Results 1,981-2,000 of 27,019 for speaker:Michael Noonan

Written Answers — Fiscal Policy: Fiscal Policy (7 Jun 2011)

Michael Noonan: The National Treasury Management Agency (NTMA) is in constant contact with market participants and will advise me when it feels that the time is right to re-enter the markets. While the interest rates at which we can borrow will obviously be a key determinant in this decision, they will not be the only factor. In any event, it would not be wise to speculate about what these rates may be as...

Written Answers — Personal Debt: Personal Debt (7 Jun 2011)

Michael Noonan: The Central Bank has advised me that the following lenders have notified the Bank of their intention to implement the recommendation of a Deferred Interest Scheme (DIS), as set out in the final report of the Expert Group on Mortgage Arrears and Personal Debt: - Allied Irish Banks - AIB Mortgage Bank - Bank of Ireland - ICS Building Society - EBS - Haven Mortgages - Irish Nationwide Building...

Written Answers — Job Creation: Job Creation (7 Jun 2011)

Michael Noonan: The Irish labour market remains very weak, with the latest figures revealing that the number of people on the live register and the standardised unemployment rate increased in May. These are obviously very disappointing developments, particularly as previous data had suggested that the unemployment rate had stabilised in the first four months of the year. Against this backdrop, the measures...

Written Answers — Pension Provisions: Pension Provisions (7 Jun 2011)

Michael Noonan: Under current scheme rules, Members of the Oireachtas elected before 1 April 2004 who qualify for pension are eligible to receive the pension from age 50 on leaving office. Those elected from that date are deemed to be "new entrants" under the Public Service Superannuation (Miscellaneous Provisions) Act 2004 and have a minimum pension age of 65. The Government is reviewing how the Programme...

Written Answers — National Asset Management Agency: National Asset Management Agency (7 Jun 2011)

Michael Noonan: The National Asset Management Agency has been established as a body corporate and is independent in the performance of its functions under the National Asset Management Agency Act 2009. NAMA has a Board of Directors and a commercial remit under the legislation. The role assigned to the Minister is set out in the legislation. The desirability or otherwise of having a Minister of State with...

Written Answers — National Pensions Reserve Fund: National Pensions Reserve Fund (7 Jun 2011)

Michael Noonan: The total value of the National Pensions Reserve Fund (NPRF), according to its most recently published figures, was €23.2 billion at 31 March 2011. Of this, - €7.9 billion is invested in Bank of Ireland and Allied Irish Banks on the direction of the Minister for Finance; - €5.5 billion is held in cash on foot of a direction from the Minister for Finance in February 2011. This will...

Written Answers — Public Service Remuneration: Public Service Remuneration (7 Jun 2011)

Michael Noonan: I assume the Deputy is referring to the decision made by the previous Minister for Finance, in determining the appropriate reduction in basic salary to apply to Assistant Secretaries, Deputy Secretaries and related grades in other areas of the public service, including groups at comparable levels in the local authorities, HSE, some State Bodies, Garda Síochána and Defence Forces, to take...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (7 Jun 2011)

Michael Noonan: The Prudential Capital Assessment Review in the Central Bank of Ireland's Financial Measures Programme was published on 31 March 2011. The PCAR provides that €24 billion, which includes €3 billion in contingency funds, is required by the banks for capital purposes to ensure the banks maintain a minimum of Core Tier 1 capital ratio of 10.5 per cent at all times in the base case scenario...

Written Answers — Proposed Legislation: Proposed Legislation (7 Jun 2011)

Michael Noonan: It is planned to introduce a new single pension scheme for all new entrants to the public service. The scheme will link pension age to the social welfare pension age, while entitlements will be based on average career earnings and will be linked to consumer price inflation. The scheme will considerably and credibly strengthen our public finances over the long term. It is intended to publish...

Written Answers — National Solidarity Bond: National Solidarity Bond (7 Jun 2011)

Michael Noonan: "NTMA State Savings" is the brand name used by the National Treasury Management Agency (NTMA) to describe the range of savings products offered by the NTMA to personal savers. The 4-year and 10-year National Solidarity Bonds are part of this range of NTMA State Savings products which also includes Prize Bonds, Savings Bonds, Savings Certificates, Instalment Savings, and Deposit Accounts...

Written Answers — Tax Code: Tax Code (7 Jun 2011)

Michael Noonan: I have no plans to impose such a levy at this time. However, all taxes and potential taxation measures are constantly reviewed in the context of the Budget and Finance Bill.

Written Answers — Tax Code: Tax Code (7 Jun 2011)

Michael Noonan: The following Social Welfare Payments are taxable: State Pension (Contributory) State Pension (Non-Contributory) State Pension (Transition) **Illness Benefit Invalidity Pension **Occupational Injury Benefit **Interim Disability Benefit *Disablement Benefit Death Benefit Pension Widow/er's or Surviving Civil Partner's (Contributory) Pension Widow/er's or Surviving Civil Partner's...

Written Answers — Tax Code: Tax Code (7 Jun 2011)

Michael Noonan: Persons employed in commercial State bodies have not been and are not subject to the public service pension-related deduction. The deduction applies to persons employed in bodies defined as a "public service body" in the relevant legislation, the Financial Emergency Measures in the Public Interest Act 2009. The commercial State bodies to which the definition of "public service body" does...

Written Answers — Proposed Legislation: Proposed Legislation (7 Jun 2011)

Michael Noonan: I propose to take Questions Nos. 86 and 90 together. It is a priority of this Government to put to the people a proposal to amend the Constitution to reverse the effects of the Abbeylara judgement. As the Deputy will be aware, the holding of a referendum will require the enactment of a Constitutional Amendment Bill by the Oireachtas. Once passed, the Minister for the Environment, Community...

Written Answers — Tax Code: Tax Code (7 Jun 2011)

Michael Noonan: I propose to take Questions Nos. 87 and 94 together. The Government's position on the CCCTB is clear and unambiguous. On 16 March this year the European Commission, which has the right of initiation in terms of bringing forward legislative proposals, published its proposal for a Common Consolidated Corporate Tax Base. This represents the beginning of a protracted process that will involve a...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (7 Jun 2011)

Michael Noonan: As the Deputy will be aware, a number of changes have taken place at senior level within the Central Bank of Ireland in recent times: - Professor Patrick Honohan became Governor in 2009 - Matthew Elderfield became Head of Financial Regulation in 2010 - Gerry Quinn became Chief Operations Officer in 2011 A number of other senior appointments have been made at the Central Bank in the areas of...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (7 Jun 2011)

Michael Noonan: My Department works in close liaison with all relevant agencies, particularly the Central Bank and the NTMA, on banking sector issues. Mr. John Moran, who is on secondment to the Department from the Central Bank of Ireland, has been assigned to oversee the recently announced restructuring of the banking sector and associated issues. He leads the relevant team within the Department of...

Written Answers — Departmental Responsibilities: Departmental Responsibilities (7 Jun 2011)

Michael Noonan: The process of transferring functions from one Department to another is carried out by means of Government Orders under powers contained in section 6(1) of the Ministers and Secretaries (Amendment) Act 1939, while in some cases primary legislation may be needed. Each order is carefully drafted so that all relevant legislation is listed in the Schedule to the order. The Departments which...

Written Answers — Departmental Responsibilities: Departmental Responsibilities (7 Jun 2011)

Michael Noonan: I am pleased to advise that the Second Stage debate on the Ministers and Secretaries (Amendment) Bill 2011, which will provide a legislative basis to allow for the formal establishment of the Department of Public Expenditure and Reform and for the transfer of certain functions from the Minister for Finance, was concluded on 2 June 2011. I am hopeful that all stages will be concluded in the...

Written Answers — Croke Park Agreement: Croke Park Agreement (7 Jun 2011)

Michael Noonan: I propose to take Questions Nos. 93 and 109 together. The National Recovery Plan 2010 - 2014 commits to savings of about €1.2 billion in the Public Service Exchequer Pay Bill in the four years between 2010 and 2014, to be achieved, inter alia, by reducing the number of public servants by 24,750 over 2008 levels and by leveraging the mechanisms of the Public Service Agreement to secure...