Results 7,261-7,280 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Consultancy Contracts (23 Oct 2012)

Michael Noonan: Goldman Sachs was not engaged by the Department of Finance as an advisor on any topic related to the former Anglo or Irish Nationwide now known as IBRC. I have also been advised that since nationalisation, neither the former Anglo Irish Bank Corporation Limited nor IBRC has engaged Goldman Sachs to provide advisory services to the Bank. Prior to its merger with Anglo Irish Bank in July 2011,...

Written Answers — Department of Finance: Official Engagements (23 Oct 2012)

Michael Noonan: I can confirm that I have had no meeting with Mr Cox in his capacity as advisor to the Company. In addition, I have enquired from my officials and I am informed that no meetings have taken place between my officials and Mr Cox in his capacity as advisor to Certus.

Written Answers — Department of Finance: Banking Operations (23 Oct 2012)

Michael Noonan: The covered institutions have supplied the following information regarding their dealings with their SME borrowers: Permanent TSB: As stated in PQ 41543/12 Permanent TSB does not have a significant amount of business loans and therefore the setting up of a support unit for small and medium enterprises borrowers in arrears is not relevant for that institution. I am informed by...

Written Answers — Department of Finance: Banking Sector Regulation (23 Oct 2012)

Michael Noonan: The Central Bank has informed me that it has no role in the approval of the fees of the administrator of any insurance undertaking where an administrator has been appointed by order of the High Court, although in the circumstances of Icarom they would have advised the administrators that they had no objection to them applying to the court for their fees. The Central Bank has also advised...

Written Answers — Department of Finance: Legal Cases (23 Oct 2012)

Michael Noonan: The Chief State Solicitor’s Office have confirmed that they are not acting for the State or any state agencies in any proceedings in respect of which Pricewaterhouse Coopers are a defendant or a respondent. It should be noted, however, that the Chief State Solicitor’s Office does not represent all state agencies and it is therefore possible that some state agencies could...

Written Answers — Department of Finance: Legal Cases (23 Oct 2012)

Michael Noonan: The Chief State Solicitor’s Office have confirmed that they are not acting for the State or any State agencies in any proceedings in respect of which Ernst and Young are a defendant or a respondent. It should be noted, however, that the Chief State Solicitor’s Office does not represent all state agencies and it is therefore possible that some state agencies could potentially...

Written Answers — Department of Finance: Legal Cases (23 Oct 2012)

Michael Noonan: The Chief State Solicitor’s Office have confirmed that they are not acting for the State or any state agencies in any proceedings in respect of which KPMG are a defendant or a respondent. It should be noted, however, that the Chief State Solicitor’s Office does not represent all state agencies and it s therefore possible that some state agencies could potentially have brought...

Written Answers — Department of Finance: Legal Cases (23 Oct 2012)

Michael Noonan: The Chief State Solicitor’s Office have confirmed that they are not acting for the State or any state agencies in any proceedings in respect of which Deloitte and Touche are a defendant or a respondent. It should be noted, however, that the Chief State Solicitor’s Office does not represent all state agencies and it is therefore possible that some state agencies could potentially...

Written Answers — Department of Finance: National Asset Management Agency (23 Oct 2012)

Michael Noonan: It would not be appropriate, as the Deputy had sought in the earlier Parliamentary Question (42681.12) referred to, for the Minister for Finance to provide an estimate of the financial outturn for the National Asset Management Agency in advance of the closure of accounts and the production of the statement of accounts by that Agency. It is instructive to note, however, that, as set out in...

Written Answers — Department of Finance: Bank Debt Restructuring (23 Oct 2012)

Michael Noonan: I propose to take Questions Nos. 162, 163 and 165 together. Permanent TSB confirms that a tendering process is underway in relation to third party servicing of its portfolio of commercial property loans and that the party referred to is among the parties that the bank has spoken to in this regard. The bank has not completed the tendering process, nor has it signed a contract with any party...

Written Answers — Department of Finance: Banking Sector Regulation (23 Oct 2012)

Michael Noonan: In my speech of 31 March 2011 to the Dáil I first outlined the concept of Pillar Banks, being Bank of Ireland and AIB. The concept was to strengthen these banks through recapitalisation and restructuring in order that they could play a material role in the provision of credit to the economy, as universal banks providing nationwide coverage and a full range of services to retail, SME and...

Written Answers — Department of Finance: Bank Debt Restructuring (23 Oct 2012)

Michael Noonan: As the Deputy is aware, Bank of Ireland is a quoted company and is listed on the Irish Stock Exchange. Under listing rules I am unable to release any confidential information to the house which could be reasonably expected to have an impact on the Bank’s share price.

Written Answers — Department of Finance: Bank Debt Restructuring (23 Oct 2012)

Michael Noonan: I propose to take Questions Nos. 167 and 169 together. As the Deputy is aware, Bank of Ireland has been granted four State–Aid approvals between 2009 and 2011. Under the terms of these Agreements, Bank of Ireland has committed not to pay dividends to Ordinary Shareholders either prior to 31 December 2015 or the date by which the NPRFC Preference shares are repaid in full or are no...

Written Answers — Department of Finance: Bank Debt Restructuring (23 Oct 2012)

Michael Noonan: As the Deputy will be aware the transfer of reserves from the share premium account to distributable reserves is a normal transfer allowable under company law. Indeed, this exercise was completed by Allied Irish Bank earlier this year. At the EGM of 15 June 2011, a resolution was passed by 99.57% of the shareholders of the Bank of Ireland authorising this transfer. The reserve generated...

Written Answers — Department of Finance: Universal Social Charge (23 Oct 2012)

Michael Noonan: The current minimum wage is €8.65 per hour. On an annualised basis, this is equivalent to €17,542 assuming a 39 hour working week. I am advised by the Revenue Commissioners that the estimated full year cost to the Exchequer, estimated by reference to 2013 incomes, of increasing the existing exemption threshold of €10,036 per annum for the Universal Social Charge (USC) to...

Written Answers — Department of Finance: Tax Yield (23 Oct 2012)

Michael Noonan: I am informed by the Revenue Commissioners that the relevant information available on the amount of gross income earned from gambling and betting activities is based on personal income tax returns filed by non-PAYE taxpayers and information on profits derived from corporation tax returns for the year 2010, the latest tax year for which the necessary detailed information is available. The...

Written Answers — Department of Finance: Sovereign Debt (23 Oct 2012)

Michael Noonan: I propose to take Questions Nos. 172 and 173 together. As the Deputy is aware the National Treasury Management Agency (NTMA) are implementing a strategy to re-enter the capital markets which involves the issuance of short-term bills. NTMA completed an auction of Irish Treasury Bills on 18 October 2012 selling the target amount of €500 million. Total bids received amounted to...

Written Answers — Department of Finance: EU-IMF Agreement (23 Oct 2012)

Michael Noonan: To date the International Monetary Fund has disbursed XDR* 15.79 billion, which is equivalent to €18.12 billion received by the Exchequer. The overall commitment is for €22.5 billion and this will continue to be disbursed on a quarterly basis until the programme ends at the end of 2013. Current market rates (which do not represent a forecast but rather market expectations) and...

Written Answers — Department of Finance: State Debt (23 Oct 2012)

Michael Noonan: The National Treasury Management Agency (NTMA) and my Department keep all aspects of the international markets under review. I am advised by the NTMA that, at current market rates, there would be no savings to the State by the substitution of open market funding raised by them (the NTMA) versus debt raised through the International Monetary Fund, done on a like-for-like basis.

Written Answers — Department of Finance: Banking Sector Regulation (23 Oct 2012)

Michael Noonan: As the Deputy will be aware, the Irish banks were required to raise €24.0bn in capital following the 2011 Prudential Capital Assessment Review (PCAR) in order to remain above a minimum capital target of 10.5% Core Tier 1 in the base scenario and 6% Core Tier 1 in the stress scenario. There are a number of tests for solvency set out in company law. These solvency tests must be...