Results 23,621-23,640 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: IBRC Legal Cases (21 Jul 2016)

Michael Noonan: I am advised by the Special Liquidators of IBRC that they do not believe that it would be appropriate to provide the requested details regarding all Counsel engagements by IBRC since their appointment in February 2013 given the legally privileged, commercially sensitive and highly confidential nature of those engagements. While the multitude of unprecedented, exceptional and novel issues and...

Written Answers — Department of Finance: IBRC Loans (21 Jul 2016)

Michael Noonan: The Special Liquidators are in the process of compiling a response to this question which I will forward to the Deputy at the earliest opportunity. Given that IBRC is going through a liquidation process, the ability to collate and report information of this detail in such a short period of time is not as feasible as it would be for a bank that is not in wind-down. The Special Liquidators...

Written Answers — Department of Finance: IBRC Loans (21 Jul 2016)

Michael Noonan: The Special Liquidators are in the process of compiling a response to this question which I will forward to the Deputy at the earliest opportunity. Given that IBRC is going through a liquidation process, the ability to collate and report information of this detail in such a short period of time is not as feasible as it would be for a bank that is not in wind-down. The Special Liquidators...

Written Answers — Department of Finance: IBRC Loans (21 Jul 2016)

Michael Noonan: As the Deputy is aware, the ongoing Commission of Investigation in relation to IBRC is investigating all transactions, activities and management decisions, other than those relating solely to the acquisition of assets by the National Asset Management Agency, which occurred between 21 January 2009 (being the date of the nationalisation of IBRC) and 7 February 2013 (being the date of...

Written Answers — Department of Finance: Rent Receivers (21 Jul 2016)

Michael Noonan: I have received the following information in relation to rent receivers: AIB AIB has appointed rent receivers for over 112 assets to date in 2016 of which c. 65 are buy to let. In total, AIB has c.1,550 assets under active rent receiver management of which c.900 are buy to let properties. AIB cannot anticipate the number of receivers that will be appointed for the remainder of 2016 as it is...

Written Answers — Department of Finance: Corporation Tax (21 Jul 2016)

Michael Noonan: I am informed by Revenue that the gross Corporation Tax paid from 2011 to 2015 by the top ten companies, based on the amount of tax paid (all of which are multinational companies), and the proportion this represents of overall gross Corporation Tax paid in each year, are as set out in the following table. Year Gross Amount Paid in Corporation Tax by Top Ten Payers (€m) % of Gross...

Written Answers — Department of Finance: NAMA Loan Book Value (21 Jul 2016)

Michael Noonan: I propose to take Questions Nos. 115 and 123 together. Details on NAMA's remaining portfolio are available in the Agency's Annual Report and Financial Statements for 2015.  This is published on the NAMA website, www.nama.ie. Regarding the current book value, estimated market value, and geographic breakdown of the remaining portfolio,  I would refer the Deputy, in particular, to page...

Written Answers — Department of Finance: Credit Union Fund (21 Jul 2016)

Michael Noonan: The Credit Institutions Resolution Fund (the Fund) was established under Section 10(1) of the Central Bank and Credit Institutions (Resolution) Act 2011 (2011 Act). In December 2011 the Minister contributed €250m to the Fund.  The 2011 Act sets out the purpose of the Fund as follows: The purpose of the Fund is to provide a source of funding for the resolution of financial...

Written Answers — Department of Finance: Credit Unions (21 Jul 2016)

Michael Noonan: My role as Minister for Finance is to ensure that the legal framework for credit unions is appropriate for the effective operation and supervision of credit unions. The Registrar of Credit Unions at the Central Bank is the independent regulator for credit unions. Within her independent regulatory discretion, the Registrar acts to support the prudential soundness of individual credit...

Written Answers — Department of Finance: Credit Union Data (21 Jul 2016)

Michael Noonan: I have been informed by the Central Bank that 26% of credit unions are operating under lending restrictions. Almost all credit unions with a lending restriction in place have a maximum individual loan size restriction. In the majority of cases, the maximum individual loan size is in excess of €10,000 as detailed in the table below. Lending Restriction on Individual Loans Number of...

Written Answers — Department of Finance: Credit Union Data (21 Jul 2016)

Michael Noonan: The Credit Union Act, 1997 (the 1997 Act) and the Credit Union Act 1997 (Regulatory Requirements) Regulations 2016 (which set out services exempt from additional services regulations) set out the services that a credit union may provide to its members. These include loans; savings; account access by phone; account access by internet; third party payments (including EFT); ATM services; bureau...

Written Answers — Department of Finance: Credit Union Services (21 Jul 2016)

Michael Noonan: My role as Minister for Finance is to ensure that the legal framework for credit unions is appropriate for the effective operation and supervision of credit unions. The Registrar of Credit Unions at the Central Bank is the independent regulator for credit unions.  Within her independent regulatory discretion, the Registrar acts to support the prudential soundness of individual...

Written Answers — Department of Finance: Economic Growth (21 Jul 2016)

Michael Noonan: I propose to take Questions Nos. 121 and 168 together. The latest estimates of fiscal space available for Budget 2017 were set out in the Summer Economic Statement (SES). The significant revision to 2015 GDP by the Central Statistics Office is not expected to materially change the fiscal space of just under €1 billion for 2017 set out in the Summer Economic Statement...

Written Answers — Department of Finance: IBRC Liquidation (21 Jul 2016)

Michael Noonan: The status of the Special Liquidation as at 31 December 2015 is set out in a third progress update report published by the Special Liquidators on 27 May 2016 and which is available on the Department of Finance website through the following link: I am advised by the Special Liquidators that there are €3.55 billion of loans remaining to be sold. The main reason these loans have not...

Written Answers — Department of Finance: UK Referendum on EU Membership (21 Jul 2016)

Michael Noonan: The Government's IFS 2020 strategy is a framework in which both public and private stakeholders will work to ensure the further growth and development of the international financial services (IFS) sector in Ireland. The IFS sector now employs about 38,000 people across over 400 companies with a 10,000 of those employed outside Dublin. In terms of the vision underpinning the Strategy, we...

Written Answers — Department of Finance: UK Referendum on EU Membership (21 Jul 2016)

Michael Noonan: I can assure the Deputy that the Central Bank has confirmed to me that it is committed to providing a clear, open and transparent authorisation process and it is open to applications. At present, the Central Bank Commission is satisfied that it has the resources required to regulate the financial sector. I am confident based on the Central Bank's ability to significantly expand its regulatory...

Written Answers — Department of Finance: Foreign Direct Investment (21 Jul 2016)

Michael Noonan: The Government will continue, through the IDA, to promote the attractiveness of Ireland as a location of choice for investment and talent.  This is based on our unique competitive strengths and our position as an English-speaking country in Europe. Naturally, there may be new opportunities arising for Ireland in certain sectors, many of which already form part of the IDA's marketing...

Written Answers — Department of Finance: Departmental Correspondence (21 Jul 2016)

Michael Noonan: I propose to take Questions Nos. 127 and 129 to 131, inclusive, together. I or my Department did not give assurances in any form to the bidders and purchasers of any distressed debt loan books sold by NAMA, IBRC, or any other entity in relation to the offshoring of profits by such companies or the establishment of section 110 companies to purchase and or manage the loans. Furthermore...

Written Answers — Department of Finance: Departmental Correspondence (21 Jul 2016)

Michael Noonan: I am advised that NAMA, as the seller of loans does not provide assurances to bidders and/or purchasers of loans from it concerning the establishment of section 110 companies to purchase or manage sold loans. The company structures set up by purchasers for purchasing or managing loans are a matter for the bidder and/or purchaser acting on their own tax and legal advice.

Written Answers — Department of Finance: Tax Code (21 Jul 2016)

Michael Noonan: I propose to take Questions Nos. 132, 133, and 137 to 140, inclusive, together. I am informed by Revenue that a company that is, or intends to be, a qualifying company within the meaning of section 110 Taxes Consolidation Act 1997 must notify Revenue in writing.  In notifying Revenue of such intent, the company confirms that it complies with the conditions attaching to a qualifying...