Results 17,821-17,840 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: IBRC Legal Cases (28 Feb 2013)

Michael Noonan: I have been advised that due to commercial confidentiality and sensitivities, the Special Liquidators are unable to provide a list of the legal actions that were under way against IBRC at the date of the appointment of the Special Liquidators. All relevant disclosures in respect of legal cases involving IBRC are publicly available through the Courts Service website.

Written Answers — Department of Finance: IBRC Staff (28 Feb 2013)

Michael Noonan: I am advised that as a result of the appointment of the Special Liquidators, only employment contracts in the Republic of Ireland were terminated. I am further advised that some staff were employees of subsidiaries not initially directly affected by the liquidation. The Special Liquidators are establishing the composition and ownership structure of the subsidiaries, of which there are...

Written Answers — Department of Finance: Living City Initiative (28 Feb 2013)

Michael Noonan: In advance of the publication of Finance Bill 2013, approaches were received from the Minister for Arts, Heritage and the Gaeltacht and the newly combined Limerick local authorities. EU State Aid approval can not be sought for this initiative until the Finance Bill 2013 is actually enacted. Other cities which might be included if the pilot scheme were to be extended, as well as the number...

Written Answers — Department of Finance: Corporation Tax (28 Feb 2013)

Michael Noonan: The Government's position on the European Commission proposal for a Common Consolidated Corporation Tax Base remains unchanged. Although we are sceptical about the proposal, we will continue to engage constructively with our EU colleagues. Technical discussions on the proposal are continuing under the Irish Presidency.

Written Answers — Department of Finance: Tax Reliefs (28 Feb 2013)

Michael Noonan: Section 14 of Finance Act 2012 introduced the Special Assignee Relief Programme which is designed to reduce the cost to employers of assigning key individuals in their companies from abroad to take up positions in the Irish based operations of their employer. Paragraph 10 of Section 14 provides that relevant employers must submit an annual return to the Revenue Commissioners detailing, inter...

Written Answers — Department of Finance: IBRC Liquidation (28 Feb 2013)

Michael Noonan: I refer the Deputy to my responses to Parliamentary Questions 10644/13, 10646/13 and 10647/13, answered on 27th February 2012, on this topic. 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 (or IBRC) on such terms and conditions, as are specified in the direction. NAMA has...

Written Answers — Department of Finance: Banking Sector Regulation (28 Feb 2013)

Michael Noonan: As the Deputy can appreciate, officials from the Irish Authorities are in regular dialogue with all of the covered institutions in an effort to enhance stability and to facilitate the sectors’ return to profitability. In this regard, the ending of the ELG scheme is a key step along this road and is a demonstration of the progress we are making in returning to a more normal...

Written Answers — Department of Finance: Sale of State Assets (28 Feb 2013)

Michael Noonan: The sale of Irish Life is a welcome development and provides the Irish taxpayer with a full return on its investment. There are two distinct aspects to this deal which have to be considered - the sale price of Irish Life of €1.3bn and an additional dividend due prior to completion of €40m. As such, upon completion of the deal, the Exchequer will benefit by the full amount of...

Written Answers — Department of Finance: Credit Unions Issues (28 Feb 2013)

Michael Noonan: I propose to take Questions Nos. 58 and 61 together. I am advised by the Central Bank of Ireland that certain tracker bonds sold to credit unions which were liabilities of IBRC at the time of the liquidation have a structured deposit element which is covered by the Deposit Guarantee Scheme for that element of the product. As a result the first €100,000 of any claim from these...

Written Answers — Department of Finance: IBRC Investigations (28 Feb 2013)

Michael Noonan: The Deputy will be aware that the Chartered Accountants Regulatory Board (CARB) appointed Mr John Purcell to conduct an independent enquiry into certain matters relating to the conduct of the former auditors of Anglo Irish Bank. Mr Purcell also carried out an investigation into the conduct of certain officers of Anglo Irish Bank and members of CAI. In all cases Mr Purcell concluded there...

Written Answers — Department of Finance: EU-IMF Programme of Support Issues (28 Feb 2013)

Michael Noonan: The EU-IMF Programme of Financial Support is subject to policy conditionality which is set out in programme documents - the Memorandum of Understanding on Specific Economic Policy Conditionality (MOU), the Memorandum of Economic and Financial Policies (MEFP) and the Technical Memorandum of Understanding. The conditionality in these documents is subject to continuing assessment by the Irish...

Written Answers — Department of Finance: IBRC Staff (28 Feb 2013)

Michael Noonan: I have been informed that in addition to the policies and procedures that have been put in place by the Special Liquidators to ensure that no privileged information leaves IBRC (in Special Liquidation), employees owe a common law duty of confidentiality such that they cannot use confidential information obtained during the course of their employment to the detriment of their (former)...

Written Answers — Department of Finance: Credit Review Office Appeal Numbers (28 Feb 2013)

Michael Noonan: I am concerned at the low level of numbers of SMEs seeking reviews by the Credit Review Office. The most recent report by the Credit Reviewer shows that the Credit Review Office upheld the credit appeal in 118 cases or 55.9% of cases decided. The upheld appeals have resulted in €13M credit being made available to SMEs and farms, protecting 1,102 jobs. This shows that there is a strong...

Written Answers — Department of Finance: IBRC Liquidation (28 Feb 2013)

Michael Noonan: I am advised that the issue of unallocated NAMA bonds was discussed with the ECB and EU Commission as part of the proposal on the IBRC liquidation. To be clear, the issuance of NAMA bonds will be used to purchase the CBI’s remaining lending to IBRC in the form of the ELA facility deed backed by a floating charge on the otherwise unencumbered assets of IBRC and supported by the...

Written Answers — Department of Finance: Property Taxation Application (28 Feb 2013)

Michael Noonan: I understand the Deputy is referring to the effect of the Local Property Tax (LPT) on homeowners dependant on payments from the Department of Social Protection. A Poverty Impact Assessment is connected with the Regulatory Impact Analysis (RIA) process. There was no requirement to carry out a RIA for the Finance (Local Property Tax) Act 2012 or the Finance (Local Property Tax) (Amendment)...

Written Answers — Department of Finance: Banking Sector Remuneration (28 Feb 2013)

Michael Noonan: As I indicated in my last reply (Ref No. 9232/13 of 20 February, 2013) my Department is in final discussions with the consultants on the report. I expect to bring it to Government imminently for decision. The estimated total cost of the Remuneration Review is €119,000(ex VAT) – 50% of which has been paid to date.

Written Answers — Department of Finance: Credit Availability (28 Feb 2013)

Michael Noonan: I propose to take Questions Nos. 68 and 100 together. 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...

Written Answers — Department of Finance: IBRC Staff (28 Feb 2013)

Michael Noonan: I am informed that following the appointment of the Special Liquidator, 809 employee contracts were terminated in the Republic of Ireland. 802 employees were re-hired by the Special Liquidators on short term contracts to assist with the liquidation of Irish Bank Resolution Corporation Limited. The 7 employees who were not re-hired held senior positions within the Bank. The Special...

Written Answers — Department of Finance: Sale of State Assets (28 Feb 2013)

Michael Noonan: I propose to take Questions Nos. 70 and 71 together. Where requested by Government, NewERA (a business unit in the NTMA) is carrying out advisory and oversight roles in relation to the possible restructuring or disposal of commercial State company assets. NewERA’s role in these disposal processes is to assist and advise the relevant Government Departments in representing the...

Written Answers — Department of Finance: Tax Code (28 Feb 2013)

Michael Noonan: The inter-Departmental Group chaired by Dr Don Thornhill on the design of a property tax (the “Thornhill Group”) recommended that the Non-Principal Private Residence charge (NPPR) should be absorbed into the Local Property Tax (LPT) as a separate (supplemental) tax, in addition to the LPT, at the existing level (currently €200) applying to non-principal private...