Results 2,661-2,680 of 27,019 for speaker:Michael Noonan

Written Answers — Fiscal Policy: Fiscal Policy (20 Jul 2011)

Michael Noonan: I would like to inform the Deputy that there are measures in place to assist mortgage holders who are in genuine difficulties with regard to the payment of their mortgages. The Deputy will be aware of the work of the Expert Group on Mortgage Arrears and Personal Debt. This Group published its final report in November 2010. All of the Groups recommendations are listed in Chapter 2 of the...

Written Answers — Proposed Legislation: Proposed Legislation (20 Jul 2011)

Michael Noonan: I assume that the Deputy is referring to "non-recourse" mortgages. I have no plans to introduce legislation to promote such mortgages. There are accrued property rights which subsist as a consequence of existing property mortgages; legislation to alter such mortgage contracts could raise constitutional issues. The Deputy might wish to note that the provision of non recourse mortgages...

Written Answers — Government Debt: Government Debt (20 Jul 2011)

Michael Noonan: I propose to take Questions Nos. 74 and 84 together. National debt is defined as the total outstanding amount of principal borrowed by Central Government and not repaid to-date less liquid assets available for redemption of those liabilities at the same date. General Government debt is the standard measure used within the EU for comparative purposes. It includes the National debt as well as...

Written Answers — EU-IMF Programme: EU-IMF Programme (20 Jul 2011)

Michael Noonan: I propose to take Questions Nos. 75 and 76 together. As the Deputy will be aware, in March 2011, 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 in respect of Greece and Portugal. However, a decision to apply it to Ireland's loans has not yet been taken. This is because another Member...

Written Answers — Fiscal Policy: Fiscal Policy (20 Jul 2011)

Michael Noonan: Quarterly Irish economic data can be very volatile and is subject to non-negligible revisions. This was evident once again in the latest Quarterly National Accounts, which revealed that, on a seasonally adjusted basis, GNP fell by 4.3 per cent quarter on quarter in Q1 2011 following positive growth of 0.3 per cent in Q4 2010. The previous estimate for the last quarter of 2010 was 2 per cent...

Written Answers — Economic Competitiveness: Economic Competitiveness (20 Jul 2011)

Michael Noonan: The household savings rate in Ireland is currently at a high level relative to its historical average. This reflects the need to repair household balance sheets, the uncertain external environment, weak labour market conditions and concern surrounding forthcoming budgets. My Department forecasts that the savings rate will remain at a relatively high level over the coming years but with a...

Written Answers — Employment Levels: Employment Levels (20 Jul 2011)

Michael Noonan: I propose to take Questions Nos. 79 and 80 together. Table 1 outlines the number of people employed in the State in the first quarter of each year from 2007 to 2011. Over this period total employment has declined by almost 285,000, or 131⁄2 per cent. This reflects the sharp decline in activity in labour intensive sectors such as construction and retail. The construction sector alone...

Written Answers — Fiscal Policy: Fiscal Policy (20 Jul 2011)

Michael Noonan: Ireland recorded a current account surplus in 2010 for the first time since 1999. This is very encouraging and shows that Ireland is paying its way in the world. The balance of payments is split between the public sector balance and the private sector balance. The public sector element of the balance of payments has a significant deficit. For example the exchequer deficit in 2010 was...

Written Answers — Economic Competitiveness: Economic Competitiveness (20 Jul 2011)

Michael Noonan: I note the recent disimprovement in the month-on-month nominal Harmonised Competitiveness Indicators (HCI). This has been evident for just a few months of 2011 and reflects the recent strengthening of the euro exchange rate. It goes without saying that if this trend persisted over a longer period of time it would be a concern. However, in year-on-year (y-o-y) terms the nominal HCI actually...

Written Answers — Fiscal Policy: Fiscal Policy (20 Jul 2011)

Michael Noonan: The latest estimates of the structural deficit, as a percentage of GDP, are presented in the following table. These figures were compiled on the basis of economic and budgetary forecasts published in the latest Stability Programme Update and submitted to the EU Commission at the end of April. Table 1: Structural Budget Balance, % of GDP 2008 2009 2010 2011 2012 2013 2014 2015 Structural...

Written Answers — Interest Rates: Interest Rates (20 Jul 2011)

Michael Noonan: I propose to take Questions Nos. 85 and 86 together. The Deputy will be aware that the ECB's main task is to maintain price stability in the euro-area as a whole. In that context, the ECB cannot take account of the unique positions of individual Member States when considering interest rate changes. I would also stress that responsibility for monetary policy rests with the ECB, which is an...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (20 Jul 2011)

Michael Noonan: The recapitalisation commitments made by the State to date and the additional capital requirements of the banks as prescribed by the Central Bank under the March 2011 PCAR/PLAR stress tests are set out in the following table. Credit Institution Cost of Share Acquisition Cost of Preference Shares Capital contributions Capital Provided by the State to 31 December 2010 PCAR 2011 requirement...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (20 Jul 2011)

Michael Noonan: The Central Bank has informed me that in the period from 23 Jan 2009 to 30 June 2011, customer deposit balances (retail, corporate and non-bank financial institutions) across the covered institutions fell by €96 billion from €255 billion to €159 billion. As the Deputy may know already, the single biggest driver of this decline has been the loss of corporate and institutional deposits...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (20 Jul 2011)

Michael Noonan: The banks involved in the PCAR process submitted detailed deleveraging plans for the three years to the 31 December 2013 to the Central Bank of Ireland (CBI) as part of the Financial Measures Programme, which was announced on 31 March 2011. These plans outlined how the institutions would achieve a loan-to-deposit ratio of 122.5% by end 2013. To monitor progress, semi-annual interim targets...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (20 Jul 2011)

Michael Noonan: The Deputy should be aware that this reply is based on the assumption by the Central Bank that the term 'Capital to Assets ratios' referred to by the Deputy is a leverage ratio. The Central Bank has not imposed a leverage ratio on Irish banks. On this basis the Deputy will note that the Basel Committee on Banking Supervision (BCBS) has proposed a leverage ratio in Basel III proposals....

Written Answers — Bank Guarantee Scheme: Bank Guarantee Scheme (20 Jul 2011)

Michael Noonan: I am advised by the Central Bank that the total principal paid to senior bondholders during the period from 1st October 2008 to June 2011 was €77.3bn. Of this amount €5.8bn was paid to senior bondholders during the period 1 January 2011 to June 2011. The Deputy should note that these amounts include scheduled repayments and buybacks.

Written Answers — Banking Sector Regulation: Banking Sector Regulation (20 Jul 2011)

Michael Noonan: The Deputy will be aware of my Statement on Banking of 31 March 2011 where I set out Government policy in relation to the matters the Deputy has raised. The Government has no plans to change its strategy at this stage. The recent positive review delivered by the Troika as well as the EBA stress test results for the two pillar banks reinforces that decision and puts us on the path to...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (20 Jul 2011)

Michael Noonan: The Deputy will be aware of my Statement on Banking of 31 March 2011 where I set out Government policy in relation to the matters the Deputy has raised. As part of the PCAR 2011 results further recapitalisation measures are required to enable AIB/EBS, Bank of Ireland and IL&P to meet their regulatory capital requirements set by the Central Bank. The State has committed to completing the...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (20 Jul 2011)

Michael Noonan: The Deputy will be aware that discussions around the Budget are on-going. There are, at present, a number of foreign owned entities that operate within the retail banking market. In relation to competition within the retail bank market, barriers to entry and expansion are low. I would welcome further interest that foreign entities may have in entering or expanding in the Irish market.

Written Answers — Financial Services Regulation: Financial Services Regulation (20 Jul 2011)

Michael Noonan: The Commission on Credit Unions was established by Government on 31 May 2011 and has begun its programme of work. It met for the first time on 20 June 2011 and has had subsequent meetings on 24 June 2011 and 8 July 2011. The Commission will make initial recommendations on the strengthening of the regulatory framework by 30 September 2011 and will submit a final report to me, as Minister for...