Results 12,561-12,580 of 27,019 for speaker:Michael Noonan

Ceisteanna - Questions - Priority Questions: Mortgage Debt (20 Feb 2014)

Michael Noonan: If they go to third-party unregulated entities, the Deputy has asked who will take responsibility. We will talk to them. We will tell them we expect them to comply and ask what the story is.

Ceisteanna - Questions - Priority Questions: Mortgage Debt (20 Feb 2014)

Michael Noonan: We are not going to let it get to the point at which they are negotiating with individual mortgage holders. We will work in the same way that we worked with the other two entities which bought books previously. I ask people not to be trying to frighten those who have mortgages with Irish Nationwide Building Society, which is now IBRC. It is very unfair to be hyping this-----

Ceisteanna - Questions - Priority Questions: Mortgage Debt (20 Feb 2014)

Michael Noonan: Of course they are frightened. They are being wound up by a number of Deputies in this House who are stating very exaggerated positions and they are deliberately trying to frighten people so that they can get headlines in the newspapers. That is very unfair.

Ceisteanna - Questions - Priority Questions: State Banking Sector (20 Feb 2014)

Michael Noonan: The State has already executed the successful disposal of some of its investments in the banks. Last year the State completed three transactions, namely, the sale of our CoCo and preference share investments in Bank of Ireland, and our investment in Irish Life. These disposals generated total proceeds of €4.45 billion. AIB and Bank of Ireland are at different stages in their...

Ceisteanna - Questions - Priority Questions: State Banking Sector (20 Feb 2014)

Michael Noonan: We have a mandate for five years. The timeframe is not election-related.

Ceisteanna - Questions - Priority Questions: State Banking Sector (20 Feb 2014)

Michael Noonan: Business news channels like Bloomberg give an opportunity to get the Irish story out there and put our message across, which is otherwise difficult to do. I try to affect market sentiment in the interviews I do. The point I wanted to underline is that the State does not have a long-term interest in holding State banks and our intention is to restore them to the private sector in due course....

Written Answers — Department of Finance: Property Taxation Yield (20 Feb 2014)

Michael Noonan: Section 157 of the Finance (Local Property Tax) Act 2012, as amended, provides that, in each financial year commencing with 2014, the Minister shall pay from the Central Fund or the growing produce thereof into the Local Government Fund an amount equivalent to the LPT, including any interest paid thereon, paid into the Central Fund during that year. Accordingly, receipts from the Local...

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...