Results 9,201-9,220 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Mortgage Resolution Processes (28 Feb 2013)

Michael Noonan: I propose to take Questions Nos. 16 and 49 together. While I note the launch of an IBF protocol on unsecured debt, this was solely an initiative of the IBF and neither I nor my Department had an involvement in the initiative. Initiatives such as the IBF protocol can assist in encouraging and facilitating creditors and debtors to engage with one another in an open, constructive manner to...

Written Answers — Department of Finance: NAMA Property Sales (28 Feb 2013)

Michael Noonan: I am advised by NAMA that, although its exposure to residential property in Ireland is limited, it has sought to instigate some market activity through the introduction of a deferred payment initiative, which offers downside price protection for a period of up to five years to buyers. The initiative, which is referred to as the 80/20 Deferred Payment Initiative, was formally launched in...

Written Answers — Department of Finance: Banks Recapitalisation (28 Feb 2013)

Michael Noonan: As the Deputy will be aware, the Irish banks were required to raise €24bn 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: NAMA Debtors (28 Feb 2013)

Michael Noonan: It is unclear what reports the Deputy is referring to. As has been previously advised to the House, NAMA seeks to ensure that income generated by assets securing NAMA loans is applied towards repaying a debtor’s indebtedness to NAMA. In certain circumstances, debtors are allowed to retain a portion of asset income in lieu of overheads which include staff costs. NAMA also seeks to...

Written Answers — Department of Finance: State Banking Sector (28 Feb 2013)

Michael Noonan: The write-down of any debt is a commercial matter for the management and the Board of the Institutions. As the Deputy will be aware the Relationship Frameworks we have in place provide that the State will not intervene in the day-to-day operations of the covered banks or their management decisions. These frameworks are published on the Department of Finance website at...

Written Answers — Department of Finance: Stock Market Regulation (28 Feb 2013)

Michael Noonan: Food securities trading form part of the regulation of derivatives. This can be divided into OTC (over-the-counter) derivatives and derivatives traded on exchanges. The regulation of both types of derivatives features in formal proposals by the EU Commission. OTC derivatives are now regulated by the European Markets Infrastructure Regulation (EMIR). This EU Regulation, which is directly...

Written Answers — Department of Finance: Budget 2014 (28 Feb 2013)

Michael Noonan: I propose to take Questions Nos. 22, 43 and 59 together. As I have stated in recent days, it is important to note that some aspects of the promissory note deal are yet to be finalised. For example, the liquidator is in the process of overseeing a valuation and sales process for the assets of IBRC, while the final payments made under the ELG Scheme have not yet been determined....

Written Answers — Department of Finance: Banking Sector Pension Funds (28 Feb 2013)

Michael Noonan: I met with the Bank of Ireland Board, including the public interest directors in January 2013 however the topic referred to was not on the agenda. I believe that Bank of Ireland only recently announced their intention to enter into discussions regarding the deficit in its pension scheme and I support the management’s intention to deal with this issue. Officials from my Department...

Written Answers — Department of Finance: European Stability Programmes (28 Feb 2013)

Michael Noonan: The Irish Presidency of the Council of the EU has secured agreement, on behalf of euro area member countries, with the European Parliament and the European Commission, on two proposed regulations – the “two-pack”. One of the proposals is on the monitoring and assessment of draft budgetary plans and on ensuring the correction of excessive deficits. The other is on the...

Written Answers — Department of Finance: Credit Availability (28 Feb 2013)

Michael Noonan: I am aware of the comments made by the Credit Reviewer in his appearance before the Joint Committee on Finance and Public Expenditure and Reform. I would accept his view that having only three main banks lending to the SME sector is not an ideal situation. The Government has taken a number of actions, particularly where SMEs have been refused credit, to improve the situation in relation to...

Written Answers — Department of Finance: Mortgage Arrears Rate (28 Feb 2013)

Michael Noonan: I have been advised by the Central Bank that they have already publicly committed to reviewing the Code of Conduct on Mortgage Arrears during 2013. This review will include a public consultation period. Details of the arrangements for the consultation will appear shortly on the Central Bank’s website – www.centralbank.ie.

Written Answers — Department of Finance: Public Sector Staff Issues (28 Feb 2013)

Michael Noonan: The information requested by the Deputy relating to the requirements applying to senior civil servants taking up employment outside of the Civil Service in the circumstances set out in the Deputy’s question, can be found in section 20 the Civil Service Code of Standards and Behaviour which is available at the Standards in Public Office Commission’s website ( www.sipo.ie.). ...

Written Answers — Department of Finance: Insurance Industry (28 Feb 2013)

Michael Noonan: I can inform the Deputy that the Competition Directorate of the European Commission will consider this transaction and their approval is required in order to complete the transaction. Without wishing to prejudge the matters under consideration it is my expectation that such approval will be granted and that the transaction will complete. In a more general sense I believe that the financial...

Written Answers — Department of Finance: Government Bonds (28 Feb 2013)

Michael Noonan: The NAMA SPV, National Asset Management Agency Investment Limited (NAMAIL) was established to facilitate the participation of private investors in NAMA. 51 per cent of the shares of NAMAIL are held by three private investors, and as a consequence NAMAIL is classified as outside of government for the calculation of general government debt.

Written Answers — Department of Finance: Sale of State Assets (28 Feb 2013)

Michael Noonan: I can inform the Deputy that following completion of the sale to Great-West Lifeco that all decisions on employment levels at Irish Life will be a matter for Great-West Lifeco. The Government will, as the Deputy would expect, have no role in any of these decisions. Allen Loney, the CEO of Great-West Lifeco has stated that any job losses that would occur following the acquisition of Irish...

Written Answers — Department of Finance: Economic Growth (28 Feb 2013)

Michael Noonan: My Department published its latest economic and fiscal outlook at budget time on 5 December 2012. At that time, GDP was forecast to grow by 1.5 per cent in real terms this year, with growth of 2.5 per cent projected for next year. As the Deputy will be aware, the fiscal projections outlined in Budget 2013 point to a steady improvement in the General Government deficit over the coming years....

Written Answers — Department of Finance: Corporation Tax (28 Feb 2013)

Michael Noonan: I propose to take Questions Nos. 32 and 44 together. In a number of answers to previous Parliamentary Questions on this issue I have repeatedly advised that there is no agreed international methodology for calculating the ‘effective rate’ of corporation tax. With that in mind, I am unsure as to the premise of the Deputies’ questions which seems to imply that Ireland...

Written Answers — Department of Finance: Tax Collection (28 Feb 2013)

Michael Noonan: I am informed by the Revenue Commissioners that the Domicile Levy returns and payments for the tax year 2011 were due to be filed on 31 October 2012, or 15 November 2012 for persons who file their income tax returns using the Revenue Online System (ROS). In all, 11 persons submitted returns declaring a liability in respect of the Domicile Levy for the tax year 2011 and these persons paid a...

Written Answers — Department of Finance: EU Directives (28 Feb 2013)

Michael Noonan: A formal European Commission proposal for a Directive implementing, via enhanced cooperation, a financial transactions tax (FTT) was issued on 14 February 2013. An economic impact assessment was published at the time of the original Commission proposal in September 2011. The Commission has concluded that a revised impact assessment is not warranted in connection with the current proposal but...

Written Answers — Department of Finance: Mortgage Interest Relief Extension (28 Feb 2013)

Michael Noonan: I will consider this matter as part of my deliberations in relation to potential amendments to the Finance Bill as it progresses through the Oireachtas.