Results 6,021-6,040 of 27,019 for speaker:Michael Noonan
- Written Answers — National Asset Management Agency: National Asset Management Agency (12 Jun 2012)
Michael Noonan: "True and fair" is terminology associated with Irish GAAP. The IFRS requirement under International Accounting Standard 1 (paragraph 19) is that the financial statements "present fairly" an entity's financial position, financial performance and cash flows. I am advised that the financial statements of NAMA are prepared in full compliance with IFRS, the internationally recognised accounting...
- Written Answers — Criminal Prosecutions: Criminal Prosecutions (12 Jun 2012)
Michael Noonan: I am advised by NAMA that there have been no prosecutions to date for submission by debtors of inaccurate Statements of Affairs. As the Deputy will be aware, prosecutions in such cases are a matter, not for NAMA, but for the relevant law enforcement authorities. NAMA advises that one case is being reviewed to assess whether there may be a basis for onward referral to the appropriate authorities.
- Written Answers — Banks Recapitalisation: Banks Recapitalisation (12 Jun 2012)
Michael Noonan: As the deputy is aware the securities repurchase transaction between Bank of Ireland (BoI) and Irish Bank Resolution Corporation (IBRC) is a commercial transaction and is subject to the approval of BoI's shareholders. BoI has issued a circular to their shareholders (the "Circular") and scheduled an extraordinary general court to be held on 18th June 2012. As I advised the Deputy in a...
- Written Answers — National Asset Management Agency: National Asset Management Agency (12 Jun 2012)
Michael Noonan: The NAMA Report for the fourth quarter of 2011 confirms that of the loans transferred to end December 2011, 20% of the nominal debt was classified as performing and 80% was reported as non-performing. This is a disimprovement on the third quarter when 21% of the nominal debt was classified as performing and 79% was reported as non-performing. NAMA advises that performance can only be...
- Written Answers — National Asset Management Agency: National Asset Management Agency (12 Jun 2012)
Michael Noonan: I have been informed by NAMA that the 'hedge ineffectiveness' adjustment of â¬15.9 million relates to interest rate swap contracts which were entered by the National Asset Management Limited Group ('the Group') to hedge its exposure to cash flow variability arising from interest rate risk in its portfolio of debt securities. These interest rate swap contracts were formally designated into...
- Written Answers — National Asset Management Agency: National Asset Management Agency (12 Jun 2012)
Michael Noonan: I am advised by NAMA that the net impairment charge is based on a detailed assessment of expected future cash flows for NAMA managed debtors, as described on page 29 of the Q4 2011 accounts. As required by International Financial Reporting Standards (IAS 39), this assessment was based on all future cash flows (including rental receipts and expenses) expected to arise from the individual...
- Written Answers — National Asset Management Agency: National Asset Management Agency (12 Jun 2012)
Michael Noonan: In respect of the â¬5 billion payment made in the final quarter of 2010 for the acquisition of loans on an interim basis pending completion of valuation and due diligence, I am advised by NAMA that the adjustment will be an overall clawback of â¬142 million from the institutions with due diligence and loan valuations now finalised.
- Written Answers — National Asset Management Agency: National Asset Management Agency (12 Jun 2012)
Michael Noonan: I am advised by NAMA that its Board has recently completed a review of its strategy and has re-affirmed its expectation that NAMA will at least break even over its projected ten-year lifetime, meaning that it is on course to recoup for the taxpayer, at a minimum, the Senior Bonds issued as consideration for acquired loans in addition to recovery of its carrying costs and the working and...
- Written Answers — National Asset Management Agency: National Asset Management Agency (12 Jun 2012)
Michael Noonan: I am advised by NAMA that the units to which the Deputy refers are under the control of NAMA debtors and receivers. As I stated in my response of 22 May {PQ 24849/12}, NAMA is currently engaged in an extensive analyses of the residential portfolio under the control of its debtors and receivers. Whilst this analysis is expected to continue for some time, initial findings indicate that the...
- Written Answers — National Asset Management Agency: National Asset Management Agency (12 Jun 2012)
Michael Noonan: I am advised by NAMA that the debtor business plans of close to 600 debtors managed by the participating institutions have now been assessed. Under a direction issued by NAMA to the institutions under Section 131 of the NAMA Act, staff of the NAMA Unit within the institutions may not be involved in the relationship management and administration of any loans or debtors with which they were...
- Written Answers — National Asset Management Agency: National Asset Management Agency (12 Jun 2012)
Michael Noonan: I am advised by NAMA that, as required under Section 35 (5) of the NAMA Act, the Code of Practice relating to the disposal of bank assets by NAMA has been published on its website. NAMA has also published a separate guidance note on its website â Disposal of Real Estate Asset Guidance Note. This is not a Code of Practice as prescribed by section 35 of the NAMA Act 2009, rather it is a...
- Written Answers — National Asset Management Agency: National Asset Management Agency (12 Jun 2012)
Michael Noonan: I am advised that the NAMA Board has recently completed a review of its strategy in light of developments in the Irish economy and in the property market since it published its business plan in July 2010. I am advised that the key factors which the NAMA Board considered critical in terms of the Agency's ultimate profitability included the performance of various economies in which its debtors'...
- Written Answers — National Asset Management Agency: National Asset Management Agency (12 Jun 2012)
Michael Noonan: Bank assets were acquired by NAMA using a valuation methodology approved by the European Commission and in line with Part 5 of the NAMA Act and valuation regulations made by the Minister for Finance in March 2010. NAMA advise me that final valuation of all Tranches was completed at the end of March 2012 and as final acquisition schedules were completed, they were copied to the European...
- Written Answers — National Asset Management Agency: National Asset Management Agency (12 Jun 2012)
Michael Noonan: I am advised by NAMA that the valuation of loans acquired from Participating Institutions was based on an extensive due diligence process carried out by NAMA on the security held for the loans and the assets securing them. Legal due diligence reports submitted by the participating institutions were reviewed by NAMA's external legal panel with a view to highlighting any issues which would give...
- Written Answers — National Asset Management Agency: National Asset Management Agency (12 Jun 2012)
Michael Noonan: I am advised by NAMA that it has incurred gross due diligence costs of â¬74 million in acquiring the portfolio of loans from the participating institutions. These costs include legal due diligence costs, loan valuation costs, property due diligence and audit costs. The loan valuation methodology approved by the EU Commission and used to value acquired loans makes an allowance for due...
- Written Answers — National Asset Management Agency: National Asset Management Agency (12 Jun 2012)
Michael Noonan: The Deputy may be aware that the Central Bank issued a letter to certain financial institutions in April 2009 which stated that funding advanced to debtors after 7 April 2009 by the institutions would not be subject to discount by NAMA if the institutions could satisfy NAMA that the funding was justifiable on commercial grounds. In terms of determining the commerciality or otherwise of...
- Written Answers — National Asset Management Agency: National Asset Management Agency (12 Jun 2012)
Michael Noonan: I am advised by NAMA that two-thirds of all debtor cases are going forward on a consensual basis, with terms signed in 187 cases. Connection management agreements, to which the Deputy refers, are used only in very specific circumstances where significant restructuring is involved: NAMA advises that, to date, it has signed connection management agreements with two debtors, agreed terms with a...
- Written Answers — Sovereign Debt: Sovereign Debt (12 Jun 2012)
Michael Noonan: Having consulted with the National Treasury Management Agency (NTMA), I am of the view that it would be unwise to outline the interest rate assumptions underpinning new debt issuance over the period 2013 â 2015 as this would compromise the State's ability to access funds at the most competitive rate possible. As the Deputy is aware, the majority of the State's financing needs to the end of...
- Written Answers — Office of the Comptroller and Auditor General: Office of the Comptroller and Auditor General (12 Jun 2012)
Michael Noonan: I understand that in auditing the financial statements of NAMA, the C&AG reviews the controls, processes and procedures in place in NAMA, including those designed to ensure that transactions achieve the best possible value for the taxpayer and are properly approved in accordance with NAMA's governance framework. In a special report completed in February of this year, the C&AG reported on the...
- Written Answers — Credit Availability: Credit Availability (12 Jun 2012)
Michael Noonan: As the Deputy is aware, the banking system restructuring plan creates capacity for the two Pillar Banks, Bank of Ireland and AIB, to provide lending in excess of â¬30 billion in the period 2011-2014. SME and new mortgage lending for these banks is expected to be in the range of â¬16-20bn over this period. This lending capacity is incorporated into the banks' deleveraging plans which allow...