Results 5,861-5,880 of 27,019 for speaker:Michael Noonan

Written Answers — National Pensions Reserve Fund: National Pensions Reserve Fund (23 May 2012)

Michael Noonan: The Government is committed to ensuring a continuing level of investment in Ireland in the interests of boosting economic activity and generating employment. It believes that the National Pensions Reserve Fund (NPRF) can make a significant contribution to that objective through its involvement in the Strategic Investment Fund and through investment opportunities in Ireland such as the new...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (23 May 2012)

Michael Noonan: The Deputy will appreciate that the decision on whether or not to grant individual mortgages must remain a commercial decision for individual lending institutions. It is important that each lending institution is allowed to assess properly and independently the individual risks that it is considering accepting in granting mortgage finance. It is in the general interest that mortgage lending...

Written Answers — EU-IMF Agreement: EU-IMF Agreement (23 May 2012)

Michael Noonan: To date, Ireland has completed six successful quarterly reviews with the Troika, the most recent review mission taking place last month. Last year, Ireland comfortably met all fiscal targets agreed under the Programme, including all cumulative end-quarter Exchequer primary balance and Central Government net debt targets as well as the annual General Government deficit target. Reviews to date...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (23 May 2012)

Michael Noonan: As has been stated previously, I have no role in the day-to-day commercial and operational decisions, which include these matters. Ultimately, the pricing of financial products, including standard variable mortgage interest rates, is a commercial decision for the management team and board of IL&P, having due regard to their customers and the impact on profitability. Notwithstanding the fact...

Written Answers — EU-IMF Agreement: EU-IMF Agreement (23 May 2012)

Michael Noonan: The original Memorandum of Understanding (MoU) has been updated considerably since it was signed in December 2010. It was first updated following the combined first and second reviews in April 2011, and it has been updated after each subsequent quarterly review. Each update to the MoU can include the continuation of, or revisions to, existing commitments along with new commitments. Taking...

Written Answers — Illicit Trade in Tobacco: Illicit Trade in Tobacco (23 May 2012)

Michael Noonan: The illegal smuggling of cigarettes and other tobacco products and the illicit selling of these products is a problem for many tax jurisdictions throughout the world. Ireland has a longstanding policy, primarily because of health concerns and also for budgetary reasons, of high tobacco taxation, and this makes this State a particularly attractive market for tobacco smugglers. Easy access...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (23 May 2012)

Michael Noonan: Following the publication of the De Larosière Report (2009), a new supervisory architecture for financial services in the European Union came into operation from January 1st 2011, namely the European Systemic Risk Board and three European Supervisory Authorities. The European Systemic Risk Board (ESRB) is designed to put a regime in place to monitor and assess risks to the stability of the...

Written Answers — Tax Code: Tax Code (23 May 2012)

Michael Noonan: The position is that any future changes to the Civil Partnership and Certain Rights and Obligations of Cohabitants Act 2010 will be the responsibility of the Minister for Justice and Equality. The basis for the current tax treatment of married couples derives from the Supreme Court decision in Murphy v the Attorney General (1980) which held that it was contrary to the Constitution for a...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (23 May 2012)

Michael Noonan: As the Deputy is aware the bank reports its progress twice a year in the public domain by way of its Interim and Annual Report & Accounts. The most recent Annual Report & Accounts for 2011 were released at the end of March 2012. This provides the most up to date information on the operations of IBRC and a copy of this is available on the Bank's website or through its Corporate Affairs...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (23 May 2012)

Michael Noonan: As the Deputy is aware the Government is committed to reviewing the arrangements that were put in place to capitalise IBRC. The purpose of this review is to determine if there is a way to reduce the overall cost to the State. Part of the capitalisation of IBRC was provided using promissory notes as consideration. The Troika has agreed to engage in this process to produce a common paper which...

Written Answers — Fiscal Policy: Fiscal Policy (23 May 2012)

Michael Noonan: I meet with my EU and euro area colleagues on a regular basis, where we exchange views on a range of issues, including the need to boost growth in Europe. My view is that measures to boost economic growth can play an important role in addressing the current crisis in the EU. Indeed I would point out that the Taoiseach has consistently sought to have growth moved up the European agenda, and...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (23 May 2012)

Michael Noonan: I have received the following information from the Irish banks: AIB AIB is currently managing its impaired loans and loans of deteriorating quality and is further developing its dedicated resources in this regard. At the end of Q1 2012 in the mortgage area, AIB had approximately 200 staff in the "Dedicated Arrears Support Unit" and expect to double that number this year. A recent contract...

Written Answers — State Banking Sector: State Banking Sector (23 May 2012)

Michael Noonan: The Central Bank has informed me that their independent loan loss exercise, conducted by BlackRock Solutions ("BRS"), as part of the Financial Measures Programme 2011 ("FMP") and the Prudential Capital Assessment Review ("PCAR") was used to inform the capital requirements of the PCAR banks. The loan losses assumed by BRS were on the basis of nominal expected losses which banks might incur...

Written Answers — State Banking Sector: State Banking Sector (23 May 2012)

Michael Noonan: At present, AIB is undergoing a significant restructuring process and as one of the two pillar banks in the domestic economy it is natural that investors will seek to have preliminary discussions with both the bank and the State in order to better understand the underlying performance and value of the AIB franchise. The 2011 transaction completed by the State with private investors in Bank of...

Written Answers — State Banking Sector: State Banking Sector (23 May 2012)

Michael Noonan: As the deputy is aware, Bank of Ireland (the "Bank") announced on 29 March 2012 that the Bank had reached a conditional agreement to conduct a securities repurchase transaction with IBRC. The Bank stated: "As the transaction is considered to be a related party transaction under Listing Rules, it is subject to independent stockholder approval. A circular containing additional details of the...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (23 May 2012)

Michael Noonan: The solvency stress test applied by the Central Bank of Ireland in 2011 was used to recapitalise the PCAR banks. Having consulted with the Central Bank, I can inform the Deputy that the stress test scenarios were designed to represent extreme but plausible events, but they were not forecasts. The macroeconomic environment deteriorated in 2011 and as a result arrears levels and loan loss...

Written Answers — Fiscal Policy: Fiscal Policy (23 May 2012)

Michael Noonan: I propose to take Questions Nos. 56, 58, 61 and 89 together. Projected economic growth rates for Ireland were revised downwards in the recent Stability Programme Update (SPU) predominantly with regard to this year but also marginally in respect of next year. Other Member States have also been subject to downward revisions to their forecast growth rates in the recent EU Commission's Spring...

Written Answers — Tax Code: Tax Code (23 May 2012)

Michael Noonan: As required under the Directive 2003/96/EC, a full relief from Mineral Oil Tax, including the carbon charge component of the tax, applies to oil used for sea navigation, including sea fishing. In the Finance Act 2012, I introduced a deduction in respect of the carbon charge component of the Mineral Oil Tax on marked diesel used by farmers in the course of their farming trade. Under this...

Written Answers — Tax Yield: Tax Yield (23 May 2012)

Michael Noonan: It is assumed that the threshold for the proposed new tax band mentioned by the Deputy would not alter the existing standard rate band structure applying to single and widowed persons, to lone parents and married couples. I am advised by the Revenue Commissioners that the estimated full year yield to the Exchequer, estimated by reference to 2012 incomes, of the introduction of a new 48% rate...

Written Answers — Job Losses: Job Losses (23 May 2012)

Michael Noonan: It is deeply regrettable, for all concerned, that the proposed action of shedding of jobs, even on a voluntary basis in these challenging economic times, at Allied Irish Banks and Bank of Ireland as announced, has had to be taken. This is an inevitable consequence of the necessary restructuring of the banking system to render it fit to better serve personal and business customers throughout...