Minister Noonan welcomes a future of sustainable development for Credit Unions
17.05.16Press Statement by Minister for Finance Michael Noonan T.D. On the subject of Excessive variable mortgage rates
This Bill has been tabled by Fianna Fáil and proposes to give power to the Central Bank of Ireland to regulate interest rates. This Bill will be discussed in the Dáil tonight (Tuesday) with wrap up tomorrow (Wednesday).
I feel there are three major flaws in the Bill as presented.
- Moody’s ratings agency has upgraded Ireland’s long-term sovereign rating to A3 from Baa1 with a positive outlook. The results of Moody’s latest review were scheduled to be released on Friday 13th of May but there was a slight delay in Moody’s announcement. The upgrade represents an improvement of one notch on the Moody’s scale.
Commenting on the NTMA’s auction of 6 year bonds, Minister for Finance Michael Noonan T.D. said:
“I welcome very much this sale of €750 million in government bonds at a yield of 0.157% and with 2.6 times the amount of offers needed to fulfil the auction.”
Commenting on the details of the AIB interest rate decision, Minister Noonan stated:
- An Exchequer deficit of €1,055 million was recorded at end-April compared to a deficit of €2,319 million in the same period last year. The year-on year improvement is primarily driven by increased tax revenues.
- The Returns show that at end-April, tax receipts continue to perform as expected, with cumulative tax receipts up 3.5% or €475 million against profile.
Update to Ireland’s Stability Programme shows best way to plan for risk is to aim for growth
- As part of the process of budget monitoring across the EU (known as the European Semester), each EU member state submits a Stability Programme Update (SPU) to the European Commission in April of every year.
- By deciding to submit this update the Government is complying with EU rules.
Minister for Finance improves funding available to Ireland’s filmmakers