Results 19,741-19,760 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Mortgage Arrears (23 Oct 2012)

Michael Noonan: As the Deputy will be aware, the Irish banks were required to raise €24.0bn in capital following the 2011 Prudential Capital Assessment Review (PCAR) in order to remain above a minimum capital target of 10.5% Core Tier 1 in the base scenario and 6% Core Tier 1 in the stress Scenario. The Central Bank made its decision on required recapitalisation based on loan-loss projections along...

Written Answers — Department of Finance: Wealth Audit (23 Oct 2012)

Michael Noonan: I have been informed by the Central Bank that the Central Statistics Office, on behalf of the Central Bank, has commenced preliminary work on a Household Finance and Consumption Survey, which will survey a small sample of Irish households (likely to be in the order of 4,000 households). The survey will collect information on household composition, employment, incomes, assets, debts and other...

Written Answers — Department of Finance: Mortgage Interest Rates (23 Oct 2012)

Michael Noonan: The Central Bank has responsibility for the regulation and supervision of financial institutions in terms of consumer protection and prudential requirements and for ensuring ongoing compliance with applicable statutory obligations. However, the Central Bank hasno statutory role in the setting of interest rates by regulated entities apart from the interest rate cap imposed on the credit union...

Written Answers — Department of Finance: Tax Yield (23 Oct 2012)

Michael Noonan: The Domicile Levy is payable on or before 31 October in each year following the preceding validation date of 31 December on a self-assessment basis. The yield from the levy in 2011 was €1.667 million in respect of the amount due for valuation date 31 December 2010. Individuals who are liable to pay the Domicile Levy can use any Income Tax paid in the relevant tax year as a credit...

Written Answers — Department of Finance: Bank Charges (23 Oct 2012)

Michael Noonan: The Central Bank has responsibility for the regulation and supervision of financial institutions in terms of consumer protection and prudential requirements and for ensuring ongoing compliance with applicable statutory obligations. However, the Central Bank hasno statutory role in the setting of interest rates charged by regulated entities apart from the interest rate cap imposed on the...

Written Answers — Department of Finance: Tax Code (23 Oct 2012)

Michael Noonan: The position is as stated in the Programme for Government that as part of the Government’s fiscal strategy we will maintain the current rates of income tax together with bands and credits. In addition, we will not increase the top marginal rates of taxes on income. There are no plans at this time to depart from this policy. I should point out that the top marginal rate of taxation on...

Written Answers — Department of Finance: Consultancy Contracts (23 Oct 2012)

Michael Noonan: Goldman Sachs was not engaged by the Department of Finance as an advisor on any topic related to the former Anglo or Irish Nationwide now known as IBRC. I have also been advised that since nationalisation, neither the former Anglo Irish Bank Corporation Limited nor IBRC has engaged Goldman Sachs to provide advisory services to the Bank. Prior to its merger with Anglo Irish Bank in July 2011,...

Written Answers — Department of Finance: Official Engagements (23 Oct 2012)

Michael Noonan: I can confirm that I have had no meeting with Mr Cox in his capacity as advisor to the Company. In addition, I have enquired from my officials and I am informed that no meetings have taken place between my officials and Mr Cox in his capacity as advisor to Certus.

Written Answers — Department of Finance: Banking Operations (23 Oct 2012)

Michael Noonan: The covered institutions have supplied the following information regarding their dealings with their SME borrowers: Permanent TSB: As stated in PQ 41543/12 Permanent TSB does not have a significant amount of business loans and therefore the setting up of a support unit for small and medium enterprises borrowers in arrears is not relevant for that institution. I am informed by...

Written Answers — Department of Finance: Banking Sector Regulation (23 Oct 2012)

Michael Noonan: The Central Bank has informed me that it has no role in the approval of the fees of the administrator of any insurance undertaking where an administrator has been appointed by order of the High Court, although in the circumstances of Icarom they would have advised the administrators that they had no objection to them applying to the court for their fees. The Central Bank has also advised...

Written Answers — Department of Finance: Legal Cases (23 Oct 2012)

Michael Noonan: The Chief State Solicitor’s Office have confirmed that they are not acting for the State or any state agencies in any proceedings in respect of which Pricewaterhouse Coopers are a defendant or a respondent. It should be noted, however, that the Chief State Solicitor’s Office does not represent all state agencies and it is therefore possible that some state agencies could...

Written Answers — Department of Finance: Legal Cases (23 Oct 2012)

Michael Noonan: The Chief State Solicitor’s Office have confirmed that they are not acting for the State or any State agencies in any proceedings in respect of which Ernst and Young are a defendant or a respondent. It should be noted, however, that the Chief State Solicitor’s Office does not represent all state agencies and it is therefore possible that some state agencies could potentially...

Written Answers — Department of Finance: Legal Cases (23 Oct 2012)

Michael Noonan: The Chief State Solicitor’s Office have confirmed that they are not acting for the State or any state agencies in any proceedings in respect of which KPMG are a defendant or a respondent. It should be noted, however, that the Chief State Solicitor’s Office does not represent all state agencies and it s therefore possible that some state agencies could potentially have brought...

Written Answers — Department of Finance: Legal Cases (23 Oct 2012)

Michael Noonan: The Chief State Solicitor’s Office have confirmed that they are not acting for the State or any state agencies in any proceedings in respect of which Deloitte and Touche are a defendant or a respondent. It should be noted, however, that the Chief State Solicitor’s Office does not represent all state agencies and it is therefore possible that some state agencies could potentially...

Written Answers — Department of Finance: National Asset Management Agency (23 Oct 2012)

Michael Noonan: It would not be appropriate, as the Deputy had sought in the earlier Parliamentary Question (42681.12) referred to, for the Minister for Finance to provide an estimate of the financial outturn for the National Asset Management Agency in advance of the closure of accounts and the production of the statement of accounts by that Agency. It is instructive to note, however, that, as set out in...

Written Answers — Department of Finance: Bank Debt Restructuring (23 Oct 2012)

Michael Noonan: I propose to take Questions Nos. 162, 163 and 165 together. Permanent TSB confirms that a tendering process is underway in relation to third party servicing of its portfolio of commercial property loans and that the party referred to is among the parties that the bank has spoken to in this regard. The bank has not completed the tendering process, nor has it signed a contract with any party...

Written Answers — Department of Finance: Banking Sector Regulation (23 Oct 2012)

Michael Noonan: In my speech of 31 March 2011 to the Dáil I first outlined the concept of Pillar Banks, being Bank of Ireland and AIB. The concept was to strengthen these banks through recapitalisation and restructuring in order that they could play a material role in the provision of credit to the economy, as universal banks providing nationwide coverage and a full range of services to retail, SME and...

Written Answers — Department of Finance: Bank Debt Restructuring (23 Oct 2012)

Michael Noonan: As the Deputy is aware, Bank of Ireland is a quoted company and is listed on the Irish Stock Exchange. Under listing rules I am unable to release any confidential information to the house which could be reasonably expected to have an impact on the Bank’s share price.

Written Answers — Department of Finance: Bank Debt Restructuring (23 Oct 2012)

Michael Noonan: I propose to take Questions Nos. 167 and 169 together. As the Deputy is aware, Bank of Ireland has been granted four State–Aid approvals between 2009 and 2011. Under the terms of these Agreements, Bank of Ireland has committed not to pay dividends to Ordinary Shareholders either prior to 31 December 2015 or the date by which the NPRFC Preference shares are repaid in full or are no...

Written Answers — Department of Finance: Bank Debt Restructuring (23 Oct 2012)

Michael Noonan: As the Deputy will be aware the transfer of reserves from the share premium account to distributable reserves is a normal transfer allowable under company law. Indeed, this exercise was completed by Allied Irish Bank earlier this year. At the EGM of 15 June 2011, a resolution was passed by 99.57% of the shareholders of the Bank of Ireland authorising this transfer. The reserve generated...