Results 8,461-8,480 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Mortgage Arrears (16 Jan 2013)

Michael Noonan: I have been informed by the financial institution whose details were supplied that any residential mortgage holder whose mortgage was part of the transaction referred to in the question will retain all their existing rights under the mortgage arrears protection scheme.

Written Answers — Department of Finance: Excise Duties (16 Jan 2013)

Michael Noonan: As I am sure the Deputy is aware there has been no general increase in the tax on alcohol products since 1994. Prior to Budget 2013 there were no increases on Beer since 1994. Excise on cider was increased in Budget 2002 to bring it into line with the rate for beer. Excise on spirits was increased the following year, and this increase was also applied to spirits-based alcopops. Excise on...

Written Answers — Department of Finance: Promissory Notes (16 Jan 2013)

Michael Noonan: I propose to take Questions Nos. 141, 152, 153 and 189 together. As the Deputies are aware, the Irish Government has been working extremely hard to secure a deal on the Irish bank debt with our European partners and detailed work will continue to ensure that positive moves in Europe are harnessed to maximise the benefit to the Irish taxpayer. The on-going discussions are considering...

Written Answers — Department of Finance: Banks Recapitalisation (16 Jan 2013)

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...

Written Answers — Department of Finance: Job Creation (16 Jan 2013)

Michael Noonan: Any matters relating to the jobs initiative are dealt with by my colleague the Minister for Jobs, Enterprise and Innovation, Mr Richard Bruton, TD.

Written Answers — Department of Finance: Prize Bonds (16 Jan 2013)

Michael Noonan: Prize Bonds are one of the range of State Savings products offered by the National Treasury Management Agency (NTMA). The total value of prize bonds outstanding at the end of December 2010, 2011 and 2012 was €1,328 million, €1,448 million and €1,648 and the value of prizes awarded each year was €36 million, €42 million and €46 million. Consistent...

Written Answers — Department of Finance: Universal Social Charge (16 Jan 2013)

Michael Noonan: I am informed by the Revenue Commissioners that there appears to be no record of any contact from the person in question either by phone or correspondence in relation to this issue. However, I can confirm the following in relation to the Universal Social Charge (USC) liabilities of the person. Prior to 2013, the maximum rate of USC payable by individuals aged 70 years or over was 4%,...

Written Answers — Department of Finance: Public Interest Director Responsibilities (16 Jan 2013)

Michael Noonan: As I have stated many times before, the primary duty and responsibility of the public interest directors as well as all the other directors is to ensure that the institution on whose board they serve is run properly and appropriately. The responsibility of public interest directors under company law is to the institution on whose board they serve. The legal position is that any director...

Written Answers — Department of Finance: Fuel Prices (16 Jan 2013)

Michael Noonan: I propose to take Questions Nos. 149 and 163 together. 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...

Written Answers — Department of Finance: EU-IMF Programme of Support (16 Jan 2013)

Michael Noonan: Ireland’s EU-IMF Programme of Financial Support, which is due to expire at the end of 2013, comes to €85 billion, of which we are providing €17.5 billion from our own resources, with the balance of €67.5 billion, being provided from the EU’s EFSF (€17.7 billion) and EFSM (€22.5 billion) facilities, the IMF (€22.5 billion) and bilateral...

Written Answers — Department of Finance: General Government Debt (16 Jan 2013)

Michael Noonan: I propose to take Questions Nos. 154 and 160 together. Targets for the underlying General Government balance (GGB) expressed as a percentage of Gross Domestic Product(GDP), covering the period 2012 to 2015, are set in table 9 on page C.18 of the Budget 2013 booklet. Under the Stability and Growth Pact, the general government deficit should not exceed 3% of GDP. As our current GGB is in...

Written Answers — Department of Finance: Bond Markets (16 Jan 2013)

Michael Noonan: The NTMA has announced that it plans to raise €10 billion in the bond debt markets during 2013, of which one quarter has already been done in a syndicated tap issue carried out on 8 January. In addition, the NTMA will continue to raise shorter-term funds via the Treasury Bill auction programme and medium-term funds through the State Savings products.

Written Answers — Department of Finance: General Government Debt (16 Jan 2013)

Michael Noonan: At end 2012, the Exchequer had €19.3 billion on hand in cash and deposits. Because the proceeds of all borrowing, as well as tax revenue, are lodged to the Exchequer account to fund general expenditure, it is not possible to disaggregate the balance on that account by source. Total disbursements to date under the EU-IMF Programme amount to some €55.7 billion. This...

Written Answers — Department of Finance: Economic Growth (16 Jan 2013)

Michael Noonan: My Department’s latest forecasts are set out in the Economic and Fiscal Outlook which accompanied Budget 2013 and which was based on the Medium Term Fiscal Statement (MTFS) published on 24 November 2012. The baseline scenario is one in which real GDP grows by 1.5 per cent this year. However, there is considerable uncertainty attached to the outlook at present, given the somewhat...

Written Answers — Department of Finance: State Debt (16 Jan 2013)

Michael Noonan: The national debt at the start of 2013 is €137.6 billion, as reported by the NTMA and available from their website. This represents 105.2% of forecast 2012 GNP and 84.3% of forecast 2012 GDP. Table 9 in the Budget 2013 booklet projects an Exchequer deficit of €15.4 billion for 2013. This results in a forecast national debt for end 2013 of €153 billion, which...

Written Answers — Department of Finance: European Stability Mechanism (16 Jan 2013)

Michael Noonan: The purpose of the ESM is to arrange funding and provide financial assistance, under strict economic policy conditionality, to the benefit of such ESM Members (i.e. Euro Area members) as may be either experiencing, or threatened by, severe financing problems, if seen as indispensable to safeguarding the financial stability of the euro area as a whole. Ireland’s EU-IMF Programme runs...

Written Answers — Department of Finance: Alcohol Pricing (16 Jan 2013)

Michael Noonan: The Deputy will be aware that EU Directive 92/93, which governs the structure of alcohol taxation, requires that such taxes are applied by reference to the nature and strength of the product rather than the means of packaging or the type of premises in which the product is sold. As I am sure the Deputy is aware I received a large number of pre-Budget submissions including a proposal for the...

Written Answers — Department of Finance: Tax Yield (16 Jan 2013)

Michael Noonan: I am informed by the Revenue Commissioners that, based on a market price of €930 per 1000 litres, the total tax on marked diesel oil is €212.9 per 1000 litres or €0.21 cent per litre.

Written Answers — Department of Finance: Mortgage Interest Rates (16 Jan 2013)

Michael Noonan: The Central Bank of Ireland has responsibility for the regulation and supervision of financial institutions in terms of consumer protection and prudential requirements and for ensuring ongoing compliance with applicable statutory obligations. However, the Central Bank hasno statutory role in the setting of interest rates by regulated financial institutions, apart from the interest rate cap...

Written Answers — Department of Finance: NAMA Loans (16 Jan 2013)

Michael Noonan: I am advised by NAMA that Sections 99 and 202 of the NAMA Act 2009 relate to debtor confidentiality, not to the sale of assets. We assume the Deputy is referring to Section 172 of the NAMA Act which relates to Limitations on certain dealings in land etc. As NAMA is not permitted to sell assets to borrowers in default, neither I nor NAMA are in a position to assess the potential foregone...