Results 14,541-14,560 of 27,019 for speaker:Michael Noonan

Ceisteanna - Questions - Priority Questions: Mortgage Arrears Proposals (3 Oct 2013)

Michael Noonan: As the Deputy is aware, last March the Central Bank set specific performance targets for the six main banks, requiring them to propose sustainable solutions: to 20% of their mortgage customers who are in arrears of over 90 days by end June; to 30% by the end of September and; to 50% by the end of this year. The Central Bank also recently announced that it has agreed further mortgage arrears...

Ceisteanna - Questions - Priority Questions: Mortgage Arrears Proposals (3 Oct 2013)

Michael Noonan: The targets will be verified by the bank by means of audit. As I understand it, whatever arrangement is put in place will have to be operating successfully for six months before it will be signed off by the bank. It is not enough to say the deal has been done, but that the deal has been done and the person with the impaired mortgage has paid on the new schedule for six months. That would...

Ceisteanna - Questions - Priority Questions: Mortgage Arrears Proposals (3 Oct 2013)

Michael Noonan: As I and the Taoiseach have stated on a number of occasions, it is a key responsibility of financial institutions to do more to assist those in severe financial difficulties. Letters threatening repossession or legal action could not be considered a sustainable solution under the mortage arrears targets and should only ever be considered after every possible avenue for a solution has been...

Ceisteanna - Questions - Priority Questions: Budget 2014 Issues (3 Oct 2013)

Michael Noonan: The deficit target of 5.1% of GDP to which the Deputy refers is the maximum general government deficit in 2014 which the Government is required to deliver under the excessive deficit procedure in the Stability and Growth Pact. This is part of an agreed consolidation path which Ireland will follow in order to return the public finances to sustainability. The European Commission, the...

Ceisteanna - Questions - Priority Questions: Budget 2014 Issues (3 Oct 2013)

Michael Noonan: I do not have the figure yet because my officials are still crunching the numbers. In April, the technical exercise showed that an adjustment of €3.1 billion brings us down to 4.3%. The situation deteriorated after that, when the CSO revised downwards the GDP estimate for 2012. The denominator became smaller so the arithmetic drove the deficit up. There was low growth in the first...

Written Answers — Department of Finance: EU Taxation Issues (3 Oct 2013)

Michael Noonan: The Competition Directorate of the European Commission is currently conducting a review of corporate tax ruling procedures in various EU Member States in order to assess such practice under EU State Aid rules. What is involved at this stage is a preliminary gathering and examination of information on the part of the Commission for the purposes of getting an overview of the different tax...

Written Answers — Department of Finance: Tax Code (3 Oct 2013)

Michael Noonan: All companies that are tax resident in Ireland are chargeable to corporation tax at the 12.5% rate on the profits that are generated from their trading activities in Ireland. A higher 25% rate applies in respect of investment, rental and other non-trading profits. Chargeable capital gains are taxable at the capital gains tax rate of 33%. Companies that are not tax resident in Ireland and...

Written Answers — Department of Finance: Banks Recapitalisation (3 Oct 2013)

Michael Noonan: As the Deputy will be aware, before this government entered office, taxpayers’ money amounting to €46.3bn was injected into the banks, in the form of capital support, most of which went into the former Anglo Irish Bank. Subsequent to the formation of the current government the banks were required to raise a total of €24bn as a result of the Central Bank’s 2011...

Written Answers — Department of Finance: IBRC Mortgage Loan Book (3 Oct 2013)

Michael Noonan: I am advised that the contractual terms and conditions of customer mortgages and other borrowings have not changed as a result of the appointment of the Special Liquidators nor will they change as a result of the ultimate sale of these obligations to a third party. The Special Liquidators are still in the process taking professional advice on the appropriate method of disposing of loan...

Written Answers — Department of Finance: Central Bank of Ireland IT Operations (3 Oct 2013)

Michael Noonan: I propose to take Questions Nos. 14 and 24 together. The Central Bank of Ireland has entered into a contract with HP to provide the physical data centre environment to host the Central Bank’s IT systems and to manage the technical infrastructure aspects of these systems. HP will also provide hosting facilities at a backup data centre for the purposes of business continuity. Both of...

Written Answers — Department of Finance: Mortgage Resolution Processes (3 Oct 2013)

Michael Noonan: I propose to take Questions Nos. 15, 19, 34 and 53 together. The Central Bank has advised that its Mortgage Arrears Resolution Targets (MART) publication of March 2013 clearly defines the criteria by which a sustainable solution can be reported. Where a borrower relies on legal action to address an arrears situation it must be able to demonstrate that “an arrangement could not be...

Written Answers — Department of Finance: VAT Rate Reductions (3 Oct 2013)

Michael Noonan: I propose to take Questions Nos. 16 and 51 together. The 9% reduced VAT rate for tourism related services was introduced in July 2011 as part of the Government Jobs Initiative. The measure was designed to boost tourism and create additional jobs in that sector. In line with best international practice it was introduced as a temporary measure and is due to expire at end December 2013, at...

Written Answers — Department of Finance: Banks Recapitalisation (3 Oct 2013)

Michael Noonan: The Deputy will be aware that the Euro-Area Heads of State or Government agreed on 29th June 2012 to break the vicious circle between banks and sovereigns, and that when a Single Supervisory Mechanism is in place involving the ECB, the European Stability Mechanism (ESM) could recapitalize banks directly. The Eurogroup meeting of 20th June 2013 agreed on the main features of the ESM’s...

Written Answers — Department of Finance: Banks Recapitalisation (3 Oct 2013)

Michael Noonan: The Deputy will be aware that the Euro-Area Heads of State or Government agreed on 29th June 2012 to break the vicious circle between banks and sovereigns, and that when a Single Supervisory Mechanism is in place involving the ECB, the European Stability Mechanism (ESM) could recapitalize banks directly. The Eurogroup meeting of 20th June 2013 agreed on the main features of the ESM’s...

Written Answers — Department of Finance: European Stability Mechanism (3 Oct 2013)

Michael Noonan: The Deputy will be aware that the Euro-Area Heads of State or Government agreed on 29th June 2012 to break the vicious circle between banks and sovereigns, and that when a Single Supervisory Mechanism is in place involving the ECB, the European Stability Mechanism (ESM) could recapitalize banks directly. The Euro-Area Heads of State or Government confirmed this position and mandated EU...

Written Answers — Department of Finance: Consumer Spending (3 Oct 2013)

Michael Noonan: The Government’s primary macroeconomic policy objective is to put the economy back on a sustainable growth path in order to move to a point where sustained job creation is taking place. All of the Government’s economic policies are designed with this objective in mind - repairing the banking sector, repairing the fiscal deficit and improving competitiveness will all contribute...

Written Answers — Department of Finance: Bank Stress Tests (3 Oct 2013)

Michael Noonan: Originally our programme of support envisaged another stress test, or PCAR, that was to take place in tandem with similar exercises across Europe. When these tests were postponed a new position was agreed with the Troika. Hence, in preparation for the timely introduction of the Single Supervisory Mechanism (SSM), the Central Bank of Ireland (CBI), in consultation with staff of the EC, ECB and...

Written Answers — Department of Finance: National Treasury Management Agency Deposits (3 Oct 2013)

Michael Noonan: I am informed by the National Treasury Management Agency (NTMA) that the Exchequer had €25.6 billion on hand in Exchequer cash and other short-term cash management balances at the end of September 2013. Of that amount, €12.5 billion was held in the Exchequer account at the Central Bank of Ireland. The balance was held in short-term investments, including bank deposits. The...

Written Answers — Department of Finance: Central Bank of Ireland Investigations (3 Oct 2013)

Michael Noonan: Neither I nor my Department have any role in the on-going Garda or other regulatory investigations into Anglo Irish Bank or any other Irish Bank. It would be completely inappropriate for the Department of Finance to act outside of its legal powers and interfere with any investigation that could compromise potential future criminal or civil investigations by the bodies responsible under...

Written Answers — Department of Finance: Oireachtas Banking Inquiry (3 Oct 2013)

Michael Noonan: The Houses of the Oireachtas (Inquiries, Privileges and Procedures) Act 2013 has completed all stages in the Dáil and Seanad and was signed into law on the 24th July 2013. This legislation establishes a comprehensive statutory underpinning for the Oireachtas to conduct inquiries, including a banking inquiry, within the current constitutional framework. It is now a matter for Houses of...