Results 20,421-20,440 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: VAT Rates (18 Sep 2012)

Michael Noonan: Irish VAT law is subject to the provisions of the EU VAT Directive with which it must comply. Up to 31 December 2011 admissions to historic houses and gardens, and open farms were treated for VAT purposes as lettings and regarded as exempt from VAT. Having regard to certain decisions of the European Court of Justice, where a letting was defined for VAT purposes, it was decided that such...

Written Answers — Department of Finance: Departmental Staff Training (18 Sep 2012)

Michael Noonan: Having skilled and qualified people in place is essential for us to deliver on our Strategic Plan and our goals and objectives, and investing in Learning and Development is one of the key elements that will help to improve the performance of individuals, and the Department in the medium to long-term. In this regard, my Department is currently examining applications for refunds of fees for...

Written Answers — Department of Finance: Bank Guarantee Scheme (18 Sep 2012)

Michael Noonan: The issue raised by the Deputy is a matter which requires consideration in the overall context of sourcing and providing the necessary capital for the effective life time of the bank. It is important in this context to be clear the recent interim accounts produced by the bank refer to "winding up of the loan book in an orderly manner by 2020" as opposed to a winding up of the bank. This...

Written Answers — Department of Finance: NAMA Bonds (18 Sep 2012)

Michael Noonan: I am advised by NAMA that, earlier this year, its Board completed a review of its strategy and re-affirmed its expectation that NAMA remains on course to recoup for the taxpayer, at a minimum, the Senior Bonds issued as consideration for acquired loans, in addition to recovery of its carrying costs and the working and development capital expenditure it has advanced to debtors. Based on the...

Written Answers — Department of Finance: Bank Guarantee Scheme (18 Sep 2012)

Michael Noonan: I propose to take Questions Nos. 283 and 284 together. The bank has informed me that the projected final net asset position for IBRC is considered both commercially sensitive and subject to material uncertainty given the current uncertainties in markets, the deterioration in asset values and the complexities, timescales and risks involved in deleveraging. Whilst significant progress has...

Written Answers — Department of Finance: EU Directives (18 Sep 2012)

Michael Noonan: As a committed member of the European Union Ireland always participates constructively in discussions at EU level as that is the only way to ensure that issues of concern to the State can be considered. Any attempt to reverse our approach now would be counterproductive, especially in view of the critical role to be played by Ireland during our upcoming Presidency. The Euro Plus Pact comes...

Written Answers — Department of Finance: NAMA Accounts (18 Sep 2012)

Michael Noonan: I am advised by NAMA that legal fees for the first quarter of 2012 are low relative to budget for a number of reasons. Some fees actually paid in the quarter related to legal work which was in progress at the end of 2011 and had been accrued in the Q4 2011 accounts. In addition, the budget of €25m for 2012 included prudent assumptions on potential litigation costs which have not to...

Written Answers — Department of Finance: NAMA Accounts (18 Sep 2012)

Michael Noonan: Portfolio Management Fees relate to the ongoing costs of managing the acquired loan portfolio, including fees incurred for the review of debtor business plans together with other fees relating to its portfolio management such as fees for valuations, asset searches, insolvency advice and ancillary property costs. Portfolio Management fees do not include costs relating to receivers appointed...

Written Answers — Department of Finance: NAMA Accounts (18 Sep 2012)

Michael Noonan: I am advised by NAMA that the expense category 'Other Administrative costs' comprises principally insurance premia, external project costs, bank fees and charges and sundry expenses.

Written Answers — Department of Finance: NAMA Accounts (18 Sep 2012)

Michael Noonan: I would like to direct the Deputy to page 9 of the NAMA Section 55 Report for the first quarter of 2012 which states that, as at 31 March 2012, 19% of the loans acquired by NAMA were classified as performing by reference to the nominal loan amount (i.e the original loan agreement). These include restructured loans. NAMA estimates that the loan restructures enhance the proportion of loans...

Written Answers — Department of Finance: NAMA Bonds (18 Sep 2012)

Michael Noonan: NAMA's primary commercial objective, as set out in Section 10 (2) of the Act, is to obtain the best achievable financial return for the State having regard to the cost of acquiring and dealing with bank assets and its own cost of capital and other costs. I am advised that the Board of NAMA aims to recover all costs incurred in acquiring and managing assets over the lifetime of NAMA and...

Written Answers — Department of Finance: NAMA Bonds (18 Sep 2012)

Michael Noonan: I am advised that the NAMA Board did not declare an interest coupon on the 1st March 2012 in respect of its subordinated bonds.

Written Answers — Department of Finance: National Treasury Management Agency Bond Issues (18 Sep 2012)

Michael Noonan: In order to enable Ireland to successfully exit the EU/IMF programme, the NTMA's working plan through 2012 has been to begin to return to the markets on a phased basis, mainly through shorter-term issuance, while also taking advantage of any opportunities to issue longer-term debt. The EU/IMF programme provides funding to the end of 2013. As at the end of 2011 the Irish State was faced with...

Written Answers — Department of Finance: NAMA Debtors (18 Sep 2012)

Michael Noonan: I propose to take Questions Nos. 293 and 294 together. I am informed by NAMA that its debtors include a wide range of occupational groups. However, NAMA has legal obligations of confidentiality in respect of information relating to NAMA debtors. Section 202 of the National Asset Management Agency Act 2009, which legislation was passed by this House, specifically states that an officer...

Written Answers — Department of Finance: NAMA Operations (18 Sep 2012)

Michael Noonan: I am informed by NAMA that, as regards derivative transactions acquired from the participating institutions, it is aware of no instances where liability might arise as a result of alleged misselling by the institutions concerned. However, NAMA informs me that, if any such cases should emerge as a result of investigations currently underway by the UK Financial Services Authority, NAMA has...

Written Answers — Department of Finance: NAMA Property Construction (18 Sep 2012)

Michael Noonan: I propose to take Questions Nos. 296 and 297 together. I am informed by NAMA that it has no current plans to become directly involved in commercial and residential construction projects but that it will continue to support debtors or receivers with loan finance for viable projects. In that context, it has announced plans to provide loan finance of up to €2 billion over the next four...

Written Answers — Department of Finance: Financial Services Regulation (18 Sep 2012)

Michael Noonan: Options, futures, swaps, forward rate agreements and any other derivative contracts relating to interest rates or yields are defined as financial instruments under the Markets in Financial Instruments Directive (MiFID). Credit institutions are subject to the MiFID Regulations when providing services in such instruments. The Central Bank of Ireland is responsible for the supervision of such...

Written Answers — Department of Finance: Banks Recapitalisation (18 Sep 2012)

Michael Noonan: I am informed that the €25 million payment of promissory notes shown in the July 2012 Exchequer statement which the Deputy refers to relates to the EBS Building Society. The State has injected a total of €875 million in capital into this institution to meet regulatory requirements. Of the total amount, €625 million was by way of two separate subscriptions for Special...

Written Answers — Department of Finance: Banks Recapitalisation (18 Sep 2012)

Michael Noonan: I am informed that the €300.273 million in receipts shown in the July 2012 Exchequer statement relate to interest payments on the Contingent Capital Notes the State invested in AIB, BOI and PTSB as part of the recapitalisations completed in last year. In July 2011 the State purchased €3 billion in Contingent Capital Notes in these banks (€1.6 billion in AIB, €1...

Written Answers — Department of Finance: Insurance Compensation Fund (18 Sep 2012)

Michael Noonan: Under Section 2(8) (b) of the 1964 Insurance Act, I am required to publish the annual accounts of the Insurance Compensation Fund. Up until this year, the Central Bank has published them on my behalf as part of its statistical review of the insurance industry. For 2011, I am proposing shortly to publish the accounts on my Department's website. I will also lay them before the Houses of the...