Results 11,761-11,780 of 27,019 for speaker:Michael Noonan

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Review of ECOFIN Matters under Irish EU Presidency: Discussion (3 Jul 2013)

Michael Noonan: The seismic shift that Deputy Doherty referred to with a sarcastic tone has actually occurred, because the seismic shift was to break the vicious circle between the banks and the sovereigns. That was the seismic shift, as was the substituting of bailouts with bail-ins. We are bringing the resolution arrangements forward now, in consultation with the European Parliament. Eventually, they...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Review of ECOFIN Matters under Irish EU Presidency: Discussion (3 Jul 2013)

Michael Noonan: Yes, the same rules will apply throughout Europe when the rules are put in place. At present, Ulster Bank is a subsidiary of a bank that is regulated by the Bank of England. However, when we have a banking union the guarantees will be there and there will be a fund to guarantee them. We are unsure yet about how that will relate to the individual sovereign funds.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Review of ECOFIN Matters under Irish EU Presidency: Discussion (3 Jul 2013)

Michael Noonan: We have the same banking system throughout Europe and it is controlled and protected by the European Central Bank. The only difference that can arise is on the cost bases of the banks, because the interest rates are fixed at European level. It is up to the banks in the individual countries to fix their cost bases. We hope for a common banking system whereby the price of money throughout...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Review of ECOFIN Matters under Irish EU Presidency: Discussion (3 Jul 2013)

Michael Noonan: I will address the fragmentation risk first. The European banking system is rather fragmented at present. I have just remarked on the different price of money in the different jurisdictions as represented by ten-year bond prices, for example, and that shows the level of fragmentation. We are trying to create a banking union with one set of supervision rules, resolution rules and deposit...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Review of ECOFIN Matters under Irish EU Presidency: Discussion (3 Jul 2013)

Michael Noonan: The Deputy can say he has a friend who told him this might be a good idea.

Central Bank (Supervision and Enforcement) Bill 2011: Amendments from the Seanad (4 Jul 2013)

Michael Noonan: Amendments Nos. 1 and 6 simply correct a section number reference in section 1 and in the Second Schedule. Amendment No. 4 is a technical amendment to section 6 of the Irish Bank Resolution Corporation Act 2013 and relates to the Bankers' Books Evidence Act 1879. The Bankers' Books Evidence Acts provide for a procedural admissibility of evidence rule. This is one of the permitted...

Central Bank (Supervision and Enforcement) Bill 2011: Amendments from the Seanad (4 Jul 2013)

Michael Noonan: The note indicates that section 3 of the Bankers' Books Evidence Acts provides that "a copy of any entry in a banker's book shall in all legal proceedings be received as prima facie evidence of such entry, and of the matters, transactions, and accounts therein recorded". Section 4 of the Bankers' Books Evidence Acts provides for the admissibility of bankers' books evidence, as an exception...

Central Bank (Supervision and Enforcement) Bill 2011: Amendments from the Seanad (4 Jul 2013)

Michael Noonan: They are records of transactions in a bank in written form, which could be used subsequently and would have an evidential quality and could be brought forward as an exception to the hearsay rule once we enact the Bill. As I said previously, it mirrors section 191 of the National Asset Management Agency Act 2009. On reviewing the Bill at this Stage, the Attorney General's office advised that...

Central Bank (Supervision and Enforcement) Bill 2011: Amendments from the Seanad (4 Jul 2013)

Michael Noonan: These amendments to the Central Bank Act 1971 provide an authorisation regime for branches of third country banks. These branches would be subject to the same standard of regulation as those branches currently passporting into Ireland from within the EU. The Central Bank Act 1971 provides the statutory basis for the authorisation regime for credit institutions in Ireland. The 1971 Act and...

Central Bank (Supervision and Enforcement) Bill 2011: Amendments from the Seanad (4 Jul 2013)

Michael Noonan: Subsection 3(a) states:the relevant credit institution is subject, in the state or territory where its head office is located, to regulatory or administrative provisions relating to authorisation to carry on banking business in that state or territory and supervision corresponding to those in the State,It is caught in the phrase "supervision corresponding to those in the State".

Central Bank (Supervision and Enforcement) Bill 2011: Amendments from the Seanad (4 Jul 2013)

Michael Noonan: The capital letter indicates that we are talking about Ireland, that is, the "State".

Central Bank (Supervision and Enforcement) Bill 2011: Amendments from the Seanad (4 Jul 2013)

Michael Noonan: This technical amendment involves an amendment to section 47 of the Central Bank and Credit Institutions (Resolution) Act 2011. It is a drafting amendment and is consequential on changes made to section 46 of the 2011 Act on Report Stage in this House.

Central Bank (Supervision and Enforcement) Bill 2011: Amendments from the Seanad (4 Jul 2013)

Michael Noonan: This amendment is also technical in nature and is designed to remedy a incorrect reference in the Central Bank and Credit Institutions (Resolution) Act 2011. The objective is to ensure that the Central Bank is legally able to share confidential information to facilitate the Central Bank, the Minister, the Governor, the head of financial regulation or a special manager appointed under the...

Written Answers — Department of Finance: Carbon Tax Implementation (4 Jul 2013)

Michael Noonan: I am advised by the Revenue Commissioners, who have responsibility for the collection to solid fuel carbon tax, that turf extracted for domestic use as a solid fuel falls within the definition of “other peat” in section 77 of the Finance Act 2010, as amended. As such, it becomes liable to solid fuel carbon tax at a rate of €13.62 per tonne under the following conditions:...

Written Answers — Department of Finance: IBRC Liquidation (4 Jul 2013)

Michael Noonan: Following the passing of the Special Resolution, referred to in the Deputy’s question, on 6 February 2013 (which became effective immediately) the Directors of Irish Bank Resolution Corporation Limited were instructed not to exercise any of the powers conferred upon them by the Companies Acts, the articles of association or otherwise pending further instructions from the Minister for...

Written Answers — Department of Finance: Companies Law Issues (4 Jul 2013)

Michael Noonan: The powers and duties of the Special Liquidators under the Companies Acts are generally those which are applicable to a liquidator appointed pursuant to the Companies Acts, save that the Minister for Finance may issue instructions and directions to the Special Liquidators to ensure the orderly winding up of IBRC in accordance with the purposes of the IBRC Act and the public interest.

Written Answers — Department of Finance: Companies Law Issues (4 Jul 2013)

Michael Noonan: At the outset it is important to note that the Special Liquidators have been appointed to Irish Bank Resolution Corporation pursuant to the Irish Bank Resolution Corporation Act 2013 and the concept of special liquidation is not relevant to any company other than Irish Bank Resolution Corporation Limited. Creditors of IBRC have rights that are similar to creditors of companies that have...

Written Answers — Department of Finance: IBRC Liquidation (4 Jul 2013)

Michael Noonan: The Deputy is directed to Section 10 of the Irish Bank Resolution Corporation Act 2013 (the “IBRC Act”), which sets out the application of the Companies Acts to Irish Bank Resolution Corporation (“IBRC”). The IBRC Act details those provisions of the Companies Acts which do not apply to IBRC, the provisions of the Companies Acts that apply to IBRC and the...

Written Answers — Department of Finance: IBRC Liquidation (4 Jul 2013)

Michael Noonan: I propose to take Questions Nos. 75 and 76 together. Under Section 224 of the Companies Act 1963, the statement of affairs is required to be filed and verified by the persons who are directors and secretary (or by other persons as defined under Section 224) of IBRC at the date of the appointment of the liquidator. The Special Liquidators are currently liaising with the Directors/...

Written Answers — Department of Finance: IBRC Liquidation (4 Jul 2013)

Michael Noonan: As the Deputy is aware, in March 2012, the then Boards of INBS and IBRC, having considered legal advice, decided in all the circumstances to institute proceedings against former directors of INBS. These proceedings have been continued by the Special Liquidators following their appointment in February 2013. I am advised by the Special Liquidators that similar proceedings have not been taken...