Results 18,461-18,480 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Banking Sector Remuneration (17 Jan 2013)

Michael Noonan: I propose to take Questions Nos. 29 and 46 together. A significant amount of work has been completed on the review of bankers’ remuneration. I expect the report to be submitted shortly whereupon I will start consultations with the various stakeholders. As I have said previously, I fully recognise that there is a real public interest in the levels of remuneration at the covered...

Written Answers — Department of Finance: Economic Policy (17 Jan 2013)

Michael Noonan: This Government took office in March 2011 inheriting an economy that had not seen growth since 2007 and with most of the key macroeconomic indicators in negative territory. Employment was in decline while unemployment was still rising. This Government immediately set out about putting the economy on the path to recovery and outlined a number of priorities aimed at fixing our broken banking...

Written Answers — Department of Finance: Banking Sector Regulation (17 Jan 2013)

Michael Noonan: Public interest directors do not have a formal reporting relationship to the Minister or to the Department of Finance and as yet I have no plans to schedule regular meetings specifically with the public interest directors of the covered banks. However, I did meet with directors of the Boards of AIB, Bank of Ireland and PTSB last week at which 5 public interest directors were present. The...

Written Answers — Department of Finance: NAMA Social Housing (17 Jan 2013)

Michael Noonan: The Deputy may wish to consider my response to a parliamentary question from Deputy Barry Cowen on 13th December 2012, which deals with this matter in some detail. NAMA advises that it has identified 3,879 residential properties controlled by its debtors and receivers as being available for social housing provision. This represents a very substantial contribution by NAMA in the context of...

Written Answers — Department of Finance: NAMA Portfolio (17 Jan 2013)

Michael Noonan: As the Deputy is aware, NAMA has acquired loans from five participating institutions and is not the owner of properties nor is it involved in the day-to-day management of properties. The Agency’s role is, like a bank, that of a secured lender. Other than properties that have been enforced, all of which are listed on NAMA’s website and which are managed by the appointed...

Written Answers — Department of Finance: Unemployment Levels (17 Jan 2013)

Michael Noonan: I propose to take Questions Nos. 34 and 49 together. The Department’s most recent forecasts, as published on Budget Day, are for employment growth of 0.2 per cent in 2013. The pace of employment growth is projected to pick-up thereafter, with the result that unemployment is expected to fall to just over 13 per cent by the end of 2015. These forecasts are broadly in line with those...

Written Answers — Department of Finance: Regulatory Impact Assessments (17 Jan 2013)

Michael Noonan: The Local Property Tax was legislated for by way of The Finance (Local Property Tax) Bill 2012. Paragraph 2.20 of the revised Regulatory Impact Assessment guidelines, published in June 2009 and available at, states that it is not compulsory to apply a regulatory impact assessment to a Finance Bill. In addition, paragraph 2.21 of the guidelines states: the publication of a RIA may not be...

Written Answers — Department of Finance: Sovereign Debt (17 Jan 2013)

Michael Noonan: I propose to take Questions Nos. 36 and 50 together. The recently agreed package of measures for Greece is designed to help put its economy on a path to sustainable growth and its domestic finances on a sound footing. This package was agreed in the context of the statement by Euro Area Heads of State or Government that the scale of the Greek problem is so large that it requires special...

Written Answers — Department of Finance: Banking Operations (17 Jan 2013)

Michael Noonan: I propose to take Questions Nos. 40, 55 and 61 together. As announced by my Department last week the State was successful in disposing of its entire €1 billion holding of Contingent Capital Notes (CCN’s) in Bank of Ireland. The transaction followed an initial approach by a number of investment banks to the Department late last year which indicated that there was sizeable...

Written Answers — Department of Finance: Fiscal Policy (17 Jan 2013)

Michael Noonan: The process of fiscal consolidation has seen approximately €28 billion of budgetary measures put in place between 2008 and 2013. Taken as a whole, these budgets have been progressive in nature over the period and this is reflected in the ESRI’s analysis. While the ESRI report states that the budget had a larger proportional impact on the lowest income group than the higher...

Written Answers — Department of Finance: Banking Operations (17 Jan 2013)

Michael Noonan: The NTMA has responsibility for maintaining a relationship with each of the rating agencies, in connection with the sovereign credit rating. Each rating agency visits Ireland at least once a year as part of their formal rating review processes. Meetings are scheduled with all relevant authorities during these visits, including the Department of Finance, NTMA, Central Bank and other public...

Written Answers — Department of Finance: Tax Code (17 Jan 2013)

Michael Noonan: I propose to take Questions Nos. 43 and 54 together. In a number of answers to previous Parliamentary Questions on this issue I have repeatedly stated that there is no agreed international methodology for calculating the effective rate of corporation tax. To illustrate the debate on the topic, I have referred to an estimate from a report produced by the World Bank and...

Written Answers — Department of Finance: NAMA Property Construction (17 Jan 2013)

Michael Noonan: NAMA advises that, based on user feedback, the majority of users of its enforced properties website are interested in properties that are available within their own geographical areas for rent or purchase. NAMA has, in response to feedback from these users, significantly enhanced the functionality of the enforced properties website to enable interested parties to interrogate the listing of...

Written Answers — Department of Finance: NAMA Bonds (17 Jan 2013)

Michael Noonan: I propose to take Questions Nos. 45 and 48 together. Budget 2013 estimated that the cumulative Exchequer deficit over the years 2013-2015 would be close to €35 billion. In addition to these day-to-day costs, there are large debt redemptions that are scheduled from early 2013, including a €5.1 billion bond repayment in April 2013 and a €7.6 billion bond repayment in...

Written Answers — Department of Finance: Banking Operations (17 Jan 2013)

Michael Noonan: I propose to take Questions Nos. 47, 73 and 74 together. The Government recognises that SMEs are the lifeblood of the economy and will play a vital role in the recovery of employment growth in our country. One of the key priorities of the Programme for Government is to ensure that an adequate pool of credit is available to fund SMEs in the real economy during the restructuring and...

Written Answers — Department of Finance: Real Estate Investment Trusts (17 Jan 2013)

Michael Noonan: I am advised by NAMA that it is very supportive of the Government’s decision to introduce REITs legislation. Officials in my Department have been in regular contact with the Agency in relation to the introduction of QIFs and I am advised that the Board of NAMA is currently considering its approach in light of the forthcoming REITs legislation.

Written Answers — Department of Finance: Mortgage Interest Rates (17 Jan 2013)

Michael Noonan: I, as Minister for Finance, have no statutory role in relation to the mortgage interest rates charged by regulated financial institutions. It is a commercial matter for the banks concerned. The Central Bank has responsibility for the regulation and supervision of financial institutions in terms of consumer protection and prudential requirements and for ensuring ongoing compliance with...

Written Answers — Department of Finance: Real Estate Investment Trusts (17 Jan 2013)

Michael Noonan: The details of the legislation which will provide for Real Estate Investment Trust (REIT) status for qualifying public limited companies will be published in Finance Bill 2013. An Irish REIT will be subject to relevant provisions of the Companies Acts, and will be required to comply with the requirements of various European Directives including the Prospectus Directive, Transparency...

Written Answers — Department of Finance: EU Presidency (17 Jan 2013)

Michael Noonan: As President of the ECOFIN Council I will be pursuing the objectives listed in the ECOFIN work programme of the Irish Presidency of the European Union, which will be formally presented to the Ecofin Council on 22 January 2013. As Presidency, our focus will be on seeking agreement with our European partners on the legislative measures underpinning the banking union, - certain other...

Written Answers — Department of Finance: Proposed Legislation (17 Jan 2013)

Michael Noonan: As part of the normal process for Budget 2013, my Department received over 500 Pre-Budget submissions from a variety of sectors including investment, auditing and accounting institutions. This process has continued for Finance Bill 2013, with the Department open to the suggestions from all sectors and bodies including investment, auditing and accounting institutions. In relation to any...