Results 14,581-14,600 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Credit Ratings (3 Oct 2013)

Michael Noonan: The National Treasury Management Agency (NTMA) has responsibility for maintaining a relationship with each of the rating agencies, in connection with Ireland's sovereign credit rating. I am informed by the NTMA that each rating agency visits Ireland at least once a year as part of their formal rating review processes. Meetings are scheduled with all relevant authorities during these...

Written Answers — Department of Finance: Credit Availability (3 Oct 2013)

Michael Noonan: The Government recognises that SMEs are the lifeblood of the economy and will play a vital role in the recovery of employment growth in our country. It also recognises that businesses with legacy debts may be viable. One of the key priorities of the Programme for Government is to ensure that an adequate pool of credit is available to fund SMEs in the real economy during the restructuring...

Written Answers — Department of Finance: Bank Debt Restructuring (3 Oct 2013)

Michael Noonan: As the Deputy is aware the Government is committed to delivering a return to a successful vibrant economy. In this context it was decided that there would be no private sector involvement for senior bank paper or Irish Sovereign debt without the agreement of our external partners. The Deputy will be aware that there were discussions with our external partners on the issue of payment to...

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

Michael Noonan: I am informed by the Revenue Commissioners that a Revenue audit was conducted on the firm in question. The audit identified a number of liabilities, including interest and penalties. These additional liabilities were accepted and agreed, in writing, by the proprietors. The principal component of the additional liabilities arose from the non-operation of VAT on the supplies of goods and...

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

Michael Noonan: As Ireland's EU-IMF Programme of Financial Support comes to an end this year the Government’s focus is now firmly fixed on achieving a successful and durable exit from our programme, and a full and sustainable return to the financial markets, and we are doing all we can to this end. Macroeconomic developments thus far are supportive of the projected reduction in debt and deficit in...

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

Michael Noonan: Proposals to regulate food securities at an EU level form part of the current MiFID II and MiFIR proposals which aim to make financial markets more efficient, resilient and transparent, and to strengthen the protection of investors. The Irish Presidency achieved a Council General Approach on this file which has enabled the Lithuanian Presidency to commence the next stage of the legislative...

Written Answers — Department of Finance: NAMA Property Sales (3 Oct 2013)

Michael Noonan: I do not intend to use my powers under Section 14 of the NAMA Act to direct NAMA on the sale of this property. The property in question was sold at auction on the 27th of September and had been for sale on the open market for some time, which allowed any interested buyer to make their interest known to the seller. As the Deputy will be aware that given the independence afforded to NAMA by...

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

Michael Noonan: According to the Central Bank’s Annual Report 2012, which is available on the Central Bank website, the Central Bank employed 1,394 staff at the end of 2012, comprising both permanent and fixed term contract staff. Of this, 293.5 were assigned to Central Banking functions, 622 were assigned to Regulatory areas and 478.5 to Operations. A further 9 were assigned to the Investor...

Written Answers — Department of Finance: Banking Sector Regulation (3 Oct 2013)

Michael Noonan: As I stated in earlier replies to Parliamentary Questions on this matter I can confirm that the three State supported banks responded with their individual strategies, designed to achieve the required savings, by the due date of 30 April as requested by the Government in response to the Mercer Report. I was not prescriptive in how this was to be achieved respecting their differing State...

Written Answers — Department of Finance: European Central Bank Issues (3 Oct 2013)

Michael Noonan: I have not initiated Judicial Review proceedings at the Court of Justice of the European Union in respect of any decision of the ECB. Nor do I consider that the initiation of proceedings as suggested would be necessary. The Government maintains a close co-operative relationship with the ECB and the interests of the State are best served by dealing with the ECB in the context of that...

Written Answers — Department of Finance: Budget 2014 (3 Oct 2013)

Michael Noonan: It is standard practice for the Minister for Finance to review all tax expenditures and reliefs in the run up to annual Budget. However the Deputy will be aware that it is not the practice of the Minister for Finance to discuss the details of measures which may be under consideration as part of the Budget and Finance Bill.

Written Answers — Department of Finance: Insurance Coverage (3 Oct 2013)

Michael Noonan: At the outset the Deputy should note that neither I, as Minister for Finance, nor the Central Bank can compel insurers to quote for business. The decision to provide any specific form of insurance cover and the price at which it is offered is a commercial matter based on the assessment an insurer will make of the risks involved. Insurance companies as a matter of course carry out reviews of...

Written Answers — Department of Finance: World Bank Doing Business Report (3 Oct 2013)

Michael Noonan: The Doing Business Report is published annually by the World Bank and it assesses regulations affecting domestic firms in 185 economies and ranks the economies in 10 areas of business regulation with reference mainly to small and medium-sized enterprises. I understand that the purpose of the report is to encourage countries to achieve more efficient regulation; provide measurable benchmarks...

Written Answers — Department of Finance: NAMA Property Sales (3 Oct 2013)

Michael Noonan: I refer the Deputy to my previous answer to Question 181 on the 1/10/13. It would not be appropriate for me to comment further on an individual property or transaction. On the general social dividend point, Section 10 of the NAMA Act statutorily obliges NAMA to 'obtain the best achievable return for the State' from the management or its acquired loan portfolio. NAMA is obliged to carry out...

Written Answers — Department of Finance: Credit Unions Issues (3 Oct 2013)

Michael Noonan: A Credit Union Service Organisation for Payments (CUSOP) requires a Payments Institution licence to operate electronic payment accounts for credit unions. Authorisation for the provision of such a service is a matter for the Central Bank. I have been informed by the Central Bank that they cannot provide details related to any application for authorisation due to the confidentiality...

Written Answers — Department of Finance: Credit Unions Issues (3 Oct 2013)

Michael Noonan: AIB does not currently offer this service but, as the Deputy will be aware the Relationship Framework with the bank provides that the State will not intervene in the day-to-day operations of the bank or their management decisions. These frameworks are published on the Department of Finance website. I must ensure that the bank is run on a commercial, cost effective and independent basis to...

Written Answers — Department of Finance: Credit Unions Issues (3 Oct 2013)

Michael Noonan: The details of the strategy to underpin the solvency and viability of the credit union sector are set out in the agreed EU-IMF Programme. As part of this Programme the Government committed to a number of measures to underpin the solvency and viability of the credit union sector. These include the following: - Establishment of the Commission on Credit Unions and publication of the Commission...

Written Answers — Department of Finance: Credit Review Office Appeals (3 Oct 2013)

Michael Noonan: The Credit Review Office has provided me with the following information: Month Eligible Cases Apr-10 2 May-10 5 Jun-10 4 Jul-10 1 Aug-10 4 Sep-10 3 Oct-10 7 Nov-10 8 Dec-10 5 Jan-11 3 Feb-11 6 Mar-11 7 Apr-11 5 May-11 7 Jun-11 5 Jul-11 2 Aug-11 8 Sep-11 8 Oct-11 8 Nov-11 5 Dec-11 4 Jan-12 6 Feb-12 8 Mar-12 5 Apr-12 14 May-12 14 Jun-12 17 Jul-12 14 Aug-12 10...

Written Answers — Department of Finance: IBRC Liquidation (3 Oct 2013)

Michael Noonan: I propose to take Questions Nos. 75 to 77, inclusive, together. Section 224 of the Companies Act, 1963, as it applies in modified form to the liquidation of IBRC pursuant to Section 10 of the IBRC Act, requires the directors of IBRC, unless “the Minister thinks it fit to order otherwise and so orders”, to prepare a Statement of Affairs in respect of IBRC (a “Statement...