Results 8,941-8,960 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Credit Availability (14 Feb 2013)

Michael Noonan: The pillar banks report to my Department and to the Credit Review Office on credit on a regional basis but this is commercially sensitive information and I am not in a position to release it. The Central Bank does not publish information on credit on a regional basis. In his tenth quarterly report published on 11 February, the Credit Reviewer said “I have observed no geographic...

Written Answers — Department of Finance: IBRC Loans (14 Feb 2013)

Michael Noonan: As the Deputy will be aware, on 7 February 2013 the Oireachtas passed legislation (Irish Bank Resolution Corporation Act 2013), appointing joint Special Liquidators to IBRC with immediate effect to wind up its business and operations. At this early stage of the special liquidation Special Liquidators are engaged in intensive processes which involve inter alia, asserting control over the...

Written Answers — Department of Finance: IBRC Liquidation (14 Feb 2013)

Michael Noonan: I have been advised that the deposits held by IBRC at the end of January were €323m. Had IBRC not been liquidated I would expect that these deposits would have been paid in line with their expected contractual maturities. Eligible deposits are covered by the Deposit Guarantee Scheme and the Eligible Liabilities Guarantee schemes. Eligible deposits in IBRC of up to €100,000 for...

Written Answers — Department of Finance: IBRC Liquidation (14 Feb 2013)

Michael Noonan: The Deputy will appreciate that it is not possible to be specific in relation to the time horizon for the disposal of IBRC assets. A process has been prescribed which will ensure the optimum value is advanced in the disposal of the assets. Following an independent valuation process, the Special Liquidators will sell the assets of IBRC (which are subject to a floating charge which secures...

Written Answers — Department of Finance: Promissory Note Negotiations (14 Feb 2013)

Michael Noonan: As the Deputy will be aware the Irish Government Bonds that have been issued in exchange for the Promissory Notes are floating rate bonds. The coupon on these bonds is 6-month Euribor plus a margin ranging from 2.50% to 2.68%. Information was released by the Department of Finance last week analysing the impact of the transaction on the general government deficit and debt over the period...

Written Answers — Department of Finance: Promissory Note Negotiations (14 Feb 2013)

Michael Noonan: The Eligible Liabilities Guarantee (“ELG”) scheme cost is expected to be incurred in 2013. It is estimated that there could be payments under the ELG of c. €0.9 to €1.1 billion. The ELG scheme provides an Irish State guarantee for specific issuances of eligible debt securities by participating institutions and for specific deposits placed with participating...

Written Answers — Department of Finance: NAMA Operations (14 Feb 2013)

Michael Noonan: There is a robust corporate governance oversight process in place in respect of the National Assets Management Agency. The Agency’s corporate governance oversight process is derived from the NAMA Act 2009, which includes provision for codes of practice and public accountability. The NAMA Board has also adopted the Code of Practice for the Governance of State Bodies. The corporate...

Written Answers — Department of Finance: IBRC Liquidation (14 Feb 2013)

Michael Noonan: It is understood that the total deposits held by IBRC was €323 million at 31 January 2013. The Special Liquidator submitted preliminary DGS information to the Central Bank on 12 February which estimates eligible deposits of €123 million. If the threshold for DGS qualification is mechanically applied (i.e. €100,000 per person), the payment in respect of DGS-covered...

Written Answers — Department of Finance: Government Bonds (14 Feb 2013)

Michael Noonan: As the Deputy will be aware the Irish Government Bonds that have been issued in exchange for the Promissory Notes are floating rate bonds. The coupon on these bonds is 6-month Euribor plus a margin ranging from 2.50% to 2.68%. On the 8th February 2013 the NTMA announced that following the agreement between the Government and the ECB, it had, at the direction of the Minister for Finance,...

Written Answers — Department of Finance: Treasury Bonds (14 Feb 2013)

Michael Noonan: I can advise the Deputy that eight new Floating Rate Treasury Bonds have been issued to discharge the IBRC Promissory Notes liability consisting of:- - a 25 year bond of €2bn maturing in 2038 with a spread of 2.50%; - a 28 year bond of €2bn maturing in 2041 with a spread of 2.53%; - a 30 year bond of €2bn maturing in 2043 with a spread of 2.57%; - a 32 year bond of...

Written Answers — Department of Finance: Central Bank of Ireland (14 Feb 2013)

Michael Noonan: The Central Bank will sell these bonds but only when such a sale is not disruptive to financial stability. The limits of the option to exchange will be the amounts of the mandatory sales and the option lies with the Central Bank as a right but not an obligation. The Central Bank have undertaken that minimum of bonds will be sold in accordance with the following schedule:- - €0.5bn by...

Written Answers — Department of Finance: IBRC Liquidation (14 Feb 2013)

Michael Noonan: The effect of the IBRC Act was to place an immediate stay on claims against IBRC, including counter claims which do not give rise to a right of set off. New proceedings against IBRC can only be commenced with the leave of the Court. On the seventh of March the High Court is to consider submissions in respect of this issue and rule on whether the Court has a discretion to lift the stays...

Written Answers — Department of Finance: IBRC Liquidation (14 Feb 2013)

Michael Noonan: As the Deputy will be aware of all debts owing to IBRC, including loans outstanding to former Directors, still remain due and payable in accordance with their terms. This includes loans that were advanced to former directors of Anglo Irish Bank and Irish Nationwide. All loan payments should continue to be made and all debts to IBRC remain due and payable in accordance with their terms. One...

Written Answers — Department of Finance: IBRC Liquidation (14 Feb 2013)

Michael Noonan: As the Deputy will be aware, on 7th February 2013 the Oireachtas passed legislation (Irish Bank Resolution Corporation Act 2013), appointing joint Special Liquidators to IBRC (with immediate effect to wind up its business and operations). At this early stage of the special liquidation Special Liquidators are engaged in intensive processes which involve inter alia, asserting control over the...

Written Answers — Department of Finance: IBRC Liquidation (14 Feb 2013)

Michael Noonan: All restructuring arrangements entered into by Irish Bank Resolution Corporation Limited prior to its liquidation remain in place. The contractual terms and conditions of mortgage customers will not change as a result of the appointment of the Special Liquidators and all debts owing to IBRC (In Special Liquidation) remain due and enforceable.

Written Answers — Department of Finance: IBRC Liquidation (14 Feb 2013)

Michael Noonan: Unfortunately my Department has been unable to obtain the information requested by the Deputy in the time available. I will write to the Deputy directly with the information as soon as it becomes available.

Written Answers — Department of Finance: IBRC Staff (14 Feb 2013)

Michael Noonan: Following the liquidation, all employment contracts in the Republic of Ireland have been terminated, including that of the former CEO, Mr Mike Aynsley. Mr Aynsley is entitled to apply for a statutory redundancy payment, a payment in respect of accrued but unused annual leave and a statutory notice payment, subject to the limits prescribed by statute.

Written Answers — Department of Finance: IBRC Staff (14 Feb 2013)

Michael Noonan: Following the liquidation, all employment contracts in the Republic of Ireland have been terminated, including those of the former Senior Executives. The Senior Executives are entitled to apply for a statutory redundancy payment, a payment in respect of accrued but unused annual leave and a statutory notice payment, subject to the limits prescribed by statute.

Written Answers — Department of Finance: Corporation Tax (14 Feb 2013)

Michael Noonan: All companies in Ireland pay the standard 12.5% rate on their profits which are generated in Ireland. A higher 25% rate applies in respect of investment, rental and other non-trading profits and profits from certain petroleum, mining or land dealing activities. In a number of answers to previous Parliamentary Questions on this issue I have repeatedly stated that there is no agreed...

Written Answers — Department of Finance: IBRC Liquidation (14 Feb 2013)

Michael Noonan: I can advise the Deputy that a Freephone number, 1800 303 632 has been in place in recent days to advise customers on the immediate impact of the liquidation on their loans and deposits. Subsequent to this, IBRC have reopened their communications lines for customers and the Special Liquidators took over the aforementioned Freephone number from my Department on Tuesday of this week.