Results 21,001-21,020 of 27,019 for speaker:Michael Noonan

Written Answers — National Asset Management Agency: National Asset Management Agency (12 Jun 2012)

Michael Noonan: Bank assets were acquired by NAMA using a valuation methodology approved by the European Commission and in line with Part 5 of the NAMA Act and valuation regulations made by the Minister for Finance in March 2010. NAMA advise me that final valuation of all Tranches was completed at the end of March 2012 and as final acquisition schedules were completed, they were copied to the European...

Written Answers — National Asset Management Agency: National Asset Management Agency (12 Jun 2012)

Michael Noonan: I am advised by NAMA that the valuation of loans acquired from Participating Institutions was based on an extensive due diligence process carried out by NAMA on the security held for the loans and the assets securing them. Legal due diligence reports submitted by the participating institutions were reviewed by NAMA's external legal panel with a view to highlighting any issues which would give...

Written Answers — National Asset Management Agency: National Asset Management Agency (12 Jun 2012)

Michael Noonan: I am advised by NAMA that it has incurred gross due diligence costs of €74 million in acquiring the portfolio of loans from the participating institutions. These costs include legal due diligence costs, loan valuation costs, property due diligence and audit costs. The loan valuation methodology approved by the EU Commission and used to value acquired loans makes an allowance for due...

Written Answers — National Asset Management Agency: National Asset Management Agency (12 Jun 2012)

Michael Noonan: The Deputy may be aware that the Central Bank issued a letter to certain financial institutions in April 2009 which stated that funding advanced to debtors after 7 April 2009 by the institutions would not be subject to discount by NAMA if the institutions could satisfy NAMA that the funding was justifiable on commercial grounds. In terms of determining the commerciality or otherwise of...

Written Answers — National Asset Management Agency: National Asset Management Agency (12 Jun 2012)

Michael Noonan: I am advised by NAMA that two-thirds of all debtor cases are going forward on a consensual basis, with terms signed in 187 cases. Connection management agreements, to which the Deputy refers, are used only in very specific circumstances where significant restructuring is involved: NAMA advises that, to date, it has signed connection management agreements with two debtors, agreed terms with a...

Written Answers — Sovereign Debt: Sovereign Debt (12 Jun 2012)

Michael Noonan: Having consulted with the National Treasury Management Agency (NTMA), I am of the view that it would be unwise to outline the interest rate assumptions underpinning new debt issuance over the period 2013 – 2015 as this would compromise the State's ability to access funds at the most competitive rate possible. As the Deputy is aware, the majority of the State's financing needs to the end of...

Written Answers — Office of the Comptroller and Auditor General: Office of the Comptroller and Auditor General (12 Jun 2012)

Michael Noonan: I understand that in auditing the financial statements of NAMA, the C&AG reviews the controls, processes and procedures in place in NAMA, including those designed to ensure that transactions achieve the best possible value for the taxpayer and are properly approved in accordance with NAMA's governance framework. In a special report completed in February of this year, the C&AG reported on the...

Written Answers — Credit Availability: Credit Availability (12 Jun 2012)

Michael Noonan: As the Deputy is aware, the banking system restructuring plan creates capacity for the two Pillar Banks, Bank of Ireland and AIB, to provide lending in excess of €30 billion in the period 2011-2014. SME and new mortgage lending for these banks is expected to be in the range of €16-20bn over this period. This lending capacity is incorporated into the banks' deleveraging plans which allow...

Written Answers — Tax Credits: Tax Credits (12 Jun 2012)

Michael Noonan: I have been advised by the Revenue Commissioners that the credit was removed as, based on the information available to them, the person concerned did not satisfy the conditions set out in legislation to qualify for the tax credit. A letter detailing the reason why the credit was removed was issued to the person concerned on 29 May 2012. A copy of that letter has now been issued to the...

Written Answers — Tax Code: Tax Code (12 Jun 2012)

Michael Noonan: The position is that a UK state pension is exempt from Income Levy and USC. I am advised by the Revenue Commissioners that the person concerned has not been charged Income Levy or USC on this portion of their income. The person concerned may wish to contact the Revenue Commissioners directly at the Wicklow District, at telephone 01 631 6500, to discuss this matter in more detail.

Written Answers — European Stability Programmes: European Stability Programmes (12 Jun 2012)

Michael Noonan: As the deputy will be aware, it was clarified over the weekend that Spain is to seek official sources of funding. In particular, financial assistance is being sought from euro area Member States for the recapitalisation of Spanish financial institutions. Finance Ministers in the euro area have welcomed this and have expressed their willingness to respond favourable to the request. ...

Written Answers — Banking Sector Staff: Banking Sector Staff (12 Jun 2012)

Michael Noonan: Allied Irish Banks (AIB) has informed me that staff numbers are as follows: May 2010* - 23,175 May 2011 - 13,929 May 2012 - 14,443 However, in May 2012 total staff included 1,703 temporary workers employed to deal with short term business requirements and many of these temporary staff were taken on by the Bank to assist customers in difficulty. As the Deputy will be aware, AIB has announced...

Written Answers — Tax Reliefs: Tax Reliefs (12 Jun 2012)

Michael Noonan: I am advised by the Revenue Commissioners that no contact has been made with the local Revenue District by the named organisation with regard to tax relief for donations to certain sporting bodies. If the organisation wishes to make a claim for this relief they should contact the Kilkenny Revenue District. Contact details for the Kilkenny district office can be found on the Revenue website:...

Written Answers — Tax Reliefs: Tax Reliefs (12 Jun 2012)

Michael Noonan: The position is that, while there is tax relief available on interest paid on certain qualifying homes loans, there is no tax relief available on either normal periodic capital repayments or on lump sum capital repayments that are set against the balance outstanding on a mortgage.

Written Answers — Financial Services Ombudsman: Financial Services Ombudsman (12 Jun 2012)

Michael Noonan: Firstly, I must point out that the Financial Services Ombudsman is independent in the carrying out of his duties. It would not be appropriate for me to comment on how he performs his duties. However, the Financial Services Ombudsman's Bureau has informed me that, in the course of an investigation, the regulated financial service provider will be required to answer a series of questions...

Written Answers — Mortgage Interest Rates: Mortgage Interest Rates (12 Jun 2012)

Michael Noonan: As has been stated previously to the house in an answer to Question 42 on 23 May 2012, I have no role in the day-to-day commercial and operational decisions, which include these matters. Ultimately, the pricing of financial products, including standard variable mortgage interest rates, is a commercial decision for the management team and board of Permanent tsb (PTSB), having due regard to...

Written Answers — Tax Code: Tax Code (12 Jun 2012)

Michael Noonan: Section 188 of the Taxes Consolidation Act 1997 provides for an exemption from income tax for a couple who are jointly assessed to tax and either of them is 65 years of age or over during the tax year where their combined incomes do not exceed €36,000. However, where their combined incomes exceed €36,000, a measure of relief from full taxation (called 'marginal relief') is still...

Written Answers — Mortgage Interest Rates: Mortgage Interest Rates (12 Jun 2012)

Michael Noonan: Ultimately the pricing of financial products, including standard variable mortgage interest rates, is a commercial decision for the management team and board of each lending institution, having due regard to their customers and the impact on profitability, particularly where the cost of funding to each lending institution, including deposit pricing, is under pressure. Neither the Central Bank...

Written Answers — Credit Review Office: Credit Review Office (12 Jun 2012)

Michael Noonan: The Credit Review Office was set up under statute (SI 127 of 2010) and reports directly to my Department. The Office has three members of staff, and a panel of reviewers who are called on as necessary, on a case by case basis. It is housed within the Enterprise Ireland (EI) building in East Point, Dublin and EI has been directed by my Department to provide working capital and all support...

Written Answers — State Savings: State Savings (12 Jun 2012)

Michael Noonan: The National Treasury Management Agency (NTMA), on behalf of the Minister for Finance, provides a wide range of State Savings products through An Post and the Prize Bond Company. These State Savings products allow people to save in a simple and efficient manner by, for example, a lodgement of as little as one euro into deposit accounts in post offices or the purchase of children's savings...