Results 8,021-8,040 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Banking Sector Remuneration (28 Nov 2012)

Michael Noonan: As the Deputy will be aware officials in my Department and Mercer have been working on a remuneration review of the Covered Banks and do not currently have the information you have requested. My officials and the banks have provided a very significant level of detail on remuneration and pensions in the Covered Banks and other institutions in tight timeframes. We have received over 50...

Written Answers — Department of Finance: Banking Sector Staff (28 Nov 2012)

Michael Noonan: I have been informed that in line with the Restructuring Plan which Permanent TSB (PTSB) has submitted to the European Commission PTSB has agreed to the disposal of the majority of the loan assets of Permanent TSB Finance Limited to Consumer Auto Receivables Finance Limited, a company established for the purposes of the transaction. The loan assets of Blue Cube Loans Limited, a separate...

Written Answers — Department of Finance: Tax Reliefs (28 Nov 2012)

Michael Noonan: The scale of pension saving reliefs available to higher earners, in particular, has been significantly restricted over recent years. The maximum allowable pension fund for tax purposes at retirement (the Standard Fund Threshold) was reduced from over €5.4 million to €2.3m in Budget and Finance Act 2011 while the annual earnings cap which operates in conjunction with age-related...

Written Answers — Department of Finance: Pension Funds Investments (28 Nov 2012)

Michael Noonan: I understand the Deputy is referring to tax incentives. I should explain in the first instance that pension funds approved by the Revenue Commissioners are exempt from tax on any income or gains derived from their investment activities. Officials of my Department and of the Department of Public Expenditure and Reform continue to engage with third-party investors on how investment deals...

Written Answers — Department of Finance: Mortgage Resolution Processes (28 Nov 2012)

Michael Noonan: The Central Bank has informed me that it will commence a review of the Code of Conduct on Mortgage Arrears in the first quarter of 2013. The Central Bank would normally conduct a review following a reasonable time after implementation and the Code will require updating due to the proposed introduction of both the Personal Insolvency Arrangement insolvency framework and longer term mortgage...

Written Answers — Department of Finance: VAT Rates (28 Nov 2012)

Michael Noonan: I am informed by the Revenue Commissioners that as the information furnished on VAT returns does not require the yield from particular commodities to be identified, the quantity and amount of VAT accruing each year on the sales of defibrillators cannot be identified. The VAT rating of goods and services is constrained by the requirements of EU VAT law with which Irish VAT law must comply....

Written Answers — Department of Finance: VAT Rates (28 Nov 2012)

Michael Noonan: VAT is charged on the supply of goods and services and the rate applying is subject to the requirements of EU VAT law with which Irish VAT law must comply. The repair and maintenance of movable goods, such as motor vehicles, is subject to VAT at the 13.5% rate and it is not possible to reduce the VAT rate applying to such repairs servicing below 12%. This is because such repairs, including...

Written Answers — Department of Finance: Budget Submissions (28 Nov 2012)

Michael Noonan: I understand the Deputy’s question to refer to proposals contained in SIMI’s pre-Budget submission. Such proposals, together with a wide range of proposals submitted to my Department from a large number of interested parties in issues across all tax heads, are being considered in the context of the forthcoming Budget. I am sure the Deputy will appreciate that I cannot...

Written Answers — Department of Finance: Mortgage Applications Approvals (28 Nov 2012)

Michael Noonan: I have been advised by the Central Bank that the ‘Code of Practice on the Transfer of Mortgages’ is a voluntary code. The Code was issued by the Central Bank in 1991 to financial institutions involved in the provision and transfer of mortgage credit. A copy of the Code and a list of regulated financial institutions are available at www.centralbank.ie. As the Code is voluntary...

Written Answers — Department of Finance: Banking Sector Staff (28 Nov 2012)

Michael Noonan: I am informed by IBRC that this information is not readily available at this time and the compilation of this information is likely to delay completion of the Mercer Remuneration Report which is a Government priority. I have committed to publishing the details underpinning the review in view of the public interest in the matter. The report will provide a comprehensive and professional...

Written Answers — Department of Finance: Irish Bank Resolution Corporation (28 Nov 2012)

Michael Noonan: Participating Institutions fees for services to NAMA are based on 10 basis points of loans managed or actual costs incurred, whichever is the lesser. IBRC have advised me that as disclosed in IBRC’s 2012 Interim Report (page 35), which covers the period from January to June 2012, NAMA were charged €15m in relation to the servicing of loans acquired from the Bank. The...

Written Answers — Department of Finance: Irish Bank Resolution Corporation (28 Nov 2012)

Michael Noonan: The overriding mandate of IBRC is to maximise the recovery of loans on behalf of the State and to wind down over time. I have been advised that the underlying approach of the Bank is to work constructively with each borrower on an individual basis. IBRC does not disclose the numbers of clients who are/ are not cooperating with the Bank as this information is commercially sensitive. In...

Written Answers — Department of Finance: Irish Bank Resolution Corporation (28 Nov 2012)

Michael Noonan: I have been informed that IBRC does not disclose details of its strategic or tactical plans relating to the loan recovery process due to the various associated commercial risks. The Bank considers all options for debt recovery in its efforts to maximise recoveries for the State.

Written Answers — Department of Finance: Credit Availability (28 Nov 2012)

Michael Noonan: The Government has imposed SME lending targets on Bank of Ireland and AIB for the three calendar years, 2011 to 2013. Both banks were required to sanction lending of at least €3 billion in 2011, €3.5 billion this year and €4 billion in 2013 for new or increased credit facilities to SMEs. Both banks achieved their 2011 targets. The Head of the Credit Review Office (CRO),...

Written Answers — Department of Finance: State Banking Sector (28 Nov 2012)

Michael Noonan: I set out below the responses I have received in relation to the Deputies query:- Bank Of Ireland Bank of Ireland gives significant and comprehensive disclosure on its Retail Ireland Residential Mortgage portfolio, including disposals, in pages 107-117 of its Interim Report for the Six months to 30 June 2012, and gives further significant and comprehensive disclosure on its asset quality,...

Written Answers — Department of Finance: State Banking Sector (28 Nov 2012)

Michael Noonan: I set out below the responses I have received in relation to the Deputies query:- Bank of Ireland Bank of Ireland gives significant and comprehensive disclosure on its Retail Ireland Residential Mortgage portfolio, including disposals, in pages 107-117 of its Interim Report for the Six months to 30 June 2012, and gives further significant and comprehensive disclosure on its asset quality,...

Written Answers — Department of Finance: Banks Recapitalisation (28 Nov 2012)

Michael Noonan: I have been advised that Fir Tree was invited to participate in IBRC’s liability management exercise in 2010 to take a voluntary loss. However, Fir Tree opted not to participate. If write down opportunities present themselves, they will be considered by the Bank. I have not invited Fir Tree directly or indirectly to take voluntary losses on its subordinated notes. IBRC has a...

Written Answers — Department of Finance: European Investment Bank (28 Nov 2012)

Michael Noonan: The EIB is currently providing loan funding for a number of major capital projects. These include EUR 100 million to part-fund the 2012 Exchequer Schools Programme; EUR 50m for the Third Schools Bundle PPP project for 8 schools and which was signed on 9th November and EUR 75m for the N11-N7 Motorway link. There has been continued close engagement with the EIB since President Werner...

Written Answers — Department of Finance: Promissory Notes (28 Nov 2012)

Michael Noonan: The fiscal forecasts for 2013 set out in the recently published Medium-Term Fiscal Statement (MTFS) assume a €3,060 million cash payment from the Exchequer in respect of the IBRC Promissory Note next year. Similarly, the forecasts also assume a €25 million cash payment in respect of the EBS Promissory Note next year. These payments are part of the estimate of Exchequer non-voted...

Written Answers — Department of Finance: National Asset Management Agency (28 Nov 2012)

Michael Noonan: I am advised by NAMA that a debtor may, in certain circumstances, be permitted to be remunerated at an agreed level from his income producing assets or business. NAMA advises that it is a matter for the debtor to decide how he apportions this income allocation.