Results 2,721-2,740 of 27,019 for speaker:Michael Noonan

Written Answers — Tax Code: Tax Code (21 Jul 2011)

Michael Noonan: No decision has yet been made on how the Insurance Compensation Levy (ICF) levy will be applied in order to fund the deficit in Quinn Insurance Ltd. Much consideration however has been given to the matter and my Department has had extensive consultations with the domestic and international insurance industry, the Central Bank and the European Commission. I am also aware of the consumer...

Written Answers — Bank Guarantee Scheme: Bank Guarantee Scheme (21 Jul 2011)

Michael Noonan: I propose to take Questions Nos. 101, 102 and 104 together. I am aware that certain commentators and reports are suggesting that the Irish property market could experience further declines. However, I would remind the Deputy that the PCAR bank stress tests carried out by the Central Bank are among the most thorough and demanding such tests ever performed in Ireland and or indeed anywhere in...

Written Answers — Bank Guarantee Scheme: Bank Guarantee Scheme (21 Jul 2011)

Michael Noonan: I propose to take Questions Nos. 103 and 113 together. 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: Recapitalisation of Credit Institutions Credit Institution Cost of Share Acquisition Cost of Preference Shares...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (21 Jul 2011)

Michael Noonan: As I have said previously in my Statement on Banking in March, the PCAR bank stress tests carried out by the Central Bank are certainly among the most thorough and demanding such tests ever performed in Ireland and or indeed anywhere. The detailed results methodology and assumptions underlying these stress tests have been published, emphasising Ireland's firm commitment for this critical...

Written Answers — EU-IMF Fund: EU-IMF Fund (21 Jul 2011)

Michael Noonan: A meeting of the Heads of State or Government of the Euro Area will be held today, 21 July 2011, in Brussels at the invitation of the President of the European Council, Mr Herman Van Rompuy to discuss the financial stability of the Euro Area as a whole and the future financing of the Greek programme. The Taoiseach is attending this meeting. The meeting is expected to discuss further...

Written Answers — EU-IMF Fund: EU-IMF Fund (21 Jul 2011)

Michael Noonan: I propose to take Questions Nos. 107 and 134 together. The Amendment to the EFSF Framework Agreement was signed by Euro Area Finance Ministers on July 13th 2011, subject to the completion of the necessary national parliamentary procedures of each Euro Area Member State. This amended Agreement was the outcome of months of negotiation and Member States have been requested to ratify the amended...

Written Answers — EU-IMF Fund: EU-IMF Fund (21 Jul 2011)

Michael Noonan: The purpose of the quarterly review mission which was conducted by the EU / ECB / IMF representatives from 6th July to 14th July 2011 was to evaluate performance against the targets set for the third quarter of the Programme of Financial Support for Ireland including fiscal developments, the macroeconomic outlook, progress on commitments in the restructuring of the financial sector and...

Written Answers — Credit Availability: Credit Availability (21 Jul 2011)

Michael Noonan: I propose to take Questions Nos. 109 and 110 together. The financial institutions named by the Deputy do not publish information pertaining to residential mortgage approvals as they deem this information to be commercially sensitive. The most recent "IBF/PwC Mortgage Market Profile Quarterly Report on New Lending", which contains data relating to loans granted by IBF/IMC member institutions...

Written Answers — Fiscal Policy: Fiscal Policy (21 Jul 2011)

Michael Noonan: The General Government deficit target for 2012, as set by the ECOFIN Council in December 2010 is 8.6% of GDP. The Government is fully aware of the importance of that target in the context of the 2012 Budget. The Government is committed to implementing an overall adjustment package of at least €3.6 billion in 2012. This is to ensure the deficit target for 2012 can be achieved. As we go...

Written Answers — Economic Competitiveness: Economic Competitiveness (21 Jul 2011)

Michael Noonan: In Budget 2011, the Department of Finance forecast nominal GDP to be €161,200 million and for nominal GNP to be €127,900 million in 2011 (figures rounded to nearest €100m). These forecasts also underpinned the National Recovery Plan that was finalised in October 2010. The Department's latest forecasts were published in the Stability Programme Update (SPU) of April 2011 and thus had...

Written Answers — Budget Submissions: Budget Submissions (21 Jul 2011)

Michael Noonan: Preparatory work on Budget 2012 is ongoing. Work will continue over the coming weeks and months in the lead up to the 2012 Budget in assessing all of the emerging economic and budgetary data and the implications they might have for 2012 and beyond. I will be kept fully informed of developments by my Department. Work on the Comprehensive Review of Expenditure (CRE) is also ongoing. The CRE...

Written Answers — Tax Yield: Tax Yield (21 Jul 2011)

Michael Noonan: The Jobs Initiative is designed to be funded on a budgetary neutral basis over the 2011 – 2014 period. The introduction of a reduced 9% VAT rate is expected to cost €120 million this year and the PRSI measures enacted as part of the Jobs Initiative are expected to cost €95 million in 2011. It should be noted that PRSI receipts are not received directly by the Exchequer as part of tax...

Written Answers — Financial Services Regulation: Financial Services Regulation (21 Jul 2011)

Michael Noonan: I am informed by the National Treasury Management Agency (NTMA), who are responsible for managing the National Debt and borrowing on behalf of the Exchequer, that the rates on the State Savings products are kept under constant review. There is no proposal to change those rates at present. The Agency considers that the rates offered remain attractive and that the products offer investors a...

Written Answers — Bank Guarantee Scheme: Bank Guarantee Scheme (21 Jul 2011)

Michael Noonan: Subsequent to this month's AGM of AIB and consequent on the recent mergers involving EBS and INBS only ten pre-crisis directors will still be in post – a reduction of almost 90%. I do not propose to name the individuals here. For the information of the Deputy, of the above ten, four will be in office at Bank of Ireland, a further four at EBS Ltd – which will operate as a standalone,...

Written Answers — National Asset Management Agency: National Asset Management Agency (21 Jul 2011)

Michael Noonan: NAMA advises me that the case has no impact on the management of loans totalling €72.3 billion which have already been acquired by the Agency. NAMA has informed Mr. McKillen of its intention not to acquire loans totalling €1.4 billion advanced by participating institutions to him and to debtor entities associated with him. In relation to the residual loans of other debtors which have not...

Written Answers — National Asset Management Agency: National Asset Management Agency (21 Jul 2011)

Michael Noonan: In addition to loans totalling €71.2 billion which were acquired by NAMA in 2010, the Agency informs me that it acquired an additional €1.1 billion in loans in early March 2011. The loans acquired in 2011 were acquired from one institution at an acquisition price of €440m, which is a discount of 60%. The tranche included loans from a total of 116 debtors, of whom 38 are directly...

Written Answers — National Asset Management Agency: National Asset Management Agency (21 Jul 2011)

Michael Noonan: NAMA informs me that to date, a total of 152 draft business plans have been received from the 179 major debtors whose debt will be directly managed by NAMA. In 74 of these cases, decisions have been made by NAMA and these have been communicated to the debtors. Another 78 debtor business plans are currently being reviewed. Debtor business plans are still awaited from the 27 other debtors...

Written Answers — National Asset Management Agency: National Asset Management Agency (21 Jul 2011)

Michael Noonan: I am informed by the National Asset Management Agency that it has not, to date, taken direct ownership of land and property. In cases where enforcement has been necessary, it has appointed, or approved the appointment of, receivers.

Written Answers — National Asset Management Agency: National Asset Management Agency (21 Jul 2011)

Michael Noonan: The National Asset Management Agency has estimated that, as at end-March 2011, 23% of loans (by nominal balances) were performing. These are loans which are not in arrears by reference to contractual cash payments or where the arrears are outstanding for less than 30 days. 77% of loans were at various stages of non-performance or were subject to enforcement action. In the case of 60% of...

Written Answers — National Asset Management Agency: National Asset Management Agency (21 Jul 2011)

Michael Noonan: I am informed by the National Asset Management Agency that it will shortly be publishing, through its website, information provided to it by receivers and other insolvency professionals in relation to property which has been subject to enforcement in Ireland, Northern Ireland and Great Britain. This information will be updated on a regular basis.