Results 5,301-5,320 of 27,019 for speaker:Michael Noonan

Written Answers — Credit Union Regulation: Credit Union Regulation (18 Apr 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...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (18 Apr 2012)

Michael Noonan: The Irish banks have been recapitalised to meet the requirements of the Central Bank of Ireland's 2011 Financial Measures Programme, which incorporated a 3 year stress test to 2013, and was among the most thorough and demanding such tests ever performed in Ireland or indeed anywhere. The Central Bank's 2011 stress test was fully endorsed by our external partners that the loan loss...

Written Answers — International Agreements: International Agreements (18 Apr 2012)

Michael Noonan: I am informed by the National Treasury Management Agency (NTMA) that the Memorandum of Understanding (MOU) signed between the National Treasury Management Agency (NTMA) and CIC International, a subsidiary of China Investment Corporation, China's sovereign wealth fund, provides that the parties will seek to work together in exploring investment opportunities in Ireland. The MOU builds on the...

Written Answers — EU Treaties: EU Treaties (18 Apr 2012)

Michael Noonan: No definitive timetable has been published by the European Commission as to when the European Commission shall bring forward their proposals. However, the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union will come into force on 1 January 2013, provided that twelve Contracting Parties whose currency is the Euro have deposited their instrument of...

Written Answers — Fiscal Policy: Fiscal Policy (18 Apr 2012)

Michael Noonan: Last year, the Government established a Fiscal Advisory Council which is to report periodically on the fiscal position. In that context, I welcome the recent publication of the Council's second Fiscal Assessment Report. I note the Council's warning that a further €400 million in consolidation measures may be necessary to meet the 8.6 per cent of GDP General Government deficit target this...

Written Answers — Mortgage Arrears: Mortgage Arrears (18 Apr 2012)

Michael Noonan: I propose to take Questions Nos. 32, 229, 230 and 258 to 260, inclusive, together. The latest data from the Central Bank indicates that at the end of December 2011 there were around 769,000 residential mortgage loan accounts in the State and that, of these, around 70,900 were at least 91 days in arrears. I am informed by the Central Bank that it does not provide a county breakdown of those...

Written Answers — Fiscal Policy: Fiscal Policy (18 Apr 2012)

Michael Noonan: Regarding the situation in Greece and Portugal, their public funding needs are being met through loans from their EU partners and the IMF. As part of this external funding, both countries have agreed to a consolidation strategy to correct their excessive deficits within a pre-determined timeframe. I am conscious of the decline in market sentiment towards Spain in recent weeks. However, I...

Written Answers — National Asset Management Agency: National Asset Management Agency (18 Apr 2012)

Michael Noonan: The NAMA SPV, National Asset Management Agency Investment Limited (NAMAIL) was established to facilitate the participation of private investors in NAMA. 51 per cent of the shares of NAMAIL are held by three private investors, and as a consequence NAMAIL is classified as outside of government for the calculation of general government debt. As one of the private investors is Irish Life and...

Written Answers — Credit Union Regulation: Credit Union Regulation (18 Apr 2012)

Michael Noonan: The Commission on Credit Unions submitted its Report to me on schedule on the 31 March 2012. The Report was presented to Government yesterday and it was published this morning. I welcome the Report and commend the Commission for its professional approach to the review of the sector. The agreement of all Commission participants to recommendations on issues such as restructuring and a...

Written Answers — Haulage Industry: Haulage Industry (18 Apr 2012)

Michael Noonan: The Deputy may be aware that a working group was set up between officials of my Department, the IRHA and some members of the Oireachtas. This working group is discussing a number of issues of concern to the haulage industry. I am sure the Deputy will understand that I cannot pre-empt the outcome of those discussions which are ongoing. I should point out that a fuel rebate system, as sought...

Written Answers — Credit Union Regulation: Credit Union Regulation (18 Apr 2012)

Michael Noonan: The Credit Union Bill is due to be published by the end of June 2012. The Commission on Credit Unions submitted its Final Report to me on 31 March 2012. The Report, which was published this morning, includes recommendations in relation to prudential requirements, governance, stabilisation, restructuring and amendments to the Credit Union Act 1997. I will now examine the Report in detail...

Written Answers — Financial Services Regulation: Financial Services Regulation (18 Apr 2012)

Michael Noonan: The lending institutions in Ireland, including those in which the State has a significant shareholding, are independent commercial entities. It is not appropriate for me, as Minister for Finance, to comment on or become involved in the detailed mortgage position of mortgage holders. The Central Bank has advised me that they have no role in interest rate setting; neither does the Central...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (18 Apr 2012)

Michael Noonan: As the Deputy is aware the Government is committed to delivering a return to a successful vibrant economy. In this context I have indicated on a number of occasions that there is no private sector involvement for senior bank paper or Irish Sovereign debt without the agreement of our external partners. This commitment has been agreed with out external partners and is now the basis on which...

Written Answers — Mortgage Arrears: Mortgage Arrears (18 Apr 2012)

Michael Noonan: Firstly, I wish to inform the Deputy that the lending institutions in Ireland, including those in which the State has a significant shareholding, are independent commercial entities. In addition, the Central Bank is independent in the carrying out of its supervisory functions of regulated financial institutions. The Central Bank of Ireland issues mortgage arrears statistics every quarter...

Written Answers — Fuel Smuggling: Fuel Smuggling (18 Apr 2012)

Michael Noonan: As the Deputy is aware, a working group was set up between officials of my Department, the IRHA and some members of the Oireachtas to discuss a number of issues of concern to the haulage industry including the matter of fuel smuggling. As I am sure the Deputy will appreciate, I cannot pre-empt the outcome of the working group discussions which are still ongoing. However, I am well aware that...

Written Answers — Pension Provisions: Pension Provisions (18 Apr 2012)

Michael Noonan: The legislation necessary to facilitate the introduction of sovereign bonds/annuities was enacted in the Social Welfare (Miscellaneous Provisions) Act 2010. Sovereign annuities can only be purchased by the trustees of occupational pension schemes (both defined benefit and defined contribution schemes) and such products must be certified by the Pensions Board as being suitable. Detailed...

Written Answers — Tax Code: Tax Code (18 Apr 2012)

Michael Noonan: At Budget time, the Government carefully considered the various options open to it in terms of taxation. One of the key objectives of the Government is to get people back to work. The VAT rate change was implemented in order to deliver additional revenues for the Exchequer, as must be done if we are to continue to reduce the deficit in our public finances. Government also recognised however...

Written Answers — Fiscal Policy: Fiscal Policy (18 Apr 2012)

Michael Noonan: As part of the ongoing surveillance of fiscal policies within the EU, a harmonised approach to determining the structural balance has been developed between the Member States and the EU Commission. Using this harmonised methodology Member States are required to present point estimates of the structural balance for the forecast period in their Stability Programme Updates. It is on that basis...

Written Answers — Financial Services Regulation: Financial Services Regulation (18 Apr 2012)

Michael Noonan: I propose to take Questions Nos. 46 and 48 together. Notwithstanding the State's significant shareholding in the bank, Permanent TSB ('PTSB') operates at arm's length from the State in relation to commercial issues. Ultimately the pricing of financial products, including standard variable mortgage interest rates, is a commercial decision for the management team and board of each bank, having...

Written Answers — Legislative Programme: Legislative Programme (18 Apr 2012)

Michael Noonan: In relation to publication of the Fiscal Responsibility Bill, the Taoiseach has given a commitment that legislative measures associated with the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union will be made publicly available in advance of the referendum. While a decision has yet to be taken on the publication date in relation to fiscal responsibility...