Results 6,641-6,660 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Financial Services Regulation (18 Sep 2012)

Michael Noonan: Options, futures, swaps, forward rate agreements and any other derivative contracts relating to interest rates or yields are defined as financial instruments under the Markets in Financial Instruments Directive (MiFID). Credit institutions are subject to the MiFID Regulations when providing services in such instruments. The Central Bank of Ireland is responsible for the supervision of such...

Written Answers — Department of Finance: Banks Recapitalisation (18 Sep 2012)

Michael Noonan: I am informed that the €25 million payment of promissory notes shown in the July 2012 Exchequer statement which the Deputy refers to relates to the EBS Building Society. The State has injected a total of €875 million in capital into this institution to meet regulatory requirements. Of the total amount, €625 million was by way of two separate subscriptions for Special...

Written Answers — Department of Finance: Banks Recapitalisation (18 Sep 2012)

Michael Noonan: I am informed that the €300.273 million in receipts shown in the July 2012 Exchequer statement relate to interest payments on the Contingent Capital Notes the State invested in AIB, BOI and PTSB as part of the recapitalisations completed in last year. In July 2011 the State purchased €3 billion in Contingent Capital Notes in these banks (€1.6 billion in AIB, €1...

Written Answers — Department of Finance: Insurance Compensation Fund (18 Sep 2012)

Michael Noonan: Under Section 2(8) (b) of the 1964 Insurance Act, I am required to publish the annual accounts of the Insurance Compensation Fund. Up until this year, the Central Bank has published them on my behalf as part of its statistical review of the insurance industry. For 2011, I am proposing shortly to publish the accounts on my Department's website. I will also lay them before the Houses of the...

Written Answers — Department of Finance: Quinn Insurance Limited (18 Sep 2012)

Michael Noonan: The Joint Administrators of Quinn Insurance Ltd (QIL) have recently indicated to the High Court that they may have to seek up to €1.65bn from the Insurance Compensation Fund in order to fully discharge their administration obligations. It should be noted that they have qualified this by saying that for accounting reasons the projected call upon the fund now includes considerable...

Written Answers — Department of Finance: NAMA Staff Numbers (18 Sep 2012)

Michael Noonan: I am informed by NAMA that 28 new members of staff have joined NAMA since 1 January 2012 and that 15 members of staff have resigned.

Written Answers — Department of Finance: NAMA Staff Pensions (18 Sep 2012)

Michael Noonan: I am advised by NAMA that the total cost of pension provisions for NAMA staff in the 12 months ending December 2011 was €1.8m, as disclosed in note 36 of NAMA's 2011 audited financial statements. All NAMA staff are employed by the NTMA and the cost of pension provision represents the employer contributions made by the NTMA to the NTMA Pension Scheme on behalf of staff assigned to...

Written Answers — Department of Finance: NAMA Code of Conduct (18 Sep 2012)

Michael Noonan: I am informed by NAMA that all of its officers are provided with a copy of the Code of Practice – Conduct of Officers of NAMA when they are assigned to NAMA and they are required to sign an undertaking that they have read, understood and will comply with it. This document, which is published on www.nama.ie, sets out in detail the obligations of officers of NAMA with respect to...

Written Answers — Department of Finance: NAMA Property Sales (18 Sep 2012)

Michael Noonan: I propose to take Questions Nos. 306 and 307 together. I am informed by NAMA that it is aware of only one transaction involving the sale of property by a NAMA debtor to a former employee. After NAMA became aware of the particular transaction involved, it instructed its internal auditors, Deloitte, to carry out a comprehensive review of the transaction. The Deloitte review has established...

Written Answers — Department of Finance: NAMA Staff Transactions (18 Sep 2012)

Michael Noonan: I am informed by NAMA that it does not, in all cases, have information on the identity of employers who recruited staff following their resignation from the Agency as some former staff have taken up employment overseas. However, in cases where NAMA has such information, NAMA is satisfied that no sales transactions have taken place between the entities involved and NAMA, its debtors or...

Written Answers — Department of Finance: NAMA Code of Conduct (18 Sep 2012)

Michael Noonan: Staff assigned to NAMA by the NTMA are bound by a number of statutory obligations in respect of the confidentiality of information to which they have access by virtue of their employment by NAMA. These include obligations imposed under Section 14 (1) of the National Treasury Management Agency Act 1990 and under Section 202 of the NAMA Act 2009. NAMA staff are also subject to the provisions...

Written Answers — Department of Finance: NAMA Bonds (18 Sep 2012)

Michael Noonan: I am informed by NAMA that no fees are payable arising from the State guarantee granted in respect of Senior Notes issued by NAMA. As the Deputy is aware NAMA was established in late 2009 as part of the Irish authorities' response to the financial crisis. It formed part of a wider set of measures taken to address the liquidity and solvency issues of systemically important Irish Banks....

Written Answers — Department of Finance: NAMA Proposed Merger (18 Sep 2012)

Michael Noonan: NAMA and IBRC are actively engaged in reducing their respective portfolio of debts and debtors. They are not in direct competition with each other for customers and resources. The board of NAMA and the IBRC actively monitor all cost headings and are driving efficiencies and substantial savings through their procurement processes. Due to funding and operational considerations it is not...

Written Answers — Department of Finance: IBRC Investigations (18 Sep 2012)

Michael Noonan: As the Deputy notes IBRC is appealing the decision of the High Court in England in relation to this matter. It would be inappropriate for me to comment on the likely outcome of that appeal or the potential impact of the judgment while the appeal is on-going.

Written Answers — Department of Finance: National Pensions Reserve Fund Administration (18 Sep 2012)

Michael Noonan: I propose to take Questions Nos. 314 and 315 together. I am informed by the National Treasury Management Agency, as Manager of the National Pensions Reserve Fund (NPRF), that the NPRF Commission engaged Goodbody Corporate Finance to provide an independent fair value of the Fund's holdings of shares in Allied Irish Banks and of its preference shares in Bank of Ireland as at 31 December...

Written Answers — Department of Finance: Pension Provisions (18 Sep 2012)

Michael Noonan: I assume that the Deputy’s reference to pension schemes relates to occupational pension schemes established by employers on behalf of their employees. I am informed by the Revenue Commissioners that they maintain a database of all employers who have occupational pension schemes approved by them. The statutory requirements relating to applications for approval of such schemes are...

Written Answers — Department of Finance: Departmental Reports (18 Sep 2012)

Michael Noonan: It is anticipated that the report for 2011 on the high income individuals’ restriction will be published around the middle of next year. Information relating to individuals who were subject to the restriction in 2011 will only start to be submitted to the Revenue Commissioners in November 2012 when taxpayers file their tax returns for 2011. Following receipt of the 2011 tax returns,...

Written Answers — Department of Finance: Tax Reliefs Application (18 Sep 2012)

Michael Noonan: The position is that section 188 of the Taxes Consolidation Act 1997 provides for exemption limits for individuals aged 65 or over. For married individuals or civil partners, where either spouse or civil partner is aged 65 or over at any time during the tax year, the exemption limit is €36,000. In the case of single persons, widowed persons, and married persons or civil partners...

Written Answers — Department of Finance: Tax Credits (18 Sep 2012)

Michael Noonan: I am informed by the Revenue Commissioners that further to the Deputy’s question on 28 June 2012, they have re-examined the claim following receipt of additional information from the person in question. Revenue have determined that the applicant does not have an entitlement to the Incapacitated Child Credit as she does not meet the conditions in accordance with Section 465 of the Taxes...

Written Answers — Department of Finance: Tax Collection (18 Sep 2012)

Michael Noonan: I have been advised by the Revenue Commissioners that based on the returns submitted, the person concerned does not have any outstanding income tax or capital gains tax liabilities for 2005.