Results 15,281-15,300 of 27,019 for speaker:Michael Noonan

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Review of ECOFIN Matters under Irish EU Presidency: Discussion (3 Jul 2013)

Michael Noonan: You have to celebrate your second All-Ireland win.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Review of ECOFIN Matters under Irish EU Presidency: Discussion (3 Jul 2013)

Michael Noonan: The criteria have yet to be established, but it seems evident that AIB and Bank of Ireland will be the two. There could be a number of bids on the table in regard to the third. In regard to Ulster Bank, for example, the Bank of England is its regulator.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Review of ECOFIN Matters under Irish EU Presidency: Discussion (3 Jul 2013)

Michael Noonan: It is a minimum of three for each member state.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Review of ECOFIN Matters under Irish EU Presidency: Discussion (3 Jul 2013)

Michael Noonan: The relationship will principally be between the Central Bank and Frankfurt.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Review of ECOFIN Matters under Irish EU Presidency: Discussion (3 Jul 2013)

Michael Noonan: The ECB will set down the criteria.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Review of ECOFIN Matters under Irish EU Presidency: Discussion (3 Jul 2013)

Michael Noonan: They will. The legal link and the pari passu link between senior bondholders and depositors has been broken and all deposits will move to a lower level in the hierarchy of bail-in assets, as we discussed previously, but within that hierarchy the position has been nuanced and refined more and a differentiation has been made between natural persons with big deposits, over €100,000, and...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Review of ECOFIN Matters under Irish EU Presidency: Discussion (3 Jul 2013)

Michael Noonan: The Deputy can work the examples. I again thank him for his complimentary remarks.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Review of ECOFIN Matters under Irish EU Presidency: Discussion (3 Jul 2013)

Michael Noonan: The hierarchy is equity, subordinate bondholders and senior bondholders. If one has to go further for additional assets, one goes to the depositors, for whom €100,000 is guaranteed. On the same line preference is given to larger deposits of natural persons and SMEs. What is part of the bail-in at that point is corporate deposits.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Review of ECOFIN Matters under Irish EU Presidency: Discussion (3 Jul 2013)

Michael Noonan: Yes.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Review of ECOFIN Matters under Irish EU Presidency: Discussion (3 Jul 2013)

Michael Noonan: Both. Often in the European Union, once a mechanism is put in place, it can be used informally. If bail-in becomes the new rule, it will be very hard for a Government to go back to a set of taxpayers and say it wants their money to bail out an institute. I do not think countries will have the legal arrangements in place and everything will be done until about 2016. There will be a gap...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Review of ECOFIN Matters under Irish EU Presidency: Discussion (3 Jul 2013)

Michael Noonan: We have our own resolution legislation, but, yes, there will be domestic legislation also. It will be transposed from the EU directive.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Review of ECOFIN Matters under Irish EU Presidency: Discussion (3 Jul 2013)

Michael Noonan: It builds in to the directive the manner in which the ESM can be accessed. One must think of the European Union. There are 18 countries in the eurozone. The countries that are not in it have banking systems that lend and borrow in the eurozone and right across the European Union. There are banks that work only in their own sovereign area, banks that work in the eurozone and banks that...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Review of ECOFIN Matters under Irish EU Presidency: Discussion (3 Jul 2013)

Michael Noonan: There will be a common rule book and common protocols which, in the first instance, will be directed from Frankfurt. There will be a common set of rules and protocols which, in terms of regulation, will apply to all banks. Some banks will be regulated by the domestic regulator, while others will be regulated directly by the European regulator. If I recall it correctly - I will check with...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Review of ECOFIN Matters under Irish EU Presidency: Discussion (3 Jul 2013)

Michael Noonan: In a country such as Germany obviously there will be a minimum of three big international banks, but it will go beyond this.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Review of ECOFIN Matters under Irish EU Presidency: Discussion (3 Jul 2013)

Michael Noonan: I thank Deputy Donnelly for the good wishes and congratulations he extended to me and my officials, who are well worthy of the congratulations they received both here and in Brussels. The bank resolution mechanism is complex because it is a new concept and new terms are being used. I will ask my officials to provide the Deputy with a user-friendly paper which breaks down the various ideas....

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Review of ECOFIN Matters under Irish EU Presidency: Discussion (3 Jul 2013)

Michael Noonan: We are now at the end of the 7th Irish Presidency of the European Union. I am happy to report to this committee that it has, in my view, been a very successful one for the Department of Finance and it has, in many respects, exceeded our expectations when we were planning the Presidency in 2012. I wish to give the committee an overview of the achievements of the Presidency in the past six...

Written Answers — Department of Finance: Fuel Laundering (3 Jul 2013)

Michael Noonan: I am advised by the Revenue Commissioners, who have responsibility for the collection of mineral oil tax, that the cost of adding the prescribed markers to rebated fuel is borne by the industry rather than the Exchequer. It has been suggested recently that huge savings could be made by moving from the current system of marking rebated fuel to one based on making repayments to those users that...

Written Answers — Department of Finance: Banking Sector Staff Issues (3 Jul 2013)

Michael Noonan: My ministerial colleague, the Minister for Public Expenditure and Reform, has received an identical question (Dáil question number 145, PQ 32332/13 which is also for answer today) and he will provide the Deputy with the details he is requesting on behalf of both departments.

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

Michael Noonan: I assume the Deputy is referring to certain media reports which indicate that Budget 2014 will contain measures to extend the Universal Social Charge to include the Contributory State Pension. As the Deputy will be aware, it is a longstanding practice of the Minister for Finance not to comment, in advance of the Budget, on any tax matters that might be the subject of Budget decisions.

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

Michael Noonan: I am advised by the Revenue Commissioners that the increases in the effective tax rates, estimated by reference to 2013 incomes, that would be brought about by reducing the main personal and employee tax credits in the manner mentioned by the deputy in parliamentary question 30922/13 are set out in respect of each specified income range as follows. Range of Gross Income. Reduction in tax...