Results 4,801-4,820 of 27,019 for speaker:Michael Noonan

Written Answers — Personal Debt: Personal Debt (22 Feb 2012)

Michael Noonan: The Government is acutely aware of the increasing financial stress that some households are facing arising from difficulty in meeting their mortgage commitments. The Government, therefore, has established a Steering Group, on which the Central Bank is represented, to oversee and drive the implementation of the recommendations contained in the report of the Inter-Departmental Working Group on...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (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. Neither the Department nor the NTMA were given notice of the retention agreement before the agreement was signed. My officials were notified as part of the on-going communications with the bank. My officials sought assurances from the bank that no...

Written Answers — Ministerial Appointments: Ministerial Appointments (22 Feb 2012)

Michael Noonan: I have appointed Mr Michael Geoghegan to chair a small group of advisors to advise me on the future strategic direction of NAMA. Mr Geoghegan has agreed to carry out his role on a pro bono basis. I am currently considering the names of potential candidates who have the appropriate experience and background to work effectively on the group of advisors with Mr Geoghegan. I expect to announce...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (22 Feb 2012)

Michael Noonan: One of the functions of the Central Bank, similar to other central banks, is to grant Exceptional Liquidity Assistance or ELA to a credit institution when this is deemed necessary for financial stability purposes. These amounts are published monthly. The Central Bank cannot disclose the financial institutions that avail of such support, nor does it disclose the terms on which this support is...

Written Answers — Departmental Records: Departmental Records (22 Feb 2012)

Michael Noonan: As the Deputy will be aware the company referred to in the Parliamentary Question is a very large multi-functional company. It is possible that this company could be meeting my Department or the NTMA on a whole range of issues. I have assumed for the purpose of replying to you question that the Deputy is referring to meetings with the company relating to IBRC. In this context there have...

Written Answers — Tax Code: Tax Code (22 Feb 2012)

Michael Noonan: Legislation governing the regulation of charities is a matter for my colleague, the Minister for Justice, Equality and Defence. However, a tax exemption for charities is available under Section 207 of the Taxes Consolidation Act 1997. The administration of this tax exemption is a matter for the Revenue Commissioners. I am advised by Revenue that to avail of the exemption a body must be...

Written Answers — Strategic Investment Fund: Strategic Investment Fund (22 Feb 2012)

Michael Noonan: I propose to take Questions Nos. 36 and 39 together. The Strategic Investment Fund (SIF), whose establishment was announced by the Government in September 2011, will channel commercial investment from the National Pensions Reserve Fund (NPRF) towards productive investment in areas of strategic significance to the future of the Irish economy. As well as money from the NPRF, the SIF will seek...

Written Answers — Proposed Legislation: Proposed Legislation (22 Feb 2012)

Michael Noonan: The position is as I stated in my Budget day speech, that the Government has now fulfilled its commitment contained in the Programme for Government to increase the rate of mortgage interest relief to 30 per cent for first-time buyers who took out their first mortgage in the period 2004 to 2008. Statistics from the Department of Environment, Community and Local Government show that national...

Written Answers — Bank Guarantee Scheme: Bank Guarantee Scheme (22 Feb 2012)

Michael Noonan: As the deputy is aware, in response to the Nyberg report and with regard to the restructuring of the banking sector, I stated that: "a programme of rotation of board members, commencing with board members appointed before September 2008, will be expected to be part of the plan. This should apply to both Executive and Non Executive Board members and provides a process to ensure a smooth...

Written Answers — Fiscal Policy: Fiscal Policy (22 Feb 2012)

Michael Noonan: There is a huge amount of uncertainty at the moment, as evidenced by the wide range of GDP projections for this year, not just for Ireland, but also for the euro area. Obviously as a small open economy whose recovery is being driven by exports, we are affected by the slowdown in growth in Europe, though competitiveness improvements evidenced in recent years will provide some support. A...

Written Answers — Financial Sector Regulation: Financial Sector Regulation (22 Feb 2012)

Michael Noonan: The imposition of lending restrictions is the responsibility of the Registrar of Credit Unions, who is the independent regulator for credit unions. Within his independent regulatory discretion, the Registrar acts to support the prudential soundness of individual credit unions, to maintain sector stability and to protect the savings of credit union members. As Minister for Finance, my role...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (22 Feb 2012)

Michael Noonan: One of the functions of the Central Bank, similar to other central banks, is to grant Exceptional Liquidity Assistance or ELA to a credit institution when this is deemed necessary for financial stability purposes. These amounts are published monthly. The Central Bank cannot disclose the financial institutions that avail of such support although it is open to all eligible counterparties to...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (22 Feb 2012)

Michael Noonan: The interim accounts published by the bank for the 6 months ended 30 June 2011, which are the latest published figures, shows a total liability figure of €50,677 million. In effect this is the amount required to pay off its liabilities in full. In addition a further €3,404 million represents the State's equity in the institution. If one assumes that the assets will cover some of the...

Written Answers — EU Summits: EU Summits (22 Feb 2012)

Michael Noonan: As the Deputy is aware I have indicated I am committed to reviewing the approach to the Promissory notes with a view to reducing the overall cost to the State of correcting the banking system. The Troika have agreed to engage in a process with Irish Officials to produce a common paper which will consider options for re-engineering the notes in terms of the maturity of the notes, the interest...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (22 Feb 2012)

Michael Noonan: I very much welcome the constructive contribution from the economists to the question of the promissory notes, and I can assure the Deputy that the presentations and remarks to the Joint Committee on Finance, Public Expenditure and Reform will be examined in detail. However, it would not at all be appropriate for me to unilaterally instruct the Central Bank, and the Troika that the scheduled...

Written Answers — Vehicle Registration: Vehicle Registration (22 Feb 2012)

Michael Noonan: I have no proposal at this stage for an alternative number to be put on next years registration plates. However, any proposals that are brought forward will be examined by my Department in advance of Budget 2013.

Written Answers — European Central Bank: European Central Bank (22 Feb 2012)

Michael Noonan: As Minister for Finance, I have no function in the relationship between the European Central Bank and the Irish Central Bank nor am I privy to any views conveyed to the European Central Bank by the Irish Central Bank. 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)...

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 Board and management of the Bank are responsible for the Bank's day-to-day commercial decisions including the appointment of strategic advisors. The appointment of the 'strategic advisory arm' of the company referred to in the question was made...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (22 Feb 2012)

Michael Noonan: As a result of the March 2011 PCAR the company was required to raise additional capital of €4 billion. In July 2011 €2.3 billion of this requirement was injected by way of a placing of shares to the Minister for Finance, leaving the Minister with his current holding of 99.24%. At this time a further €400 million was also injected into the company in return for a Contingent Capital note...

Written Answers — Tax Reliefs: Tax Reliefs (22 Feb 2012)

Michael Noonan: As announced in my Budget speech, I am introducing significant enhancements to the R&D tax credit scheme in Finance Bill 2012 as we need to encourage the productive, high value-added sectors of our economy in order to work our way out of the current downturn. Up to now, sub-contracted R&D costs in respect of payments made to unconnected persons have been eligible for the tax credit to the...