Results 8,861-8,880 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: NAMA Bonds (18 Dec 2014)

Michael Noonan: I am advised by NAMA that as of December 17th, 2014, AIB's holding of NAMA senior notes is €9.477bn with a current coupon of 0.267%. The amount redeemed to date with respect to AIB is €11.407bn. 

Written Answers — Department of Finance: NAMA Bonds (18 Dec 2014)

Michael Noonan: I am advised by NAMA that as of December 17th, 2014, Bank of Ireland's holding of NAMA senior notes is €2.389bn with a current coupon of 0.267%. The amount redeemed with respect to Bank of Ireland to date is €2.922bn.

Written Answers — Department of Finance: NAMA Bonds (18 Dec 2014)

Michael Noonan: I am advised by NAMA that as of December 17th, 2014, Permanent TSB's holding of NAMA senior notes is €1.298bn with a current coupon of 0.267%. The amount redeemed to date with respect to Permanent TSB is €1.593bn.

Written Answers — Department of Finance: NAMA Debtor Agreements (18 Dec 2014)

Michael Noonan: I am advised by NAMA that it had assessed all 775 debtor business plans and had determined initial strategies for all debtor connections by end-June 2012.  This has created the debtor management platform for NAMA and enabled it to achieve its core commercial objectives, including, critically, the repayment of €16.6 billion or 55% of its total senior liabilities more than two...

Written Answers — Department of Finance: NAMA Property Rental (18 Dec 2014)

Michael Noonan: I am advised by NAMA that, to date, it has received 370 eligible applications for rent abatement through its debtors and receivers.  Of these 339 applications have been approved, 19 are currently being assessed and 12 have been refused.  The aggregate annual value of approved rent abatements date is €22m.  To date, NAMA has approved long-term rent reliefs with...

Written Answers — Department of Finance: Bank Guarantee Scheme Administration (18 Dec 2014)

Michael Noonan: At the date of ending the Scheme for new liabilities (midnight 28th March 2013), ELG covered liabilities stood at c. €74.6 billion. The most up-to-date information available at 31st October 2014 illustrates that ELG covered liabilities have fallen following the run-off of maturing deposits and bonds to c. €13.9 billion, a reduction of c....

Written Answers — Department of Finance: Tax Yield (18 Dec 2014)

Michael Noonan: I am advised by Revenue that Deposit Interest Retention Tax (DIRT) is paid on a quarterly basis by the relevant financial institutions, including credit unions. The payment due dates are 21 April, 21 July and 21 October of the tax year in question with any balancing payments due by 15 January of the following year. In most instances credit unions pay the bulk of the DIRT liability as part...

Written Answers — Department of Finance: Regulatory Impact Assessment Data (18 Dec 2014)

Michael Noonan: Since March 2011 a total of 5 RIAs have been published by the Department of Finance. They were completed in respect of the following pieces of legislation: 1. Central Bank (Supervision and Enforcement ) Bill 2011 2. Credit Union and Co-Operation with overseas Regulators Bill 2012 3. Credit Reporting Bill 2012in the form of the Report of the inter Agency Working Group on Credit Histories....

Written Answers — Department of Finance: Pension Provisions (18 Dec 2014)

Michael Noonan: I propose to take Questions Nos. 120, 122 and 148 together. I assume the Deputies' questions relate to the Standard Fund Threshold (SFT) regime which deals with the maximum allowable pension fund at retirement for tax purposes. The SFT regime was introduced with effect from 7 December 2005 and is designed to address the problem of pension overfunding and excessive pension accrual by...

Written Answers — Department of Finance: IBRC Mortgage Loan Book (18 Dec 2014)

Michael Noonan: I am advised by the Special Liquidators of IBRC that the remaining unsold residential mortgages are currently going through a sales process called Project Pearl which, as is the case for all the sales processes, aims to maximise the return to all remaining creditors of IBRC, including the State. This sales process is currently underway so therefore I am advised by the...

Written Answers — Department of Finance: Tax Yield (18 Dec 2014)

Michael Noonan: I am informed by the Revenue Commissioners that figures in respect of the full year yield to the Exchequer of restricting tax relief for medical insurance premiums, introduced in Budget 2014, are not yet available. It was estimated at the time of Budget 2014 that the additional yield would be €94 million and €127 million in the first and full years respectively. For...

Written Answers — Department of Finance: Negative Equity Mortgages Numbers (18 Dec 2014)

Michael Noonan: Negative equity occurs when the price of a property falls below the value of the outstanding mortgage secured on that property. I have been informed by the Central Bank of Ireland that they do not publish any data on the number of households in negative equity.  Neither do officials in my own Department collect data in this respect. However, the Deputy may wish to note...

Written Answers — Department of Finance: Financial Services Regulation (18 Dec 2014)

Michael Noonan: I am informed by the Central Bank of Ireland that as of 1 December 2014, there were 39 licensed moneylenders in Ireland and that the number of licensed moneylenders has decreased since the Central Bank took over responsibility for licensing moneylenders in 2003. Some licensed moneylenders have ceased trading, either voluntarily or involuntarily, whilst other new entrants have...

Written Answers — Department of Finance: Bank Debt Restructuring (18 Dec 2014)

Michael Noonan: With reference to the Deputy's question regarding the value of outstanding balances for various debts instruments, I can confirm that I have received the following responses from the banks: AIB (as at 5 December 2014): Senior unsecured guaranteed - €2,224m Senior unsecured unguaranteed - €1,074m Senior secured unguaranteed - €4,543m Subordinated debt* -...

Written Answers — Department of Finance: Insurance Compensation Fund (18 Dec 2014)

Michael Noonan: The Insurance Compensation Fund operates under the Insurance Act 1964. Its purpose is to protect policy holders in the event of their insurer becoming insolvent. The Insurance Compensation Fund is maintained and administered by the President of the High Court acting through the Accountant of the Courts of Justice and it is funded through industry contributions. However, because the...

Written Answers — Department of Finance: Revenue Commissioners Audits (18 Dec 2014)

Michael Noonan: I am advised by the Revenue Commissioners that a comprehensive reply on the National Contractors' Project was provided to the Deputy in response to Question No. 38 of 11 June 2014 and they provided updated statistics in response to Question No. 313 of 2014 from the Deputy on 17 September 2014.  The Commissioners have provided the following further updated figures: Since 1 July 2013 to...

Written Answers — Department of Finance: Tax Credits (18 Dec 2014)

Michael Noonan: The Single Person Child Carer Credit (SPCCC) was introduced on 1 January 2014 and replaced the One Parent Family Tax Credit. SPCCC is available to a primary claimant of a qualifying child, in the first instance. The primary claimant is the person who has the care of a child for the greater part of the year and can be the child's parent or an individual who maintains the child at his or her...

Written Answers — Department of Finance: Irish Infrastructure Fund (18 Dec 2014)

Michael Noonan: The Irish Infrastructure Fund (IIF) was established by Irish Life Investment Managers, with AMP Capital appointed as the fund's discretionary investment manager and currently has in excess of €300 million of committed capital. The objective of the IIF is to provide long term investors with a stable income yield as well as the potential for capital growth deriving from a substantial...

Written Answers — Department of Finance: Tax Residency (18 Dec 2014)

Michael Noonan: Further to the announcement I made in Budget 2014, a change in company residence rules was made in Section 39 of the Finance (No. 2) Act 2013 to provide that where, by reason of a mismatch of residence rules with a treaty-partner country, an Irish-incorporated company would neither be resident in that country nor in the State and, accordingly, would not be resident in any country, the company...

Written Answers — Department of Finance: Deposit Protection Account (18 Dec 2014)

Michael Noonan: Credit institutions are required to maintain 0.2% of total deposits in the Deposit Protection Account. The end year balance in the Deposit Protection Account since 2011 is as follows: Year € 2011 €435m 2012 €403m 2013 €380m 2014 €390m