Results 6,461-6,480 of 27,019 for speaker:Michael Noonan

Written Answers — Personal Insolvency Bill: Personal Insolvency Bill (19 Jul 2012)

Michael Noonan: Following the publication of the Personal Insolvency Bill and the associated media briefing on 29 June, officials from the Department of Justice and Equality (which has primary functional responsibility for policy on insolvency), together with officials from my Department, provided a briefing session on the Bill to a number organisations that have a significant interest in this policy area....

Written Answers — National Asset Management Agency: National Asset Management Agency (19 Jul 2012)

Michael Noonan: My department has budgeted costs in the region of €40,000 to cover the hotel, travel and subsistence costs of the advisory group for 2012 and the cost budget for 2013 has not yet been completed. As previously advised, the members of the group operate on a pro bono basis. There is no other support provided or costs incurred by my department to, or on behalf of, the group. I have agreed...

Written Answers — National Asset Management Agency: National Asset Management Agency (19 Jul 2012)

Michael Noonan: I may remind the Deputy that the NAMA Advisory Group has been set up to advise me in the following areas: - The strategy of NAMA. - The appointment of directors to NAMA. - The remuneration of senior executives in NAMA. - Any further advice I may seek of them. The Advisory Group was established under a Direction Order issued by me under Section 14 of the NAMA Act. The group operates on an...

Written Answers — National Asset Management Agency: National Asset Management Agency (19 Jul 2012)

Michael Noonan: NAMA has been tasked with maximising its return on behalf of the Irish taxpayer. NAMA recently reaffirmed its expectation that the Agency will recoup for the taxpayer the Senior Bonds in issue as well as recovery of its carrying costs and the working and development capital advanced to debtors in the course of its business. NAMA's Annual Report for 2011, which will be published this month,...

Written Answers — Bank Debt Restructuring: Bank Debt Restructuring (19 Jul 2012)

Michael Noonan: As at 31 December 2011, and as outlined in Note 22 to the 2011 annual report and accounts of Irish Life and Permanent, there was €2.7 billion of lending from banks and institutions outstanding. This lending was by way of a collateralised repurchase agreement secured on €5 billion of notes issued by SPVs which hold residential mortgages. During 2013 there are a variety of debt securities...

Written Answers — Bank Debt Restructuring: Bank Debt Restructuring (19 Jul 2012)

Michael Noonan: As you will be aware as part of the Central Bank's Financial Measures Programme the three PLAR banks are required to deleverage €70bn of assets by 31 December 2013. Of this they are required to actively dispose of €34bn of assets. IBRC is subject to an EC Restructuring Plan which requires it to work out its balance sheet over time, including where possible via disposal of loan books. To...

Written Answers — Tax Code: Tax Code (19 Jul 2012)

Michael Noonan: Firstly, I would like to apologise to the Deputy for the delay in replying to previous correspondence requesting that consideration be given to introducing some type of tax allowance to alleviate the cost for parents who are sending children to study in Dublin. The Government acknowledges the continuing financial pressures on parents and students and is therefore continuing to make...

Written Answers — Tax Yield: Tax Yield (19 Jul 2012)

Michael Noonan: I am informed by the Revenue Commissioners that Revenue does not keep statistics on quantities of alcohol sold and there is no information available regarding on or off premises sales, as tax receipts are not distinguished between alcohol subsequently sold in licensed pubs and sold in off-licences. Based on the yields from the alcohol products tax, the available information on VAT raised on...

Written Answers — Tax Code: Tax Code (19 Jul 2012)

Michael Noonan: As the Deputy will be aware, a National Substance Misuse Strategy was established in 2009. Its report in 2012 made recommendations in relation to the development of policy to deal with a wide range of key issues relating to the supply, pricing, availability and marketing of alcohol – including the question of a minimum price for alcohol - along with measures for the policy areas of...

Written Answers — Bank Branch Closures: Bank Branch Closures (19 Jul 2012)

Michael Noonan: As I have stated previously, the Deputy will appreciate that it is an inevitable, but unfortunate, consequence of the necessary restructuring of the banking system that job losses will arise [and branches will be closed]. Essentially the banks will be smaller operations than previously. The Central Bank of Ireland cannot disclose this type of confidential information under Section 33ak...

Written Answers — Liquor Licences: Liquor Licences (19 Jul 2012)

Michael Noonan: I am informed by the Revenue Commissioners that the number of licences, for the sale of alcohol for consumption both "on" and "off" premises, for each of the calendar years 2009 through 2012 to date, are set out below. For clarity please note the following: · The numbers quoted relate to licences issued. There is no distinction made between "renewed" licences or other categories of issued...

Written Answers — Financial Services Regulation: Financial Services Regulation (19 Jul 2012)

Michael Noonan: I have been advised by the Central Bank that, arising from their latest inspection into the sale of Payment Protection Insurance, the Bank has identified a number of concerns. The inspection was carried out in order to determine compliance with the provisions of the 2006 Consumer Protection Code, now revised since 1 January 2012. As a result of the inspection, the Central Bank is requiring...

Written Answers — Tax Yield: Tax Yield (19 Jul 2012)

Michael Noonan: The latest date by which payment of the temporary levy on funded pension schemes and personal pension plans introduced in 2011 to fund the Jobs Initiative must be made is 25 September each year. I am informed by the Revenue Commissioners that the yield from the levy to date in 2012 is €6.5 million. As in 2011 I anticipate that the majority of payments will be made in the run-up to the...

Written Answers — National Asset Management Agency: National Asset Management Agency (19 Jul 2012)

Michael Noonan: I am advised that NAMA is currently pursuing a number of cases in the Courts to effect the reversal of asset transfers by NAMA debtors that appear to have been designed to put the assets beyond the reach of the Agency, including in the following cases: High Court proceedings for the reversal of an asset transfer of shares High Court proceedings for reversal of a family home transfer High...

Written Answers — National Asset Management Agency: National Asset Management Agency (19 Jul 2012)

Michael Noonan: I am advised by NAMA that to the end of May 2012 it had received 194 eligible applications from its debtors for rent abatement. 145 applications had been approved, four were refused and the remaining 45 applications were under review. This included 80 which had been received since the issue of the aforementioned guidance note, of which 32 were approved, three were refused and the remaining...

Written Answers — Mortgage Arrears: Mortgage Arrears (19 Jul 2012)

Michael Noonan: Last October the Government published the Report of the Inter-Departmental Working Group on Mortgage Arrears ("Keane Report") and the implementation of its recommendations is now a significant part of the Government's overall efforts to tackle mortgage difficulty. As announced recently, a number of significant milestones have now been achieved in the implementation of the report's...

Written Answers — Sovereign Debt: Sovereign Debt (19 Jul 2012)

Michael Noonan: I propose to take Questions Nos. 69 and 70 together. There has been speculation for some time now about the extent of the European Central Bank's (ECB) purchases of sovereign debt on the secondary markets. The Central Bank of Ireland maintains the register of holders of Irish Government bonds. As I outlined to the Deputy in response to a similar question back in February, I am informed by...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (19 Jul 2012)

Michael Noonan: I have been advised that confidential and legally privileged reports in relation to Irish Nationwide Building Society (INBS) have been provided to the Central Bank of Ireland (CBI) as the relevant regulatory authority for a building society. This information was relayed to the Gardaí. The Office of the Director of Corporate Enforcement regulates and enforces the Companies Acts and...

Written Answers — National Treasury Management Agency: National Treasury Management Agency (19 Jul 2012)

Michael Noonan: I have been informed by the National Treasury Management Agency (NTMA) that the members of the NTMA senior management team waived any consideration for performance-related pay in respect of 2011 (as they did previously in respect of 2010). The NTMA made performance-related payments to five key staff in respect of 2011. These payments in aggregate totalled €62,610. This compares with...

Written Answers — Bank Guarantee Scheme: Bank Guarantee Scheme (19 Jul 2012)

Michael Noonan: The amount of senior bonds, secured and unsecured, repaid since the original bank guarantee of September 2008 to date in 2012 and the amount that remain unpaid at the present time are shown in the table below:- Maturities since 30 Sept 2008(€bn) Outstanding Balance(€bn) Secured Senior Bonds Unsecured Senior Bonds Secured Senior Bonds Unsecured Senior Bonds AIB 4.8 24.4 5.0 7.3 BOI*...