Results 17,961-17,980 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: VAT Rates (21 Feb 2013)

Michael Noonan: I would point out that there is no Exchequer loss as a result of below-cost selling of alcohol. VAT is a tax on the value added to a supply, and the collection and recovery of VAT takes place at each stage of the chain of supply from manufacturing to retailer. Under EU and domestic VAT rules traders who are registered for VAT collect VAT on the goods and services that they sell. In turn...

Written Answers — Department of Finance: Mortgage Arrears Report Implementation (21 Feb 2013)

Michael Noonan: The Government is very aware of the significant difficulties some homeowners are facing in meeting their mortgage obligations and it is committed to advancing appropriate measures to assist those mortgage holders who are experiencing real and genuine difficulty. A special Government Sub-Committee is already in place since March last year to address the mortgage arrears problem. This...

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

Michael Noonan: As the Deputy will be aware €25 billion of Irish Government bonds have been issued in exchange for the Promissory Notes only. The NAMA bonds that were pledged as ELA collateral with the Central Bank of Ireland under the Special Master Repurchase Agreement have been retained by the Central Bank in settlement of the funding provided against them. As such the NAMA bonds are now assets of...

Written Answers — Department of Finance: NAMA Loan Book (21 Feb 2013)

Michael Noonan: I propose to take Questions Nos. 88 and 89 together. I am advised by NAMA that, for the purposes of its financial reporting and compliance with IFRS, it reports on single portfolio of loans and does not distinguish between the performance levels of loans originally transferred from different participating institutions. This reflects the fact that debtors, who may have loans across a number...

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

Michael Noonan: I have been advised that the Special Liquidators are still in the process of devising and implementing a sales process in respect of IBRC’s assets. Following an independent valuation process, the Special Liquidators will sell the assets of IBRC (which are subject to the floating charge) to third parties at or above their independent valuation and failing that, the Special Liquidators...

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

Michael Noonan: Interested parties will be given the opportunity to bid for specific portfolios as part of an open and transparent process. I have been advised that the Special Liquidators are still in the process of devising and implementing a sales process in respect of IBRC’s assets and are therefore not in a position to comment on same at this time. Following an independent valuation process, the...

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

Michael Noonan: I can advise the Deputy that the Central Bank of Ireland is a fully capitalised and independent entity and manages the risks of its investment portfolio in a prudent manner.

Written Answers — Department of Finance: National Debt (21 Feb 2013)

Michael Noonan: Ministers have discussed the extension of Ireland’s and Portugal’s loans at Ecofin and Eurogroup meetings. We agreed to refer the issue to senior officials for further consideration, and that work is continuing. Once these considerations have been completed, the issue will then return to Ecofin and Eurogroup. I meet my Portuguese counterpart on a regular basis during the...

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

Michael Noonan: A way forward for Permanent TSB was agreed with the Troika in April 2012 which envisaged it playing an important role in the future of Irish retail banking, being a more focused retail bank bringing an element of competition to the marketplace which has consolidated significantly since 2008. In this regard Permanent TSB submitted a Restructuring Plan to the European Commission in June 2012....

Written Answers — Department of Finance: Pension Provisions (21 Feb 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 benefit payable under each scheme reflects the historical nature of the scheme and its funded position and is a matter for the...

Written Answers — Department of Finance: Pension Provisions (21 Feb 2013)

Michael Noonan: The relationship between the Department and the covered banks is governed by the Relationship Framework Agreements which are published on the Department of Finance website at . These provide that the State will not intervene in the day-to-day operations of the banks or their management decisions. These decisions are taken by the board and management of the individual institutions. I must...

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

Michael Noonan: I have been advised that following the appointment of the Special Liquidators certain IBRC bank accounts were closed and some borrowers direct debit payments were not processed as normal. I am advised by the Special Liquidator that they are doing everything they can to address this issue without delay but it is likely to be early next week before it is fully resolved. Borrowers have been...

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

Michael Noonan: I am advised that the Special Liquidators are still in the process of devising and implementing a sales process in respect of IBRC’s assets. As this sales process has not yet commenced, the Special Liquidators are not in a position to comment or speculate on the impact this may or may not have on the borrowers concerned or the rates charged by the eventual purchasers of those assets.

Written Answers — Department of Finance: Promissory Note Negotiations (21 Feb 2013)

Michael Noonan: As the Deputy is aware the transaction was unanimously noted by the ECB Governing Council, as indicated by President Draghi on the 7th February. Furthermore on the 18th February President Draghi stated that the promissory note deal was a positive step for Ireland. I welcome the outcome of the ECB Governing Council meeting earlier this month and I am not concerned that the transactions...

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

Michael Noonan: Following the liquidation of IBRC, employees will be entitled to apply for a statutory redundancy payment, a payment in respect of accrued but unused annual leave and a statutory notice payment, subject to the limits prescribed by statute. As the Deputy can appreciate it will take some time to process the forms associated with the above payments and therefore it will be some time before the...

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

Michael Noonan: Prior to liquidation, IBRC maintained a buffer above minimum capital requirements which allowed it to operate in a manner that met the objective of working out its loan book. Conditions in relation to distributable reserves, as set out in the Companies (Amendment) Act 1983, restricted the ability of IBRC to make dividend payments. Importantly, the decision to liquidate IBRC was based on a...

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

Michael Noonan: As part of the role of the liquidators, the assets of IBRC will be valued independently before being sold. Any assets not sold to third parties (including loan counterparties and other financial institutions) at or above the valuation price will be sold to NAMA at the independent valuation. Where the assets are acquired by NAMA then normal NAMA policies and procedures would apply including...

Written Answers — Department of Finance: Departmental Staff (21 Feb 2013)

Michael Noonan: The Civil Service Code of Standards and Behaviour contains provisions regarding acceptance of outside appointments and of consultancy engagement following resignation or retirement. The code does not apply to directors or employees in State bodies in the wider public service. I am informed by the National Treasury Management Agency (NTMA) that NTMA employees have notice periods of one or...

Written Answers — Department of Finance: Tax Reliefs (20 Feb 2013)

Michael Noonan: The Deputy will be aware that the proposed Living City Initiative is a pilot project which seeks to encourage people back to the centre of Irish cities to live in buildings of historic and cultural importance as well as encouraging the regeneration of the retail heartland of central business districts. This modest pilot project is targeted at Waterford and Limerick cities, both of which were...

Written Answers — Department of Finance: Tax Reliefs (20 Feb 2013)

Michael Noonan: Section 848A of the Taxes Consolidation Act 1997 (TCA) provides for a scheme of tax relief on donations to approved bodies. The list of approved bodies for the purposes of section 848A, which includes eligible charities, bodies approved for education in the arts and eligible primary, secondary and third level institutions, is available on the Revenue website at www.revenue.ie. The following...