Results 14,021-14,040 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Insurance Industry Issues (14 Nov 2013)

Michael Noonan: At the outset, the Deputy should note that in my role as Minister for Finance I have responsibility for the development of the legal framework governing financial regulation, including insurance. The day to day responsibility for the supervision of financial institutions is a matter for the Central Bank which is statutorily independent in the exercise of its regulatory functions. The...

Written Answers — Department of Finance: Credit Unions (14 Nov 2013)

Michael Noonan: The decision to transfer Newbridge Credit Union’s assets and liabilities to permanent tsb bank was taken following the withdrawal of Naas Credit Union from the process. It was in the context of a possible liquidation which would have seen unprotected savings of €1.1m lost, that the Department of Finance, with the support of the Central Bank, requested permanent tsb bank to...

Written Answers — Department of Finance: Credit Unions (14 Nov 2013)

Michael Noonan: The Central Bank has informed me that, based on data submitted by credit unions as at 30 September 2013, some 20 credit unions have reported regulatory reserves below the minimum requirement of 10 per cent of assets. This gives rise to a capital shortfall in the region of €11 million in total. The Central Bank is continuing to work through a portfolio of approximately 100 credit...

Written Answers — Department of Finance: Credit Unions (14 Nov 2013)

Michael Noonan: I have been informed by the Central Bank that from 13 January 2012 to 26 April 2013 a total of €1,252,142 was approved for payment to the Special Manager by the High Court. The Special Manager rates were reduced after one month from €423 to €375 with the approval of the High Court. This included a corresponding fee reduction for staff working for the Special Manager....

Written Answers — Department of Finance: Mortgage Interest Relief Eligibility (14 Nov 2013)

Michael Noonan: Landlords cannot claim mortgage interest relief which is only available for owner occupiers in respect of their principal private residence. I am informed by the Revenue Commissioners that landlords may deduct 75% of the interest on money borrowed to purchase, improve or repair commercial property from the gross rent when computing their rental profits for tax purposes on that property....

Written Answers — Department of Finance: Tax Code (14 Nov 2013)

Michael Noonan: I am informed by the Revenue Commissioners that the current version of the annual Income Tax return form distinguishes between Irish rental properties and foreign rental properties. The return form also seeks details, inter alia, of rental income received and allowable interest regardless of whether the property in question is Irish or foreign. The return form, however, does not currently...

Written Answers — Department of Finance: EU-IMF Programme of Support Issues (14 Nov 2013)

Michael Noonan: The Government decided this morning that Ireland is now in the best position to exit the EU-IMF programme of financial assistance on December 15 without the need to pre-arrange a new precautionary credit line from our EU and IMF partners.

Written Answers — Department of Finance: NTMA Cash Reserves (14 Nov 2013)

Michael Noonan: The cash balance at the Exchequer account along with other short-term cash management balances, which are managed by the National Treasury Management Agency (NTMA).I am informed by the NTMA that the Exchequer had €21.9 billion on hand in Exchequer cash and other short-term cash management balances at the end of October 2013. On 1 October the NTMA announced that it would defer...

Written Answers — Department of Finance: Credit Unions (14 Nov 2013)

Michael Noonan: I have agreed to the Governor of the Central Bank’s request for the payment of a financial incentive to transfer the assets and liabilities of Newbridge Credit Union to Permanent TSB (excluding the premises) of up to €53.9m. This involves: - €23m in cash up front (to fill the hole in the balance sheet); - restructuring and integration costs €4.25m; - €2m...

Written Answers — Department of Finance: Credit Unions (14 Nov 2013)

Michael Noonan: The Government has set up two funds to support the stability of the credit union sector. The Credit Union Fund contains €250 million for the purpose of voluntary restructuring under the Credit Union Restructuring Board - ReBo. The Government put €250 million into the Resolution Fund which was set up under the Central Bank and Credit Institutions (Resolution) Act 2011. The...

Written Answers — Department of Finance: Credit Unions (14 Nov 2013)

Michael Noonan: The Central Bank has published an extensive range of material on its website in relation to the Newbridge Credit Union transfer process including details on the background to this decision. This information includes a resolution report prepared for the Governor of the Central Bank and an affidavit prepared for the hearing on 10 November in the High Court.

Written Answers — Department of Finance: Insurance Compensation Fund (14 Nov 2013)

Michael Noonan: The Insurance Compensation Fund (ICF) was established under the Insurance Act, 1964 (the Act). Under the Act only court appointed administrators and liquidators of insurance companies can apply to the courts for access to the ICF. No administrator or liquidator has been appointed to RSA Insurance Ireland by the courts and therefore there are no implications for the ICF.

Written Answers — Department of Finance: NAMA Portfolio Issues (14 Nov 2013)

Michael Noonan: NAMA is making and will continue to make an important contribution to new supply in the Dublin residential property market. I outlined in my Budget 2014 speech that it is NAMA’s expectation, at this juncture, that its funding will contribute about 4,500 houses and apartments in terms of new supply in the Dublin market in the period to 2015. This is a significant output in the context...

Written Answers — Department of Finance: NAMA Portfolio Value (14 Nov 2013)

Michael Noonan: NAMA advises that the value of such sales is of the order of €2m to date.

Written Answers — Department of Finance: Home Repossession Rate (14 Nov 2013)

Michael Noonan: The strong view of the Government is that, in respect of co-operating borrowers under the Mortgage Arrears Resolution Process, repossession of a person’s primary home should only be considered as a last resort and that every effort should be made to agree a sustainable arrangement as an alternative to repossession. The policy measures adopted by Government are built on that overall...

Written Answers — Department of Finance: Banking Sector Issues (14 Nov 2013)

Michael Noonan: Macroeconomic simulations published at the time of the Budget suggest that a lower-than-expected interest rate environment would be likely to result in greater-than-forecast growth in economic activity and employment. I, as Minister for Finance, have no statutory role in relation to the mortgage interest rates charged by regulated financial institutions. It is a commercial matter for the...

Topical Issue Debate: Credit Unions (13 Nov 2013)

Michael Noonan: I want to assure the House that the case of Newbridge was an outlier, both in terms of its level of impairment and its actual size. It is an enormous credit union compared to the practice in many towns and villages. I also wish to restate the Government's commitment to the credit union movement, as I have done on several occasions on behalf of the Government over the last two and a half...

Topical Issue Debate: Credit Unions (13 Nov 2013)

Michael Noonan: The decision to transfer assets and liabilities, excluding the premises, of Newbridge Credit Union to Permanent TSB was necessary to safeguard members' savings as the only alternative option available to the Central Bank was liquidation, which would have seen unprotected savings of in excess of €1 million lost. This would have included the savings of charities, schools and...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (13 Nov 2013)

Michael Noonan: On the timeline, I suppose it will be not sooner than 12 months, sometime at the back end of 2014.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (13 Nov 2013)

Michael Noonan: Yes. In response to the Deputy's question the fund is not a levy on taxpayers. It is a levy on the financial services industry.