Results 5,101-5,120 of 27,019 for speaker:Michael Noonan
- Bank Guarantee Scheme (22 Mar 2012)
Michael Noonan: No. I was not expecting a statement, which is different. I cannot really go beyond that but as soon as I am not constrained I will give the Deputy the full information either in a private briefing or here in the House.
- Written Answers — Economic and Monetary Union: Economic and Monetary Union (22 Mar 2012)
Michael Noonan: All EU Member States that are currently subject to the excessive deficit procedure are required to correct their public deficits within an agreed timeframe, irrespective of whether or not they are in a programme of external financial assistance. As the deputy will be aware, Ireland must correct its excessive deficit â that is reduce to below 3 per cent of GDP â by 2015, and the...
- Written Answers — Banks Recapitalisation: Banks Recapitalisation (22 Mar 2012)
Michael Noonan: As the Deputy is aware the Government is committed to reviewing the approach to the Promissory Notes with a view to reducing the overall cost to the State. The Troika have agreed to engage in a process with Irish Officials to produce a common paper which will consider all options for restructuring the notes in terms of the source of funding, the duration of the notes, the interest rate etc....
- Written Answers — Financial Instruments: Financial Instruments (22 Mar 2012)
Michael Noonan: While the National Treasury Management Agency (NTMA) is not currently examining any specific proposal for 100-year bonds, it is keeping all of its options open with regard to its planned gradual re-entry to international capital markets. It is worth bearing in mind that, generally speaking, longer-term debt attracts higher interest rates so it is important to have in place an appropriate...
- Written Answers — Financial Instruments: Financial Instruments (22 Mar 2012)
Michael Noonan: On 23 November 2011, the European Commission published a Green Paper on Stability Bonds which set out three main options: the full substitution by Stability Bond issuance of national issuance, with joint and several guarantees; the partial substitution by Stability Bond issuance of national issuance, with joint and several guarantees; and the partial substitution by Stability Bond issuance of...
- Written Answers — Fiscal Compact Treaty: Fiscal Compact Treaty (22 Mar 2012)
Michael Noonan: In relation to the so-called "debt-brake", I assume the Deputy is referring to the automatic correction mechanism that contracting parties to the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union are required to put in national legislation. This automatic correction mechanism is to be based on a common set of principles to be proposed by the European...
- Written Answers — National Asset Management Agency: National Asset Management Agency (22 Mar 2012)
Michael Noonan: I can confirm that section 225 of the NAMA Act 2009 remains in effect. However, this provision would only come into operation in the event of underlying losses made by NAMA. The section does not operate until the conclusion of NAMA's operations and the overall position of the taxpayer will be taken into account when considering the application of any surcharge. Any decision will be made...
- Written Answers — National Asset Management Agency: National Asset Management Agency (22 Mar 2012)
Michael Noonan: I can confirm that the troika commitments regarding NAMA are included in the May 2011 Programme documents which concern NAMA's governance, operational costs and asset disposal targets. These commitments are included in the May 2011 Memorandum of Economic and Financial Policies and not in the Letter of Intent. As regards NAMA's debt, I would say that NAMA has purchased loans at a significant...
- Written Answers — National Asset Management Agency: National Asset Management Agency (22 Mar 2012)
Michael Noonan: I am advised by NAMA that loans acquired by NAMA to the value of â¬13bn have been approved by the EU Commission to date. This represents the first two tranches and roughly â¬27bn of par debt. The remaining loans which constitute the third and final tranche of loans acquired by NAMA are currently being processed and the details are being provided to the Commission on the completion of due...
- Written Answers — National Asset Management Agency: National Asset Management Agency (22 Mar 2012)
Michael Noonan: I am advised by NAMA that it proposes to sell property at arm's length to Qualifying Investor Funds which will not be under its control and that it is not normal practice for the seller in such instances to have access to the list of shareholders in the funds. Section 172(3) of the NAMA Act operates to prohibit developers, or companies they control, whose loans have been transferred to NAMA...
- Written Answers — National Asset Management Agency: National Asset Management Agency (22 Mar 2012)
Michael Noonan: I am advised by NAMA that the cumulative total proceeds from the sales of assets to Q3 2011 is â¬2.7 billion. The proceeds from the sale of assets includes the sale of property collateral related to loans acquired by NAMA and the sale of acquired loans to third parties. I am advised that where property collateral is disposed of, the proceeds are generally applied to reduce the outstanding...
- Written Answers — National Asset Management Agency: National Asset Management Agency (22 Mar 2012)
Michael Noonan: As a key stakeholder in both jurisdictions NAMA has been involved in pieces of research by the Department of Environment, Community and Local Government and the University of Ulster in mapping land supply and demand. I am advised by NAMA that it is interested in these projects in particular as the outputs of these projects can deliver inherent benefits in terms of guiding strategic decision...
- Written Answers — National Asset Management Agency: National Asset Management Agency (22 Mar 2012)
Michael Noonan: I am advised by NAMA that no application for costs of the legal case mentioned has yet been received by the Office of the Chief State Solicitor and that NAMA have not made a provision for such legal costs.
- Written Answers — National Asset Management Agency: National Asset Management Agency (22 Mar 2012)
Michael Noonan: I am advised by NAMA that by the end of February 2012, the agency had approved an amount of working and development capital of â¬1,126 million. 45% of this amount or â¬506 million related to this State. As at the end of February 2012, of those monies approved by NAMA, it had actually paid over â¬757 million of which 45% or â¬341 million related to this State.
- Written Answers — National Asset Management Agency: National Asset Management Agency (22 Mar 2012)
Michael Noonan: I am advised by NAMA that the decision as to whether to work with a debtor or to appoint a receiver is primarily determined by NAMA's assessment, in line with its commercial mandate, of how it can best optimise debt recovery for any particular debtor. If it decides that debt recovery is best achieved by working with the debtor, it is NAMA's practice to allow debtor companies to retain...
- Written Answers — Disabled Drivers: Disabled Drivers (22 Mar 2012)
Michael Noonan: I am informed by the Revenue Commissioners that a person who purchases a second-hand vehicle from an authorised dealer, that has been adapted for use by a disabled person and who qualifies to avail of the Disabled Drivers and Passengers Scheme is entitled to claim relief in respect of Value Added Tax (VAT), Vehicle Registration Tax (VRT) or residual VRT borne, subject to a maximum limit of...
- Written Answers — Tax Reliefs: Tax Reliefs (22 Mar 2012)
Michael Noonan: Section 13 of Finance Act 2011 provided for income tax relief at the standard rate for expenditure incurred by individuals on a range of works carried out to improve the energy efficiency of residential premises situated in the State. The underpinning legislation for the scheme was subject to Commencement Order. However, that legislation, on review, was found to have flaws and would have...
- Written Answers — Pension Provisions: Pension Provisions (22 Mar 2012)
Michael Noonan: Approved Minimum Retirement Funds (AMRFs) are part of the Approved Retirement Fund (ARF) regime introduced in 1999. The ARF regime gives a considerable degree of control, flexibility and personal choice to certain categories of individuals in relation to the drawing down of benefits from their pension plans. These choices include the options to purchase an annuity, to receive the balance of...
- Written Answers — State Banking Sector: State Banking Sector (22 Mar 2012)
Michael Noonan: The bank has informed me that all details relating to engagements between IBRC and third party advisers are confidential and subject to non-disclosure agreements and that, as a result, the bank cannot disclose any information in this regard.
- Written Answers — State Banking Sector: State Banking Sector (22 Mar 2012)
Michael Noonan: IBRC has confirmed that the investment arm of the company named in the question was a bidder for the purchase of the bank's US loan book in August 2011. Winning bidders were selected following a best and final process and in accordance with best practice. The company referred to in the question was unsuccessful in this process. IBRC independently sought to engage the services of the...