Results 14,421-14,440 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Credit Availability (20 Feb 2014)

Michael Noonan: As the Deputy is aware, as part of the 2011 recapitalisation exercise, the Government imposed SME lending targets on AIB and Bank of Ireland for the three calendar years, 2011 to 2013. Each bank was required to sanction lending of at least €3 billion in 2011, €3.5 billion last year and €4 billion in 2013 for new or increased credit facilities to SMEs. Both banks have...

Written Answers — Department of Finance: Banking Sector Issues (20 Feb 2014)

Michael Noonan: The Report on the Pilot project on the Standard Bank Account was published by my Department on 10 January last. The Pilot Project involved the 3 Irish retail banks - Allied Irish Banks, Bank of Ireland and permanent tsb. It is intended that those institutions will be involved in the roll out of the Standard Bank Account.  It will not necessarily be the case that the next phase of...

Written Answers — Department of Finance: IBRC Mortgage Loan Book (20 Feb 2014)

Michael Noonan: I propose to take Questions Nos. 13 and 38 together. There is an obligation on the Special Liquidators to ensure that maximum value is extracted from the loan sales process for the benefit of all the creditors of IBRC including the State. The sales process plan and timeline for the sale of the residential mortgage portfolio has been developed following professional advice and in light of...

Written Answers — Department of Finance: Mortgage Resolution Processes (20 Feb 2014)

Michael Noonan: The Central Bank has advised that there is no such regulated category as 'sub-prime' lender but that phrase is sometimes used to refer to some non-deposit taking 'retail credit firms'. Retail credit firms are a regulated category of entities which are authorised to provide credit (in the form of cash loans) directly to individuals. Some firms authorised in this category are mortgage lenders....

Written Answers — Department of Finance: National Debt Issues (20 Feb 2014)

Michael Noonan: A time series of the outstanding stock of National Debt expressed in nominal terms, and National Debt interest to 2012 are available from the Budgetary & Economic Statistics, published by my Department in late December.  For convenience, the data for the years requested is reproduced in the table.  - National Debt - National Debt Interest  - € billion as % of...

Written Answers — Department of Finance: NAMA Staff Remuneration (20 Feb 2014)

Michael Noonan: As the Deputy may be aware, all NAMA staff are employees of the NTMA and under section 42 of the National Asset Management Agency Act 2009, the NTMA assigns staff to NAMA. Other than a small number of staff reassigned from other functions within the NTMA, NAMA staff are employed on the basis of specified purpose contracts - their employment lasts for as long as NAMA requires their particular...

Written Answers — Department of Finance: Economic Growth (20 Feb 2014)

Michael Noonan: The last set of macroeconomic projections produced by my Department was published with the Budget in October of last year.  On the basis of data available at the time, my Department projected real GDP growth of 2.0 per cent for 2014 and 2.3 per cent in 2015.  The 2014 projection was endorsed by the Irish Fiscal Advisory Council as was required.  Since the...

Written Answers — Department of Finance: Tax Credits (20 Feb 2014)

Michael Noonan: The correct title of the new credit is the Single Person Child Carer Credit and not the single parent tax credit referred to by the Deputy. It is to 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...

Written Answers — Department of Finance: Corporation Tax Regime (20 Feb 2014)

Michael Noonan: I propose to take Questions Nos. 19 and 21 together. Ireland, like all Member States, from time to time receives queries from the Commission on a variety of issues, including tax, and we always cooperate fully with such requests for information. As last week's comments by Commissioner Almunia confirmed, the European Commission has been asking various member states to provide information...

Written Answers — Department of Finance: Banking Sector Issues (20 Feb 2014)

Michael Noonan: I assume the Deputy is referring to the comments attributed to the Governor of the Central Bank in the article contained in the "Irish Times" on 14 January last, entitled "Have the Banks Forgotten How to Lend?" These comments were not contained in the Governor's speech, which is published on the Central Bank website. I do not intend to comment specifically on unsubstantiated quotes...

Written Answers — Department of Finance: Illicit Trade in Tobacco (20 Feb 2014)

Michael Noonan: I am advised by the Revenue Commissioners that the extent of the illicit cigarettes market in Ireland is estimated through annual surveys of smokers.  These surveys are undertaken for Revenue and the National Tobacco Control Office of the Health Services Executive by IPSOS MRBI. The survey for 2012 found that 13% of cigarettes consumed in Ireland are illicit. The comparable figure for...

Written Answers — Department of Finance: Credit Unions (20 Feb 2014)

Michael Noonan: The Government established the Commission on Credit Unions in May 2011 to make recommendations in relation to the most effective regulatory structure for credit unions, taking into account their not-for-profit mandate, their volunteer ethos and community focus, while paying due regard to the need to fully protect members' savings and financial stability. The Commission  published its...

Written Answers — Department of Finance: Mortgage Arrears Proposals (20 Feb 2014)

Michael Noonan: The Central Bank's Code of Conduct on Mortgage Arrears (CCMA) places an onus on the banks, in respect of a co-operating borrower, to explore all the options for an alternative repayment arrangement offered by the lender to address a primary dwelling mortgage difficulty before any legal action is considered.  Furthermore, as the Deputy is aware, under the MART process, the Central Bank...

Written Answers — Department of Finance: VAT Rate Reductions (20 Feb 2014)

Michael Noonan: VAT is charged on the supply of goods and services, and the rate applying is subject to the requirements of EU VAT law with which Irish VAT law must comply.  While the majority of tourist related services apply at 9% it is not possible to extend this treatment to all tourist activity, such as tour guide services, and the short-term hire of cars, boat, caravans and mobile homes, which...

Written Answers — Department of Finance: Tax Code (20 Feb 2014)

Michael Noonan: I propose to take Questions Nos. 26 and 30 together. The issue of effective tax rates has been the subject of a number of Parliamentary Questions and discussions at the Joint Committee on Finance and Public Expenditure and Reform over the past 12 months. I think it's important to note at the outset that two separate issues are often confused in discussions on the effective rate of...

Written Answers — Department of Finance: Flood Risk Insurance Cover (20 Feb 2014)

Michael Noonan: The issue of flood cover and its unavailability in some instances is one with which I am very familiar. I am also very conscious of the difficulties that the absence of such cover can cause to householders and businesses. While the lack of availability of flood insurance affects a relatively small number of people, the consequences for these people are serious should their house or commercial...

Written Answers — Department of Finance: NAMA Portfolio (20 Feb 2014)

Michael Noonan: According to the consumer price index, private rents rose nationally by 6.0 per cent in 2013, following on from an increase of 2.5 per cent in 2012. However, this follows a fall of over 25 per cent between 2008 and late 2010. It is important to note that, on this basis, private rents are now at approximately the same level as they were in January 2003. The PRTB rental index, which provides...

Written Answers — Department of Finance: Bank Debt Restructuring (20 Feb 2014)

Michael Noonan: As I have outlined in my replies to a number of previous Parliamentary Questions, the Euro-area Heads of State or Government (HoSG) agreed in June 2012 that "it is imperative to break the vicious circle between banks and sovereigns", and that when a Single Supervisory Mechanism, involving the ECB, is in place and operational, the European Stability Mechanism could recapitalise banks directly....

Written Answers — Department of Finance: Banking Sector Issues (20 Feb 2014)

Michael Noonan: I accept that the level of competition in the Irish banking sector has reduced as a result of the recent decisions by ACC and Danske Bank to withdraw, following the withdrawal of Bank of Scotland (Ireland) some time ago. Over time, I expect that the restructuring of the banking sector and the recovery of the economy will present opportunities for the entry of new market participants...

Written Answers — Department of Finance: IBRC Loans (20 Feb 2014)

Michael Noonan: Where NAMA approves the sale of any loan or approves the sale of any secured property by a debtor, it requires a confirmation that the purchaser is not connected to the debtor or other obligers.    As part of this process, NAMA requires that the selling agent prepares a final report and recommendation for each sale, which includes, inter alia, confirmation that the agent has...