Results 6,961-6,980 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: NAMA Court Cases (4 Oct 2012)

Michael Noonan: As advised to the Deputy in July (36075/12, 19th July 2012) NAMA is currently pursuing a number of cases in the Courts to effect the reversal of asset transfers by NAMA debtors that appear to have been designed to put the assets beyond the reach of the Agency, including the following cases: - High Court proceedings for the reversal of an asset transfer of shares - High Court proceedings for...

Written Answers — Department of Finance: NAMA Portfolio Value (4 Oct 2012)

Michael Noonan: As with a bank, NAMA does not own nor does it sell property assets securing its loans. The sale of these assets is conducted by their owners, that is, NAMA debtors, or, in enforcement cases, on behalf of these debtors by duly appointed Receivers/Administrators. I am advised by NAMA that its debtors and receivers have recorded over 2,500 cash receipts in respect of asset sales totalling...

Written Answers — Department of Finance: European Council Meetings (4 Oct 2012)

Michael Noonan: Every economics and finance minister in the European Union is a member of the Economic and Financial Affairs Council (Ecofin). Each month the Ecofin Council meets to discuss economic policy coordination, economic surveillance, monitoring of Member States' budgetary policy and public finances, financial markets and capital movements, as well as other matters. In addition, the Eurogroup -...

Written Answers — Department of Finance: EU-IMF Programme of Support Issues (4 Oct 2012)

Michael Noonan: As the Deputy will be aware, Ireland’s implementation of the EU/IMF Programme has been recognised and indeed lauded both at the ECOFIN and Eurogroup meetings. There has been an all-round acknowledgement of our commitment to the Programme which has ensured that all the conditions have been met at each quarterly review. We too, repeatedly acknowledge the support we get from other...

Written Answers — Department of Finance: EU-IMF Programme of Support Issues (4 Oct 2012)

Michael Noonan: Ireland continues to be fully engaged in the process by the Eurogroup and Heads of State or Government on how the commitments of 29 June will be implemented. We are pursuing a diplomatic offensive which has included officials from my Department travelling recently to several capitals; my own visits to Paris, Berlin, Rome and onto the Informal Ecofin in Cyprus; and the Taoiseach’s...

Written Answers — Department of Finance: Economic Competitiveness (4 Oct 2012)

Michael Noonan: Substantial progress has been made in terms of improving our competitiveness over the past five years. Relatively lower price inflation over this period means that Irish price levels have fallen relative to our major trading partners. At the same time there has been a significant improvement in our cost competitiveness. Indeed, the European Commission earlier this year forecast that our...

Written Answers — Department of Finance: Sovereign Debt (4 Oct 2012)

Michael Noonan: I propose to take Questions Nos. 91, 94 and 95 together. Actions taken at the European level since the onset of the sovereign debt crisis clearly show that policy makers across Europe accept the necessity of a European response to the prevailing crisis. This is evident from the establishment of various institutions, such as EFSF and ESM, as well as from ECB involvement from the outset,...

Written Answers — Department of Finance: Price Inflation (4 Oct 2012)

Michael Noonan: Recent years have seen inflationary pressure remain quite muted given the weakness in the domestic economy. Nevertheless, there are specific areas where inflationary pressures are emerging. Over the past year wholesale energy prices have remained elevated on account of tensions in the Middle East. Coupled with the depreciation of the euro, these higher prices have fed through to consumer...

Written Answers — Department of Finance: Exchequer Returns (4 Oct 2012)

Michael Noonan: The end-September Exchequer Returns published on Tuesday 2 October show that tax revenues are €385 million (1.5%) ahead of target. Three of the ‘big four’ tax-heads – income tax, corporation tax and VAT – are ahead of profile at end-September. This is a positive development. As regards expenditure, while the majority of Departments continue to manage...

Written Answers — Department of Finance: Public Services Provision (4 Oct 2012)

Michael Noonan: I propose to take Questions Nos. 96 and 97 together. In response to the Deputy’s question my Department does not work with or engage with local authorities in the delivery or provision of services.

Fiscal Responsibility Bill 2012: Order for Second Stage (9 Oct 2012)

Michael Noonan: I move: "That Second Stage be taken now."

Fiscal Responsibility Bill 2012: Second Stage (9 Oct 2012)

Michael Noonan: I move: "That the Bill be now read a Second Time." I thank the House for agreeing to discuss this Bill today. As Deputies will be aware, the Irish people voted to ratify the stability treaty or, to give it its full title, the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union, in a referendum held on 31 May 2012. The aim of the stability treaty is to...

Written Answers — Department of Finance: Tax Code (9 Oct 2012)

Michael Noonan: I am informed by the Revenue Commissioners that Relevant Contracts Tax (RCT) is a withholding tax system that operates in the construction, forestry and meat processing sectors. Principal contractors are defined in the legislation (section 530A of the Taxes Consolidation Act 1997) as including “any board or body established by or under statute … and funded wholly or mainly out...

Written Answers — Department of Finance: Bank Debt Restructuring (9 Oct 2012)

Michael Noonan: As the Deputy will be aware, the Irish banks were required to raise €24.0bn in capital following the 2011 Prudential Capital Assessment Review (PCAR) in order to remain above a minimum capital target of 10.5% Core Tier 1 in the base scenario and 6% Core Tier 1 in the stress Scenario. The Central Bank made its decision on required recapitalisation based on loan-loss projections along...

Written Answers — Department of Finance: Haulage Industry Regulation (9 Oct 2012)

Michael Noonan: I propose to take Questions Nos. 140 and 160 together. As the Deputy is aware a working group was set up between officials of my Department, the IRHA and members of the Oireachtas. This working group had a series of meetings to discuss issues of concern to the haulage industry including the matter of an essential users rebate. I have recently received a submission from the group and I am...

Written Answers — Department of Finance: Illicit Trade in Tobacco (9 Oct 2012)

Michael Noonan: The Revenue Commissioners are responsible for the collection of tobacco products tax, and for tackling the illicit trade in cigarettes and tobacco products. They attach a high priority to this area, and they continuously review their response to the problem and their effectiveness in tackling the illicit tobacco trade. In 2010, Revenue established a high-level internal group, chaired at...

Written Answers — Department of Finance: State Debt (9 Oct 2012)

Michael Noonan: Using the Central Bank’s Quarterly Financial Accounts (Q1 2012) – Table 8.1b - total liabilities outstanding of households and non-profit institutions serving households, and the gross national product (GNP) figure for the year up to the end of the first quarter of 2012, household debt stood at 148 per cent of GNP at the end of the first quarter of 2012. Using the Central...

Written Answers — Department of Finance: Public Sector Increment Payments (9 Oct 2012)

Michael Noonan: I propose to take Questions Nos. 143 and 144 together. I have been informed by the Central Bank that as at both 31st December 2011 and 30th September 2012, the Central Bank of Ireland had five employees whose annual salary, including non-discretionary payments in cash, was in excess of €200,000 per annum. Under the Central Bank Act 1942 and the Statute of the European System of...

Written Answers — Department of Finance: NAMA Staff Recruitment (9 Oct 2012)

Michael Noonan: I am advised that the National Treasury Management Agency (NTMA) has incurred recruitment costs in respect of employees assigned to the National Asset Management Agency (NAMA) of €316,000 during 2011 and €197,000 for the nine months ending 30 September. Such recruitment costs include fees paid to recruitment agencies, pre-employment medical tests and psychometric testing, and...

Written Answers — Department of Finance: NAMA Accounts (9 Oct 2012)

Michael Noonan: The details sought by the Deputy are set out in NAMA's Section 55 Quarterly Accounts for the three months ending 30th June 2012, which are currently being considered by Government and will be laid before the Houses of the Oireachtas in due course.