Results 18,841-18,860 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Mortgage Arrears (12 Dec 2012)

Michael Noonan: As I stated, on 28 November 2012, in reply to a question regarding this matter, the ‘Code of Practice on the Transfer of Mortgages’ is a voluntary code. The Code was issued by the Central Bank in 1991 to financial institutions involved in the provision and transfer of mortgage credit. A copy of the Code and a list of regulated financial institutions are available at...

Written Answers — Department of Finance: Banking Sector Remuneration (12 Dec 2012)

Michael Noonan: I am advised by IBRC that a large volume of information regarding remuneration structures across the Bank has been recently supplied as part of the Mercer Remuneration Review as commissioned by the Department of Finance. This information is currently being analysed as part of the review. I have committed to publishing the details underpinning the review in view of the public interest in the...

Written Answers — Department of Finance: Banking Sector Remuneration (12 Dec 2012)

Michael Noonan: I have been informed that it is not IBRC practice to separately breakdown the staffing cost element of its recharge to NAMA. As disclosed in the Bank’s 2012 Interim Report a total of 256 people either work directly in or provide support to the Bank’s NAMA unit. IBRC’s 2012 Interim Report, which covers the period from January to June 2012, disclosed that NAMA were...

Written Answers — Department of Finance: National Asset Management Agency (12 Dec 2012)

Michael Noonan: IBRC is an asset recovery bank authorised and licensed by the Central Bank of Ireland under the Central Bank Act 1971 as a credit institution and an insurance intermediary. In line with its banking peers IBRC’s current practice is to disclose information pertaining to the business on set reporting dates, twice annually.

Written Answers — Department of Finance: Banking Sector Regulation (12 Dec 2012)

Michael Noonan: The FOI Acts give a definition of “commercially sensitive information” as “information whose release could prejudice the competitive position of the organisation”. The pillar banks regularly supply information to my Department and the Central Bank and much of this information is described by the banks as commercially sensitive. In some cases, the banks may be...

Written Answers — Department of Finance: Banking Sector Regulation (12 Dec 2012)

Michael Noonan: I have been informed by IBRC that this information is commercially sensitive to its operation due to the Bank’s unique position in the Irish market place as an asset recovery bank in wind down and cannot be disclosed for this reason.

Written Answers — Department of Finance: Property Taxation (12 Dec 2012)

Michael Noonan: As I indicated in the Budget, the Local Property Tax will commence with effect from 1 July 2013 for the second half of the year. There will accordingly be a half year’s property charge in 2013. The estimated yield of €250 million from the Local Property Tax in 2013 is solely related to that tax – it is the “gross” yield, in terms of the question asked by...

Written Answers — Department of Finance: Property Taxation (12 Dec 2012)

Michael Noonan: The projections for revenue from the Local Property Tax (LPT) are based on a blended average of three approaches: An approach based on the data used in the Thornhill report updated to include regional variation in property prices; A similar approach based on data from the property price register; and: An approach based on the ESRI tax-benefit model ‘SWITCH’. The property...

Written Answers — Department of Finance: Departmental Staff Remuneration (12 Dec 2012)

Michael Noonan: My Department has not awarded temporary promotions or acting-up allowances to any staff member for Presidency related work.

Written Answers — Department of Finance: Tax Reliefs (11 Dec 2012)

Michael Noonan: The VRT reliefs for electric vehicles (up to €5,000), plug-in hybrid electric vehicles (up to €2,500), and hybrid and flexible fuel vehicles (up to €1,500), which were due to end on 31 December 2012, have been retained for a further 12 months to end December 2013.

Written Answers — Department of Finance: Sale of State Assets (11 Dec 2012)

Michael Noonan: NewERA has been established within the NTMA, initially on a non-statutory basis. It is performing a centralised shareholder advisory role from a financial and commercial perspective in respect of corporate governance matters for five commercial semi-state companies: ESB, Bord Gais Eireann, EirGrid, Bord na Mona and Coillte. It is providing advice to Government Departments in relation to a...

Written Answers — Department of Finance: Banking Operations (11 Dec 2012)

Michael Noonan: I propose to take Questions Nos. 125 and 128 together. I have been advised that it is not the practice of IBRC to disclose detailed information in relation to the dealings of any individual account holder with the Bank. However, the Bank has informed me that it previously disclosed that it had made a provision of €67m, following an internal review of historical interest rate setting...

Written Answers — Department of Finance: Banking Operations (11 Dec 2012)

Michael Noonan: I have been informed by the bank that any queries related to matters such as instances of potential overcharging are dealt with on a case by case basis by the bank with individual customers. Any potential broader issues which affect a greater population of customers are dealt with via established procedures in consultation with the Central Bank as regulator.

Written Answers — Department of Finance: Banking Operations (11 Dec 2012)

Michael Noonan: I have been advised that Permanent TSB has approximately 1.8 million customer accounts. Given this volume of accounts it is inevitable that from time to time errors will arise and Permanent TSB is committed to minimising such errors, and where they do occur, ensuring that the errors are rectified as soon as possible. Permanent TSB has informed me that in the years 2009-2011 inclusive there...

Written Answers — Department of Finance: Banks Recapitalisation (11 Dec 2012)

Michael Noonan: As detailed in the table the State’s total net notional cash investment in Bank of Ireland (BOI) at 7/12/2012 was €2.1 billion. The State’s current investment in BOI is: -15% Ordinary Shares (i.e. 4,559 million shares). Share price of BOI at 06/12/12 was 12c. -€1.8 billion Preference Shares with 10.25% coupon p.a. -€1 billion Contingent Capital with a 10%...

Written Answers — Department of Finance: National Asset Management Agency (11 Dec 2012)

Michael Noonan: This is an operational matter for NAMA. However, I am advised by NAMA that, where necessary for the preservation and enhancement of the value of property securing its loans, it permits the retention of appropriate overheads by debtors. NAMA advises that it has typically required debtors to reduce their business overheads by between 50% and 75% on the levels prevailing prior to its...

Written Answers — Department of Finance: Banking Sector Regulation (11 Dec 2012)

Michael Noonan: I have been informed by my colleague, the Minister for Jobs, Enterprise and Innovation, that Directive 2006/43/EC of the 17 August 2006 introduced new rules on statutory audits of annual accounts and consolidated accounts. The Directive provides for the reinforcement and harmonisation of the statutory audit function throughout the EU. It clarifies the duties of statutory auditors and...

Written Answers — Department of Finance: Tax Repayment (11 Dec 2012)

Michael Noonan: I am advised by the Revenue Commissioners that they have examined the matter and that a repayment in respect of 2011 will issue in this case shortly.

Written Answers — Department of Finance: Mortgage Interest Relief (11 Dec 2012)

Michael Noonan: This is a matter for the Revenue Commissioners who are responsible for the administration of mortgage interest relief through the Tax Relief at Source (TRS) system. I am advised by Revenue that the person in question applied for mortgage interest relief on a top-up loan on 21 April 2009. Relief was initially granted but, due to changes to mortgage interest relief rules, was ceased with effect...

Written Answers — Department of Finance: Overseas Development Aid (11 Dec 2012)

Michael Noonan: I should take this opportunity to highlight the significant contribution that multinational companies make to the Irish economy, both in terms of generating employment and contributing tax revenue. According to an Autumn 2012 Report from IDA Ireland, 146,000 people are directly employed by multinationals in Ireland, and the total of direct and indirect jobs attributable to multinationals is...