Results 2,921-2,940 of 27,019 for speaker:Michael Noonan

Written Answers — Exchequer Savings: Exchequer Savings (22 Sep 2011)

Michael Noonan: I propose to take Questions Nos. 68 and 69 together. Not all the details are finalised yet, so the following figures could change. However, I am informed by the NTMA that, on reasonable assumptions, projected estimated savings from the EFSF and EFSM, including the bilateral loan from the UK, from 2011 to 2014 on a General Government Balance basis are as follows: Year 2011 2012 2013 ...

Written Answers — Eligible Liabilities Guarantee Scheme: Eligible Liabilities Guarantee Scheme (22 Sep 2011)

Michael Noonan: The issuance window under the Eligible Liabilities Guarantee or ELG Scheme currently runs until 31 December 2011. The guarantee covers both eligible debt and deposits and facilitates access to funding for the ELG banks. The state authorities are examining market conditions and bank funding and will assess the necessity for the continuation of the guarantee. If I am advised that an...

Written Answers — Consultancy Contracts: Consultancy Contracts (22 Sep 2011)

Michael Noonan: I take it that the Deputy is referring solely to public relations costs and not to advertising costs that would be incurred by my Department in the normal course of business, such as entries into telephone directories, the placing of advertisements in national newspapers, recruitment advertising, advertising associated with the national development plans, e-tenders etc. In the period in...

Written Answers — Diplomatic Representation: Diplomatic Representation (22 Sep 2011)

Michael Noonan: I had the opportunity to meet with President Trichet on the margins of the Ecofin meeting in Poland on Saturday, 17th September. I raised with him the issue of the burden sharing with the senior unguaranteed bondholders in Anglo Irish Bank. This was unresolved business and I pressed the case for such burden sharing. However, President Trichet was of the strong view that such action was not...

Written Answers — Departmental Agencies: Departmental Agencies (22 Sep 2011)

Michael Noonan: I expect that an announcement on the establishment of and the practical arrangements for NewERA will be made shortly.

Written Answers — National Asset Management Agency: National Asset Management Agency (22 Sep 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 to manage its portfolio of over €70 billion and it has to consider, on a case-by-case basis, the overhead costs associated with...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (22 Sep 2011)

Michael Noonan: I am aware that AIB has held initial, preliminary meetings with equity investors who have indicated an interest in potentially acquiring a stake in AIB. Following these discussions, I am informed by the bank that they expect investors will require more visibility on the bank's performance, particularly its asset quality, before discussions move beyond the preliminary and exploratory stage....

Written Answers — Fiscal Policy: Fiscal Policy (22 Sep 2011)

Michael Noonan: I propose to take Questions Nos. 77 and 78 together. The Pre-Budget Outlook will be published in October although a precise date has not yet been set. The revised economic and fiscal forecasts which will be contained in the Pre-Budget Outlook will take account of the latest available data including the CSO's Quarter Two National Accounts and the end-September Exchequer Returns. The...

Written Answers — Sovereign Bonds: Sovereign Bonds (22 Sep 2011)

Michael Noonan: My Department does not have the information sought by the Deputy. The vast majority of Irish sovereign bonds are held by institutional investors in the Euroclear clearing and settlement system, generally in a nominee account structure which does not permit the identification of the beneficial owners. This is standard market practice in the sovereign bond markets. While the Central Bank of...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (22 Sep 2011)

Michael Noonan: Following the State's investment of capital into Irish Nationwide Building Society, the Board of the Society was asked to identify and address the "legacy issues" of the Society and to cooperate with, where relevant, the appropriate regulatory or other authorities. To assist them in this work, the INBS Board engaged Ernst and Young and McCann Fitzgerald, and initial reports from these...

Written Answers — European Central Bank: European Central Bank (22 Sep 2011)

Michael Noonan: The determination of interest rate policy is solely a matter for the Governing Council of the European Central Bank, which is independent in these matters. It would not, therefore, be appropriate for me to intervene in that process.

Written Answers — National Asset Management Agency: National Asset Management Agency (22 Sep 2011)

Michael Noonan: At a recent meeting of the Joint Committee on Finance, Public Expenditure and Reform, the Chief Executive of NAMA pointed out that, having been through the business plans of debtors which account for close to 75% of NAMA debt, he does not consider that there is a 'huge pot of gold' that can be recovered through legal proceedings to reverse asset transfers by NAMA debtors. I am informed by...

Written Answers — National Asset Management Agency: National Asset Management Agency (22 Sep 2011)

Michael Noonan: The NAMA Quarterly Report for Q1 of 2011 states that 23% of loans (by value) are performing. Performing loans are defined in the Report as loans which are not in arrears because interest and principal is being received in line with contractual obligations or where, if there are arrears, they are outstanding for less than 30 days. The NAMA Quarterly Report for Q2 is scheduled to be delivered...

Written Answers — National Asset Management Agency: National Asset Management Agency (22 Sep 2011)

Michael Noonan: NAMA has confirmed to me that it is engaged in a number of such proceedings but is constrained from commenting in specific detail as these matters are before the courts.

Written Answers — National Asset Management Agency: National Asset Management Agency (22 Sep 2011)

Michael Noonan: The overall remuneration of NTMA senior management has been reduced very substantially this year due to their waiving of the performance-related element of their remuneration in respect of 2010. The public sector pension deduction provided for in the Financial Emergency Measures in the Public Interest Act 2009 applies to all NTMA staff. While the NTMA was not subject to the general...

Written Answers — State Banking Sector: State Banking Sector (22 Sep 2011)

Michael Noonan: I propose to take Questions Nos. 87 and 95 together. As alluded to by the Deputy in his questions, a review of remuneration policies and practices by each of the covered institutions is underway. As part of that review, the institutions were asked to consider measures that could be taken to realign staff expectations with regard to remuneration and benefits in the current economic...

Written Answers — National Asset Management Agency: National Asset Management Agency (22 Sep 2011)

Michael Noonan: I propose to take Questions Nos. 88 and 89 together. I understand from NAMA that, as part of its business plan agreements with debtors, it normally looks for and obtains a reduction of 50%-75% in overhead costs and that any remuneration paid to debtors is payable from this much-reduced budget. The Chairman of NAMA has recently stated that the majority of debtor remuneration packages fall...

Written Answers — National Recovery Plan: National Recovery Plan (22 Sep 2011)

Michael Noonan: As the Deputy is aware, the National Recovery Plan was published at the end of November of last year. It set out the previous Government's plan for a return to sustainable economic growth and the restoration of order to the public finances. It also formed the basis of the previous Government's negotiations with the EU/IMF/ECB Troika. The National Recovery Plan 2011-2014 is not a policy...

Written Answers — Employment Action Plan: Employment Action Plan (22 Sep 2011)

Michael Noonan: The latest Quarterly National Household Survey data revealed that employment recorded its lowest quarter of contraction since the crisis began in Q2, as it continued to move towards stabilisation. Furthermore, 8 of the 14 economic sectors were net job creators over the second quarter, including the private sector as a whole. However, the data also confirmed that unemployment remains...

Written Answers — Tax Yield: Tax Yield (22 Sep 2011)

Michael Noonan: The yield of stamp duty to the Exchequer at the end of August from the levy on pension schemes introduced in section 4 of the Finance (No.2) Act 2011 was €140 million. This amount represents early payments of the total yield of €470 million expected for 2011 for which the due date for payment is 25 September.