Results 4,781-4,800 of 27,019 for speaker:Michael Noonan
- Written Answers — Fiscal Policy: Fiscal Policy (22 Feb 2012)
Michael Noonan: In the euro area, monetary policy â both standard and non-standard measures â is a matter for the European Central Bank, whose independence in this matter is enshrined in the Treaty. The issue of quantitative easing, therefore, does not fall within the domain of euro area Finance Ministers. A resumption of strong economic growth will be key to resolving the debt issues to which the...
- Written Answers — Departmental Staff: Departmental Staff (22 Feb 2012)
Michael Noonan: I am informed by the Revenue Commissioners that it is expected that around 226 Full Time Equivalent staff will have retired between January and the end of February 2012. The estimated number of individuals (headcount) to retire is 251. These numbers are subject to change as those who have indicated they intend to retire may change their mind before the end of February deadline. Others may...
- Written Answers — Financial Products: Financial Products (22 Feb 2012)
Michael Noonan: The lending institutions in Ireland, including those in which the State has a significant shareholding, are independent commercial entities. Ultimately the pricing of financial products, including standard variable mortgage interest rates, is a commercial decision for the management team and board of each lending institution, having due regard to their customers and the impact on...
- Written Answers — Fiscal Policy: Fiscal Policy (22 Feb 2012)
Michael Noonan: On 16 March 2011 the European Commission, which has the right of initiative to bring forward legislative proposals, published its proposal for a Common Consolidated Corporate Tax Base. This represented the beginning of a process that will involve a detailed examination of the proposal, line by line, by all Member States at the Council Working Group. Since the Commission's proposal has been...
- Written Answers — Financial Services Regulation: Financial Services Regulation (22 Feb 2012)
Michael Noonan: I am advised by the Financial Services Ombudsman that from 2005 to date, the Financial Services Ombudsman's Bureau (FSOB) has received 39,264 complaints from individuals against Insurance Companies. In that period, 17,138 complaints related to Insurance Products of which 819 are in relation to Mortgage Protection. The Financial Services Ombudsman is an out of Court redress body that is free...
- Written Answers — State Banking Sector: State Banking Sector (22 Feb 2012)
Michael Noonan: As the Deputy is aware a number of reports have been produced by Ernst and Young and McCann FitzGerald at the request of the INBS Board. Copies of all of these reports have been provided to the Central Bank under the terms of a protocol for limited disclosure agreed between the parties to preserve legal privilege over the material. A report was also been provided to the Garda in this regard....
- Written Answers — State Banking Sector: State Banking Sector (22 Feb 2012)
Michael Noonan: The Deputy will be aware that under the Relationship Framework the Board of the bank is responsible for the day to day operations of the bank. The bank has retained the services of the 'strategic advisory arm' of the Group, referred to in the question. The bank has previously been requested by my Department to confirm that there is no conflict in relation to the appointment. The Deputy will...
- Written Answers — Financial Services Regulation: Financial Services Regulation (22 Feb 2012)
Michael Noonan: As the Deputy will appreciate, officials in my Department are in constant and on-going dialogue with our external partners and all of the covered institutions in respect of implementing structures and solutions which would seek to enhance the overall financial system. As and when further measures are agreed/solutions emerge, I will inform the House as appropriate.
- Written Answers — Credit Availability: Credit Availability (22 Feb 2012)
Michael Noonan: As the Deputy is aware, the Government has imposed lending targets on the two domestic pillar banks for the three calendar years, 2011 to 2013. Both banks were required to sanction lending of at least â¬3 billion in 2011, â¬3.5 billion this year and â¬4 billion in 2013 for new or increased credit facilities to SMEs. Both have indicated that they have achieved their 2011 targets. The banks...
- Written Answers — Banking Sector Remuneration: Banking Sector Remuneration (22 Feb 2012)
Michael Noonan: The information requested by the Deputy (which was included as part of previous replies on the same subject) is as follows:
- Written Answers — Banking Sector Remuneration: Banking Sector Remuneration (22 Feb 2012)
Michael Noonan: (a) The object of the review is to thoroughly review all remuneration practices at the covered institutions with the object of simplifying remuneration and compensation structures, discouraging excessive risk-taking and to better align pay and reward to long term value creation. (b) Detailed work on data collection with the covered institutions took place over the summer and autumn of last...
- Written Answers — Illegal Money Lenders: Illegal Money Lenders (22 Feb 2012)
Michael Noonan: The Central Bank have advised me that according to their surveys they estimate that approximately one third of money lenders licensed by the Central Bank are aware of people acting as illegal moneylenders and that 11% of respondents to one of their customer surveys were aware of people acting as illegal moneylenders. Persons operating as illegal moneylenders are in breach of the law. It...
- Written Answers — State Banking Sector: State Banking Sector (22 Feb 2012)
Michael Noonan: As the Deputy may be aware, the Anglo Irish Bank Corporation Act 2009 provides that the Minister shall appoint an Assessor at an appropriate time having regard to the public interest, to determine the fair and reasonable aggregate value, if any, of the transferred shares and extinguished rights and the consequent amount of compensation, if any, that may be payable to persons in respect of...
- Written Answers — Proposed Legislation: Proposed Legislation (22 Feb 2012)
Michael Noonan: The Interim Report of the Commission on Credit Unions was published in October and the Final Report of the Commission is due to be presented to me at the end-March 2012. Taking the Reports' recommendations into account, it is intended to publish the Credit Union Bill by end-June 2012 in accordance with our commitments under the EU / ECB / IMF Programme of Support. I will be bringing draft...
- Written Answers — Fiscal Policy: Fiscal Policy (22 Feb 2012)
Michael Noonan: Tax policy and revenue raising strategy are considered within the context of the Programme for Government and also within the overall Programme of Financial Support for Ireland. The Government Programme is clear in its commitments in relation to tax policy and these were reflected in Budget 2012. The most recent Memorandum of Understanding (10th February 2012) proposes a budget for 2013 to...
- Written Answers — State Banking Sector: State Banking Sector (22 Feb 2012)
Michael Noonan: The Deputy will be aware that under the Relationship Framework the Board of the bank is responsible for the day to day operations of the bank. The existence of a retention agreement between IBRC and the company referred to in the question came to be in the public domain firstly, as far as I am aware, through a Parliamentary Question asked by Deputy Adams on Thursday 9th February. The Bank...
- Written Answers — EU-IMF Programme: EU-IMF Programme (22 Feb 2012)
Michael Noonan: I would not agree with the conclusion outlined above. Ireland's Programme of external support, which is a three year programme designed to return us to market based financing is on track. We are meeting our targets under the Programme and continuing to do so is the best means of ensuring that that we emerge successfully from this programme. A substantial number of actions - over 90 â have...
- Written Answers — Fiscal Policy: Fiscal Policy (22 Feb 2012)
Michael Noonan: Early on Tuesday morning, the Eurogroup of Finance Ministers reached agreement with the Greek government on a policy package that constitutes the basis for the successor programme of financial assistance for Greece. This new programme provides a comprehensive blueprint for putting the public finances and the economy of Greece back on a sustainable footing and hence for safeguarding financial...
- Written Answers — State Banking Sector: State Banking Sector (22 Feb 2012)
Michael Noonan: The Deputy will be aware that under the Relationship Framework the Board of the bank is responsible for the day to day operations of the bank. IBRC has retained the services of the 'strategic advisory arm' of the company referred to in the question which has been validated as independent of the 'investment arm' of the Group. IBRC can confirm that FTI Consulting's UK practice provided...
- Written Answers — Debt Management: Debt Management (22 Feb 2012)
Michael Noonan: I confirm that it is my intention to bring forward of legislation to provide for the regulation of debt management advice and household budgeting services. I have asked my officials to prepare the necessary legislation which, subject to Government approval, will be introduced as a Committee Stage amendment to the Central Bank (Supervision and Enforcement) Bill 2011.