requirements applying to senior civil servants taking up employment outside of the Civil Service in the circumstances set out in the Deputy’s question, can be found in section 20 the Civil Service Code of Standards and Behaviour which is available at the Standards in Public Office Commission’s website ( www.sipo.ie.). ...

Written Answers — Department of Finance: Insurance Industry (28 Feb 2013)

Michael Noonan: I can inform the Deputy that the Competition Directorate of the European Commission will consider this transaction and their approval is required in order to complete the transaction. Without wishing to prejudge the matters under consideration it is my expectation that such approval will be granted and that the transaction will complete. In a more general sense I believe that the financial...

Written Answers — Department of Finance: Government Bonds (28 Feb 2013)

Michael Noonan: The NAMA SPV, National Asset Management Agency Investment Limited (NAMAIL) was established to facilitate the participation of private investors in NAMA. 51 per cent of the shares of NAMAIL are held by three private investors, and as a consequence NAMAIL is classified as outside of government for the calculation of general government debt.

Written Answers — Department of Finance: Sale of State Assets (28 Feb 2013)

Michael Noonan: I can inform the Deputy that following completion of the sale to Great-West Lifeco that all decisions on employment levels at Irish Life will be a matter for Great-West Lifeco. The Government will, as the Deputy would expect, have no role in any of these decisions. Allen Loney, the CEO of Great-West Lifeco has stated that any job losses that would occur following the acquisition of Irish...

Written Answers — Department of Finance: Economic Growth (28 Feb 2013)

Michael Noonan: My Department published its latest economic and fiscal outlook at budget time on 5 December 2012. At that time, GDP was forecast to grow by 1.5 per cent in real terms this year, with growth of 2.5 per cent projected for next year. As the Deputy will be aware, the fiscal projections outlined in Budget 2013 point to a steady improvement in the General Government deficit over the coming years....

Written Answers — Department of Finance: Corporation Tax (28 Feb 2013)

Michael Noonan: I propose to take Questions Nos. 32 and 44 together. 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 Deputies’ questions which seems to imply that Ireland...

Written Answers — Department of Finance: Tax Collection (28 Feb 2013)

Michael Noonan: I am informed by the Revenue Commissioners that the Domicile Levy returns and payments for the tax year 2011 were due to be filed on 31 October 2012, or 15 November 2012 for persons who file their income tax returns using the Revenue Online System (ROS). In all, 11 persons submitted returns declaring a liability in respect of the Domicile Levy for the tax year 2011 and these persons paid a...

Written Answers — Department of Finance: EU Directives (28 Feb 2013)

Michael Noonan: A formal European Commission proposal for a Directive implementing, via enhanced cooperation, a financial transactions tax (FTT) was issued on 14 February 2013. An economic impact assessment was published at the time of the original Commission proposal in September 2011. The Commission has concluded that a revised impact assessment is not warranted in connection with the current proposal but...

Written Answers — Department of Finance: Mortgage Interest Relief Extension (28 Feb 2013)

Michael Noonan: I will consider this matter as part of my deliberations in relation to potential amendments to the Finance Bill as it progresses through the Oireachtas.

Written Answers — Department of Finance: NAMA Operations (28 Feb 2013)

Michael Noonan: NAMA’s significant record of achievement in this area indicates that it has adequate resources and has fully utilised these resources to support its efforts to gain additional security for its debtors’ loans. NAMA advises that, to ensure that debtors repay their debt to their full capacity, it requires, inter alia, that they provide security over unencumbered assets not...

Written Answers — Department of Finance: Mortgage Interest Rates (28 Feb 2013)

Michael Noonan: The setting of rates is a commercial matter for the management and the Board of the Institutions. As the Deputy will be aware the Relationship Framework with the bank provide that the State will not intervene in the day-to-day operations of the bank or their management decisions. However I understand that the Central Bank of Ireland pays attention to such matters and would no doubt be...

Written Answers — Department of Finance: Property Taxation Application (28 Feb 2013)

Michael Noonan: I propose to take Questions Nos. 39 and 42 together. The Government has considered the impact of the Local Property Tax (LPT) on those in mortgage distress. In designing the LPT the Thornhill Group acknowledged that in current circumstances an additional case should be made to target assistance on owner occupiers suffering severe financial stress as a result of housing mortgage commitments...

Written Answers — Department of Finance: IBRC Staff (28 Feb 2013)

Michael Noonan: I am informed that on the appointment of the Special Liquidator, 809 employee contracts were terminated in the Republic of Ireland. 802 employees were re-hired by the Special Liquidators on short term contracts to assist with the liquidation of Irish Bank Resolution Corporation Limited. The Special Liquidators confirmed to the employees (by letter dated 7 February 2013) that their...

Written Answers — Department of Finance: IBRC Liquidation (28 Feb 2013)

Michael Noonan: The Government bonds are now held by the Central Bank of Ireland following the liquidation of IBRC. Eight new Floating Rate Treasury Bonds have been issued to discharge the Promissory Notes liability consisting of: a 25 year bond of €2bn maturing in 2038 with an interest rate of 6-month Euribor plus a margin of 2.50%; a 28 year bond of €2bn maturing in 2041 with an interest...

Written Answers — Department of Finance: IBRC Liquidation (28 Feb 2013)

Michael Noonan: As set out in the Irish Bank Resolution Corporation Act 2013, NAMA will not be required to make a bid for “any credit facility pursuant to which IBRC (or Nationwide Building Society (“INBS”)) has made facilities available to current or former employees and/or officers of IBRC or INBS.” No other directions have issued in respect of these credit facilities and they...

Written Answers — Department of Finance: Economic Policy (28 Feb 2013)

Michael Noonan: The economic policies of the Government are designed with the core objective of restoring balanced economic growth. This will, in turn, allow for the continued creation of jobs and for the improvement of living standards for the people of Ireland. However, an essential condition for the resumption of balanced economic growth is sustainable public finances. International research has shown...

Written Answers — Department of Finance: IBRC Liquidation (28 Feb 2013)

Michael Noonan: I am advised that the contractual terms and conditions of customer mortgages and other borrowings will not change as a result of the appointment of the Special Liquidators and all debts owing to IBRC will remain due and enforceable. It is important that, to avoid breaches of their obligations, customers continue to make payments on their loans and otherwise honour the contractual obligations...

Written Answers — Department of Finance: Fuel Rebate Scheme (28 Feb 2013)

Michael Noonan: The proposal to introduce an auto-diesel excise duty relief for licensed road hauliers that I announced in the Budget was, initially, confined to licensed and tax compliant hauliers. However having received a number of submissions from, and on behalf of, private coach operators seeking to have this relief extended to them, as the Deputy will now be aware I have extended the relief to the...