Results 9,901-9,920 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Credit Unions Restructuring (21 Mar 2013)

Michael Noonan: The Credit Union and Co-operation with Overseas Regulators Act 2012 provides the statutory basis for the restructuring of credit unions and places the Restructuring Board (ReBo) on a statutory footing. The Government has provided €250m to the Credit Union Fund for restructuring under the Act. The ReBo is working towards the timetable set out in the Commission on Credit Union report,...

Written Answers — Department of Finance: IBRC Liquidation (21 Mar 2013)

Michael Noonan: As the deputy is aware as part of the Government’s decision on 7th February 2013 to appoint Special Liquidators to IBRC, it was decided that the National Asset Management Agency (NAMA) would acquire those loans which have not been sold after the Special Liquidators have completed their current valuation and sales process. It is expected that IBRC loans will be acquired from the...

Written Answers — Department of Finance: Youth Unemployment Measures (21 Mar 2013)

Michael Noonan: As part of the European Council agreement on the 2014 – 2020 Multi Annual Financial Framework of 7-8 February, it was decided to provide EUR 6 billion for a new Youth Employment Initiative for regions with youth unemployment above 25%. This funding will consist of EUR 3 billion from the European Social Fund and an additional EUR 3 billion from a new Youth Employment budget line. This...

Written Answers — Department of Finance: Central Bank of Ireland Investigations (21 Mar 2013)

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. I am advised that for legal reasons, including the Central Bank’s confidentiality obligations pursuant to section 33AK of the Central Bank Act 1942, no further details can presently be disclosed. I am further...

Written Answers — Department of Finance: National Pensions Reserve Fund Plans (21 Mar 2013)

Michael Noonan: In announcing the Strategic Investment Fund initiative in September 2011, the Government indicated a refocusing of the discretionary portfolio of the National Pensions Reserve Fund (NPRF) towards productive investment in sectors of strategic importance to the Irish economy. A key principle of the Strategic Investment Fund is that the NPRF investment, which is to be solely on a commercial...

Written Answers — Department of Finance: Departmental Reports (21 Mar 2013)

Michael Noonan: The purpose of the Review of Remuneration Practices and Frameworks at the Covered Institutions was to have the factual position on bankers’ remuneration over the period 2008 – 2012 placed in context that would enable an evidenced based policy to be developed and implemented in consultation with the various stakeholders. The review was undertaken to fulfil a commitment contained...

Written Answers — Department of Finance: Property Taxation Application (21 Mar 2013)

Michael Noonan: Section 7 of the Finance (Local Property Tax) Act 2012 (as amended) provides that local authorities and other providers of social housing will be liable to pay the LPT on their properties in the same way as any other residential property owner, unless the properties in question are used to accommodate people with special housing needs such as the elderly or people with disabilities. Special...

Written Answers — Department of Finance: Budget 2013 Impact (21 Mar 2013)

Michael Noonan: I propose to take Questions Nos. 25 and 34 together. 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...

Written Answers — Department of Finance: Quinn Insurance Limited (21 Mar 2013)

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: State Banking Sector (21 Mar 2013)

Michael Noonan: As the Deputy will be aware, it is government policy to separate the State from its banks, a policy which I believe has shared support in this house. Significant progress in achieving this goal has already been made by this government, and this is particularly obvious since the beginning of the year. In January, the State successfully disposed of the €1bn Contingent Capital...

Written Answers — Department of Finance: NAMA Expenditure (21 Mar 2013)

Michael Noonan: The Deputy will note that the Board of NAMA has primary responsibility for setting strategy in NAMA and for determining and implementing any proposed changes. It is, therefore, a matter for the Board to determine an appropriate strategy for the management of the cash reserves and assets of the Agency. NAMA’s cash reserves are deployed towards repaying its debt, funding capital...

Written Answers — Department of Finance: Banking Operations (21 Mar 2013)

Michael Noonan: I have been informed by AIB that as part of normal commercial activities customers may be required to sign a confidentiality agreement. AIB’s correspondence / interactions with customers are confidential and all customers are encouraged in advance of signing any new documentation to get their own independent advice prior to signing. The bank has also informed me that in cases where a...

Written Answers — Department of Finance: Deposit Guarantee Scheme (21 Mar 2013)

Michael Noonan: The Central Bank press release of 7 March 2013 confirmed that as of that date the Deposit Guarantee Scheme (DGS) made compensation payments totalling €9.03 million to 394 depositors of IBRC Limited, which was placed in liquidation on 7 February 2013. Eligible deposits in IBRC are covered by joint safeguards. Eligible deposits of up to €100,000 for an individual and...

Written Answers — Department of Finance: Mortgage Interest Rates (21 Mar 2013)

Michael Noonan: While the Government is acutely aware of the increasing financial stress that some households are facing in the current environment, ultimately the pricing of financial products, including standard variable mortgage interest rates, is a commercial matter for the management and the Board of the relevant institutions. At the same time, the boards and management must ensure that the day to day...

Written Answers — Department of Finance: IBRC Liquidation (21 Mar 2013)

Michael Noonan: I am advised that the Special Liquidators are in the process of appointing independent valuers to independently value the IBRC loan assets. Independent sales advisors will be appointed to manage the sales process. The process will be overseen by the Special Liquidators to ensure that deadlines are being met and that the best value is achieved. Where no bid has been received from a bidder...

Written Answers — Department of Finance: Credit Availability (21 Mar 2013)

Michael Noonan: The Government recognises that SMEs are the lifeblood of the economy and will play a vital role in the recovery of employment growth in our country. One of the key priorities of the Programme for Government is to ensure that an adequate pool of credit is available to fund SMEs in the real economy during the restructuring and downsizing programme. The Government has imposed SME lending...

Written Answers — Department of Finance: Departmental Contracts (21 Mar 2013)

Michael Noonan: My Department have advised me that they have not awarded any contracts to Ernst and Young since 2011. They have also advised me that in awarding public contracts they observe the European Communities (Award of Public Authorities’ Contracts) Regulations 2006. Regulation 53(1) of these regulations specify that public authorities in considering whether or not to award a public...

Written Answers — Department of Finance: Mortgage Resolution Processes (21 Mar 2013)

Michael Noonan: I, as Minister for Finance have no statutory role in relation to the operation of the Standard Financial Statement. However, I have been informed by the Central Bank that one of the recommendations of the Expert Group on Mortgage Arrears and Personal Debt was that a “standard financial statement” (SFS) should be developed for use by all lenders and MABS, to assess a...

Written Answers — Department of Finance: Mortgage Arrears Proposals (21 Mar 2013)

Michael Noonan: The Government is very aware of the significant difficulties some homeowners are facing in meeting their mortgage obligations and it has put in place a comprehensive strategy to address the problem focusing on four main distinct areas: Innovative Personal Insolvency Reform: Personal insolvency reform was identified by the Keane Report as a catalyst for addressing the mortgage arrears...

Written Answers — Department of Finance: Mortgage Resolution Processes (21 Mar 2013)

Michael Noonan: While details of any mortgage restructuring agreements are a matter for each individual bank and borrower, the Central Bank has advised that such agreements should not impede consumer’s protections under the Code of Conduct on Mortgage Arrears (CCMA), for example at the borrower’s request and with the borrower’s written consent, the lender must liaise with a third party...