Results 19,441-19,460 of 27,019 for speaker:Michael Noonan

Fiscal Responsibility Bill 2012: Report Stage (Resumed) and Final Stage (13 Nov 2012)

Michael Noonan: I see a danger in this amendment. If we are to include a series of provisions in certain legislation because we think it is important that Dáil debates take place in certain circumstances, a future Government might decide it was free to refuse to hold a Dáil debate because a requirement to do so was not specifically written into the relevant legislation. If we write this provision...

Fiscal Responsibility Bill 2012: Report Stage (Resumed) and Final Stage (13 Nov 2012)

Michael Noonan: I move amendment No. 14:In page 14, lines 10 to 11, to delete all words from and including "who" in line 10 down to and including "Council" in line 11 and substitute the following:"who shall be the officer accountable for such accounts".This technical amendment proposes to remove the references to "accounting officer" and "appropriation accounts" in paragraph 10(2) of the Schedule to the...

Fiscal Responsibility Bill 2012: Report Stage (Resumed) and Final Stage (13 Nov 2012)

Michael Noonan: I thought Deputy Richard Boyd Barrett was going to vote with me this time.

Fiscal Responsibility Bill 2012: Report Stage (Resumed) and Final Stage (13 Nov 2012)

Michael Noonan: As I said, we will have a fuller response. The Fiscal Council is independent and publishes its own report, but if the Opposition wants to debate the reports as they are issued, I have no problem with that. The arrangements can be made through the Whips.

Fiscal Responsibility Bill 2012: Report Stage (Resumed) and Final Stage (13 Nov 2012)

Michael Noonan: The Government is never reluctant to have a debate on any issue. If the Opposition wants to debate any particular Fiscal Council report, we will debate it. It stands to reason that a special report of a more crucial nature should take priority. We would be even more bound to debate that. However, the provision for a Dáil debate need not be written into every piece of legislation....

Fiscal Responsibility Bill 2012: Report Stage (Resumed) and Final Stage (13 Nov 2012)

Michael Noonan: I do not propose to accept the amendment. As Deputy Doherty noted, we thrashed this issue out on Committee Stage, but it is worth stating my position once again. The Fiscal Council has been established to address gaps in fiscal policy analysis and provide assessments and recommendations in regard to fiscal policy. Imposing a wide mandate on the council would require a much greater level of...

Fiscal Responsibility Bill 2012: Report Stage (Resumed) and Final Stage (13 Nov 2012)

Michael Noonan: The Deputy made these points previously. When one establishes an agency to do a particular job, it is advisable to let it do the job rather than treat it as an empty train carriage onto which other policy options can be loaded. The ESRI already evaluates the areas suggested by Deputy Doherty, as does the National Economic and Social Council. The Fiscal Council has been instituted to do a...

Written Answers — Department of Finance: New Economy and Recovery Authority (13 Nov 2012)

Michael Noonan: In September 2011 the Government announced the establishment of the New Economy and Recovery Authority (NewERA) within the National Treasury Management Agency (NTMA). NewERA will centralise the management of Government holdings in the commercial semi-state sector (initially the companies within NewERA’s remit are ESB, EirGrid, Bord Gáis, Bord na Móna and Coillte ) from a...

Written Answers — Department of Finance: Banking Sector Remuneration (13 Nov 2012)

Michael Noonan: I am advised that public servant pension abatement rules do not apply to fees paid to the Public Interest Directors appointed to the boards of Irish Bank Resolution Corporation, Permanent TSB, Bank of Ireland or Allied Irish Bank. The abatement rules could not be applied to these fees as the institutions involved are not within the Public Service. As the issue of public service pensions is...

Written Answers — Department of Finance: Credit Availability (13 Nov 2012)

Michael Noonan: As the Deputy is aware, the Government has imposed SME lending targets on the two domestic pillar banks for the three calendar years, 2011 to 2013. Both banks were required to sanction lending, including lending for working capital purposes, of at least €3 billion in 2011, €3.5 billion this year and €4 billion in 2013 for new or increased credit facilities to SMEs. Both...

Written Answers — Department of Finance: Banking Sector Remuneration (13 Nov 2012)

Michael Noonan: As the Deputy will be aware none of the institutions in receipt of State Aid has used State Funds directly to offset deficits in defined benefit pension schemes. This assurance, provided by the banks, would cover the direct transfer of funds provided in State Aid towards the reduction of deficits in the banks pension schemes. The institutions do contribute, as required by law and regulation,...

Written Answers — Department of Finance: Pension Provisions (13 Nov 2012)

Michael Noonan: I am advised by the Central Bank that since becoming aware of information relating to client investments and having substantiated its concerns, it ensured that Custom House Capital Limited advised affected clients and reviewed the information that was provided. The Central Bank has further advised that in July 2011, it received information, which increased its concerns regarding the...

Written Answers — Department of Finance: Financial Services Regulation (13 Nov 2012)

Michael Noonan: The Government is committed to having in place an effective regulatory/supervisory system for those firms which provide a debt management and/or a debt advice service. I have received Government approval to bring forward an amendment, at the Committee Stage, of the Central Bank (Supervision and Enforcement) Bill 2011 to provide for a regulatory regime for debt management and debt advice companies.

Written Answers — Department of Finance: Pension Provisions (13 Nov 2012)

Michael Noonan: I have been advised by IBRC that the number of retired employees currently in receipt of a defined benefit pension from the former Anglo Irish Bank and INBS in excess of €100,000 is 8. Due to the Bank’s obligations under Data Protection Acts 1988 and 2003 the names of these individuals and the annual sums they receive cannot be disclosed. It should be noted that all bar...

Written Answers — Department of Finance: Mortgage Interest Relief (13 Nov 2012)

Michael Noonan: I am informed by the Revenue Commissioners that a basis for compiling the estimates requested by the Deputy could not be compiled without carrying out a significant development of the Revenue Commissioners’ TRS computer system at a cost which would be prohibitive in terms of the resources required. In addition, as the Deputy will be aware, following the Budget 2010 changes, only...

Written Answers — Department of Finance: Negative Equity Mortgages (13 Nov 2012)

Michael Noonan: The Central Bank has advised me that some lenders are already offering this product, or about to, but to date none are actively marketing it. Other lenders have committed to reconsidering the issuing of such products. The decision to introduce a negative equity type product is a matter for each mortgage lender. However any institution offering such a mortgage facility may do so only in...

Written Answers — Department of Finance: Mortgage Resolution Processes (13 Nov 2012)

Michael Noonan: I propose to take Questions Nos. 190 and 222 together. The Deputies will be aware that last October the Government published the Report of the Inter-Departmental Working Group on Mortgage Arrears (“Keane Report”). The ‘Keane Report’ recommended, as one of a range of measures that could be deployed to assist distressed mortgage holders, the introduction of a...

Written Answers — Department of Finance: Banking Sector Remuneration (13 Nov 2012)

Michael Noonan: I propose to take Questions Nos. 191 and 192 together. In relation to the public interest directors in EBS, Mr. Anthony Spollen and Ms. Ann Riordan were appointed in January 2009. However, these directors resigned from their positions on 30 June 2011, prior to the acquisition of EBS Building Society by AIB on 1 July 2011. EBS now operates as a subsidiary of AIB. In relation to the public...

Written Answers — Department of Finance: Banking Sector Remuneration (13 Nov 2012)

Michael Noonan: As the Deputy will be aware this Government has not appointed any public interest directors to the boards of the Covered Banks since taking office. The details of the public interest directors appointed to Bank of Ireland (BOI) are shown in the table below. Both of the Public Interest Directors in Bank of Ireland were appointed in January 2009. Information regarding the remuneration of...

Written Answers — Department of Finance: Banking Sector Remuneration (13 Nov 2012)

Michael Noonan: I have been advised by IBRC that the following public interest directors were appointed under the terms of the Government Guarantee scheme to the Board of Irish Nationwide Building Society, both of whom have resigned from the Board at this stage. Director Date of Appointments Date of Resignation Adrian Kearns 23 January 2009 30 June 2011 Rory O’Ferrall 23 January 2009 30...