Results 19,521-19,540 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Pension Provisions (6 May 2015)

Michael Noonan: I have been informed by AIB that, this transaction was made using arm's length valuations, based on discounted expected cash flows, by two independent external parties and was agreed by both the Pension fund Trustees and the Bank. As this was a contribution to the Scheme, there was no payment due to the Bank. Further details of the transaction can be found on page 240 of the bank's 2012...

Written Answers — Department of Finance: Disabled Drivers and Passengers Scheme (6 May 2015)

Michael Noonan: The legislation governing the Drivers and Passengers with Disabilities Scheme is contained in Section 92 of the Finance Act 1989 (as amended), Section 134(3) of the Finance Act 1992 (as amended) and the Disabled Drivers and Disabled Passengers (Tax Concessions) Regulations 1994 (S.I. 353 of 1994). Full details of the scheme, including the criteria which must be met, are set out in...

Written Answers — Department of Finance: Fiscal Policy (6 May 2015)

Michael Noonan: The recommendation of the Council of the European Union dated 7thof December 2010 provided a ceiling for the general government deficit for the years 2011 to 2015. This ceiling excluded any potential bank support measures that may be required in the context of the Government's financial sector strategy. As such, fiscal projections produced by my Department contained a forecast of the...

Written Answers — Department of Finance: Consumer Protection (6 May 2015)

Michael Noonan: I am advised by the Central Bank of Ireland that it considers the circumstances of each case on its own merits in deciding an appropriate course of action such as exercising its discretion to proceed under the Administrative Sanctions Procedure or issue a summary prosecution.  It also advises that all investigations are considered on their own specific facts as to whether or not...

Written Answers — Department of Finance: Carbon Tax Implementation (6 May 2015)

Michael Noonan: The introduction of Carbon Tax was about sending a price signal that there is a cost associated with the consumption of fossil fuels to the detriment of the environment. It should also be noted that solid fuels have the highest carbon content of all fossil fuels. As a result they are considered the dirtiest fuels and given the environmental impact it is important that they are taxed. Carbon...

Written Answers — Department of Finance: Public Sector Staff Recruitment (6 May 2015)

Michael Noonan: I wish to inform the Deputy that in respect of my Department the following recruitment took place from 1st December 2014 to 30th April 2015. 1st Dec. - 31st Dec. 2014 - 2 staff were recruited, 1 at Higher Executive Officer level and 1 at Statistician level, from the Central Statistics Office.   1st Jan. 2015 - 30th April 2015 - 29 staff were recruited, 1 at Assistant Principal...

Ceisteanna - Questions - Priority Questions: Mortgage Interest Rates (7 May 2015)

Michael Noonan: As I outlined last week in the spring economic statement, the mortgage interest rates being charged by the banks in Ireland have not been reduced in line with the rate reductions by the ECB. I discussed the issue of mortgage interest rates with the Governor of the Central Bank on 2 April. As a result of this meeting, the Governor is currently reviewing the issue of the standard variable...

Ceisteanna - Questions - Priority Questions: Mortgage Interest Rates (7 May 2015)

Michael Noonan: The Central Bank figures show the average standard variable rate for a primary dwelling house is 4.2%. Like Deputy McGrath, I welcome AIB's reduction, announced last week. It is the second reduction that AIB has made, and I hope the other banks will follow suit. As I explained previously, the Central Bank is currently doing analytical work on the main lenders, namely, AIB, Bank of...

Ceisteanna - Questions - Priority Questions: Mortgage Interest Rates (7 May 2015)

Michael Noonan: The information I have from the Central Bank is that the European average is 2.3%, not 2.09%.

Ceisteanna - Questions - Priority Questions: Mortgage Interest Rates (7 May 2015)

Michael Noonan: These are Central Bank figures; they are not my figures. With regard to knocking on the doors of banks internationally, there was reluctance among foreign lenders to get involved in the Irish mortgage market until quite recently for the reasons we all know about, including high levels of arrears and difficulty in collecting. These factors discourage lenders from entering the market, but...

Ceisteanna - Questions - Priority Questions: IBRC Liquidation (7 May 2015)

Michael Noonan: It was announced on 23 April 2015 that I would be directing the special liquidators of IBRC to review certain transactions which occurred between 21 January 2009, the date of the nationalisation of IBRC, and 7 February 2013, the date of the appointment of the special liquidators to IBRC. The review will cover transactions that resulted in a capital loss to IBRC of at least €10 million...

Ceisteanna - Questions - Priority Questions: IBRC Liquidation (7 May 2015)

Michael Noonan: Every fact about this issue has been put on the table by the Department of Finance and myself, whether by way of parliamentary questions or freedom of information requests made by Deputies. Not a single fact or piece of evidence has been brought forward by any of the people who are making third party allegations. I see this as possibly the first step in an investigation. When KPMG...

Ceisteanna - Questions - Priority Questions: IBRC Liquidation (7 May 2015)

Michael Noonan: The key issue of concern to a number of Deputies is over conflicts of interest. Themodus operandiis that no institution will be involved in scrutinising itself. That is why the judge is involved. It is not a question of KPMG investigating 30 transactions. If KPMG has a perceived or actual conflict of interest, some other forensic accountants will be brought in to carry out that piece of...

Ceisteanna - Questions - Priority Questions: IBRC Liquidation (7 May 2015)

Michael Noonan: The review will include 30 transactions of over €10 million.

Ceisteanna - Questions - Priority Questions: IBRC Liquidation (7 May 2015)

Michael Noonan: There are others which may excite concern and they may be taken too.

Ceisteanna - Questions - Priority Questions: IBRC Operations (7 May 2015)

Michael Noonan: I thank the Deputy for her question. In light of the recent concerns raised in the Houses of the Oireachtas and elsewhere regarding the Siteserv transaction and the public discourse this has caused surrounding the handling of other transactions undertaken by IBRC, I have directed the special liquidators of IBRC to review certain transactions which occurred between 21 January 2009, the date...

Ceisteanna - Questions - Priority Questions: IBRC Operations (7 May 2015)

Michael Noonan: I have set out the position in reply to other Deputies and also in a lengthy debate last night on a motion put down by the Fianna Fáil party, and we set it out in full. I have issued a legal instruction to the special liquidators to carry out a review. I have dealt with the concern about conflicts of interest by appointing a retired High Court judge to monitor and advise on any...

Ceisteanna - Questions - Priority Questions: IBRC Operations (7 May 2015)

Michael Noonan: First of all, there was no difference of opinion between the Department of Finance and myself. My role and that of the Department of Finance was to hold IBRC accountable. It was difficult to do so because of the arrangements made by the previous Government in the legislation that nationalised IBRC, the former Anglo Irish Bank, and also because of relationship framework that was put in...

Ceisteanna - Questions - Priority Questions: Mortgage Arrears Proposals (7 May 2015)

Michael Noonan: I thank the Deputy for his question. As the Deputy is aware, the Government has put in place a broad strategy to address the problem of mortgage arrears and family home repossessions. The primary focus of this strategy is to support those home owners in difficulty with their mortgage repayments and, in so far as possible, to avoid repossession of the family home. The Central Bank of...

Ceisteanna - Questions - Priority Questions: Mortgage Arrears Proposals (7 May 2015)

Michael Noonan: When we entered into office, we quickly put a range of options in place so that banks and lenders could interrelate with people who were in arrears and devise solutions that would enable the latter to remain in their homes while continuing to pay all or part of their mortgages. There was a menu of solutions, but we realised that there was no one-size-fits-all solution. Some options would...