Results 18,081-18,100 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Insurance Coverage (14 Feb 2013)

Michael Noonan: As indicated in my reply of 29 January 2013, the issue of provision of new flood cover or the renewal of existing flood cover is a commercial matter for insurance companies, which has to be based on a proper assessment of the risks they are accepting. The Deputy will recall that these are often considered on a case by case basis and it is important to be clear that neither the Government nor...

Written Answers — Department of Finance: Departmental Expenditure (14 Feb 2013)

Michael Noonan: In response to the Deputy’s question my Department provides shared accommodation services to the Department of Public Expenditure and Reform. In the period January 2012 to 31 December 2012 no money was spent on outsourced security services in respect of buildings occupied by staff of either the Department. Spend on outsourcing of security services in other Departments is a matter for...

Written Answers — Department of Finance: Departmental Expenditure (14 Feb 2013)

Michael Noonan: In response to the Deputy’s question my Department provides shared accommodation services to the Department of Public Expenditure and Reform. In respect of the period 1 January 2012 to 31 December 2012 €214,309 was spent on outsourced cleaning services in respect of premises occupied in Dublin by both the Department of Finance and Department of Public Expenditure and Reform...

Written Answers — Department of Finance: IBRC Staff (14 Feb 2013)

Michael Noonan: I propose to take Questions Nos. 154 and 159 together. As the Deputy will be aware, on 7 February 2013 the Oireachtas passed legislation (Irish Bank Resolution Corporation Act 2013), appointing joint Special Liquidators to IBRC with immediate effect to wind up its business and operations. Following the liquidation, all employment contracts in the Republic of Ireland have been terminated...

Written Answers — Department of Finance: IBRC Staff (14 Feb 2013)

Michael Noonan: As the Deputy will be aware, on 7 February 2013 the Oireachtas passed legislation (Irish Bank Resolution Corporation Act 2013), appointing joint Special Liquidators to IBRC with immediate effect to wind up its business and operations. At this early stage of the special liquidation Special Liquidators are engaged in intensive processes which involve inter alia, asserting control over the...

Written Answers — Department of Finance: Treasury Bonds (14 Feb 2013)

Michael Noonan: Eight new Floating Rate Treasury Bonds have been issued to discharge the Promissory Notes liability consisting of: -a 25 year bond of €2bn maturing in 2038 with an interest rate of 6-month Euribor plus a margin of 2.50%; -a 28 year bond of €2bn maturing in 2041 with an interest rate of 6-month Euribor plus a margin of 2.53%; -a 30 year bond of €2bn maturing in 2043 with...

Written Answers — Department of Finance: Tax Reliefs (14 Feb 2013)

Michael Noonan: Tax relief is available, at varying rates and subject to certain ceilings, in respect of interest paid by an individual on a loan used for the purchase, repair, development or improvement of his/her sole or main residence or the sole or main residence of his/her former or separated spouse/civil partner. The relief is available up to and including the tax year 2017 on the interest paid on...

Written Answers — Department of Finance: IBRC Liquidation (14 Feb 2013)

Michael Noonan: As the Deputy may be aware, between now and August of this year, the Special Liquidator will seek to value and sell certain IBRC loans. After this sales process has been completed, NAMA will acquire the residual unsold loans in the IBRC loan portfolio at a price which is to be determined by the Special Liquidator. However NAMA’s primary commercial objective, as set out in Section...

Written Answers — Department of Finance: European Semester Cycle (13 Feb 2013)

Michael Noonan: In 2011, EU countries launched the European Semester cycle as agreed at the European Council in June 2010. The aim of the Semester is that EU-level discussions on fiscal policy, macroeconomic imbalances, financial sector issues, and growth-enhancing structural reforms will now always take place before governments draw up their draft budgets and submit them to national parliamentary debate in...

Written Answers — Department of Finance: Property Taxation Exemptions (13 Feb 2013)

Michael Noonan: The Finance (Local Property Tax) Act 2012 provides exemptions for certain residential properties but none of these exemptions is related to the property owner's income. A system of deferral arrangements, for owner-occupiers and tenants on leases that are longer than 20 years, is available where there is an inability to pay and certain specified conditions are met. This option is not...

Written Answers — Department of Finance: Tax Reliefs (13 Feb 2013)

Michael Noonan: I am informed by the Revenue Commissioners that Section 134(3) of the Finance Act 1992 (as amended) and Statutory Instrument No. 353 of 1994 (Disabled Drivers and Disabled Passengers (Tax Concessions) Regulations, 1994 (as amended) provide for permanent relief from the payment of specified maximum amounts of VAT and VRT for qualifying persons under the scheme. A repayment of excise duty on...

Written Answers — Department of Finance: IBRC Liquidation (13 Feb 2013)

Michael Noonan: I would like to refer the Deputy to Section 14 of the IBRC Bill 2013 which sets out the methodology for the valuation of assets to be acquired by NAMA. The Special Liquidator acting on the instruction of the Minister shall appoint suitably qualified person(s) to carry out an independent valuation of the bank’s assets using standard loan valuation methodologies.

Written Answers — Department of Finance: IBRC Liquidation (13 Feb 2013)

Michael Noonan: In accordance with Section 13(a) & (b) of the IBRC Act 2013 the Minister may direct NAMA in writing to bid for or acquire IBRC assets. NAMA has been directed to establish a special purpose vehicle to acquire the floating charge over certain IBRC assets. After the sales process conducted by the Special Liquidator has been completed NAMA is expected to acquire the unsold loans in the IBRC...

Written Answers — Department of Finance: IBRC Liquidation (13 Feb 2013)

Michael Noonan: The recent enactment of the IBRC Act 2013 together with the replacement of the Promissory Notes with a portfolio of Irish Government Bonds puts in place a permanent, finite and viable solution in terms of a significant portion of the shortfall in banking financing that has emerged through the Irish financial crisis. Following an independent valuation process, the Special Liquidators will...

Written Answers — Department of Finance: General Government Debt (13 Feb 2013)

Michael Noonan: As the Deputy will be aware the Irish Government Bonds that have been issued in exchange for the Promissory Notes are floating rate bonds. The coupon on these bonds is 6-month Euribor plus a margin ranging from 2.50% to 2.68%. Given the nature of this floating rate it is impossible to be accurate with regard to the exact interest cost in 2013 to 2015. Information was released by the...

Written Answers — Department of Finance: Government Bonds (13 Feb 2013)

Michael Noonan: I propose to take Questions Nos. 54, 55, 65 and 68 together. The exchange of Irish Government Bonds for the IBRC Promissory took place on Friday 8 February 2013. The Deputy refers to the substitution of the Promissory Notes provided to Irish Bank Resolution Corporation with National Asset Management Agency bonds however this is not the case. With regard to the question submitted by the...

Written Answers — Department of Finance: Government Bonds (13 Feb 2013)

Michael Noonan: The Central Bank have undertaken that minimum of bonds will be sold in accordance with the following schedule: €0.5bn by the end of 2014, €0.5bn per annum from 2015 to 2018, €1bn per annum from 2019 to 2023 and €2bn per annum from 2024 onwards. This schedule of mandatory sales would exhaust the portfolio in 2032. The bonds will be placed in the Central Bank's...

Written Answers — Department of Finance: IBRC Liquidation (13 Feb 2013)

Michael Noonan: As the Deputy will be aware, on 5 February 2013 the Oireachtas passed legislation (Irish Bank Resolution Corporation Act 2013), appointing joint Special Liquidators to IBRC with immediate effect to wind up its business and operations. At this early stage of the special liquidation Special Liquidators are engaged in intensive processes which involve inter alia, asserting control over the...

Written Answers — Department of Finance: IBRC Liquidation (13 Feb 2013)

Michael Noonan: As the Deputy will be aware, on 5 February 2013 the Oireachtas passed legislation (Irish Bank Resolution Corporation Act 2013), appointing joint Special Liquidators to IBRC with immediate effect to wind up its business and operations. At this early stage of the special liquidation Special Liquidators are engaged in intensive processes which involve inter alia, asserting control over the...

Written Answers — Department of Finance: IBRC Liquidation (13 Feb 2013)

Michael Noonan: Certain bonds outstanding in Irish Bank Resolution Corporation will be covered under the Eligible Liabilities Guarantee Scheme (ELG Scheme) which provides for a State guarantee for eligible liabilities. To the extent other bondholders do not have the right to claim under the ELG Scheme (such as unguaranteed bondholders and subordinated bondholders), they will retain their claims according to...