Results 10,381-10,400 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: NAMA Portfolio Value (17 Sep 2014)

Michael Noonan: I propose to take Questions Nos. 259 and 264 together. I am advised by NAMA that the value of NAMA loans and receivables at end-June 2014 was €15.3 billion. NAMA has indicated that it will have redeemed 50% (equivalent to €15 billion) of its bonds by end 2014 and it proposes to redeem 80% of its senior debt by 2016. It is a matter for NAMA, by reference to its independent...

Written Answers — Department of Finance: NAMA Operations (17 Sep 2014)

Michael Noonan: In early 2013 after the appointment of Special Liquidators to IBRC, the State had a contingent liability of €43 billion, including NAMA's State-guaranteed senior bonds. By the end of 2015, this contingent liability will have fallen to €15 billion. I am advised that one of NAMA's key objectives, over its projected life, is to redeem, at a minimum, the Senior Bonds issued as...

Written Answers — Department of Finance: NAMA Operations (17 Sep 2014)

Michael Noonan: NAMA engages actively with a broad array of investors as part of its market activity. These investors are not homogeneous in their objectives and targets; they range from investors with relatively short-term investment horizons and high rate of return targets to investors with long-term horizons and requirements for steady, less volatile, returns. Their asset preferences will also vary by...

Written Answers — Department of Finance: NAMA Operations (17 Sep 2014)

Michael Noonan: I am advised that NAMA is currently reviewing its options with regard to the C&AG's recommendation. As was pointed out by the NAMA Chairman at a meeting of the Public Accounts Committee in May, NAMA already has in place a high-quality Management Reporting and Key Performance Indicator (KPI) infrastructure. In that context, NAMA is assessing what incremental benefit, if any, a potential...

Written Answers — Department of Finance: NAMA Operations (17 Sep 2014)

Michael Noonan: It would be completely inappropriate for me to comment on these third party opinions. I am advised that NAMA's 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, the availability of credit and the absorption capacity of each market.  In Ireland, over the period from 2010 to 2012, NAMA adopted a...

Written Answers — Department of Finance: IBRC Liquidation (17 Sep 2014)

Michael Noonan: The Special Liquidators expect that the proceeds raised from the sale of IBRC assets to be sufficient to fully repay the IBRC debt to NAMA (previously the Central Bank of Ireland). NAMA acquired €12.9bn of senior debt in February 2013 as part of the Promissory Note transaction, following repayments by the Special Liquidators this has been reduced to €0.1bn at the...

Written Answers — Department of Finance: NAMA Debtors (17 Sep 2014)

Michael Noonan: At the end of 2011, after it had acquired all of its loans, NAMA managed 775 debtor connections. Arising from loan and portfolio sales and a refinancing of loans by some debtors, NAMA currently manages 676 connections.

Written Answers — Department of Finance: NAMA Debtors (17 Sep 2014)

Michael Noonan: I am advised by NAMA that, as at end-August 2014, 427 insolvency appointments had been made across a total of 327 debtor connections.  Of these debtor connections, 210 debtor connections are fully enforced whilst 117 debtor  connections are partially enforced.

Written Answers — Department of Finance: NAMA Operations (17 Sep 2014)

Michael Noonan: On July 29, 2014 the European Commission published its decision for case SA.38562 regardingthe transfer of tranches 3 - 9 of assets to NAMA.  As was the case in previous transfers of assets to NAMA, the European Commission raised no objection to the transfer. The European Commission decision is available on the European Commission website at  .  The...

Written Answers — Department of Finance: NAMA Transactions (17 Sep 2014)

Michael Noonan: I am advised by NAMA that it has advanced €373m to date in vendor finance and that, taking account of the net impact of cash receipts, interest accrued and currency movements, €356m remains outstanding. As the Deputy may be aware, NAMA indicated in May 2012 its willingness to provide up to €2 billion in vendor finance, if required, to facilitate investment in Irish...

Written Answers — Department of Finance: IBRC Liquidation (17 Sep 2014)

Michael Noonan: The Special Liquidators have been appointed to maximise the overall return for creditors in the liquidation including the Irish taxpayer. I am advised by the Special Liquidators that they are unable to comment on the intentions and/or on the subsequent actions of the third party purchasers of loan assets once the loan assets have been sold. 

Written Answers — Department of Finance: IBRC Loans (17 Sep 2014)

Michael Noonan: The Special Liquidators have been appointed to maximise the overall return for creditors in the liquidation including the Irish taxpayer.The Special Liquidators are unable to comment on individual cases or on the subsequent actions taken by purchasers of loan assets once the loan assets have been sold.

Written Answers — Department of Finance: IBRC Loans (17 Sep 2014)

Michael Noonan: The latest available update on the financial position of IBRC is contained in the Progress Report prepared by the Special Liquidators in June of this year. On receipt of this report I immediately published it on the Department of Finance website. A copy of the June 2014 Progress Report on the Special Liquidation of IBRC can be found in the link below: Since that update the Special...

Written Answers — Department of Finance: NAMA Transactions (17 Sep 2014)

Michael Noonan: I propose to take Questions Nos. 273 and 274 together. Sales of assets and loans under the control of NAMA are a commercial matter for NAMA and I do not propose to comment on specific cases. As a general comment, I would suggest to the Deputy that the much improved performance of the Irish commercial market over the past year is a very welcome development, particularly in the context of...

Written Answers — Department of Finance: NAMA Operations (17 Sep 2014)

Michael Noonan: I propose to take Questions Nos. 277 and 278 together. I met with the Chair of the Advisory Group on one occasion in 2014. It is also open to the Chair to contact me as issues arise. As previously stated, the group's advice to me primarily relates to the strategy of NAMA as proposed by the board of NAMA; the remuneration of the senior executives of NAMA and any further advice that I...

Written Answers — Department of Finance: Credit Unions (17 Sep 2014)

Michael Noonan: I propose to take Questions Nos. 279 and 281 together. I have been informed by the Central Bank, further to the recent winding-up of Berehaven Credit Union, that no depositor suffered a loss as a result of the liquidation of this credit union. The Central Bank have confirmed that the Deposit Guarantee Scheme - DGS, has issued compensation payments of €11 million to...

Written Answers — Department of Finance: Credit Unions (17 Sep 2014)

Michael Noonan: The Central Bank has informed me that detailed information submitted by credit unions in their Prudential Returns is confidential and commercially sensitive.  However, as reported to the Central Bank by Berehaven Credit Union Limited in its Prudential Returns there were a very small number of depositors with savings in excess of €100,000 at the end of December 2011 and...

Written Answers — Department of Finance: Credit Unions (17 Sep 2014)

Michael Noonan: I have been informed by the Central Bank that compensation payments were made to members of Berehaven Credit Union from the Deposit Protection Account - DPA, following liquidation of the credit union. This account is operated by the Central Bank and funded by all credit institutions covered by the Deposit Guarantee Scheme, including banks and credit unions.  Any sum...

Written Answers — Department of Finance: NAMA Operations (17 Sep 2014)

Michael Noonan: I am advised that NAMA outsources its loan administration activity to participating institutions or third party service providers (collectively termed primary servicers) and that it requires those parties to comply fully with best practice when implementing NAMA's primary servicing or loan account management activity, including the issuance of statements to borrowers.  NAMA actively...

Written Answers — Department of Finance: NAMA Staff Numbers (17 Sep 2014)

Michael Noonan: I propose to take Questions Nos. 284 and 285 together. I am advised that the total number of staff assigned by the NTMA to NAMA was 367 as at end-August 2014. Some 66 new staff members were recruited for assignment to NAMA in 2014 and, in the year to date, 36 have left NAMA or are serving their notice period. NAMA's future staffing requirements, both in terms of staff numbers and the...