Results 5,781-5,800 of 27,019 for speaker:Michael Noonan

Written Answers — General Government Debt: General Government Debt (22 May 2012)

Michael Noonan: I propose to take Questions Nos. 250 and 258 together. As the Deputy is aware one has to read or listen very carefully to what emanates by way of statement from European Authorities. The general tone of such comments has followed the line that Ireland must honour commitments in relation to the repayment of debt. The Government is also committed to this principle. Commissioner Rehn and I...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (22 May 2012)

Michael Noonan: As Minister for Finance I have numerous meetings across all areas of my remit including the area of banking regulation. In that context the issue of banking regulation has arisen on a number of occasions at meetings with the Central Bank, financial institutions, at EU level including ECOFIN, as well as at a number of meetings with my own officials.

Written Answers — European Council: European Council (22 May 2012)

Michael Noonan: While there has been a lot of media speculation about a possible successor to Jean-Claude Juncker as President of the Eurogroup, no formal proposals have yet been tabled. Neither I nor my Department have been approached about supporting any potential candidate, and I will wait to see who the formal nominees will be before coming to any conclusion.

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

Michael Noonan: The Irish Fiscal Advisory Council was established on a non-statutory basis in June 2011. Its mandate is to provide an assessment of, and to comment publicly on, whether the Government is meeting its own stated budgetary targets and objectives. The Council is also charged with assessing the appropriateness and soundness of the Government's fiscal stance and macroeconomic projections, as well...

Written Answers — European Banking Sector: European Banking Sector (22 May 2012)

Michael Noonan: The Department is cognisant of developments impacting the European Banking sector, and in particular the level of leverage among European banks. I am also acutely aware of the dangers to economic growth which large scale deleveraging might give rise to. To this end we are working at a European level to mitigate the risks to growth from deleveraging of the European financial system and this...

Written Answers — Market Volatility: Market Volatility (22 May 2012)

Michael Noonan: Since the international financial crisis began we have seen periods of intense market volatility as well as periods of relative calm. In recent weeks, mainly on foot of political developments in a number of countries, we have seen increased uncertainty regarding the future direction of policy in the euro area and this is reflected in market developments. Clearly there are lots of moving...

Written Answers — EU-IMF Programme: EU-IMF Programme (22 May 2012)

Michael Noonan: My colleague, the Minister for Public Expenditure and Reform, Mr Brendan Howlin T.D., and I met with the EU-IMF delegation during the recent quarterly review of the EU / IMF Programme of Financial Support for Ireland. These meetings were also attended by senior officials from both Departments. A wide range of topics was covered at these meetings, including financial reforms, structural...

Written Answers — Banking Sector: Banking Sector (22 May 2012)

Michael Noonan: I have had the following meetings with representatives of the banking sector since the start of this year: 16 Jan Barclays 18 Jan Commerzbank 26 Jan Institute of International Finance 2 Feb UBS 2 Mar Central Bank of Ireland 6 Mar Danske / NIB 5 Apr BOI 5 Apr IBRC 19 Apr Ulster / RBS 16 May Irish Bankers Federation 17 May Institute of International Finance In normal course I...

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

Michael Noonan: I have been advised by the Revenue Commissioners that if the transfer of ownership of the property referred to in the question is pursuant to a divorce settlement, no Stamp Duty would apply under the provisions of Section 97 Stamp Duties Consolidation Act 1999. However, if the transfer is not pursuant to a divorce settlement, Stamp Duty is chargeable under Section 41 Stamp Duties...

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

Michael Noonan: I had an arranged call with Commissioner Rehn on 16 April 2012. The Deputy will appreciate that much of the discussions, at this point, are on an informal basis. As soon as the technical discussions are concluded a more formal and structured approach will be adopted to ensure political support. Commissioner Rehn and I both attend Ecofin meetings and this provides a regular opportunity to...

EU-IMF Funding (23 May 2012)

Michael Noonan: It is not clear what other source of funding would be available if the stability treaty is rejected, with the resulting loss of access to the ESM. However, what is clear is that any funding that would be available would cost considerably more than any prospective ESM funds. The IMF has indicated that it will provide funding to Ireland only as part of a European initiative. I have consulted...

EU-IMF Funding (23 May 2012)

Michael Noonan: I will reread my note again on that for the Deputy so there will be no misunderstanding - I have consulted with the NTMA and I consider that a "No" vote on the referendum on the stability treaty would mean in all likelihood that it would not be possible for Ireland to re-enter the bond markets at sustainable rates.

EU-IMF Funding (23 May 2012)

Michael Noonan: It fully concurs with my opinion. However, the NTMA is not reflecting my opinion. It is independent and it is charged with funding the requirements of the State. It is the NTMA's considered opinion that a "No" vote will, in all likelihood, make it not possible for Ireland to re-enter the bond markets at sustainable rates. What the Deputy said in his initial remarks is also true. When it...

Stability and Growth Pact (23 May 2012)

Michael Noonan: I propose to take Questions Nos. 2 and 3 together. As part of the corrective arm of the Stability and Growth Pact, once an excessive deficit has been identified, the focus of budgetary policy is on reducing the headline deficit to below 3% of GDP. Following agreement with the ECOFIN Council in December 2010, we are required to correct our excessive deficit by 2015, a timeframe that balances...

Stability and Growth Pact (23 May 2012)

Michael Noonan: I draw Deputy Doherty's attention to a statement made on "Prime Time" last night by the eminent economist, John McHale, who is chair of the fiscal advisory council. He took the view that no additional consolidation would be required to meet the structural deficit even under very conservative assumptions about growth. One takes note of what somebody with the stature of Professor McHale says....

Stability and Growth Pact (23 May 2012)

Michael Noonan: The only harassment and bullying I have seen in the past couple of weeks involved supporters of the "No" campaign harassing and bullying the Taoiseach as he campaigned across the country. They tried to prevent him from explaining the situation to ordinary, decent citizens. Deputy Higgins should exercise influence over his supporters, if he has any, to stop this harassment of the Taoiseach...

Stability and Growth Pact (23 May 2012)

Michael Noonan: I cited Professor McHale because of his eminence as an economist and the position he occupies as chair of the Fiscal Advisory Council. We should give weight to what he says. I cited his comments so that Deputies will know he made them and can give them due weight. Of course there are other voices on the "Yes" side as well as the "No" side and some people exaggerate the position. Our...

Stability and Growth Pact (23 May 2012)

Michael Noonan: It is fair to point out the grouping is a decision of the Office of the Ceann Comhairle.

National Asset Management Agency (23 May 2012)

Michael Noonan: Under the NAMA Act 2009, the sale of private property by the National Asset Management Agency is a matter for the board of NAMA. I have no function on such matters. I am advised by NAMA that the NAMA board issued policy guidelines in mid-2011, which set out that, in the absence of very exceptional circumstances, the sale of all property assets undertaken by debtors or receivers shall be by...

National Asset Management Agency (23 May 2012)

Michael Noonan: I will clarify the matter according to what NAMA told me about the sale in Cork. In that instance, NAMA advised me the sales agent was acting on behalf of the debtor and that a competitive sales process was undertaken. The debtor was not in liquidation. I understand from NAMA that the sale was managed and implemented on behalf of the debtor by a firm of professional sales agents....