Results 24,301-24,320 of 27,019 for speaker:Michael Noonan

Written Answers — National Asset Management Agency: National Asset Management Agency (21 Jul 2011)

Michael Noonan: In addition to loans totalling €71.2 billion which were acquired by NAMA in 2010, the Agency informs me that it acquired an additional €1.1 billion in loans in early March 2011. The loans acquired in 2011 were acquired from one institution at an acquisition price of €440m, which is a discount of 60%. The tranche included loans from a total of 116 debtors, of whom 38 are directly...

Written Answers — National Asset Management Agency: National Asset Management Agency (21 Jul 2011)

Michael Noonan: NAMA informs me that to date, a total of 152 draft business plans have been received from the 179 major debtors whose debt will be directly managed by NAMA. In 74 of these cases, decisions have been made by NAMA and these have been communicated to the debtors. Another 78 debtor business plans are currently being reviewed. Debtor business plans are still awaited from the 27 other debtors...

Written Answers — National Asset Management Agency: National Asset Management Agency (21 Jul 2011)

Michael Noonan: I am informed by the National Asset Management Agency that it has not, to date, taken direct ownership of land and property. In cases where enforcement has been necessary, it has appointed, or approved the appointment of, receivers.

Written Answers — National Asset Management Agency: National Asset Management Agency (21 Jul 2011)

Michael Noonan: The National Asset Management Agency has estimated that, as at end-March 2011, 23% of loans (by nominal balances) were performing. These are loans which are not in arrears by reference to contractual cash payments or where the arrears are outstanding for less than 30 days. 77% of loans were at various stages of non-performance or were subject to enforcement action. In the case of 60% of...

Written Answers — National Asset Management Agency: National Asset Management Agency (21 Jul 2011)

Michael Noonan: I am informed by the National Asset Management Agency that it will shortly be publishing, through its website, information provided to it by receivers and other insolvency professionals in relation to property which has been subject to enforcement in Ireland, Northern Ireland and Great Britain. This information will be updated on a regular basis.

Written Answers — National Asset Management Agency: National Asset Management Agency (21 Jul 2011)

Michael Noonan: The National Asset Management Agency informs me that between 1 March 2010 and 30 June 2011, the Agency approved €900 million in new money advances to debtors. These funds are for purposes of working capital and development capital to enable viable projects to be brought to completion.

Written Answers — National Asset Management Agency: National Asset Management Agency (21 Jul 2011)

Michael Noonan: I am informed that NAMA has not, to date, taken direct ownership of land and property. In cases where enforcement has been necessary, it has appointed, or approved the appointment of, receivers. While the Agency has not taken ownership of unfinished residential developments, it has recently announced that it will invest €3m to fund urgent construction and remedial work in a number of...

Written Answers — National Asset Management Agency: National Asset Management Agency (21 Jul 2011)

Michael Noonan: Between now and the end of 2011, NAMA expects to incur costs of €38 million as payment to 500 staff in participating institutions to carry out loan servicing on its behalf, in accordance with the provisions of Section 131 of the National Asset Management Agency Act 2009. The fee is applied on a cost recovery basis up to a limit of 10 basis points, and has been approved by the EU Commission...

Written Answers — National Asset Management Agency: National Asset Management Agency (21 Jul 2011)

Michael Noonan: Preliminary meetings have taken place between NAMA and a number of financial institutions in relation to a residential mortgage initiative which is currently under consideration. The proposed initiative is being subjected to extensive analysis and further detailed discussions are scheduled to take place with the institutions over coming weeks. I am informed that NAMA intends to submit to me...

Written Answers — EU-IMF Fund: EU-IMF Fund (21 Jul 2011)

Michael Noonan: Ireland is due to draw down approximately €4.5 billion from EU/IMF sources during quarter 3 of 2011. Following the third review mission completed on 14th July 2011, the IMF and the European Commission Services will prepare staff reports for consideration by the IMF Executive Board on 29 August 2011, and Eurogroup/ECOFIN in September 2011. The disbursement of funds is conditional on...

Written Answers — Tax Yield: Tax Yield (21 Jul 2011)

Michael Noonan: The Finance Act 2011 contains legislation that, subject to a Ministerial Commencement Order, provides for the extension of betting duty to remote bookmakers and betting exchanges. The tax changes provided for in the Finance Act can only be implemented once the Betting (Amendment) Bill, which will provide for a regulatory and licensing regime, is enacted. The Betting (Amendment) Bill 2011 is...

Written Answers — Tax Reliefs: Tax Reliefs (21 Jul 2011)

Michael Noonan: It is assumed that the Deputy is referring to the following two property-based tax incentive schemes that remain in the tax code: the scheme for Qualifying Specialist Palliative Care Units (subject to Commencement Order) and the Mid-Shannon Corridor Tourism Infrastructure Investment Scheme under which tax relief applies to qualifying expenditure incurred up to 31 May 2015. I am informed by...

Written Answers — Tax Code: Tax Code (21 Jul 2011)

Michael Noonan: The existing restriction of reliefs, or horizontal measure is activated where individuals have an adjusted income of €125,000 and claim specified reliefs of €80,000 or more. Those subject to the full restriction, at adjusted incomes of €400,000 or greater, pay an effective income tax rate of 30% in addition to PRSI and Universal Social Charge. The list of specified reliefs that are...

Written Answers — Tax Code: Tax Code (21 Jul 2011)

Michael Noonan: In the Programme for Government we have committed to reducing, capping or abolishing property tax reliefs and other tax shelters which benefit very high income earners. I would point out to the Deputy that the existing restriction of reliefs or horizontal measure is activated where individuals have an adjusted income of €125,000 and claim specified reliefs of €80,000 or more. Those...

Written Answers — Personal Debt: Personal Debt (21 Jul 2011)

Michael Noonan: The Deputy may wish to know that there is already a comprehensive regulatory licensing system in place for moneylenders. Moneylenders have to apply to the Central Bank annually to have their licenses renewed. Section 93 of the Consumer Credit Act 1995 (as amended) sets out the Central Bank's powers in relation to the grant or refusal of a moneylender's license. The appropriate moneylending...

Written Answers — EU-IMF Fund: EU-IMF Fund (21 Jul 2011)

Michael Noonan: I refer the Deputy to my reply to his question number 14024/11 on this topic which was taken on Thursday, 2 June 2011 and provided data on the sovereign exposures of the four domestic institutions subject to the Prudential Capital Assessment Review (PCAR) 2011 exercise. Detailed information on the sovereign exposure of the four institutions was published by the Central Bank in the Financial...

Written Answers — Appointments to State Boards: Appointments to State Boards (21 Jul 2011)

Michael Noonan: I intend to ensure that all boards, under the aegis of the Department of Finance, will have an appropriate gender balance.

Written Answers — Financial Services Ombudsman: Financial Services Ombudsman (21 Jul 2011)

Michael Noonan: The Financial Services Ombudsman's Bureau has advised me that the number of complaints currently under consideration by the Financial Services Ombudsman is 3,901. The average length of time required to process a complaint through all stages and issue a finding is between 9 and 11 months. The number of new complaints received in each of the years 2008 to 2010 and in the period to 19 July...

Written Answers — Tax Code: Tax Code (21 Jul 2011)

Michael Noonan: On 16 March this year the European Commission, which has the right of initiation in terms of bringing forward legislative proposals, published its proposal for a Common Consolidated Corporate Tax Base. This represented the beginning of a protracted process that will involve a detailed examination of the Proposal, line by line, by all Member States at Council. Since the Commission's proposal...

Written Answers — Departmental Equipment: Departmental Equipment (21 Jul 2011)

Michael Noonan: Sixty Seven servers are owned, and zero servers are leased by the Department of Finance. The "capacity" of each server ranges from 1Gb to 32Gb RAM; 32Gb to 8Tb Hard Disk Drive; and 1 to 2 CPUs. It is not possible for all State agencies to reply within the timeframe. However the following responses have been received from some agencies. The Special EU Programmes Body (SEUPB); · Total number...