Results 20,981-21,000 of 27,019 for speaker:Michael Noonan
- Written Answers — Mortgage Arrears: Mortgage Arrears (12 Jun 2012)
Michael Noonan: The Deputy will be aware that the Central Bank is engaging with banks on their mortgage arrears resolution strategies and in that context banks are currently developing resolution options for mortgage customers in difficulty. As the Deputy may be aware, the Central Bank asked the mortgage lenders to segment their loan books and provide proposals to the Central Bank on loan modification...
- Written Answers — Financial Irregularities: Financial Irregularities (12 Jun 2012)
Michael Noonan: The Central Bank was informed of the financial irregularities on the afternoon of the 24th May, following a specific question raised by the Central Bank on the 23rd May. Central Bank staff met with the firm twice on the 25th May, issued a direction at 5pm on the 25th May to cease trading and were in regular contact with Bloxham over the weekend 26th and 27th May. Central Bank staff continues...
- Written Answers — Ministerial Staff: Ministerial Staff (12 Jun 2012)
Michael Noonan: In my Department, I have appointed Mary Kenny and Eoin Dorgan as special advisors. The salary for both special advisors has been â¬83,337 per annum since their appointment. No salary increases have been approved in respect of either appointment. Question No. 204 answered with Question No. 181.
- Written Answers — Tax Yield: Tax Yield (12 Jun 2012)
Michael Noonan: I am informed by the Revenue Commissioners that the full year yield to the Exchequer, estimated in terms of 2012 profits, of increasing the standard rate of corporation tax from 12.5% to 13% is tentatively estimated on a straight line arithmetic basis to be about â¬135 million. A corresponding reduction in the rate would result in a cost to the Exchequer of a similar amount. This estimate...
- Written Answers — Banks Recapitalisation: Banks Recapitalisation (12 Jun 2012)
Michael Noonan: As the deputy is aware the securities repurchase transaction between Bank of Ireland ("BoI") and Irish Bank Resolution Corporation ("IBRC") is a commercial transaction and is subject to the approval of BoI's shareholders. BoI has issued a circular to their shareholders (the "Circular") and scheduled an extraordinary general court to be held on 18th June 2012. The commercial terms of the...
- Written Answers — Bank Charges: Bank Charges (12 Jun 2012)
Michael Noonan: As the deputy is aware the securities repurchase transaction between Bank of Ireland ("BoI") and Irish Bank Resolution Corporation ("IBRC") is a commercial transaction and is subject to the approval of BoI's shareholders. BoI has issued a circular to their shareholders (the "Circular") and scheduled an extraordinary general court to be held on 18th June 2012. The commercial terms of the...
- Written Answers — National Asset Management Agency: National Asset Management Agency (12 Jun 2012)
Michael Noonan: I am advised by NAMA that it is expected that the private investors will purchase the Irish Life shareholding in the NAMA SPV through a nominee account structure. The detail of this deal, which ILP expect to complete shortly is commercially sensitive. It would not be appropriate, therefore for me to comment any further on it until such time as the deal is completed.
- Written Answers — National Asset Management Agency: National Asset Management Agency (12 Jun 2012)
Michael Noonan: The Q4 2011 Section 55 accounts reported a cumulative consolidated loss of â¬982m at 31 December 2011 for National Asset Management Limited and its subsidiaries, which is the group of special purpose companies through which the Agency carries out its functions. The audited financial statements for 2011 are currently being finalised. Dividends to the special purpose vehicle investors are...
- Written Answers — National Asset Management Agency: National Asset Management Agency (12 Jun 2012)
Michael Noonan: "True and fair" is terminology associated with Irish GAAP. The IFRS requirement under International Accounting Standard 1 (paragraph 19) is that the financial statements "present fairly" an entity's financial position, financial performance and cash flows. I am advised that the financial statements of NAMA are prepared in full compliance with IFRS, the internationally recognised accounting...
- Written Answers — Criminal Prosecutions: Criminal Prosecutions (12 Jun 2012)
Michael Noonan: I am advised by NAMA that there have been no prosecutions to date for submission by debtors of inaccurate Statements of Affairs. As the Deputy will be aware, prosecutions in such cases are a matter, not for NAMA, but for the relevant law enforcement authorities. NAMA advises that one case is being reviewed to assess whether there may be a basis for onward referral to the appropriate authorities.
- Written Answers — Banks Recapitalisation: Banks Recapitalisation (12 Jun 2012)
Michael Noonan: As the deputy is aware the securities repurchase transaction between Bank of Ireland (BoI) and Irish Bank Resolution Corporation (IBRC) is a commercial transaction and is subject to the approval of BoI's shareholders. BoI has issued a circular to their shareholders (the "Circular") and scheduled an extraordinary general court to be held on 18th June 2012. As I advised the Deputy in a...
- Written Answers — National Asset Management Agency: National Asset Management Agency (12 Jun 2012)
Michael Noonan: The NAMA Report for the fourth quarter of 2011 confirms that of the loans transferred to end December 2011, 20% of the nominal debt was classified as performing and 80% was reported as non-performing. This is a disimprovement on the third quarter when 21% of the nominal debt was classified as performing and 79% was reported as non-performing. NAMA advises that performance can only be...
- Written Answers — National Asset Management Agency: National Asset Management Agency (12 Jun 2012)
Michael Noonan: I have been informed by NAMA that the 'hedge ineffectiveness' adjustment of â¬15.9 million relates to interest rate swap contracts which were entered by the National Asset Management Limited Group ('the Group') to hedge its exposure to cash flow variability arising from interest rate risk in its portfolio of debt securities. These interest rate swap contracts were formally designated into...
- Written Answers — National Asset Management Agency: National Asset Management Agency (12 Jun 2012)
Michael Noonan: I am advised by NAMA that the net impairment charge is based on a detailed assessment of expected future cash flows for NAMA managed debtors, as described on page 29 of the Q4 2011 accounts. As required by International Financial Reporting Standards (IAS 39), this assessment was based on all future cash flows (including rental receipts and expenses) expected to arise from the individual...
- Written Answers — National Asset Management Agency: National Asset Management Agency (12 Jun 2012)
Michael Noonan: In respect of the â¬5 billion payment made in the final quarter of 2010 for the acquisition of loans on an interim basis pending completion of valuation and due diligence, I am advised by NAMA that the adjustment will be an overall clawback of â¬142 million from the institutions with due diligence and loan valuations now finalised.
- Written Answers — National Asset Management Agency: National Asset Management Agency (12 Jun 2012)
Michael Noonan: I am advised by NAMA that its Board has recently completed a review of its strategy and has re-affirmed its expectation that NAMA will at least break even over its projected ten-year lifetime, meaning that it is 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...
- Written Answers — National Asset Management Agency: National Asset Management Agency (12 Jun 2012)
Michael Noonan: I am advised by NAMA that the units to which the Deputy refers are under the control of NAMA debtors and receivers. As I stated in my response of 22 May {PQ 24849/12}, NAMA is currently engaged in an extensive analyses of the residential portfolio under the control of its debtors and receivers. Whilst this analysis is expected to continue for some time, initial findings indicate that the...
- Written Answers — National Asset Management Agency: National Asset Management Agency (12 Jun 2012)
Michael Noonan: I am advised by NAMA that the debtor business plans of close to 600 debtors managed by the participating institutions have now been assessed. Under a direction issued by NAMA to the institutions under Section 131 of the NAMA Act, staff of the NAMA Unit within the institutions may not be involved in the relationship management and administration of any loans or debtors with which they were...
- Written Answers — National Asset Management Agency: National Asset Management Agency (12 Jun 2012)
Michael Noonan: I am advised by NAMA that, as required under Section 35 (5) of the NAMA Act, the Code of Practice relating to the disposal of bank assets by NAMA has been published on its website. NAMA has also published a separate guidance note on its website â Disposal of Real Estate Asset Guidance Note. This is not a Code of Practice as prescribed by section 35 of the NAMA Act 2009, rather it is a...
- Written Answers — National Asset Management Agency: National Asset Management Agency (12 Jun 2012)
Michael Noonan: I am advised that the NAMA Board has recently completed a review of its strategy in light of developments in the Irish economy and in the property market since it published its business plan in July 2010. I am advised that the key factors which the NAMA Board considered critical in terms of the Agency's ultimate profitability included the performance of various economies in which its debtors'...