Results 14,261-14,280 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Financial Instruments (13 Feb 2014)

Michael Noonan: On 14 January 2014, the European Parliament and the Council reached a provisional agreement on a revision of the Markets in Financial Instruments Directive (MiFID II) and a new Markets in Financial Instruments Regulation (MiFIR). The Directive and Regulation are likely to enter into force sometime in the middle of 2014, with transposition into national law to follow within...

Written Answers — Department of Finance: National Debt (13 Feb 2014)

Michael Noonan: A time series on the outstanding stock of national debt and the servicing of national debt is available in the Budgetary & Economic Statistics, published by my Department in late December. However, as general government debt expressed as a percentage of gross domestic product is the standard metric internationally for assessing debt levels, this is the more appropriate metric to...

Written Answers — Department of Finance: Mortgage Arrears Proposals (13 Feb 2014)

Michael Noonan: As the Deputy will be aware under the Relationship Framework the State does not intervene in the day to day operations of the bank or their management decisions regarding commercial matters.   I have been informed by AIB that the split mortgage product is just one of a number of sustainable solutions available to customers in arrears. Customers in arrears will be...

Written Answers — Department of Finance: NAMA Loan Book (13 Feb 2014)

Michael Noonan: I am advised by NAMA that the information is not currently available in the format sought by the Deputy but that it is currently collating the information in the format requested. I am further advised by NAMA that the informaiton will be provided to the Deputy, subject to any consideration of comericial senstivity,  by the 17th of February 2014.

Written Answers — Department of Finance: Banking Sector Issues (13 Feb 2014)

Michael Noonan: As the Deputy will be aware under the Relationship Framework the State does not intervene in the day to day operations of the bank or their management decisions regarding commercial matters. I have been informed by AIB that the bank does not disclose this information. The bank manages corporate hospitality within its commercial business requirements. AIB has a Code of Conduct in...

Written Answers — Department of Finance: Financial Services Regulation (13 Feb 2014)

Michael Noonan: I am informed by the National Treasury Management Agency (NTMA), as Manager of the National Pensions Reserve Fund (NPRF), that State Street Global Advisors are a separate part of the State Street group from that involved in the overcharging issue. State Street Global Advisors managed a passive equity mandate for the NPRF. However, following the publication of the U.K. Financial Conduct...

Written Answers — Department of Finance: Tax Credits (13 Feb 2014)

Michael Noonan: I propose to take Questions Nos. 94 to 96, inclusive, together. I am advised by the Revenue Commissioners that the number of individuals in receipt of the One Parent Family Credit (OPFC), for the years requested by the Deputy, are as set out below.OPFC Year - Number 2010 - 95,500 (Revenue Statistical Report) 2011 - 104,200 (Revenue Statistical Report) 2012 - 101,400 (Estimate) 2013 -...

Written Answers — Department of Finance: Banking Sector Remuneration (13 Feb 2014)

Michael Noonan: As the Deputy will be aware this Government's policy with respect to banking remuneration has been in place since mid-2011. In summary, remuneration in State supported banks is capped at €500,000 (excluding normal pension entitlements) and the payment of bonuses is not permitted. I can confirm that at a meeting which took place between AIB and officials...

Written Answers — Department of Finance: Tax Credits (13 Feb 2014)

Michael Noonan: The new Single Person Child Carer Credit (SPCCC) is of the same value i.e. €1,650 per annum as the one-parent family tax credit and it also carries the same entitlement to the additional €4,000 extended standard rate band, which increases it to €36,800 per annum, before liability to the higher rate of income tax arises. However, the credit is more targeted, in that...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming Economic and Financial Affairs Council: Minister for Finance (13 Feb 2014)

Michael Noonan: I thank the Chairman and committee members for inviting me to speak to them in advance of the meeting of the Economic and Financial Affairs Council of Ministers, ECOFIN, next Tuesday, 18 February, in Brussels. Members will be aware that I have agreed, subject to scheduling arrangements, to attend the committee on a quarterly basis to update them and discuss developments at ECOFIN. In...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming Economic and Financial Affairs Council: Minister for Finance (13 Feb 2014)

Michael Noonan: This is a journey or process. First, we have the growth forecast which is the starting point, from which we will move on and incorporate the data in our budgetary forecast and plans for the next three years or so. The big change for Ireland is that while we were in a programme, we did not have to participate in this process, but we will be integrated with everybody else for the first time....

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming Economic and Financial Affairs Council: Minister for Finance (13 Feb 2014)

Michael Noonan: The bank in Frankfurt is the overriding and superior authority and the Central Bank will act as an agent of the ECB, but some of the supervision will be undertaken directly by the new regulatory office that will operate out of Frankfurt. I have a further note which may be helpful to the Deputy. The ECB will be the direct supervisor of banks with assets of more than €30 billion or...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming Economic and Financial Affairs Council: Minister for Finance (13 Feb 2014)

Michael Noonan: It may need fewer, but I do not direct that. It is independent in the exercise of its functions.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming Economic and Financial Affairs Council: Minister for Finance (13 Feb 2014)

Michael Noonan: Yes.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming Economic and Financial Affairs Council: Minister for Finance (13 Feb 2014)

Michael Noonan: It will accept it, but it will repeat it. The issue for it is that it wants to be sure of what it is taking over in terms of institutions it will regulate. So it will carry out full asset quality reviews of all the banks across the banking union, including Ireland. From our point of view there is an advantage in it because the date of the last quality review was June 2013. The asset...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming Economic and Financial Affairs Council: Minister for Finance (13 Feb 2014)

Michael Noonan: It is very intricate.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming Economic and Financial Affairs Council: Minister for Finance (13 Feb 2014)

Michael Noonan: There have been a number of meetings at official level. We have not taken it up at political level yet. We are waiting for more advances at official level. The Deputy might not like me to read out a long note, so I will give him a short one.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming Economic and Financial Affairs Council: Minister for Finance (13 Feb 2014)

Michael Noonan: Officials are working through the technical discussions and the precise arrangements are not in place yet. The additional piece of news that I have not given the Deputy previously is that the European Investment Bank is also anxious to get involved. It is making signals that it might match whatever KfW does. If that is the structure, we will try to establish a fund in Ireland to deliver...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming Economic and Financial Affairs Council: Minister for Finance (13 Feb 2014)

Michael Noonan: There was general political agreement on the separation of sovereign and banking debt at the end of the Lithuanian Presidency. It is a matter for co-decision with the Parliament. It is before the Parliament at present. It is important to Ireland because we have spoken much about separating sovereign and banking debt. When the general political agreement was arrived at, the Deputy will...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming Economic and Financial Affairs Council: Minister for Finance (13 Feb 2014)

Michael Noonan: The possibility of retroactive recapitalisation is in the guidelines, which are agreed. The legal possibility is in place and this has come through the Council. The European stability mechanism, ESM, has been established, but the part which will involve the recapitalisation of banks is not in place yet. It should be in place at the end of 2014 or at the start of 2015. All decisions on the...