Results 17,101-17,120 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: NAMA Expenditure (21 Mar 2013)

Michael Noonan: The Deputy will note that the Board of NAMA has primary responsibility for setting strategy in NAMA and for determining and implementing any proposed changes. It is, therefore, a matter for the Board to determine an appropriate strategy for the management of the cash reserves and assets of the Agency. NAMA’s cash reserves are deployed towards repaying its debt, funding capital...

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

Michael Noonan: I have been informed by AIB that as part of normal commercial activities customers may be required to sign a confidentiality agreement. AIB’s correspondence / interactions with customers are confidential and all customers are encouraged in advance of signing any new documentation to get their own independent advice prior to signing. The bank has also informed me that in cases where a...

Written Answers — Department of Finance: Deposit Guarantee Scheme (21 Mar 2013)

Michael Noonan: The Central Bank press release of 7 March 2013 confirmed that as of that date the Deposit Guarantee Scheme (DGS) made compensation payments totalling €9.03 million to 394 depositors of IBRC Limited, which was placed in liquidation on 7 February 2013. Eligible deposits in IBRC are covered by joint safeguards. Eligible deposits of up to €100,000 for an individual and...

Written Answers — Department of Finance: Mortgage Interest Rates (21 Mar 2013)

Michael Noonan: While the Government is acutely aware of the increasing financial stress that some households are facing in the current environment, ultimately the pricing of financial products, including standard variable mortgage interest rates, is a commercial matter for the management and the Board of the relevant institutions. At the same time, the boards and management must ensure that the day to day...

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

Michael Noonan: I am advised that the Special Liquidators are in the process of appointing independent valuers to independently value the IBRC loan assets. Independent sales advisors will be appointed to manage the sales process. The process will be overseen by the Special Liquidators to ensure that deadlines are being met and that the best value is achieved. Where no bid has been received from a bidder...

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

Michael Noonan: The Government recognises that SMEs are the lifeblood of the economy and will play a vital role in the recovery of employment growth in our country. One of the key priorities of the Programme for Government is to ensure that an adequate pool of credit is available to fund SMEs in the real economy during the restructuring and downsizing programme. The Government has imposed SME lending...

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

Michael Noonan: My Department have advised me that they have not awarded any contracts to Ernst and Young since 2011. They have also advised me that in awarding public contracts they observe the European Communities (Award of Public Authorities’ Contracts) Regulations 2006. Regulation 53(1) of these regulations specify that public authorities in considering whether or not to award a public...

Written Answers — Department of Finance: Mortgage Resolution Processes (21 Mar 2013)

Michael Noonan: I, as Minister for Finance have no statutory role in relation to the operation of the Standard Financial Statement. However, I have been informed by the Central Bank that one of the recommendations of the Expert Group on Mortgage Arrears and Personal Debt was that a “standard financial statement” (SFS) should be developed for use by all lenders and MABS, to assess a...

Written Answers — Department of Finance: Mortgage Arrears Proposals (21 Mar 2013)

Michael Noonan: The Government is very aware of the significant difficulties some homeowners are facing in meeting their mortgage obligations and it has put in place a comprehensive strategy to address the problem focusing on four main distinct areas: Innovative Personal Insolvency Reform: Personal insolvency reform was identified by the Keane Report as a catalyst for addressing the mortgage arrears...

Written Answers — Department of Finance: Mortgage Resolution Processes (21 Mar 2013)

Michael Noonan: While details of any mortgage restructuring agreements are a matter for each individual bank and borrower, the Central Bank has advised that such agreements should not impede consumer’s protections under the Code of Conduct on Mortgage Arrears (CCMA), for example at the borrower’s request and with the borrower’s written consent, the lender must liaise with a third party...

Written Answers — Department of Finance: Fiscal Policy (21 Mar 2013)

Michael Noonan: A particular focus of concern in international tax policy in recent times has been on the apparent low effective rates of tax paid by some multinational corporations as a result of transnational structures. The OECD is in the process of drawing up plans to make the issue of Base Erosion and Profit Shifting (BEPS) the central concern of its upcoming work in the area of tax. This approach has...

Written Answers — Department of Finance: National Treasury Management Agency Remuneration (21 Mar 2013)

Michael Noonan: I provided information in respect of NTMA performance related payments in response to a previous PQ on 26 February 2013 as set out in the table below. Year Total Amount of Performance Related Pay Number of Staff who received Performance Related Pay 2012 €43,100 6 The NTMA employed a total of 500 staff as at the end of 2012. The six personnel who received performance related...

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

Michael Noonan: I believe the vast majority of people will want to be compliant with the Local Property Tax (LPT), as they are with other taxes legislated for by the Oireachtas. Revenue is making it as easy as possible for people to comply with their obligations to submit an LPT return and either make arrangements to pay their LPT charge or avail of a deferral of the charge if they are eligible. A wide...

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

Michael Noonan: 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 impact on economic growth. While there was not a...

Written Answers — Department of Finance: Public Sector Remuneration (21 Mar 2013)

Michael Noonan: It is envisaged that any legislation introduced by the Government to reduce public service salaries will apply to NTMA employees, including employees assigned to NAMA.

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

Michael Noonan: In February 2012, the Minister for the Environment, Community and Local Government established an Inter-Departmental Group under the chairmanship of Dr. Don Thornhill – the “Thornhill Group” – to consider the structures and modalities for a full property tax. As part of their terms of reference the Thornhill Group were to consider the design of a property tax to...

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

Michael Noonan: When publishing the Review of Remuneration Practices and Frameworks at the Covered Institutions, on 12 March 2013, I indicated that the Government had formed the view that with the remaining covered institutions still incurring losses it was an inescapable conclusion that the cost base of the institutions needs to be reduced further. This is essential if they are to return to profitability,...

Written Answers — Department of Finance: Eurozone Crisis (21 Mar 2013)

Michael Noonan: The theme of the Irish Presidency is Stability, Jobs and Growth, which is pertinent for both Ireland and the EU as a whole. As President of the ECOFIN Council I will continue to pursue the objectives set out in the ECOFIN work programme of the Irish Presidency of the European Union which were outlined to the ECOFIN Ministers on January 22nd last. This document set our ambitions on financial...

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

Michael Noonan: Section 10A of the Finance (Local Property Tax) Act 2012 (as amended) provides for an exemption for a temporary period from the charge to Local Property Tax (LPT) for residential properties that have been certified as having “significant pyritic damage”. This is in line with the recommendation of the independent Pyrite Panel established by my colleague, the Minister for the...

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

Michael Noonan: There is ongoing communication between the employees and the Special Liquidators of IBRC which is not confined to meetings with the IBOA, including the announcement on Tuesday 19 March by the Special Liquidators that contracts of staff would be extended out to 7 August with one month’s notice thereafter. This should provide significant reassurance to IBRC staff relative to the common...