Results 19,461-19,480 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Banking Sector Remuneration (13 Nov 2012)

Michael Noonan: I have been advised by IBRC that the following public interest directors were appointed under the terms of the Government Guarantee scheme to the Board of Irish Bank Resolution Corporation Limited. Director Date of Appointment Date of Resignation Frank Daly 18 December 2008 22 December 2009 Alan Dukes* 18 December 2008 * Mr. Dukes was appointed as Non-executive Chairman on 14 June...

Written Answers — Department of Finance: Banking Sector Remuneration (13 Nov 2012)

Michael Noonan: I have been advised that Irish Bank Resolution Corporation Limited has not appointed any public interest directors under the terms of the Government Guarantee Scheme since 2011. All appointments to the board of the bank are approved by the Minister for Finance under the terms and conditions attaching to the nationalisation of the bank. The Minister for Finance has extensive powers in relation...

Written Answers — Department of Finance: Public Interest Directors (13 Nov 2012)

Michael Noonan: I propose to take Questions Nos. 197 and 198 together. As I detailed in the answer to question numbers 167, 168 and 172 which were taken together on 9 October 2012, the legal position is that any director appointed to the board of the covered institutions whether under the Credit Institutions (Financial Support) Scheme 2008 or otherwise is subject to the requirements of company law in...

Written Answers — Department of Finance: Banking Sector Remuneration (13 Nov 2012)

Michael Noonan: As the Deputy will be aware Margaret Hayes and Ray MacSharry were appointed to the board of Irish Life & Permanent Group Holdings (now Permanent TSB Group Holdings) on 22 December 2008. Each public interest director was appointed until 30 September 2010 but has remained since that date as a replacement Government guarantee scheme has remained in place since then. The Memorandum and...

Written Answers — Department of Finance: European Stability Mechanism (13 Nov 2012)

Michael Noonan: The ESM Treaty, which was signed by Euro Area Member States on 2 February 2012, entered into force on 27 September 2012. To obtain the highest possible credit rating, the capital structure of the ESM will have a total subscribed capital of €700 billion. Of this amount, €80 billion will be in the form of paid-in capital by the Euro Area Member States. The balance of...

Written Answers — Department of Finance: European Stability Mechanism (13 Nov 2012)

Michael Noonan: I propose to take Questions Nos. 201 and 234 together. The capital structure of the European Stability Mechanism (ESM) is set out in the ESM Treaty which was signed by Euro Area Member States on 2 February 2012, and entered into force on 27 September 2012. To obtain the highest possible credit rating, the capital structure of the ESM will have a total subscribed capital of €700...

Written Answers — Department of Finance: Economic Statistics (13 Nov 2012)

Michael Noonan: I propose to take Questions Nos. 202, 203 and 204 together. In April’s Stability Programme Update (SPU), 2012 nominal GDP was forecast at €158,925 million. This represented a growth rate of 1.6 per cent over the 2011 level of nominal GDP, based on the prevailing 2011 GDP estimates from the CSO. In the interim however, the CSO has revised up its estimate of 2011 nominal GDP...

Written Answers — Department of Finance: Pension Provisions (13 Nov 2012)

Michael Noonan: The Deputy will be aware that a Relationship Framework was specified and published in March 2012. This document defines the nature of the relationship and interaction between the Minister for Finance and AIB. I can confirm to the Deputy that as the asset transfer to AIB’s pension scheme was required to fund the Bank’s Early Retirement and Voluntary Severance Programme, the...

Written Answers — Department of Finance: Pension Provisions (13 Nov 2012)

Michael Noonan: AIB has confirmed to me that the transfer of €1.1bn (nominal) loan assets to the AIB Defined Benefit Pension Scheme was approved by the AIB Board and the Bank's Deleveraging Committee whose members include the Department of Finance and the Central Bank in observatory capacities. The Deleveraging Committee, of which Department of Finance acts in an observatory capacity only, approved...

Written Answers — Department of Finance: Pension Provisions (13 Nov 2012)

Michael Noonan: The Central Bank has informed me that the Capital Requirements Directive and the Central Bank set the rules around the calculation of the applicable capital base for credit institutions. These rules include reference to defined benefit pension deficits as these can affect the capital base of regulated entities. In a letter from the Financial Regulator to industry in 2005, banks were...

Written Answers — Department of Finance: Pension Provisions (13 Nov 2012)

Michael Noonan: The Deputy will be aware that the transfer of assets to the pension fund earlier this year was undertaken in order to facilitate the early retirement component of the voluntary severance program of the bank. Had the transfer of assets not taken place, the early retirement component of the voluntary severance could not have proceeded as it would have required a cash contribution from the bank....

Written Answers — Department of Finance: Financial Services Sector Remuneration (13 Nov 2012)

Michael Noonan: I have received the following disclosure from the financial institutions of top-ups made to company pension schemes in the years requested: AIB/EBS 2008 2009 2010 2011 2012 to date Allied Irish Banks (including EBS) €3.5m €2m €4m €3m €1,101m* * The 2012 figure for AIB includes one off exceptional contributions made in 2012 as a result of the early...

Written Answers — Department of Finance: Succession Act 1965 (13 Nov 2012)

Michael Noonan: Section 73 of the Succession Act 1965 provides that, where a person dies intestate and without known next-of-kin, the estate of that person shall be taken by the State as ultimate intestate successor. Where an estate falls to the State under Section 73, it is administered by the Chief State Solicitor under the direction of the Attorney General. Depending on the extent and nature of the...

Written Answers — Department of Finance: Financial Services Sector Remuneration (13 Nov 2012)

Michael Noonan: Permanent TSB has provided me with the following information as at 31 December 2011 in a slightly restricted form to that requested to ensure compliance with legal requirements to staff under Data Protection laws: Basic Salary € Number of Employees * 150,000 - 199,999 10 200,000 – 399,999 9 400,000+ 0 * This includes employees who subsequently TUPE’d to Permanent...

Written Answers — Department of Finance: Financial Services Sector Remuneration (13 Nov 2012)

Michael Noonan: Irish Life has provided me with the following information as at 31 December 2011 in a slightly restricted form to that requested to ensure compliance with legal requirements to staff under Data Protection laws: Basic Salary € Number of Employees 150,000 - 199,999 27 200,000 – 399,999 9 400,000+ 2 While not requested I can confirm that the remuneration of the individuals...

Written Answers — Department of Finance: Financial Services Sector Remuneration (13 Nov 2012)

Michael Noonan: I propose to take Questions Nos. 213 to 215, inclusive, together. I am advised by Permanent TSB that the Chief Executive Officer’s (CEO’s) salary is €400,000 per annum. The employer also contributes 15% of base salary to a defined contribution pension scheme. I am informed that the CEO also received vouched expenses of €52,034 to compensate him for costs...

Written Answers — Department of Finance: Financial Services Sector Remuneration (13 Nov 2012)

Michael Noonan: I have not asked staff in Permanent TSB whose annual salaries are in excess of €200,000 to waive a portion of their salaries. However the Deputy will be aware that a review of remuneration practices at the Covered Institutions ( including Permanent TSB) is currently underway by my Department.

Written Answers — Department of Finance: Financial Services Sector Remuneration (13 Nov 2012)

Michael Noonan: I propose to take Questions Nos. 217 to 219, inclusive, together. The salary and benefits of the Chief Executive Officer (CEO) were fully disclosed on Page 62 of the 2011 Annual Report of Irish Life & Permanent Group Holdings plc which is available at www.permanenttsbgroup.ie . In summary the CEO of Irish Life & Permanent who has been CEO of Irish Life since it’s separation in...

Written Answers — Department of Finance: Banking Sector Remuneration (13 Nov 2012)

Michael Noonan: I have not asked staff whose annual salaries are in excess of €200,000, of which there are currently 11, to waive a portion of their salaries. Irish Life is in a different position to the other financial institutions under our control in that it is profitable and operates in a very different competitive marketplace to the banks in which we have an interest. As the Deputy will be...

Written Answers — Department of Finance: Mortgage Interest Relief (13 Nov 2012)

Michael Noonan: The position is, as I stated in my Budget day speech on 6 December 2011, and on many occasions in this House since, that mortgage interest relief for principal private residences will no longer be available to house purchasers who purchase after the end of 2012 and will be fully abolished from 2018. This means that a loan will have to be drawn down on or before 31 December 2012 in order to...