Results 3,661-3,680 of 27,019 for speaker:Michael Noonan

Mortgage Assistance (15 Nov 2011)

Michael Noonan: Work is proceeding and the lack of an announcement has not inhibited the work, as I have outlined. I am planning to make an announcement before Christmas but whether that is before or after the budget I cannot say. It is more likely to be in those weeks between the budget and the Christmas recess.

Leaders' Questions (15 Nov 2011)

Michael Noonan: What about a question on Libya?

Written Answers — Banking Sector Regulation: Banking Sector Regulation (15 Nov 2011)

Michael Noonan: As Minister for Finance, I have no function in the relationship between the European Central Bank and national central banks. The Governor of the Central Bank carries out his European Central Bank-related functions under the Treaty of Rome and the Statute of the European System of Central Banks (ESCB) and his independence in doing so is guaranteed. Section 19A (2) of the Act provides that...

Written Answers — EU-IMF Programme: EU-IMF Programme (15 Nov 2011)

Michael Noonan: The Deputy should be aware that the funds that become available to the State from Revenue or as a result of borrowing undertaken by the Exchequer are not generally assigned to one particular area of expenditure. Rather funds available from borrowings, along with the funds sourced from revenues such as tax revenue, non-tax revenue and capital receipts, are used to fund overall expenditure....

Written Answers — Jobs Initiative: Jobs Initiative (15 Nov 2011)

Michael Noonan: The Jobs Initiative is designed to support a return to economic growth and strengthen its foundations. It is about focusing our now more limited resources on measures that offer the greatest potential for expansion and employment creation in the domestic economy. The aim is to target key sectors of the economy that can assist in getting people back to work, providing opportunities for those...

Written Answers — Financial Services Regulation: Financial Services Regulation (15 Nov 2011)

Michael Noonan: I have no plans to introduce legislation to force mortgage lenders to pass on European Central Bank interest rate cuts to their standard variable rate mortgage customers. As the Deputy is aware, the Deputy Governor of the Central Bank wrote to the Taoiseach on 11 November 2011 setting out the Central Bank's opinion on recent developments in mortgage interest rates and on possible action by...

Written Answers — Bank Guarantee Scheme: Bank Guarantee Scheme (15 Nov 2011)

Michael Noonan: The Central Bank of Ireland does not comment on ELA operations, other than what is contained in their Monthly Statistics update and their annual report. I can inform the Deputy however that I understand that there has been no change in the maturity of ELA operations.

Written Answers — State Banking Sector: State Banking Sector (15 Nov 2011)

Michael Noonan: I assume, in replying to this question, that the terminology 'day one list' refers to a listing of subscribers to bond issues on the launch date of the bonds. The bank has not been requested, during my tenure as Minister for "day one" listing of subscribers to bond issues. I am advised, however, that every effort has been made to establish the identity of current bondholders. In this...

Written Answers — National Asset Management Agency: National Asset Management Agency (15 Nov 2011)

Michael Noonan: As a consequence of the economic downturn there have been instances of individuals and companies having difficulty collecting money owed to them as suppliers, including instances where unsecured creditors have supplied goods or services to a developer or the company of a developer in the carrying out of a public works contract. I am advised by NAMA that it is not part of NAMA's brief, as set...

Written Answers — Economic Forecasts: Economic Forecasts (15 Nov 2011)

Michael Noonan: The Deputy should be aware that Chapter 5 of the Medium-Term Fiscal Statement sets out a range of different scenarios which show the estimated impact on the General Government debt/GDP ratio of both higher and lower nominal rates of economic growth. These are summarised in the table below. General Government Debt (% of GDP) 2012 2013 2014 2015 Base Case 114.3 118.3 117.0 113.5 Nominal...

Written Answers — Economic Forecasts: Economic Forecasts (15 Nov 2011)

Michael Noonan: I propose to take Questions Nos. 47 and 60 together. Quarterly Irish economic data can be very volatile and are subject to non-negligible revisions. This was evident once again in the latest Quarterly National Accounts release, which revealed that, on a seasonally adjusted basis, real GDP grew by 1.6 per cent quarter on quarter in Q2 2011 following positive growth of 1.9 per cent in Q1...

Written Answers — General Government Debt: General Government Debt (15 Nov 2011)

Michael Noonan: General Government debt is forecast in the recently published Medium-Term Fiscal Statement (MTFS) to reach almost €195 billion by 2013. Based on the nominal GDP and GNP forecasts presented in the MTFS, this equates to a debt/GDP ratio of 118 per cent and a debt/GNP ratio of 147 per cent. I understand that Mr. Whelan's estimate of the debt/GNP ratio exceeding 150 per cent is taken from his...

Written Answers — Tax Yield: Tax Yield (15 Nov 2011)

Michael Noonan: I am informed by the Revenue Commissioners that they hold data collected from taxpayers in relation to income but they cannot verify the estimate provided by the Deputy and are not aware of the source of the Deputy's information. For the tax year 2009, which is the latest year for which full data is available, the top 300 income earners declared €911 million in income and paid €262...

Written Answers — Fiscal Advisory Council: Fiscal Advisory Council (15 Nov 2011)

Michael Noonan: I propose to take Questions Nos. 50, 70, 99 and 125 together. I announced the establishment of the Irish Fiscal Advisory Council on 7 July 2011. The Council is part of a wider agenda of reform of Ireland's budgetary architecture which is envisaged in the Programme for Government. When I announced the establishment of the Council, it was stated that the Council would be an independent body...

Written Answers — Debt Resolution Agency: Debt Resolution Agency (15 Nov 2011)

Michael Noonan: The Inter-Departmental Report on Mortgage Arrears, which was published on 12 October 2011, stated that the early introduction of new judicial and non judicial personal insolvency resolution mechanisms is necessary and that, in the absence of such changes, the mortgage arrears problem will not be resolved. The issue of personal insolvency reform, and the precise mechanism for the resolution...

Written Answers — Bank Guarantee Scheme: Bank Guarantee Scheme (15 Nov 2011)

Michael Noonan: The information requested by the Deputy is provided in the following schedules. AIB/EBS Total AIB Group (including EBS) - also includes cross holding of issuance. 2011 2012 2013 2014 2015+ Total to Maturity Guaranteed - 1,028,235,331 2,368,626,605 - 3,048,700,000 6,445,561,936 Unguaranteed Secured - 1,000,000,000 1,000,000,000 50,000,000 2,665,726,275 4,715,726,275 Unguaranteed...

Written Answers — Proposed Legislation: Proposed Legislation (15 Nov 2011)

Michael Noonan: In accordance with our commitment under the EU/IMF programme, legislation is being prepared for publication by the end of June 2012 to strengthen the regulatory framework for credit unions, including making legislative provision for effective governance standards and prudential requirements for credit unions. This represents an extension of the earlier EU/IMF deadline of end December 2011,...

Written Answers — Bank Guarantee Scheme: Bank Guarantee Scheme (15 Nov 2011)

Michael Noonan: I propose to take Questions Nos. 54 and 145 together. The Eligible Liabilities Guarantee (ELG) Scheme, which commenced on 9 December, 2009, has been an important support to the Irish system, helping to maintain the overall stability of the banking sector. On foot of a recent Government decision, I have sought EU state aid approval for a prolongation of the ELG Scheme, on the advice of the...

Written Answers — Fiscal Policy: Fiscal Policy (15 Nov 2011)

Michael Noonan: The Government has successfully renegotiated a number of elements of our EU-IMF Programme and will continue to do so. As the Deputy will be aware, the latest review mission by the External Partners took place from the 11th - 20th of October. There are a numbers of programme documents that underpin the Programme of Financial Support. These documents include: ·the Memorandum of Economic and...

Written Answers — Debt Statistics: Debt Statistics (15 Nov 2011)

Michael Noonan: The figures requested by the Deputy are set out in the following tables. Figures for National Debt are calculated and published by the NTMA on their website and represent end-year positions. Figures on household debt and commercial debt are taken from the Central Bank's Quarterly Financial Accounts, Table 3.1.b and Table 8.1.b respectively, and refer to end year positions. Note that...