Results 11,701-11,720 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: IBRC Mortgage Loan Book (30 Apr 2014)

Michael Noonan: I am advised by the Special Liquidators that the methodology used by PwC in determining the value of the underlying residential property values involved a combination of recent property valuations and an indexation of property values.

Written Answers — Department of Finance: IBRC Mortgage Loan Book (30 Apr 2014)

Michael Noonan: I have been advised by the Special Liquidators that all assets were valued in line with standard valuation methodologies and the Ministerial Instruction. This included an assessment of current market value to third party investors and also NAMA.

Written Answers — Department of Finance: IBRC Mortgage Loan Book (30 Apr 2014)

Michael Noonan: I have been advised by the Special Liquidators that the price achieved in the recent sale of 64% of the Irish Bank Resolution Corporation Limited (in Special Liquidation) residential mortgage book was in excess of the independent valuation obtained. The Special Liquidators will not be providing information as to the actual sales proceeds received in respect of the loan sales process...

Written Answers — Department of Finance: IBRC Mortgage Loan Book (30 Apr 2014)

Michael Noonan: Neither I nor the Special Liquidators are in a position to comment on the intentions or subsequent actions of third party purchasers once they have purchased the loan assets. I am advised that the contractual terms and conditions of all customer mortgages and other borrowings of Irish Bank Resolution Corporation have not changed as a result of the sale of these obligations to a third...

Written Answers — Department of Finance: IBRC Mortgage Loan Book (30 Apr 2014)

Michael Noonan: I have been advised by the Special Liquidators that PwC conducted interviews with investor groups as part of the process of forming their independent valuation and sales strategy advice. The number of investor groups interviewed was a matter of professional judgement applied by PwC. The discussions related specifically to their independent advice for Project Sand. I am further advised that...

Written Answers — Department of Finance: IBRC Mortgage Loan Book (30 Apr 2014)

Michael Noonan: I am advised by the Special Liquidators that they are in the process of devising a further open market sales process in relation to the remaining mortgage books in IBRC the details of which will be communicated to all relevant parties in due course.  Any decision to acquire loan books is a commercial matter for the Boards and managment of the individual banks and as the...

Written Answers — Department of Finance: Tax Credits (30 Apr 2014)

Michael Noonan: Tax relief is not available to parents in respect of creche fees or childcare costs. However, I can assure the Deputy that the Government acknowledges the continuing cost pressures on parents, particularly those with young children. In recognition of these cost pressures, a number of support measures are in place to ease the burden on working parents. These include the...

Written Answers — Department of Finance: European Investment Bank Loans (30 Apr 2014)

Michael Noonan: The following table outlines the European Investment Bank borrowing from 2000-2013 and the resultant impact on general government debt for this timescale. Likewise the annual interest costs relating to the loans have also been included in addition to the consequent effect on the general government balance figures for the same period. - 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010...

Written Answers — Department of Finance: Insurance Industry (30 Apr 2014)

Michael Noonan: I propose to take Questions Nos. 78 and 99 together. On Wednesday 16thApril, 2014, Setanta Insurance Company Ltd ("Setanta") determined that the company was insolvent. This means that Setanta does not have sufficient funds to be able to honour its full obligations towards claimants, policyholders and other creditors. It is expected that Setanta will be formally placed into liquidation by the...

Written Answers — Department of Finance: Motor Insurance Regulation (30 Apr 2014)

Michael Noonan: I propose to take Questions Nos. 79, 102 and 116 together. Under EU law which governs non-life insurance, an insurer is required to inform the regulator in its home Member State (its home regulator) that it intends to pursue business in another Member State. The home regulator must then provide the host regulator with a certificate attesting that the insurer covers the EU Solvency...

Written Answers — Department of Finance: Insurance Compensation Fund (30 Apr 2014)

Michael Noonan: I propose to take Questions Nos. 80 and 101 together. The Insurance Compensation Fund (ICF) levy being applied to home, motor and commercial insurance, and which came into effect from 1 January 2012, operates under the Insurance Act 1964.  Its purpose is to protect policy holders in the event of their insurer becoming insolvent. Under Section 6 of the Insurance Act 1964...

Written Answers — Department of Finance: Insurance Industry (30 Apr 2014)

Michael Noonan: Under EU law which governs non-life insurance, an insurer is required to inform the regulator in its home Member State (its home regulator) that it intends to pursue business in another Member State. The home regulator must then provide the host regulator with a certificate attesting that the insurer covers the EU Solvency Capital Requirement, as well as the nature of the business which...

Written Answers — Department of Finance: Universal Social Charge Application (30 Apr 2014)

Michael Noonan: As the Deputy will be aware, the USC was introduced from 1 January 2011 and replaced the Income and Health Levies.  The marginal rate for each of these levies was 6% and 5%, respectively, or 11% in total.  The marginal rate for the USC was 7%.  Taken in isolation, the introduction of the USC therefore, would have had the effect of reducing by 4 percentage points the top...

Written Answers — Department of Finance: NAMA Bonds (30 Apr 2014)

Michael Noonan: The conditions for the payment of interest on NAMA Subordinated Bonds are set out in the Subordinated Bonds Termsheet which is available on NAMA's website, .Consistent with Section 49 of the NAMA Act, which governs NAMA's issuance of subordinated debt securities, the NAMA Board may declare interest payable on its subordinated debt if, at its discretion,...

Written Answers — Department of Finance: Motor Insurance Regulation (30 Apr 2014)

Michael Noonan: Under EU law which governs non-life insurance, an insurer is required to inform the regulator in its home Member State (its home regulator) that it intends to pursue business in another Member State. The home regulator must then provide the host regulator with a certificate attesting that the insurer covers the EU Solvency Capital Requirement, as well as the nature of the business which...

Written Answers — Department of Finance: Fiscal Policy (30 Apr 2014)

Michael Noonan: As set out in the Stability Programme April 2014 Update, submitted to the European Commission yesterday, the output gap for 2013 is estimated at -1.3 per cent of GDP. A negative output gap indicates that the economy last year was operating below its potential.  An output gap of -0.7 per cent is estimated for this year, on the basis of my Department's forecast for real GDP growth of...

Written Answers — Department of Finance: Energy Prices (30 Apr 2014)

Michael Noonan: Relative to other countries in the EU, Ireland has a high energy dependency rate, that is, it is highly dependent on imports to meet domestic energy demands. Eurostat figures show that Ireland's energy dependency rate stood at 85 per cent in 2012, the fourth highest in the EU and over 30 percentage points higher than the EU average of 53 per cent. This dependency leaves Ireland...

Written Answers — Department of Finance: Credit Unions (30 Apr 2014)

Michael Noonan: Credit Unions have an important role to play in providing credit in local communities around the country.  Section 35(2) of the Credit Union Act, 1997 permits a credit union to have up to 30% of its loan book outstanding for more than 5 years and up to 10% of its loan book outstanding for more than 10 years.  Based on the most recent information provided by...

Written Answers — Department of Finance: Banking Sector (30 Apr 2014)

Michael Noonan: I have been informed by AIB that the matter referred to has been the subject of investigation and correspondence over an extended period in which the Bank's position has been clearly set out to the customer concerned. However, for confidentiality reasons AIB is not in a position to discuss details of the individual customer circumstances. Regarding DIRT, the Revenue Commissioners are...

Written Answers — Department of Finance: Tax Credits (30 Apr 2014)

Michael Noonan: I understand that comprehensive analysis of the options to support the provision of affordable and accessible childcare was undertaken in 2005.  Having considered the options available, the then Government introduced the early childcare supplement, providing a direct payment to all families with young children. In addition, certain other incentives were introduced in order to encourage...