Results 7,641-7,660 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Ministerial Meetings (15 Nov 2012)

Michael Noonan: As the Deputy will be aware review missions to Ireland by the three external partners, the EU, the ECB and the IMF (the Troika) take place each quarter as part of the regular review process of our EU-IMF programme. The eighth review mission took place from Tuesday October 16th to Thursday October 25th 2012. In line with each of the previous quarterly reviews, Ireland has met all of the...

Written Answers — Department of Finance: Mortgage Applications Approvals (15 Nov 2012)

Michael Noonan: AIB has informed me that it is well aware of this impending deadline on the cessation of mortgage relief for First Time Buyers and will continue to work with customers seeking to avail of this relief to ensure that, where possible, transactions are completed in a timely manner. AIB is currently approving seven out of ten mortgage applications and is well ahead of target in terms of its aim...

Written Answers — Department of Finance: Equality Budgeting (15 Nov 2012)

Michael Noonan: With regard to budgetary matters, when focusing on the primary objectives of reducing the deficit and returning sustainability to the public finances, while they are currently no plans to specifically equality and gender proof Budget 2013 it has been of vital importance to the Government to spread the burden of the adjustments made in as fair and equitable a manner as possible, while also...

Written Answers — Department of Finance: European Stability Mechanism (15 Nov 2012)

Michael Noonan: The European Council in October reaffirmed that "the Eurogroup will draw up the exact operational criteria that will guide direct bank recapitalisations by the European Stability Mechanism (ESM), in full respect of the 29 June 2012 euro area Summit statement. It is imperative to break the vicious circle between banks and sovereigns." As the Deputy will be aware, the Taoiseach and Chancellor...

Written Answers — Department of Finance: Directors' Loans (15 Nov 2012)

Michael Noonan: I am informed by the State owned banks that the total amount of loans outstanding from Directors at 31 December 2011 was €1.5 million. Comprehensive disclosure on the amounts of loans outstanding to Directors is provided in the Annual Reports of the relevant institutions. As the Deputy is no doubt aware Bank of Ireland is not a State owned bank. The total amount of loans outstanding...

Written Answers — Department of Finance: Credit Unions Regulation (15 Nov 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 — Department of Finance: Mortgage Interest Rates (15 Nov 2012)

Michael Noonan: During the past two months, neither I nor my officials have had meetings or correspondence with banks regarding the European Central Bank interest rate reductions or increases in the rates applied to mortgage holders by lending institutions. I have no statutory role in relation to the issues raised by the Deputy. It is a commercial matter for each bank concerned. The Central Bank has...

Written Answers — Department of Finance: Pension Provisions (15 Nov 2012)

Michael Noonan: The Government shares the abhorrence of the public at these extravagant pensions but its scope for action to claw back or reduce such entitlements is limited due to constitutional and legal reasons which are well known to the members of the House. The Deputy will be aware of the action taken by Allied Irish Banks requesting a cohort of former senior executives to consider taking a voluntary...

Written Answers — Department of Finance: Credit Unions Regulation (15 Nov 2012)

Michael Noonan: The Credit Union Bill 2012 is consistent with the Final Report of the Commission on Credit Unions, which was agreed over a nine-month period by all Commission members, including the Irish League of Credit Unions. The Credit Union Bill delivers on over 60 of the recommendations in the Commission Report. I am aware of the concerns expressed by the Irish League of Credit Unions on the...

Written Answers — Department of Finance: Banking Sector Remuneration (15 Nov 2012)

Michael Noonan: I have been advised that there are currently 7, and not 30, employees of IBRC whose base salaries are above €300,000 per annum. The total of the highest 30 base salaries from end 2008 to 2012 is outlined in the table 2008 2009 2010 2011 2012 €10,279,397.88 €7,845,471.13 €8,875,847.91 €8,801,292.68 €8,160,352.94 From 2008 to 2012 there has been...

Written Answers — Department of Finance: Equality Budgeting (15 Nov 2012)

Michael Noonan: With regard to budgetary matters, when focusing on the primary objectives of reducing the deficit and returning sustainability to the public finances, it has been of vital importance to the Government to spread the burden of the adjustments made in as fair and equitable a manner as possible, while also seeking to minimise their negative impact on economic growth. The Deputy might be aware...

Written Answers — Department of Finance: European Stability Mechanism (15 Nov 2012)

Michael Noonan: I propose to take Questions Nos. 23 and 52 together. As you will be aware, the Euro Area Summit Statement of 29th June affirmed that it is imperative that the vicious circle between banks and sovereigns be broken. The Statement of 29th June also stated that it has been agreed that when an effective single supervisory mechanism is established, involving the ECB, for banks in the euro area,...

Written Answers — Department of Finance: Tax Yield (15 Nov 2012)

Michael Noonan: I am advised by the Revenue Commissioners that the full year yield, estimated by reference to 2012 incomes, from imposing a income levy of 10% on all income that is currently liable to the Universal Social Charge (USC) would be of the order of €1,840 million. It should be noted, that the estimated yield is based on applying a 10% levy to all the income of income earners who earn in...

Written Answers — Department of Finance: Banking Sector Investigations (15 Nov 2012)

Michael Noonan: I have been advised that an investigation is being conducted under the Central Bank’s Administrative Sanctions Procedure into historic lending practices at INBS. For legal reasons, including the Bank’s confidentiality obligations pursuant to section 33AK of the Central Bank Act 1942, no further details can presently be disclosed. An appropriate number of enforcement staff,...

Written Answers — Department of Finance: Insurance Industry (15 Nov 2012)

Michael Noonan: At the outset the Deputy should note that the nature of insurance is such that it is not possible to provide a definitive update on the cost of the collapse of Quinn Insurance until the bulk of the claims have been paid, which is unlikely to be for several more years yet. However the Joint Administrators when presenting their 10th report to the High Court in July 2012 indicated that the...

Written Answers — Department of Finance: Fuel Prices (15 Nov 2012)

Michael Noonan: Ireland, as with other countries, has experienced an increase in fuel prices. This increase is an international phenomenon. Fuel prices are driven by a number of factors including the price of oil on international markets, exchange rates, production costs and refining costs. The rise in oil prices over recent periods reflected additional factors such as geopolitical uncertainty in Northern...

Written Answers — Department of Finance: Mortgage Arrears (15 Nov 2012)

Michael Noonan: I propose to take Questions Nos. 28, 102 and 103 together. As the Deputy is aware, the Central Bank receives quarterly submissions from all mortgage providers which detail the overall size of mortgage books and, in respect of such lending, data is also provided on: - arrears levels; - restructure levels; - levels of Court proceedings and - repossessions. The Central Bank publishes this...

Written Answers — Department of Finance: Banking Sector Remuneration (15 Nov 2012)

Michael Noonan: I propose to take Questions Nos. 29, 63 and 83 together. The Deputies will be aware that my Department is presently engaged in a Review of Remuneration Practices and Frameworks at the covered institutions. I have recently engaged, as I informed the Opposition Spokespersons on Finance, the services of Mercer (Ireland) Limited following a limited competitive tender competition to assist...

Written Answers — Department of Finance: Promissory Notes (15 Nov 2012)

Michael Noonan: I am sure the Deputy will appreciate that financial crisis has had significant resource implications for my Department and as a result, I am not in a position to be able to provide hypothetical funding projections to Deputies. As set out in the repayment schedule below, there are significant capital and interest repayments pertaining to the existing IBRC Promissory Note. Any changes to the...

Written Answers — Department of Finance: Banking Sector Staff (15 Nov 2012)

Michael Noonan: As I detailed in the answer to question numbers 167, 168 and 172 which were taken together on 9 October 2012, the legal position is that any director appointed to the board of the covered institutions whether under the Credit Institutions (Financial Support) Scheme 2008 or otherwise is subject to the requirements of company law in relation to the discharge of their responsibilities as a...