Results 21,681-21,700 of 27,019 for speaker:Michael Noonan

Written Answers — State Banking Sector: State Banking Sector (18 Apr 2012)

Michael Noonan: The State, through the National Pension Reserve Fund Commission (NPRFC), now owns 99.8% of the ordinary shares of Allied Irish Banks. As the Deputy will be aware, Relationship Frameworks were published for each of the covered banks at the end of March, 2012. These frameworks ensure that their core businesses will be run on a commercial, cost effective and independent basis designed to...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (18 Apr 2012)

Michael Noonan: The total investments by the State in Bank of Ireland (the "Bank") on my direction, taking into account (i) the partial conversion of preference shares to ordinary shares in April 2010 and (ii) the sale of ordinary stock to a group of private investors in 2011, are set out in the table below: Instrument Units (million) Total Consideration (EUR million) Ordinary Shares 4.328...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (18 Apr 2012)

Michael Noonan: As a result of the 2011 Prudential Capital Assessment Review ("PCAR 2011"), Bank of Ireland (the "Bank") was required to raise €4.2 billion regulatory core tier 1 capital. The Bank took various steps to raise this required capital including a rights issue. I directed the National Pension Reserve Fund (the "NPRF") Commission to participate in the Bank's rights issue. A group of third...

Written Answers — State Banking Sector: State Banking Sector (18 Apr 2012)

Michael Noonan: I am advised by the institution that there are currently twenty four (24) employees earning a base salary greater than €250,000 (this includes EBS ltd). I am further advised that the comparable figure at end 2008 was thirty three (33). Previous Government policy on remuneration at the covered institutions was dictated initially by the recommendations of Covered Institutions Remuneration...

Written Answers — Pension Provisions: Pension Provisions (18 Apr 2012)

Michael Noonan: Under the regime of flexible options on retirement first introduced in 1999, the options to invest in an ARF or to receive the balance of a pension fund in cash (after payment of the "tax-free" lump sum and subject to tax, as appropriate) are subject to conditions. The conditions include the requirements that the individual be over 75 years of age or, if younger, that the individual has...

Written Answers — Tax Code: Tax Code (18 Apr 2012)

Michael Noonan: The Deputy may be aware that a working group was set up between officials of my Department, the IRHA and some members of the Oireachtas. This working group is discussing a number of issues of concern to the haulage industry. I am sure the Deputy will understand that I cannot pre-empt the outcome of those discussions which are ongoing. I should point out that a fuel rebate system, as...

Written Answers — Job Losses: Job Losses (18 Apr 2012)

Michael Noonan: AIB employed approximately 14,500 people (full-time equivalents) at the end of 2011, and is currently seeking to implement a voluntary redundancy scheme to reduce the number of employees by approximately 2,500. Talks have been taking place between Allied Irish Banks and the Department of Finance in relation to the severance programme. The Bank's policy in relation to recruitment, be...

Written Answers — Tax Yield: Tax Yield (18 Apr 2012)

Michael Noonan: Based on information my Department has received from the Revenue Commissioners, some €207 million of receipts previously returned as PRSI income have been reclassified as income tax in the first quarter of the year. The basis of the income tax/USC/PRSI collection system is that employers make a payment on account, usually every month, to the Revenue Commissioners. A full reconciliation of...

Written Answers — Disabled Drivers: Disabled Drivers (18 Apr 2012)

Michael Noonan: I am advised by the Revenue Commissioners that an application for relief under the Disabled Drivers/Passengers scheme was received from the person (details supplied) on 2nd February 2012 in respect of VAT on the purchase of a second-hand adapted vehicle. The applicant was advised on 2nd March 2012 that, as the maximum allowable amount of €15,875 had been refunded on this vehicle already,...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (18 Apr 2012)

Michael Noonan: I propose to take Questions Nos. 207 to 209, inclusive, together. I am advised by the Central Bank of Ireland (CBI) that they require all credit institutions authorised and operating in Ireland to maintain a minimum level of solvency on an on-going basis. The prevailing EU standard is the Capital Requirements Directive (CRD) which has been transposed into Irish law by Statutory Instruments...

Written Answers — Departmental Bodies: Departmental Bodies (18 Apr 2012)

Michael Noonan: The Central Bank of Ireland is a statutory body; it was established in 1942 in accordance with the Central Bank Act 1942 and is now a constituent part of the European System of Central Banks (ESCB) established by European treaty. It is managed and controlled by the Central Bank Commission. The Minister for Finance is the sole subscriber to and holder of the Central Bank's capital. The...

Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (18 Apr 2012)

Michael Noonan: The information the Deputy seeks – names and details of Directors (including public interest directors) at the covered institutions, remit, performance and terms and conditions - is available in the recently published Annual Accounts for 2011 of the 3 respective covered institutions – namely Allied Irish Banks, Bank of Ireland and Irish Life and Permanent. The legislative power to...

Written Answers — Financial Services Regulation: Financial Services Regulation (18 Apr 2012)

Michael Noonan: The Central Bank of Ireland is responsible for financial regulation in Ireland. The Irish Financial Services Regulatory Authority (the Financial Regulator) ceased to exist on 1 October 2010 with the commencement the relevant provisions of the Central Bank Reform Act 2010, which created a single structure within the Central Bank controlled and managed by the Central Bank Commission. The powers...

Written Answers — Monetary Policy: Monetary Policy (18 Apr 2012)

Michael Noonan: I should point out to the Deputy that there is no "Irish euro"; the euro is the common currency of the Member States in the eurozone. The amount of euro banknotes on the balance sheet of the Central Bank of Ireland represents Ireland's share of total euro banknotes in circulation. Ireland is currently allocated 1.46 per cent of the total euro banknotes in circulation based on its fully...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (18 Apr 2012)

Michael Noonan: The Central Bank is responsible for imposing and subsequently regulating the compliance of credit institutions with conditions imposed on their respective licences. As such it is not the role of Government to review licence conditions imposed by the Central Bank in its regulatory capacity. I have been informed by the Central Bank that it does not comment on the individual licence conditions...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (18 Apr 2012)

Michael Noonan: The requirement to standards of deposits and lending are set out and supervised by the Central Bank of Ireland, under the appropriate EU, International, and Irish legislative requirements. There are a number of liquidity ratios in place affecting banks that have to be complied with and reported to the Central Bank of Ireland. They would include Loan to Deposit Ratios (under PCAR, they are...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (18 Apr 2012)

Michael Noonan: This is a very wide ranging question. Banks would typically have raised unsecured and secured funding. Deposits would be an example of the former and securitisation or covered bonds an example of the latter. If there was to be secured transactions, there would have been full due diligence from a legal and accounting perspective including any issues relating to compliance with loan...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (18 Apr 2012)

Michael Noonan: Typically, a regulated financial entity would have two records of loan agreements - one for their own records and one for the borrower. I have been advised by the Central Bank that Chapter 11 of the Consumer Protection Code sets out in detail what records (and compliance with same) a regulated financial entity must keep on behalf of a borrower. Under section 11.6 of that Chapter, a...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (18 Apr 2012)

Michael Noonan: Some banks would seek to minimise risk by 'buying' credit insurance on some assets such as mortgages or bonds. There are no requirements on the banks in relation to 'default insurance' and it is left to each bank management to determine their own, appropriate strategy. The Central Bank of Ireland sets reserving requirements for financial institutions and have issued guidelines in relation...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (18 Apr 2012)

Michael Noonan: On 30 March 2012, the Department of Finance published the Relationship Frameworks for each of the banks in which the State acquired an interest in the context of the financial crisis. The Frameworks were prepared in the context of EU and Irish competition law considerations and commitments made in connection with the EU/IMF Programme for Financial Support for Ireland. The Frameworks...