Results 16,741-16,760 of 27,019 for speaker:Michael Noonan

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

Michael Noonan: The liquidation of IBRC is similar to any other liquidation with the exception that the Special Liquidators have been appointed by the Minister under the Irish Bank Resolution Corporation Act 2013 rather than appointed by the Courts. As such the Special Liquidators are obliged to follow normal Companies Acts priorities throughout the liquidation process and act in a manner that ensures the...

Written Answers — Department of Finance: Outright Monetary Transaction Scheme Eligibility (23 Apr 2013)

Michael Noonan: As I informed the Deputy previously (Parliamentary Questions of 12th February 2013, (No. 211) and of 21st February 2013, (Nos. 94 & 95) the Governing Council of the ECB made a decision to establish the Outright Monetary Transaction (OMT) scheme on 2nd August 2012, and issued a press statement on 6th September 2012 which outlined its technical features. According to this ECB Press...

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

Michael Noonan: I can confirm to the Deputy that nothing has been brought to my attention to suggest that the individual referred to is not a fit and proper person to fill the role of Governor of the Bank of Ireland. In advance of the Bank’s Annual General Court scheduled to be held tomorrow, 24th April, I am entitled to vote on a number of Resolutions attaching to the stock held by the State, one of...

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

Michael Noonan: The recent Fourth Report of the House of Lords / House of Commons Parliamentary Commission on Banking Standards examines why HBOS failed and what the failure says about the culture and standards in UK Banking. There are clearly lessons to be learnt from this analysis of the decline of HBOS particularly as the Report makes it clear that to an extent its dramatic demise was ‘an accident...

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

Michael Noonan: I propose to take Questions Nos. 222 and 223 together. I met with the group on four occasions in 2012 and once to date in 2013. It is also open to the Chair to contact me as issues arise. 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 may seek on any...

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

Michael Noonan: Mr Ellingham was appointed to the board of NAMA as he has significant international experience in finance as well as his experience as a member of the board of IBRC. His experience as a board member of IBRC, since October 2011, will prove invaluable to NAMA as they acquire loans from IBRC following its liquidation.

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

Michael Noonan: I am advised by NAMA that, for the purpose of measuring and comparing the profitability or attractiveness of potential transactions or projects, it uses a range of qualitative and quantitative metrics. The decision by NAMA on whether or not to proceed with a transaction or project is made by reference to whether it is in the best interests of the State, in accordance with Section 10 of the...

Written Answers — Department of Finance: National Debt (23 Apr 2013)

Michael Noonan: The latest estimate for Ireland’s general government debt at end-2012, which was published yesterday as part of the March EDP Returns, stood at EUR 192 billion. Details of the composition of this debt by its maturity are set out in the table below. General Government debt as at end-2012 Instrument Outstanding Average Residual Maturity €bn Years Government Bonds 88...

Written Answers — Department of Finance: Mortgage Arrears Proposals (23 Apr 2013)

Michael Noonan: The Central Bank has informed me that it is aware that in many circumstances borrowers with mortgage arrears are being asked to assess their scope for increasing debt repayment capacity through prioritisation of their debts and adjustment of living expenses, noting the particular consequences of non-payment of a mortgage on the family home. Many borrowers with home mortgage arrears also have...

Written Answers — Department of Finance: Mortgage Arrears Proposals (23 Apr 2013)

Michael Noonan: The Deputy will be aware that on 13 March 2013 the Central Bank announced new measures to address mortgage arrears, including the publication of performance targets for the main mortgage banks. The performance targets have been set for: ACC; AIB; Bank of Ireland; KBC Bank; Permanent TSB; and Ulster Bank. The targets are set in relation to both Principal Dwelling Homes and Buy to Let...

Written Answers — Department of Finance: Mortgage Arrears Proposals (23 Apr 2013)

Michael Noonan: The Deputy will be aware that the Central Bank recently announced new measures to address mortgage arrears, including the publication of performance targets for the main mortgage banks. The targets are set in relation to both Principal Dwelling Homes and Buy to Let mortgages. Performance targets have been set for: ACC; AIB; Bank of Ireland; KBC Bank Ireland; Permanent TSB; and Ulster Bank....

Written Answers — Department of Finance: Tax Reliefs Application (23 Apr 2013)

Michael Noonan: I understand from the Revenue Commissioners, who administer the Disabled Drivers and Disabled Passengers scheme, that the changes to which you refer are changes which were made in 2012 to ‘administrative practice’, to ensure that the provisions of SI 353/1994 are being adhered to correctly. The provisions of the Scheme have been in force since 1994; unfortunately, prior to this...

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

Michael Noonan: Firstly, I must confirm to the Deputy that it is not appropriate for me to comment on the loan arrangements of a particular borrower. However, I have been informed by the Central Bank that Section 121 of the Consumer Credit Act 1995 permits a mortgage lender to apply an early redemption fee in certain circumstances, which includes breaking a fixed rate contract. The Central Bank has...

Written Answers — Department of Finance: Tax Collection (23 Apr 2013)

Michael Noonan: I am advised by the Revenue Commissioners that under Section 9 of the Capital Acquisitions Tax Consolidation Act (CATCA) 2003 inheritance tax is charged on the taxable value of the inheritance. Section 28 of the CATCA 2003 states that the taxable value of the inheritance is the market value of the inheritance at the valuation date. Section 30.4 of the CATCA 2003 outlines the basis for...

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

Michael Noonan: The end-March cash position benefitted from the front-loaded market funding undertaken in the first quarter of the year - some €7.5 billion was raised from long-term Government bond issuance in the first quarter out of a planned total of €10 billion - as well as the proceeds of just over €1 billion from the sale of Bank of Ireland contingent capital notes in January....

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

Michael Noonan: The Deputy may be aware that I have recently written to Bank of Ireland, along with the other domestic Banks that have received State investment, instructing them to respond by the end of April outlining their strategy to deliver savings of 6%-10% of total remuneration costs. I do not consider it appropriate to endorse the Director’s Remuneration at Bank of Ireland in advance of...

Written Answers — Department of Finance: Tax Yield (23 Apr 2013)

Michael Noonan: I am informed by the Revenue Commissioners that the yield recovered under the Trusts and Offshore Structures investigation to the end of 2012 is €46.66m from 351 persons. The investigation commenced on 1 September 2009 and a qualifying disclosure initiative was launched within the parameters of the Code of Practice for Revenue Audit. This initiative required persons with undeclared...

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

Michael Noonan: I have been informed that should a bid be received for a loan that is not equal to or in excess of the independent valuation received, the loan will transfer at the valuation amount to NAMA. Work in relation to the sale and transfer of loans to third parties is on-going. The Special Liquidators are unable to comment at this time as to when this work will be completed.

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

Michael Noonan: The Special Liquidators have confirmed that fee notes have not yet been issued by them in relation to the liquidation of IBRC.

Written Answers — Department of Finance: Pension Provisions (23 Apr 2013)

Michael Noonan: As the Deputy will be aware all the staff pension schemes within the Covered Institutions are separate entities set up under Trust and managed by Trustees and the individual circumstances and issues arising can vary widely between the institutions. The level of benefits payable under each scheme reflects the historical nature of the scheme and its funding position. It is a matter for the...