Results 16,721-16,740 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: NAMA Operations (23 Apr 2013)

Michael Noonan: I am advised by NAMA that its cost of capital is currently less than 1.5% per annum. NAMA has entered into interest rate hedging which acts as an insurance mechanism to hedge its interest expense against interest rates increases over its lifetime. NAMA's cost of funds derives from both the interest cost on its debt securities and its hedging cost. NAMA's cost of funds will vary over the...

Written Answers — Department of Finance: NAMA Portfolio Issues (23 Apr 2013)

Michael Noonan: As advised in the response to Parliamentary Question No. 91, all properties securing NAMA’s loans are ultimately available for rent or sale. As advised in my response to Parliamentary Question 91, of the completed residential property securing NAMA's loans, approximately 10,000 units are currently rented, primarily in the private rented market. The residual NAMA residential stock is...

Written Answers — Department of Finance: NAMA Transactions (23 Apr 2013)

Michael Noonan: While I cannot comment on the work undertaken by the Financial Regulator, as the Deputy will be aware the validation process is complex and the work is essential to ensure that the European Commission guidelines ensuring full transparency in relation to state aid are complied with. I am advised that the process to have the final tranches validated is in its final phase and will be...

Written Answers — Department of Finance: NAMA Debtors (23 Apr 2013)

Michael Noonan: I propose to take Questions Nos. 198 and 199 together. NAMA is currently finalising its Annual Report and Financial Statements for 2012. I am advised that these will contain extensive information regarding its operations, including its insolvency activity and the locus of debtor bankruptcy proceedings. I am advised that the Report and statements will be published within two months. NAMA...

Written Answers — Department of Finance: NAMA Bonds (23 Apr 2013)

Michael Noonan: The face value of bonds issued by NAMA as part of the special liquidation of IBRC was €12.93 billion.

Written Answers — Department of Finance: IBRC Liquidation (23 Apr 2013)

Michael Noonan: As previously advised, independent third parties are being engaged to independently value the loan assets of IBRC (in Special Liquidation). For the purposes of the valuation, loan assets shall be valued using discounted cash flow analysis, taking into account the timing and reliability of cash flows, together with an appropriate discount factor to determine the value or, where appropriate, in...

Written Answers — Department of Finance: IBRC Liquidation (23 Apr 2013)

Michael Noonan: I have been advised that independent third parties are being engaged to value the loan assets of IBRC (in Special Liquidation). There is an obligation on the Special Liquidators to ensure that assets of IBRC are sold at a price that is equal to or in excess of the independent valuations that are being obtained. The Special Liquidators have indicated that these valuations will be...

Written Answers — Department of Finance: IBRC Liquidation (23 Apr 2013)

Michael Noonan: As per the Ministerial instruction of 7 February 2013, NAMA shall not be required to make a bid in respect of "any credit facility pursuant to which IBRC (or Irish Nationwide Building Society ("INBS")) has made facilities available to current or former employees and/ or directors of IBRC or INBS". As previously advised, I have been informed that the Special Liquidators will be managing...

Written Answers — Department of Finance: Budget 2014 Issues (23 Apr 2013)

Michael Noonan: Under the draft regulations known as the "two-pack" which are expected to be formally adopted in May or June, a common budgetary timeline is being introduced for all Euro area member states. Specifically: - the draft budget for central government and the main parameters of the draft budgets for all the other sub-sectors of the general government must be published by 15 October each year;...

Written Answers — Department of Finance: Budget Consultation Process (23 Apr 2013)

Michael Noonan: I propose to take Questions Nos. 205 and 206 together. As the deputy is aware, last March, both ECOFIN and the European Parliament agreed on the content of two draft regulations known as the "two-pack". One of the key requirements under the “two-pack” which will impact on our budgetary process is that the draft budget for central government and the main parameters of the draft...

Written Answers — Department of Finance: IBRC Liquidation (23 Apr 2013)

Michael Noonan: I have been informed that the information requested is commercially sensitive and it would not be appropriate for the Special Liquidators to release such information.

Written Answers — Department of Finance: Financial Services Regulation (23 Apr 2013)

Michael Noonan: I propose to take Questions Nos. 208 and 210 together. The terms of the contract agreed by the Central Bank with the Deputy Governor Financial Regulation provided for a performance related payment of €100,000 payable on review of performance at the end of the third year of the contract. When Mr. Elderfield's contract was agreed in November 2009 the bonus was part of an agreed...

Written Answers — Department of Finance: Financial Services Regulation (23 Apr 2013)

Michael Noonan: Under section 23B of the Central Bank Act 1942 the Central Bank Commission can, with the consent of the Minister for Finance, appoint suitably qualified persons as Heads of Function. I am informed by the Central Bank that the position has been advertised in The Irish Times and will also be advertised in The Economist and the Financial Times. The Central Bank has partnered with an...

Written Answers — Department of Finance: Banking Sector Remuneration (23 Apr 2013)

Michael Noonan: I am informed by the Central Bank that no other Central Bank employment contracts provide for termination bonus payments. For clarity, a total of 4 actuaries in the Central Bank have phased retention payments amounting to a potential maximum of approximately 14% of annualised salary for the period 2011 to end 2014 when the scheme ends. No other such payments are in place in the organisation.

Written Answers — Department of Finance: National Treasury Management Agency Remuneration (23 Apr 2013)

Michael Noonan: I am advised by the National Treasury Management Agency (NTMA) that it is not aware of the details of the specific payment or the nature of the contract referred to by the Deputy. In a very limited number of cases where it employs staff with very marketable skills on short fixed-term contracts, it includes contract completion payments as part of the contract as an incentive to the employee...

Written Answers — Department of Finance: Departmental Bodies Remuneration (23 Apr 2013)

Michael Noonan: On 21 December 2011, I wrote to the Chief Executive of the National Treasury Management Agency (NTMA) requesting all NTMA employees whose salary exceeds €200,000 to consider waiving at least 15% of their salary or such lesser amount of salary as exceeds €200,000. NAMA staff are employees of the NTMA. Under section 42 of the National Asset Management Agency Act 2009, the NTMA...

Written Answers — Department of Finance: Banking Sector Issues (23 Apr 2013)

Michael Noonan: Ultimately decisions by foreign institutions to remain active in the Irish market are taken at the level of the parent entity. In the specific case of KBC Ireland, the bank is regulated by the Central Bank of Ireland as a Credit Institution in the Republic of Ireland. In addition its parent, KBC Group, is profitable and has a strong liquidity position and the Group is currently providing...

Written Answers — Department of Finance: Banking Sector Issues (23 Apr 2013)

Michael Noonan: As the Deputy will be aware it is a matter for the Chairman of Permanent TSB to ensure that the board of directors is of sufficient size and has an appropriate mix of expertise to comply with governance, company law and regulatory requirements. I have been informed that the current board complies with all relevant requirements but is subject to on-going review and renewal as required. As...

Written Answers — Department of Finance: NAMA Loans Sale (23 Apr 2013)

Michael Noonan: I am advised by NAMA that it cannot preclude market participants from approaching debtors to discuss their property assets or to indicate potential interest in acquiring either properties or loans. Nor can NAMA preclude debtors from engaging with such potential purchasers. To do either would be counterproductive and could stifle normal commercial discussions in the property market and in...

Written Answers — Department of Finance: IBRC Liquidation (23 Apr 2013)

Michael Noonan: The Special Liquidators have been appointed for the purposes set out in the IBRC Act 2013 and are subject to the duties and obligations set out in that legislation. In addition the Special Liquidators are also subject to the restrictions and obligations as set out in the Special Liquidators engagement. As accountants, appointed as Special Liquidators, normal professional standards apply to...