Results 2,221-2,240 of 27,019 for speaker:Michael Noonan

Written Answers — EU-IMF Programme: EU-IMF Programme (23 Jun 2011)

Michael Noonan: As I have previously outlined in relation to similar questions in the recent past, it is the stated intention of the National Treasury Management Agency (NTMA) to return to sovereign debt markets as soon as market conditions permit. The steps necessary to enable such a return include resolution of the banking sector issues and continued progress in the reduction of the budget deficit in line...

Written Answers — Fiscal Policy: Fiscal Policy (23 Jun 2011)

Michael Noonan: The Credit Reviewer in his last quarterly report referred to his proposals to raise the current cap on the refusals which can be reviewed by his Office to €500,000. The current threshold of €250,000 is specified in S.I. 127 of 2010. My officials have already been in correspondence with the Central Bank on this issue and the matter is under active consideration in my Department at present.

Written Answers — Banks Recapitalisation: Banks Recapitalisation (23 Jun 2011)

Michael Noonan: I propose to take Questions Nos. 69 and 70 together. In 2009, the Exchequer funded a €4 billion capital injection into Anglo Irish Bank. In 2010, €30.85 billion was committed to Anglo Irish Bank, Irish Nationwide Building Society (INBS) and Educational Building Society (EBS) by way of Promissory Notes but there was no Exchequer expenditure associated with these Promissory Notes in 2010....

Written Answers — Banks Recapitalisation: Banks Recapitalisation (23 Jun 2011)

Michael Noonan: The sum of €1,932,370,435 has been paid into the Exchequer in respect of all fees and interest accumulated under Credit Institutions (Financial Support) Scheme (CIFS) and the Eligible Liabilities Guarantee Scheme 2009. Bank of Ireland paid €214.5 million to the NPRF in February 2011 in respect of a divided on the State's remaining preference shares, no payment was made in 2010 due to the...

Written Answers — Financial Services Sector: Financial Services Sector (23 Jun 2011)

Michael Noonan: As I informed the Deputy previously, as bonds are usually issued in bearer form the purchasers of the bonds are unknown to the issuing bank. When a bank issues a bond, whether by private placement or public issue, it would be usual practice for a securities depository company, such as Clearstream and Euroclear, to purchase the bond on behalf of their customers and the banks would not...

Written Answers — State Banking Sector: State Banking Sector (23 Jun 2011)

Michael Noonan: The €750 million bond that matured on 31 January 2011 was issued in January 2006 (the bond settled on 31 January 2006). This was a senior unsecured bond which was guaranteed by the Irish Government from September 2008 until September 2010 under the CIFS scheme. The €750million was repaid to the bond holders who held the bond on its maturity date. The bank's medium term debt is publicly...

Central Bank and Credit Institutions (Resolution) (No. 2) Bill 2011: Order for Second Stage (28 Jun 2011)

Michael Noonan: I move: "That Second Stage be taken now."

Central Bank and Credit Institutions (Resolution) (No. 2) Bill 2011: Second Stage (28 Jun 2011)

Michael Noonan: I move: "That the Bill be now read a Second Time." There has been much discussion at international level on how best to deal with financial institutions in distress. Clearly, Ireland has much to offer in this debate given recent experience. As we move to implement the restructuring of the domestic banking system I announced in my statement on 31 March last, it is also important we provide...

Written Answers — Public Service Reform: Public Service Reform (28 Jun 2011)

Michael Noonan: I propose to take Questions Nos. 84, 85, 87, 88, 122 to 126, inclusive, 129, 131, 133, 134 and 137 to 144, inclusive, together. As outlined in the Programme for Government, this Government is committed to the most ambitious programme of Public Service Reform since the foundation of the State. This will take place in tandem with an equally significant programme of constitutional, political...

Written Answers — Public Expenditure: Public Expenditure (28 Jun 2011)

Michael Noonan: The Government is committed to examining all aspects of public expenditure under the Comprehensive Review of Expenditure with a view to ensuring where state programmes do continue that all resources are used in the optimum manner to deliver services to citizens. One aspect of this review will be the rationalisation of state agencies. The Government expects that this will go beyond simply...

Written Answers — Financial Products: Financial Products (28 Jun 2011)

Michael Noonan: The mortgage interest rates that financial institutions operating in Ireland charge to customers are determined as a result of a commercial decision by the institutions concerned. The interest rate charged to customers is determined by a broad range of factors including European Central Bank base rates, deposit rates, market funding costs, the competitive environment and an institution's...

Written Answers — Tax Code: Tax Code (28 Jun 2011)

Michael Noonan: The Programme for Government states that as part of the Government's fiscal strategy we will maintain the current rates of income tax together with bands and credits. The Taoiseach recently reiterated this commitment.

Written Answers — Ministerial Responsibilities: Ministerial Responsibilities (28 Jun 2011)

Michael Noonan: Deputy Brian Hayes is serving as Minister of State for Public Service Reform and the Office of Public Works at the Department of Public Expenditure and Reform and Department of Finance. His role is to carry out the functions, tasks and policies as agreed within his remit.

Written Answers — Ministerial Responsibilities: Ministerial Responsibilities (28 Jun 2011)

Michael Noonan: Since I was appointed as Minister for Finance, there have been four months meetings of the Council of Economics and Finance Ministers (Ecofin) in March, April, May and June. I have attended every one of these meetings. Usually on the eve of the monthly Ecofin, the Eurogroup meets and again I have attended these monthly meetings also. An extra Eurogroup meeting was called on 21 March to...

Written Answers — Oireachtas Payments: Oireachtas Payments (28 Jun 2011)

Michael Noonan: The answer to this PQ is set out in three parts. Part 1 deals with salary payments to Ministers and Members of the Oireachtas. Part 2 deals with expense allowances for Ministers. Part 3 deals with allowances payable to Members of the Oireachtas. The answer to this PQ is set out in three parts. Part 1 deals with salary payments to Ministers and Members of the Oireachtas. Part 2 deals with...

Written Answers — Financial Products: Financial Products (28 Jun 2011)

Michael Noonan: As Minister for Finance I will not comment on the particular circumstances of the case referred to by the Deputy. These are matters in the first instance for the bank itself, the Central Bank of Ireland in its role as regulator and, should the customer wish to make a complaint the Financial Services Ombudsman. The Consumer Protection Code requires regulated entities to act honestly, fairly...

Written Answers — Ministerial Engagements: Ministerial Engagements (28 Jun 2011)

Michael Noonan: On my recent visit to New York and Washington, I had a series of economic, financial, media and cultural engagements. These included meetings with the IDA, Enterprise Ireland, senior officials and representatives from various client companies and certain target IDA companies. While in New York my engagements included meetings with legal and financial market advisers including an investor...

Written Answers — EU-IMF Fund: EU-IMF Fund (28 Jun 2011)

Michael Noonan: As the Deputy will be aware, the Euro Area Heads of State and Government agreed in principle to a reduction in the interest margin charged to programme countries. This has been applied to Greece and Portugal. However, a decision to apply it to Ireland's loans has not yet been taken. This is because another Member State is asking Ireland to deliver a quid pro quo in return for an interest rate...

Written Answers — Commercial Property Valuations: Commercial Property Valuations (28 Jun 2011)

Michael Noonan: The Valuation Act 2001 which came into effect on 2nd May, 2002, provides for the revaluation of all commercial and industrial property. The Commissioner of Valuation has sole responsibility for all valuation matters under the Valuation Act 2001, which includes the implementation of the revaluation programme on a nationwide basis. The revaluation programme began in November 2005 in the South...

Written Answers — Commercial Property Valuations: Commercial Property Valuations (28 Jun 2011)

Michael Noonan: The review work mentioned by the Deputy is continuing in my Department and the Valuation Office and is making progress. As previously mentioned, the Commissioner is actively reviewing options which might hold potential for accelerating the delivery of the revaluation programme within a shorter timeframe. As mentioned in answer to recent questions, in this context, my officials are reviewing...