Results 17,781-17,800 of 27,019 for speaker:Michael Noonan

Ceisteanna - Questions - Priority Questions: Budget Targets (28 Feb 2013)

Michael Noonan: It is always easy to prescribe ways of spending extra money. After two years of very hard work we are getting the economy back into a position where it is growing again and where many of the indicators are pointed in a positive direction. It is only February. Over the years Ministers for Finance have not speculated about the budget, even within two months of it. To ask me to speculate...

Ceisteanna - Questions - Priority Questions: Budget Targets (28 Feb 2013)

Michael Noonan: I have already said to Deputy McGrath that it improves the budgetary situation by €1 billion between now and 2015. Obviously, if it improves the situation by €1 billion between now and 2015 then unless something disastrous happens the public will see the benefit of that improvement over the course of the budgets. Deputy McGrath is going down the road which got his party into...

Ceisteanna - Questions - Priority Questions: Budget Targets (28 Feb 2013)

Michael Noonan: Deputy McGrath should be very careful. It is what destroyed his party. He should not destroy it a second time.

Ceisteanna - Questions - Priority Questions: Budget Targets (28 Feb 2013)

Michael Noonan: Do not destroy it a second time.

Ceisteanna - Questions - Priority Questions: Mortgage Interest Rates (28 Feb 2013)

Michael Noonan: While the Government is acutely aware of the increasing financial stress that some householders are facing in the current environment, ultimately, the pricing of financial products, including standard variable mortgage interest rates, is a commercial matter for the management and the board of the institution. At the same time, the Government must ensure that the day-to-day running of these...

Ceisteanna - Questions - Priority Questions: Mortgage Interest Rates (28 Feb 2013)

Michael Noonan: As I have said repeatedly, there is a signed agreement between the previous Government and the banks, which we intend to honour, to the effect that there will be no interference with the commercial decisions of any of the banks in which the State has a shareholding or in any other bank. The Deputy would not thank me if I were the type of Minister who would interfere with private commercial...

Ceisteanna - Questions - Priority Questions: Budget Targets (28 Feb 2013)

Michael Noonan: As I have stated in recent days, it is important to note that some aspects of the promissory note deal are yet to be finalised. For example, the liquidator is in the process of overseeing a valuation and sales process for the assets of IBRC, while the final payments made under the eligible liabilities guarantee, ELG, scheme have not yet been determined. Nevertheless, simulations run by my...

Written Answers — Department of Finance: Promissory Note Negotiations (28 Feb 2013)

Michael Noonan: As the Deputy is aware, earlier this month the liquidation of IBRC was agreed in the Houses of the Oireachtas and the IBRC Promissory Notes were replaced with longer-dated Irish Government Bonds. As a result of these actions, the issue of any Promissory Note payment in March of this year or any other year is removed. This Government has taken considerable steps to stabilise and restructure...

Written Answers — Department of Finance: Mortgage Resolution Processes (28 Feb 2013)

Michael Noonan: I propose to take Questions Nos. 12 and 36 together. I have spoken previously about the range of measures the Government has adopted to assist people who are experiencing mortgage difficulty. These measures include - The Personal Insolvency Act which is now in place. The Minister for Justice and Equality is urgently putting in place the infrastructure to make the provisions of the Act...

Written Answers — Department of Finance: Public Interest Director Responsibilities (28 Feb 2013)

Michael Noonan: As I have stated many times before, the primary duty and responsibility of the public interest directors as well as all the other directors is to ensure that the institution on whose board they serve is run properly and appropriately. They serve on many Bank committees as well as the Boards themselves and their breath of experience brings a deeper and wider knowledge base and understanding...

Written Answers — Department of Finance: IBRC Liquidation (28 Feb 2013)

Michael Noonan: Normal Companies Acts’ priorities must apply throughout this liquidation process. This means that the proceeds from the disposal of IBRC’s assets will be used to repay creditors in accordance with these priorities, and consequently preferred creditors will be paid first and then the secured debt which NAMA will have purchased from the Central Bank will be paid. If there are...

Written Answers — Department of Finance: Mortgage Resolution Processes (28 Feb 2013)

Michael Noonan: I propose to take Questions Nos. 16 and 49 together. While I note the launch of an IBF protocol on unsecured debt, this was solely an initiative of the IBF and neither I nor my Department had an involvement in the initiative. Initiatives such as the IBF protocol can assist in encouraging and facilitating creditors and debtors to engage with one another in an open, constructive manner to...

Written Answers — Department of Finance: NAMA Property Sales (28 Feb 2013)

Michael Noonan: I am advised by NAMA that, although its exposure to residential property in Ireland is limited, it has sought to instigate some market activity through the introduction of a deferred payment initiative, which offers downside price protection for a period of up to five years to buyers. The initiative, which is referred to as the 80/20 Deferred Payment Initiative, was formally launched in...

Written Answers — Department of Finance: Banks Recapitalisation (28 Feb 2013)

Michael Noonan: As the Deputy will be aware, the Irish banks were required to raise €24bn in capital following the 2011 Prudential Capital Assessment Review (PCAR) in order to remain above a minimum capital target of 10.5% Core Tier 1 in the base scenario and 6% Core Tier 1 in the stress Scenario. The Central Bank made its decision on required recapitalisation based on loan-loss projections along...

Written Answers — Department of Finance: NAMA Debtors (28 Feb 2013)

Michael Noonan: It is unclear what reports the Deputy is referring to. As has been previously advised to the House, NAMA seeks to ensure that income generated by assets securing NAMA loans is applied towards repaying a debtor’s indebtedness to NAMA. In certain circumstances, debtors are allowed to retain a portion of asset income in lieu of overheads which include staff costs. NAMA also seeks to...

Written Answers — Department of Finance: State Banking Sector (28 Feb 2013)

Michael Noonan: The write-down of any debt is a commercial matter for the management and the Board of the Institutions. As the Deputy will be aware the Relationship Frameworks we have in place provide that the State will not intervene in the day-to-day operations of the covered banks or their management decisions. These frameworks are published on the Department of Finance website at...

Written Answers — Department of Finance: Stock Market Regulation (28 Feb 2013)

Michael Noonan: Food securities trading form part of the regulation of derivatives. This can be divided into OTC (over-the-counter) derivatives and derivatives traded on exchanges. The regulation of both types of derivatives features in formal proposals by the EU Commission. OTC derivatives are now regulated by the European Markets Infrastructure Regulation (EMIR). This EU Regulation, which is directly...

Written Answers — Department of Finance: Budget 2014 (28 Feb 2013)

Michael Noonan: I propose to take Questions Nos. 22, 43 and 59 together. As I have stated in recent days, it is important to note that some aspects of the promissory note deal are yet to be finalised. For example, the liquidator is in the process of overseeing a valuation and sales process for the assets of IBRC, while the final payments made under the ELG Scheme have not yet been determined....

Written Answers — Department of Finance: Banking Sector Pension Funds (28 Feb 2013)

Michael Noonan: I met with the Bank of Ireland Board, including the public interest directors in January 2013 however the topic referred to was not on the agenda. I believe that Bank of Ireland only recently announced their intention to enter into discussions regarding the deficit in its pension scheme and I support the management’s intention to deal with this issue. Officials from my Department...

Written Answers — Department of Finance: European Stability Programmes (28 Feb 2013)

Michael Noonan: The Irish Presidency of the Council of the EU has secured agreement, on behalf of euro area member countries, with the European Parliament and the European Commission, on two proposed regulations – the “two-pack”. One of the proposals is on the monitoring and assessment of draft budgetary plans and on ensuring the correction of excessive deficits. The other is on the...