Results 6,521-6,540 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Banking Sector (14 Jul 2015)

Michael Noonan: As the Deputy will be aware under the Relationship Frameworks the State does not intervene in the day to day operations of the banks in which it holds investments or their management decisions regarding commercial matters and hence any discussions around matters such as this are a matter for the bank, the relevant individuals and their representatives. I can confirm that I have...

Written Answers — Department of Finance: Mortgage Interest Rates (14 Jul 2015)

Michael Noonan: I propose to take Questions Nos. 263 and 268 together. As the Deputies will be aware, I met with senior management of Ireland's six main mortgage lenders, including Permanent TSB, on 19th and 21st May to discuss the issue of mortgage interest rates. The meetings focused on the mortgage market and specifically the comparatively high standard variable rates currently being...

Written Answers — Department of Finance: Rátaí Úis Morgáiste (14 Jul 2015)

Michael Noonan: Mar is eol do na Teachtaí Dála, bhuail mé le lucht ardbhainistíochta na sé phríomhiasachtóir morgáiste in Éirinn i mí na Bealtaine chun saincheist rátaí úis na morgáistí a phlé. Ba ar an margadh morgáistí agus ar na rátaí athraitheacha caighdeánacha réasúnta ard atá á...

Written Answers — Department of Finance: Tax Data (14 Jul 2015)

Michael Noonan: The following table shows the number of Binding Tariff Information (BTI) applications received by the Revenue Commissioners over the last 5 years: Year Number of BTI applications received 2011 1,206 2012 873 2013 940 2014 800 2015 (up to 30th June) 518 The length of time it takes to process an application can vary considerably, depending on factors such as the complexity of the case,...

Written Answers — Department of Finance: Departmental Correspondence (14 Jul 2015)

Michael Noonan: In my response to parliamentary question no. 236, which was for written answer on 30th June 2015, the reference to the Commission of Investigation related to the perceived conflict of interest which was outlined in the question asked and was not in the context of the sale of loan assets as per the details supplied to this current question. In relation to loan assets purchased by...

Written Answers — Department of Finance: Disabled Drivers and Passengers Scheme (14 Jul 2015)

Michael Noonan: My officials have been undertaking a technical examination of Disabled Drivers and Disabled Passengers (Tax Concession) Regulations, which govern the Drivers and Passengers with Disabilities Scheme, and it is now at an advanced stage.  I expect to be in a position to address certain limitations of the Scheme in legislation very shortly.

Written Answers — Department of Finance: Property Tax Administration (14 Jul 2015)

Michael Noonan: The Deputy will be aware that the inter-departmental group, chaired by Dr Don Thornhill, set up to consider the design of a property tax (the "Thornhill Group") recommended that the Local Property Tax paid in respect of a rented property should be deductible for income tax or corporation tax purposes, in a similar manner to commercial rates. The Thornhill Group recognised the...

Written Answers — Department of Finance: NAMA Operations (14 Jul 2015)

Michael Noonan: NAMA's statutory objectives are clearly defined in the NAMA Act 2009 (NAMA Act).Section 10 of the NAMA Act requires NAMA to obtain the best achievable financial return for the State, deal expeditiously with the assets acquired by it and to protect or otherwise enhance the value of those assets.  That is the core of NAMA's mandate and it is clearly a commercial one. Where, in accordance...

Written Answers — Department of Finance: NAMA Portfolio (14 Jul 2015)

Michael Noonan: As I have previously outlined, most recently in response to Parliamentary Questions Nos. 238 of June 23rd 2015 and 133 of June 17th 2015, NAMA is already subject to a high level of public accountability compared to other commercial bodies, including commercial bodies in the State sector and I do not believe further measures are required at this time. In accordance with their...

Written Answers — Department of Finance: NAMA Loan Book (14 Jul 2015)

Michael Noonan: I refer the Deputy to my response to Parliamentary Question No. 150  of 7thJuly 2014 to the same question.  As advised, I was not directly involved in the process itself but was kept regularly informed on an ongoing basis by the NAMA Chairman on overall progress in relation to the sale of the NAMA Northern Ireland loan portfolio. As the Deputy will appreciate,...

Written Answers — Department of Finance: NAMA Operations (14 Jul 2015)

Michael Noonan: As has been referred to in numerous responses to Parliamentary Questions, recent examples being Parliamentary Question No. 230 on June 30th 2015 and Parliamentary Question No. 133 on 23rd June 2015, and as was widely publicised at the time of its publication, through press conferences and broad media coverage, my officials have indeed produced a special report on NAMA's...

Written Answers — Department of Finance: NAMA Assets Sale (14 Jul 2015)

Michael Noonan: As stated in my response to Parliamentary Question No 153 on 7th July 2015, there were no meetings between my Department and the Northern Irish Advisory Committee (NIAC) of NAMA.  I also advised in the same response that the principal responsibility of the Northern Ireland Advisory Committee was to advise the NAMA Board in relation to strategy for its...

Written Answers — Department of Finance: NAMA Assets Sale (14 Jul 2015)

Michael Noonan: I propose to take Questions Nos. 275 and 285 together. The timing of loan and asset sales is a matter for the NAMA Board by reference to its statutory independent commercial mandate, in accordance with Section 10 of the NAMA Act, passed by the Houses of the Oireachtas, to obtain the best achievable financial return for the State and to do so expeditiously.  The NAMA Chief Executive,...

Written Answers — Department of Finance: NAMA Operations (14 Jul 2015)

Michael Noonan: I refer the Deputy  to page 41 of NAMA's Annual Report and Financial Statements for 2014, which is available from the NAMA website at and which contains a section called "Rate of Return Benchmark".  In this section NAMA notes that during 2014 the NAMA Board approved an Entity Return on Investment (EROI) target benchmark of 20%. The project EROI return as at end-2014...

Written Answers — Department of Finance: NAMA Assets Sale (14 Jul 2015)

Michael Noonan: NAMA has not engaged in "fire sales" and the suggestion by the Deputy that it has done so is inaccurate.  NAMA's demonstrable strategy in each of its main markets has been to release assets for sale in a phased and orderly manner consistent with the level of demand and the absorption capacity in each market. In the period to the end of 2013, this meant concentrating sales in...

Written Answers — Department of Finance: NAMA Board (14 Jul 2015)

Michael Noonan: I propose to take Questions Nos. 278, 284 and 286 together. I would, firstly, direct the Deputies to my response to Parliamentary Question No. 154 on 7th July 2015, which also provided this information. However, for convenience, the period of service of all members of NAMA's Northern Ireland Advisory Committee is provided again in tabular form as follows: Name Member...

Written Answers — Department of Finance: NAMA Staff Data (14 Jul 2015)

Michael Noonan: I refer the Deputy to NAMA's annual reports and financial statements for 2010, 2011, 2012, 2013 and 2014 which provided extensive information on NAMA's organisational structure and staff resources. These reports are available at the following link: The information sought by the Deputy in relation to former NAMA staff, including their respective period of service, is not...

Written Answers — Department of Finance: Tax Code (14 Jul 2015)

Michael Noonan: The UK company Standard Life plc, offered its shareholders the option of having return of value payments due to them treated as income or capital, with treatment as income being the default position in the absence of shareholders choosing an option within a specified time which has now elapsed. The Revenue Commissioners have informed me that, from an Irish tax perspective, the position...

Written Answers — Department of Finance: Economic Growth (14 Jul 2015)

Michael Noonan: My Department continually monitors a broad range of economic developments and advises accordingly. For instance, in the Stability Programme Update (SPU) that was published in April the impact of alternative scenarios (such as weaker-than-assumed world growth) on the Irish economy and on the public finances was considered. In relation to the possibility of a Greek exit from the euro area,...

Written Answers — Department of Finance: Banking Sector Staff (14 Jul 2015)

Michael Noonan: As the Deputy will be aware under the Relationship Frameworks the State does not intervene in the day to day operations of the banks in which it holds investments or their management decisions regarding commercial matters and hence any discussions around matters such as outsourcing are a matter for the bank, the relevant staff and their union representatives. Notwithstanding...