Results 17,081-17,100 of 27,019 for speaker:Michael Noonan

Seanad: Finance Bill 2013 [Certified Money Bill]: Committee and Remaining Stages (21 Mar 2013)

Michael Noonan: I have asked him already to look at the Scottish model and to report back to me. Normally it would take a couple of weeks to come back to me on something like that. I will communicate with Deputy Doherty, if the Senator is agreeable or would she like me to send her the information separately?

Written Answers — Department of Finance: IBRC Liquidation (21 Mar 2013)

Michael Noonan: The February 2013 transactions in relation to the liquidation of IBRC and the exchange of the Promissory Notes for Irish Government bonds are expected to result in GGB and GGD benefits over time but there are potential upfront costs for the State that may be incurred. The two principal transaction costs are the payments required to be made by me, in my capacity as Minister for Finance, under...

Written Answers — Department of Finance: Bank Debt Restructuring (21 Mar 2013)

Michael Noonan: As I have stated previously, it is important to note that some aspects of the promissory note deal are yet to be finalised. For example, the liquidator is in the process of overseeing a valuation and sales process for the assets of IBRC, while the final payments to be made under the ELG Scheme have not yet been determined. Nevertheless, simulations ran by my Department estimate that the...

Written Answers — Department of Finance: Departmental Websites (21 Mar 2013)

Michael Noonan: The Local Property Tax (LPT) is a self-assessed tax. This means that the property owner must decide the market value of his or her own property and make a return to Revenue. In the absence of a national residential property valuation system, the valuation guidance developed by Revenue is designed to help property owners in self-assessing the market value of their property by giving them...

Written Answers — Department of Finance: IBRC Staff (21 Mar 2013)

Michael Noonan: I acknowledge the significant efforts and commitment made by the staff in IBRC over the past few difficult years whilst the bank was in wind down and the difficulties that arise for staff as a result of the liquidation but it was necessary to take the decision to liquidate IBRC in the larger public interest. There are standard rules which apply to the distribution of the assets of companies...

Written Answers — Department of Finance: Fuel Laundering (21 Mar 2013)

Michael Noonan: I am informed by the Revenue Commissioners that the main form of criminality in the fuel sector is the laundering of marked gas oil and the sale of the laundered product as auto-fuel. Revenue is aware of the threat that this criminal activity poses to law-abiding businesses, and to the Exchequer in terms of lost revenue from mineral oil tax. The laundering process also threatens the...

Written Answers — Department of Finance: Property Taxation Exemptions (21 Mar 2013)

Michael Noonan: The Government has considered the impact of the Local Property Tax (LPT) on those in mortgage arrears. The Thornhill Group (the inter-departmental group chaired by Dr Don Thornhill to consider the design of a property tax) acknowledged that in current circumstances an additional case should be made to target assistance on owner occupiers suffering severe financial stress as a result of...

Written Answers — Department of Finance: Property Taxation Application (21 Mar 2013)

Michael Noonan: Introducing a new tax regime for residential property in such a tight timeframe has been a significant challenge for the Revenue Commissioners along with all of their other responsibilities. Enacting the Finance (Local Property Tax) Act in December 2012 provided the basis for the development of the necessary systems. A small number of amendments were made to the original Act, which included...

Written Answers — Department of Finance: IMF Loan Issues (21 Mar 2013)

Michael Noonan: In 2010 the IMF approved a programme under the Extended Fund Facility (EFF) to Ireland amounting to SDR 19.5 billion, which is equivalent to €22.5 billion, as part of the overall EU/IMF programme of financial support agreed at that time. The appropriate amortization schedule for EFF programmes with any member country of the IMF has been agreed and set by the IMF. This decision...

Written Answers — Department of Finance: NAMA Credit Facility for IBRC (21 Mar 2013)

Michael Noonan: As the deputy is aware, on the 7th February 2013 I issued a Direction (NAMA/3/12/IBRC Act) to NAMA pursuant to the IBRC Act 2013 to provide such credit facilities to a special liquidator on such terms and conditions, as are specified in the direction. This was done in order to protect and preserve the value of the IBRC assets during the liquidation process and ultimately to protect the...

Written Answers — Department of Finance: Credit Unions Restructuring (21 Mar 2013)

Michael Noonan: The Credit Union and Co-operation with Overseas Regulators Act 2012 provides the statutory basis for the restructuring of credit unions and places the Restructuring Board (ReBo) on a statutory footing. The Government has provided €250m to the Credit Union Fund for restructuring under the Act. The ReBo is working towards the timetable set out in the Commission on Credit Union report,...

Written Answers — Department of Finance: IBRC Liquidation (21 Mar 2013)

Michael Noonan: As the deputy is aware as part of the Government’s decision on 7th February 2013 to appoint Special Liquidators to IBRC, it was decided that the National Asset Management Agency (NAMA) would acquire those loans which have not been sold after the Special Liquidators have completed their current valuation and sales process. It is expected that IBRC loans will be acquired from the...

Written Answers — Department of Finance: Youth Unemployment Measures (21 Mar 2013)

Michael Noonan: As part of the European Council agreement on the 2014 – 2020 Multi Annual Financial Framework of 7-8 February, it was decided to provide EUR 6 billion for a new Youth Employment Initiative for regions with youth unemployment above 25%. This funding will consist of EUR 3 billion from the European Social Fund and an additional EUR 3 billion from a new Youth Employment budget line. This...

Written Answers — Department of Finance: Central Bank of Ireland Investigations (21 Mar 2013)

Michael Noonan: I have been advised that an investigation is being conducted under the Central Bank’s Administrative Sanctions Procedure into historic lending practices at INBS. I am advised that for legal reasons, including the Central Bank’s confidentiality obligations pursuant to section 33AK of the Central Bank Act 1942, no further details can presently be disclosed. I am further...

Written Answers — Department of Finance: National Pensions Reserve Fund Plans (21 Mar 2013)

Michael Noonan: In announcing the Strategic Investment Fund initiative in September 2011, the Government indicated a refocusing of the discretionary portfolio of the National Pensions Reserve Fund (NPRF) towards productive investment in sectors of strategic importance to the Irish economy. A key principle of the Strategic Investment Fund is that the NPRF investment, which is to be solely on a commercial...

Written Answers — Department of Finance: Departmental Reports (21 Mar 2013)

Michael Noonan: The purpose of the Review of Remuneration Practices and Frameworks at the Covered Institutions was to have the factual position on bankers’ remuneration over the period 2008 – 2012 placed in context that would enable an evidenced based policy to be developed and implemented in consultation with the various stakeholders. The review was undertaken to fulfil a commitment contained...

Written Answers — Department of Finance: Property Taxation Application (21 Mar 2013)

Michael Noonan: Section 7 of the Finance (Local Property Tax) Act 2012 (as amended) provides that local authorities and other providers of social housing will be liable to pay the LPT on their properties in the same way as any other residential property owner, unless the properties in question are used to accommodate people with special housing needs such as the elderly or people with disabilities. Special...

Written Answers — Department of Finance: Budget 2013 Impact (21 Mar 2013)

Michael Noonan: I propose to take Questions Nos. 25 and 34 together. With regard to budgetary matters, when focusing on the primary objectives of reducing the deficit and returning sustainability to the public finances, it has been of vital importance to the Government to spread the burden of the adjustments made in as fair and equitable a manner as possible, while also seeking to minimise their negative...

Written Answers — Department of Finance: Quinn Insurance Limited (21 Mar 2013)

Michael Noonan: At the outset the Deputy should note that the nature of insurance is such that it is not possible to provide a definitive update on the cost of the collapse of Quinn Insurance until the bulk of the claims have been paid, which is unlikely to be for several more years yet. However the Joint Administrators when presenting their 10th report to the High Court in July 2012 indicated that the...

Written Answers — Department of Finance: State Banking Sector (21 Mar 2013)

Michael Noonan: As the Deputy will be aware, it is government policy to separate the State from its banks, a policy which I believe has shared support in this house. Significant progress in achieving this goal has already been made by this government, and this is particularly obvious since the beginning of the year. In January, the State successfully disposed of the €1bn Contingent Capital...