Results 3,641-3,660 of 27,019 for speaker:Michael Noonan

Economic and Monetary Union (15 Nov 2011)

Michael Noonan: It would be a very bad government that does not plan for the future.

Financial Services Regulation (15 Nov 2011)

Michael Noonan: I welcome any initiatives by the Central Bank in efforts to help homeowners who are struggling with mortgage repayments. Neither the Central Bank nor I, as Minister for Finance, has a statutory role in the setting of interest rates charged or paid by financial institutions that are regulated by the Central Bank. However, I very much welcome the decision by the lenders who have decided to...

Financial Services Regulation (15 Nov 2011)

Michael Noonan: The Deputy is correct. There is a wide variation in mortgage charges. AIB has confirmed that it is reducing its 3.25% rate to 3%. No change has been signalled in Bank of Ireland's 3.95% rate. EBS has confirmed that it is reducing its 4.93% rate to 4.68%. Irish Nationwide has confirmed that it is reducing its 4.48% rate to 4.23%. KBC has confirmed that it is reducing its 4.5% rate to...

Financial Services Regulation (15 Nov 2011)

Michael Noonan: It is not possible for any regime to control the interest rates that are charged without controlling the interest rates on deposits at the same time. The two of them have to go together. If the Deputy would like to make some proposals, we will consider them carefully. We would welcome them. The Deputy Governor and Financial Regulator, Mr. Matthew Elderfield, is very active in this regard....

Financial Services Regulation (15 Nov 2011)

Michael Noonan: The banks are regulated by the Central Bank through the Governor and the Deputy Governor. Ministers meet people all the time every day. We meet people on the basis that we have full and frank discussions on issues which are confidential. I cannot go into the detail of our discussions with Bank of Ireland or any other bank but I am giving the Deputy the result of the discussions. The...

Fiscal Policy (15 Nov 2011)

Michael Noonan: The Irish fiscal advisory council in its first fiscal assessment report published in October stated that it sees a strong argument for strengthening the budgetary consolidation effort and targeting a general government deficit of 1% of GDP by 2015, as compared to the target of having a deficit below 3% by that year. In that regard, the council recommended the implementation of a €4.4...

Fiscal Policy (15 Nov 2011)

Michael Noonan: It is always a question of judgment. There is a lot of advice saying we should front-load the adjustment and there are people who say we are going too fast already. The debate is about whether we reduce demand in the domestic economy unduly so that any hope of growth goes out the window. It is a moot point. I thought the report by the fiscal advisory council was very good and I thank the...

Fiscal Policy (15 Nov 2011)

Michael Noonan: We have made a commitment to do so but it will not be in this term.

Fiscal Policy (15 Nov 2011)

Michael Noonan: Harold Wilson said a week is a long time in politics. Six months is a very long time in the life of the European economy. One must recall that 12 months ago, we were not in the programme. Look at all that has happened since then. The Government has been in office for approximately seven months and look at all that has happened since then. To project to 2015 and to ask me to give a view...

Fiscal Policy (15 Nov 2011)

Michael Noonan: To translate that into very simple terms, in the Irish economy, every 1% reduction in growth rates is 0.5% of GDP. Some 0.5% of GDP up or down generates or takes out approximately €800 million in tax receipts. That is the level of adjustment we made in preparation for this budget. If we had not done the mark down, we would have approximately €700 million extra available to us. We are...

Social and Affordable Housing (15 Nov 2011)

Michael Noonan: NAMA concluded the sale of 58 social and affordable units to the Cluid Housing Association in July. The agency has provided a list of over 1,000 other properties to the Department of the Environment, Community and Local Government and I am informed that it is now in discussions with the Minister of State with responsibility for housing, his officials and the Irish Council for Social Housing...

Social and Affordable Housing (15 Nov 2011)

Michael Noonan: NAMA has a dedicated e-mail address and telephone number for Deputies who want information on its properties. I do not believe the agency would be adverse to a leasing arrangement. Generally, however, it is more inclined to dispose of properties rather than lease them. The agency is aware of its social obligations under the NAMA Act and it is fulfilling them. It is prepared to entertain...

Social and Affordable Housing (15 Nov 2011)

Michael Noonan: NAMA was a colossal enterprise. If the Deputy is familiar with the legislation, he will know it involved much work. Then the board had to be established, staff acquired and the agency put out as a going concern. Its first task was to transfer the impaired loans in excess of €20 million from the banking system. That has been accomplished, with the last of the transfers completed...

Social and Affordable Housing (15 Nov 2011)

Michael Noonan: I am not sure what point Deputy Boyd Barrett is pursuing. As well as NAMA owning much residential zoned land, it also owns much unoccupied property. Across the country, the agency has unoccupied apartments and houses as part of its debt portfolio. It has expressed its willingness to engage with local authorities for them to acquire some of these properties for social housing purposes. The...

Bank Guarantee Scheme (15 Nov 2011)

Michael Noonan: The Central Bank of Ireland does not comment on exceptional liquidity assistance, ELA, operations and any queries relating to specific credit institutions would need to be directed to each particular institution. The Central Bank does, however, publish details of its liquidity operations at a system level. Any loans by the bank are contained in its balance sheet which is updated on a...

Bank Guarantee Scheme (15 Nov 2011)

Michael Noonan: Since I first became Minister for Finance in March 2011, at all my meetings with the ECB the issue of medium-term funding for the banks has been raised. The bank's position is that it is not legally empowered to give funding beyond a short-term basis. Recently, however, there has been a change of policy because it is now willing to give medium-term funding of up to 12 months. We would like...

Bank Guarantee Scheme (15 Nov 2011)

Michael Noonan: I am not aware of it being applied to Irish banks yet. I will get that information for the Deputy to ensure what information I have provided is up to date.

Bank Guarantee Scheme (15 Nov 2011)

Michael Noonan: We are considering this aspect. The likelihood is that there will be an extension of the scheme. There is also a likelihood that banks will be in the market to get deposits without guarantee.

Mortgage Assistance (15 Nov 2011)

Michael Noonan: As indicated previously, the Government is acutely aware of the increasing financial stress that some households are facing arising from difficulty in meeting their mortgage commitments. It was for this reason that the Government requested an inter-departmental group to consider further necessary actions to alleviate the increasing problem of mortgage over-indebtedness. As the Deputy is...

Mortgage Assistance (15 Nov 2011)

Michael Noonan: All Deputies opposite and the Deputies on this side of the House, together with Deputy McGrath, urge that urgent action be taken in this instance. While the Keane report was put before the House for the subject of debate and for information purposes without the Government taking decisions, it was self-evident early in the debate that there was common ground on a number of issues and the...