Results 7,521-7,540 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Banking Sector Remuneration (13 Nov 2012)

Michael Noonan: As the Deputy will be aware none of the institutions in receipt of State Aid has used State Funds directly to offset deficits in defined benefit pension schemes. This assurance, provided by the banks, would cover the direct transfer of funds provided in State Aid towards the reduction of deficits in the banks pension schemes. The institutions do contribute, as required by law and regulation,...

Written Answers — Department of Finance: Pension Provisions (13 Nov 2012)

Michael Noonan: I am advised by the Central Bank that since becoming aware of information relating to client investments and having substantiated its concerns, it ensured that Custom House Capital Limited advised affected clients and reviewed the information that was provided. The Central Bank has further advised that in July 2011, it received information, which increased its concerns regarding the...

Written Answers — Department of Finance: Financial Services Regulation (13 Nov 2012)

Michael Noonan: The Government is committed to having in place an effective regulatory/supervisory system for those firms which provide a debt management and/or a debt advice service. I have received Government approval to bring forward an amendment, at the Committee Stage, of the Central Bank (Supervision and Enforcement) Bill 2011 to provide for a regulatory regime for debt management and debt advice companies.

Written Answers — Department of Finance: Pension Provisions (13 Nov 2012)

Michael Noonan: I have been advised by IBRC that the number of retired employees currently in receipt of a defined benefit pension from the former Anglo Irish Bank and INBS in excess of €100,000 is 8. Due to the Bank’s obligations under Data Protection Acts 1988 and 2003 the names of these individuals and the annual sums they receive cannot be disclosed. It should be noted that all bar...

Written Answers — Department of Finance: Mortgage Interest Relief (13 Nov 2012)

Michael Noonan: I am informed by the Revenue Commissioners that a basis for compiling the estimates requested by the Deputy could not be compiled without carrying out a significant development of the Revenue Commissioners’ TRS computer system at a cost which would be prohibitive in terms of the resources required. In addition, as the Deputy will be aware, following the Budget 2010 changes, only...

Written Answers — Department of Finance: Negative Equity Mortgages (13 Nov 2012)

Michael Noonan: The Central Bank has advised me that some lenders are already offering this product, or about to, but to date none are actively marketing it. Other lenders have committed to reconsidering the issuing of such products. The decision to introduce a negative equity type product is a matter for each mortgage lender. However any institution offering such a mortgage facility may do so only in...

Written Answers — Department of Finance: Mortgage Resolution Processes (13 Nov 2012)

Michael Noonan: I propose to take Questions Nos. 190 and 222 together. The Deputies will be aware that last October the Government published the Report of the Inter-Departmental Working Group on Mortgage Arrears (“Keane Report”). The ‘Keane Report’ recommended, as one of a range of measures that could be deployed to assist distressed mortgage holders, the introduction of a...

Written Answers — Department of Finance: Banking Sector Remuneration (13 Nov 2012)

Michael Noonan: I propose to take Questions Nos. 191 and 192 together. In relation to the public interest directors in EBS, Mr. Anthony Spollen and Ms. Ann Riordan were appointed in January 2009. However, these directors resigned from their positions on 30 June 2011, prior to the acquisition of EBS Building Society by AIB on 1 July 2011. EBS now operates as a subsidiary of AIB. In relation to the public...

Written Answers — Department of Finance: Banking Sector Remuneration (13 Nov 2012)

Michael Noonan: As the Deputy will be aware this Government has not appointed any public interest directors to the boards of the Covered Banks since taking office. The details of the public interest directors appointed to Bank of Ireland (BOI) are shown in the table below. Both of the Public Interest Directors in Bank of Ireland were appointed in January 2009. Information regarding the remuneration of...

Written Answers — Department of Finance: Banking Sector Remuneration (13 Nov 2012)

Michael Noonan: I have been advised by IBRC that the following public interest directors were appointed under the terms of the Government Guarantee scheme to the Board of Irish Nationwide Building Society, both of whom have resigned from the Board at this stage. Director Date of Appointments Date of Resignation Adrian Kearns 23 January 2009 30 June 2011 Rory O’Ferrall 23 January 2009 30...

Written Answers — Department of Finance: Banking Sector Remuneration (13 Nov 2012)

Michael Noonan: I have been advised by IBRC that the following public interest directors were appointed under the terms of the Government Guarantee scheme to the Board of Irish Bank Resolution Corporation Limited. Director Date of Appointment Date of Resignation Frank Daly 18 December 2008 22 December 2009 Alan Dukes* 18 December 2008 * Mr. Dukes was appointed as Non-executive Chairman on 14 June...

Written Answers — Department of Finance: Banking Sector Remuneration (13 Nov 2012)

Michael Noonan: I have been advised that Irish Bank Resolution Corporation Limited has not appointed any public interest directors under the terms of the Government Guarantee Scheme since 2011. All appointments to the board of the bank are approved by the Minister for Finance under the terms and conditions attaching to the nationalisation of the bank. The Minister for Finance has extensive powers in relation...

Written Answers — Department of Finance: Public Interest Directors (13 Nov 2012)

Michael Noonan: I propose to take Questions Nos. 197 and 198 together. As I detailed in the answer to question numbers 167, 168 and 172 which were taken together on 9 October 2012, the legal position is that any director appointed to the board of the covered institutions whether under the Credit Institutions (Financial Support) Scheme 2008 or otherwise is subject to the requirements of company law in...

Written Answers — Department of Finance: Banking Sector Remuneration (13 Nov 2012)

Michael Noonan: As the Deputy will be aware Margaret Hayes and Ray MacSharry were appointed to the board of Irish Life & Permanent Group Holdings (now Permanent TSB Group Holdings) on 22 December 2008. Each public interest director was appointed until 30 September 2010 but has remained since that date as a replacement Government guarantee scheme has remained in place since then. The Memorandum and...

Written Answers — Department of Finance: European Stability Mechanism (13 Nov 2012)

Michael Noonan: The ESM Treaty, which was signed by Euro Area Member States on 2 February 2012, entered into force on 27 September 2012. To obtain the highest possible credit rating, the capital structure of the ESM will have a total subscribed capital of €700 billion. Of this amount, €80 billion will be in the form of paid-in capital by the Euro Area Member States. The balance of...

Written Answers — Department of Finance: European Stability Mechanism (13 Nov 2012)

Michael Noonan: I propose to take Questions Nos. 201 and 234 together. The capital structure of the European Stability Mechanism (ESM) is set out in the ESM Treaty which was signed by Euro Area Member States on 2 February 2012, and entered into force on 27 September 2012. To obtain the highest possible credit rating, the capital structure of the ESM will have a total subscribed capital of €700...

Written Answers — Department of Finance: Economic Statistics (13 Nov 2012)

Michael Noonan: I propose to take Questions Nos. 202, 203 and 204 together. In April’s Stability Programme Update (SPU), 2012 nominal GDP was forecast at €158,925 million. This represented a growth rate of 1.6 per cent over the 2011 level of nominal GDP, based on the prevailing 2011 GDP estimates from the CSO. In the interim however, the CSO has revised up its estimate of 2011 nominal GDP...

Written Answers — Department of Finance: Pension Provisions (13 Nov 2012)

Michael Noonan: The Deputy will be aware that a Relationship Framework was specified and published in March 2012. This document defines the nature of the relationship and interaction between the Minister for Finance and AIB. I can confirm to the Deputy that as the asset transfer to AIB’s pension scheme was required to fund the Bank’s Early Retirement and Voluntary Severance Programme, the...

Written Answers — Department of Finance: Pension Provisions (13 Nov 2012)

Michael Noonan: AIB has confirmed to me that the transfer of €1.1bn (nominal) loan assets to the AIB Defined Benefit Pension Scheme was approved by the AIB Board and the Bank's Deleveraging Committee whose members include the Department of Finance and the Central Bank in observatory capacities. The Deleveraging Committee, of which Department of Finance acts in an observatory capacity only, approved...

Written Answers — Department of Finance: Pension Provisions (13 Nov 2012)

Michael Noonan: The Central Bank has informed me that the Capital Requirements Directive and the Central Bank set the rules around the calculation of the applicable capital base for credit institutions. These rules include reference to defined benefit pension deficits as these can affect the capital base of regulated entities. In a letter from the Financial Regulator to industry in 2005, banks were...