Results 19,001-19,020 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: State Banking Sector (28 Nov 2012)

Michael Noonan: I set out below the responses I have received in relation to the Deputies query:- Bank Of Ireland Bank of Ireland gives significant and comprehensive disclosure on its Retail Ireland Residential Mortgage portfolio, including disposals, in pages 107-117 of its Interim Report for the Six months to 30 June 2012, and gives further significant and comprehensive disclosure on its asset quality,...

Written Answers — Department of Finance: State Banking Sector (28 Nov 2012)

Michael Noonan: I set out below the responses I have received in relation to the Deputies query:- Bank of Ireland Bank of Ireland gives significant and comprehensive disclosure on its Retail Ireland Residential Mortgage portfolio, including disposals, in pages 107-117 of its Interim Report for the Six months to 30 June 2012, and gives further significant and comprehensive disclosure on its asset quality,...

Written Answers — Department of Finance: Banks Recapitalisation (28 Nov 2012)

Michael Noonan: I have been advised that Fir Tree was invited to participate in IBRC’s liability management exercise in 2010 to take a voluntary loss. However, Fir Tree opted not to participate. If write down opportunities present themselves, they will be considered by the Bank. I have not invited Fir Tree directly or indirectly to take voluntary losses on its subordinated notes. IBRC has a...

Written Answers — Department of Finance: European Investment Bank (28 Nov 2012)

Michael Noonan: The EIB is currently providing loan funding for a number of major capital projects. These include EUR 100 million to part-fund the 2012 Exchequer Schools Programme; EUR 50m for the Third Schools Bundle PPP project for 8 schools and which was signed on 9th November and EUR 75m for the N11-N7 Motorway link. There has been continued close engagement with the EIB since President Werner...

Written Answers — Department of Finance: Promissory Notes (28 Nov 2012)

Michael Noonan: The fiscal forecasts for 2013 set out in the recently published Medium-Term Fiscal Statement (MTFS) assume a €3,060 million cash payment from the Exchequer in respect of the IBRC Promissory Note next year. Similarly, the forecasts also assume a €25 million cash payment in respect of the EBS Promissory Note next year. These payments are part of the estimate of Exchequer non-voted...

Written Answers — Department of Finance: National Asset Management Agency (28 Nov 2012)

Michael Noonan: I am advised by NAMA that a debtor may, in certain circumstances, be permitted to be remunerated at an agreed level from his income producing assets or business. NAMA advises that it is a matter for the debtor to decide how he apportions this income allocation.

Written Answers — Department of Finance: State Banking Sector (28 Nov 2012)

Michael Noonan: Unfortunately it is not possible to supply the information which the Deputy has requested at this time. The production of this data is a time consuming task for certain of the covered institutions and the collection of the data has not yet been completed by them. I will write to the Deputy as soon as I am in a position to do so.

Written Answers — Department of Finance: Ministerial Adviser Pay (28 Nov 2012)

Michael Noonan: In my Department, I have appointed Mary Kenny and Eoin Dorgan as special advisors. The salary for both special advisors is €86,604 per annum.

Written Answers — Department of Finance: Credit Unions Regulation (28 Nov 2012)

Michael Noonan: Based on a levy calculation of 0.0511% of the total assets of the credit unions concerned as set out in S.I. 381 of 2012 of the Credit Institutions Resolution Fund Levy Regulations 2012 the estimated levy payable into the Resolution Fund by the credit union sector in the 12 month levy period of 01 October 2012 - 30 September 2013 is €7 million.

Written Answers — Department of Finance: Credit Institutions (28 Nov 2012)

Michael Noonan: The estimated levy payable in the 12 month levy period 1 October 2012-30 September 2013 by credit institutions not being credit unions under the Credit Institutions Resolution Fund Levy Regulations 2012 (S.I. 381 of 2012) as amended by S.I. 443 of 2012 is €2.7 million. It should be noted that the banks that are subject to the Credit Institutions (Stabilisation) Act 2010 are not liable...

Written Answers — Department of Finance: Credit Unions Regulation (28 Nov 2012)

Michael Noonan: The Government recognises the important role of Credit Unions as a volunteer co-operative movement and the distinction between them and other types of financial institutions. The Commission on Credit Unions was established to review the future of the credit union movement and to make recommendations in relation to the most effective regulatory structure for the sector. The Commission took...

Written Answers — Department of Finance: Pension Provisions (28 Nov 2012)

Michael Noonan: I have been advised by IBRC that this is a matter which is for the Board of the company involved and the Trustees of the pension scheme involved. IBRC have no comment to make on this matter.

Written Answers — Department of Finance: Tax Code (27 Nov 2012)

Michael Noonan: I am informed by the Revenue Commissioners that Stamp Duty is chargeable at the rate of 2% (non-residential) on the open market value of land, which is being transferred. However, the transfer between a parent and child currently qualifies for consanguinity relief (i.e. half the normal rate of duty that would otherwise apply), and accordingly the effective rate of tax in this case is likely...

Written Answers — Department of Finance: Customs and Excise Controls (27 Nov 2012)

Michael Noonan: I am informed by the Revenue Commissioners that their Customs Service currently deploys 15 detector dog teams at strategic locations throughout the country. This figure includes two new teams, which are in the course of being commissioned and which will be fully operational from December 2012. The dogs are used to detect drugs, tobacco and cash and are used at ports, airports, mail centres,...

Written Answers — Department of Finance: Disabled Drivers (27 Nov 2012)

Michael Noonan: The Disabled Drivers and Disabled Passengers (Tax Concessions) Scheme provides relief from VAT and VRT (up to a certain limit) on the purchase of a car adapted for the transport of a person with specific severe and permanent physical disabilities, to those who meet certain disability criteria. The disability criteria for eligibility for the tax concessions under this scheme are set out in...

Written Answers — Department of Finance: Credit Availability (27 Nov 2012)

Michael Noonan: I propose to take Questions Nos. 193, 195 and 255 together. The Government has imposed SME lending targets on the two domestic pillar banks for the three calendar years, 2011 to 2013. Both banks were required to sanction lending of at least €3 billion in 2011, €3.5 billion this year and €4 billion in 2013 for new or increased credit facilities to SMEs. Both banks...

Written Answers — Department of Finance: Transport Costs (27 Nov 2012)

Michael Noonan: As the Deputy is aware a working group was set up between officials of my Department, the Irish Road Haulage Association and members of the Oireachtas. This working group had a series of meetings to discuss issues of concern to the haulage industry including the matter of an essential users rebate. I have received a submission from the group. I have also recently met with representatives of...

Written Answers — Department of Finance: Promissory Notes (27 Nov 2012)

Michael Noonan: I propose to take Questions Nos. 196 and 198 together. As the deputy is aware, the Promissory Note repayments, both capital and interest, are made to IBRC. As IBRC is wholly owned by the State, any return to the State will be by way of dividends from IBRC or from the projected final net asset position for IBRC. The bank previously informed me that the projected final net asset position for...

Written Answers — Department of Finance: Budget 2013 (27 Nov 2012)

Michael Noonan: I propose to take Questions Nos. 197 and 234 together. 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...

Written Answers — Department of Finance: Securities Ownership (27 Nov 2012)

Michael Noonan: Unlike in the case of shares, the holders of banks senior and subordinated debt instruments are not subject to a disclosure regime. When a bank issues a bond, whether by private placement or public issue, it would be usual practice for these to be settled through intermediaries and held by custodians, for example Clearstream or Euroclear. These securities are traded in the open market and...