Results 1,581-1,600 of 27,019 for speaker:Michael Noonan

Written Answers — Insurance Industry: Insurance Industry (3 May 2011)

Michael Noonan: The Joint Administrators announced last week the acquisition by Liberty Mutual Direct Insurance Company Ltd (LMDI), a joint venture between Liberty Mutual (LM) and Anglo Irish Bank, of certain assets and liabilities of QIL. A 12-14 week transition process will commence immediately during which time LMDI will obtain all the necessary regulatory consents from parties including the Central Bank...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (3 May 2011)

Michael Noonan: I propose to take Questions Nos. 57 and 61 together. As the Deputies will be aware the Nyberg Commission of Investigation recently published its Report. The main findings of the Commission, in relation to the role of auditors, were auditors' commentary regularly focuses only on issues which they consider relate to the accuracy of the historic accounts in the absence of an express...

Written Answers — National Pensions Reserve Fund: National Pensions Reserve Fund (3 May 2011)

Michael Noonan: The National Pensions Reserve Fund (NPRF) was established on 2 April 2001 under the National Pensions Reserve Fund Act 2000 for the purpose of meeting as much as possible of the cost to the Exchequer of social welfare pensions and public service pensions to be paid from the year 2025 until the year 2055, or such other year as may be specified by order. Subsequent amendments to the National...

Written Answers — Banking Sector: Banking Sector (3 May 2011)

Michael Noonan: The Central Bank has advised me that the process of issuing new bonds is normally through underwriting, where one or more securities firms or banks form a syndicate buying the entire bond issue from the issuer and then re-selling to investors. Primary issuance is arranged by these syndicates who contact potential investors and advise the bond issuer in terms of timing, tenor and pricing of...

Written Answers — EU-IMF Fund: EU-IMF Fund (3 May 2011)

Michael Noonan: The position is that the issue of maintaining tax credits and bands at their current rates was discussed with the European Commission, IMF and ECB Troika during the recent Review Mission of 5 April to 15 April 2011. As the Deputy is aware, the Government has initiated a Comprehensive Review of Expenditure (CRE) to provide the Government with a set of decision options to meet the overall...

Written Answers — Tax Code: Tax Code (3 May 2011)

Michael Noonan: Farmers who are registered for VAT account for VAT in respect of all their taxable activities, whether those activities consist solely of farming or both farming and other activities such as the generation of electricity for provision to the national grid. In turn they are entitled to claim input credit for VAT charged on the installation of renewable energy microgeneration equipment for use...

Written Answers — Banking Sector: Banking Sector (3 May 2011)

Michael Noonan: The Programme for Government contains a clear commitment to creating a Strategic Investment Bank that will become a provider of finance to large capital projects, a conduit for venture capital and a lender to SMEs. As I indicated in a reply to PQ 5399 on 23 March, the Government will only be in a position to decide on the timing and the structure for setting up the Strategic Investment Bank...

Written Answers — Fiscal Policy: Fiscal Policy (3 May 2011)

Michael Noonan: One of the key lessons from the crisis – both internationally and domestically – is that not enough attention was paid to the inter-relatedness of credit, construction, indebtedness, and the real economy. From an Irish perspective, it is also fair to say that insufficient weight was given to contrarian views, a point which was made recently in the Nyberg report. While our external...

Written Answers — State Bodies: State Bodies (3 May 2011)

Michael Noonan: I propose to take Questions Nos. 65 and 171 together. The Government is committed to reducing and rationalising the plethora of state bodies. In accordance with the Programme for Government we are now undertaking a Comprehensive Review of Expenditure of all aspects of public expenditure and in this context we will be critically examining all state bodies to see if there is, in fact, a...

Written Answers — State Assets: State Assets (3 May 2011)

Michael Noonan: I propose to take Questions Nos. 66 and 81 together. The Review Group on State Assets and Liabilities published its report on 20 April 2011. The Government will now study the findings of the report and its extensive recommendations in detail. As set out in the Programme for Government, non-strategic assets up to a value of €2 billion will only be sold when market conditions are right...

Written Answers — Public Private Partnerships: Public Private Partnerships (3 May 2011)

Michael Noonan: I propose to take Questions Nos. 67 and 111 together. The procurement of individual Public Private Partnerships (PPPs) is a matter for individual Departments. The National Development Finance Agency (NDFA) provides financial, insurance and risk analysis advice to State Authorities in order to assist in determining the most appropriate procurement mechanism. I understand that to date in...

Written Answers — State Assets: State Assets (3 May 2011)

Michael Noonan: I propose to take Questions Nos. 68 and 161 together. Both policy options are available in this regard for Government decision in due course in relation to any asset sales that might take place. The draft agreement with the EU/IMF does not preclude the use of the proceeds in this way and the matter is for further discussion with the EU/IMF as the occasion arises.

Written Answers — Decentralisation Programme: Decentralisation Programme (3 May 2011)

Michael Noonan: I propose to take Questions Nos. 70 and 73 together. The Government has not yet taken any decision in relation to either the programme or individual projects. The Government recently agreed to conduct a Capital Expenditure Review with the focus on programmes and projects that will best support economic recovery. This may have implications for the availability of capital funding for...

Written Answers — State Assets: State Assets (3 May 2011)

Michael Noonan: The Report of the Review Group on State Assets and Liabilities set out a detailed assessment of the assets and liabilities, including pension fund deficits, of all the main commercial State-sponsored bodies. It was based on book values but a valuation would have to be undertaken in the case of any sale. As set out in the Programme for Government, non-strategic assets up to a value of €2...

Written Answers — Jobs Fund: Jobs Fund (3 May 2011)

Michael Noonan: The Government is committed to resourcing a Jobs Fund within its first 100 days in the Programme for Government. The details of individual measures are currently being considered by the Government for the purpose of delivering on this commitment.

Written Answers — National Asset Management Agency: National Asset Management Agency (3 May 2011)

Michael Noonan: NAMA has been established as a fully commercial agency to operate under the direction of a Board of Directors. I recently met with the Board and explained that I expect it to review all options in terms of regenerating activity in the Irish property market as soon as possible. In that context, the Chairman of NAMA has recently stated that the Agency is exploring ways by which it can provide...

Written Answers — Departmental Expenditure: Departmental Expenditure (3 May 2011)

Michael Noonan: The previous Government announced the establishment of an investigation into the banking crisis on 19 January 2010. There was a two-stage process. For the first stage, the Government commissioned two separate preliminary reports. One report was prepared by Professor Patrick Honohan, Governor of the Central Bank of Ireland, entitled "The Irish Banking Crisis – Regulatory and Financial...

Written Answers — Departmental Expenditure: Departmental Expenditure (3 May 2011)

Michael Noonan: My Department made no payments to the company mentioned by the Deputy during the years 2009 and 2010.

Written Answers — National Debt: National Debt (3 May 2011)

Michael Noonan: The recently conducted banking stress tests identified €24 billion of additional support as being required by the banking sector. However, it is not expected that the State will provide this full amount and the debt forecasts which are contained in the Stability Programme Update recently submitted to the European Commission are predicated upon the State providing €20 billion in capital...

Written Answers — National Development Plan: National Development Plan (3 May 2011)

Michael Noonan: The Government has approved the preparation of a new capital investment framework for the period post 2012. This will be prepared by the Department of Public Expenditure & Reform, in conjunction with other Departments and key stakeholders. It will be carried out in parallel with the comprehensive review of current expenditure, and will help us to identify programmes and projects that will...