Results 9,061-9,080 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: IBRC Liquidation (21 Feb 2013)

Michael Noonan: Interested parties will be given the opportunity to bid for specific portfolios as part of an open and transparent process. I have been advised that the Special Liquidators are still in the process of devising and implementing a sales process in respect of IBRC’s assets and are therefore not in a position to comment on same at this time. Following an independent valuation process, the...

Written Answers — Department of Finance: Central Bank of Ireland (21 Feb 2013)

Michael Noonan: I can advise the Deputy that the Central Bank of Ireland is a fully capitalised and independent entity and manages the risks of its investment portfolio in a prudent manner.

Written Answers — Department of Finance: National Debt (21 Feb 2013)

Michael Noonan: Ministers have discussed the extension of Ireland’s and Portugal’s loans at Ecofin and Eurogroup meetings. We agreed to refer the issue to senior officials for further consideration, and that work is continuing. Once these considerations have been completed, the issue will then return to Ecofin and Eurogroup. I meet my Portuguese counterpart on a regular basis during the...

Written Answers — Department of Finance: State Banking Sector (21 Feb 2013)

Michael Noonan: A way forward for Permanent TSB was agreed with the Troika in April 2012 which envisaged it playing an important role in the future of Irish retail banking, being a more focused retail bank bringing an element of competition to the marketplace which has consolidated significantly since 2008. In this regard Permanent TSB submitted a Restructuring Plan to the European Commission in June 2012....

Written Answers — Department of Finance: Pension Provisions (21 Feb 2013)

Michael Noonan: As the Deputy will be aware all the staff pension schemes within the Covered Institutions are separate entities set up under Trust and managed by Trustees and the individual circumstances and issues arising can vary widely between the institutions. The level of benefit payable under each scheme reflects the historical nature of the scheme and its funded position and is a matter for the...

Written Answers — Department of Finance: Pension Provisions (21 Feb 2013)

Michael Noonan: The relationship between the Department and the covered banks is governed by the Relationship Framework Agreements which are published on the Department of Finance website at . These provide that the State will not intervene in the day-to-day operations of the banks or their management decisions. These decisions are taken by the board and management of the individual institutions. I must...

Written Answers — Department of Finance: IBRC Liquidation (21 Feb 2013)

Michael Noonan: I have been advised that following the appointment of the Special Liquidators certain IBRC bank accounts were closed and some borrowers direct debit payments were not processed as normal. I am advised by the Special Liquidator that they are doing everything they can to address this issue without delay but it is likely to be early next week before it is fully resolved. Borrowers have been...

Written Answers — Department of Finance: IBRC Liquidation (21 Feb 2013)

Michael Noonan: I am advised that the Special Liquidators are still in the process of devising and implementing a sales process in respect of IBRC’s assets. As this sales process has not yet commenced, the Special Liquidators are not in a position to comment or speculate on the impact this may or may not have on the borrowers concerned or the rates charged by the eventual purchasers of those assets.

Written Answers — Department of Finance: Promissory Note Negotiations (21 Feb 2013)

Michael Noonan: As the Deputy is aware the transaction was unanimously noted by the ECB Governing Council, as indicated by President Draghi on the 7th February. Furthermore on the 18th February President Draghi stated that the promissory note deal was a positive step for Ireland. I welcome the outcome of the ECB Governing Council meeting earlier this month and I am not concerned that the transactions...

Written Answers — Department of Finance: IBRC Staff (21 Feb 2013)

Michael Noonan: Following the liquidation of IBRC, employees will be 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. As the Deputy can appreciate it will take some time to process the forms associated with the above payments and therefore it will be some time before the...

Written Answers — Department of Finance: IBRC Liquidation (21 Feb 2013)

Michael Noonan: Prior to liquidation, IBRC maintained a buffer above minimum capital requirements which allowed it to operate in a manner that met the objective of working out its loan book. Conditions in relation to distributable reserves, as set out in the Companies (Amendment) Act 1983, restricted the ability of IBRC to make dividend payments. Importantly, the decision to liquidate IBRC was based on a...

Written Answers — Department of Finance: IBRC Liquidation (21 Feb 2013)

Michael Noonan: As part of the role of the liquidators, the assets of IBRC will be valued independently before being sold. Any assets not sold to third parties (including loan counterparties and other financial institutions) at or above the valuation price will be sold to NAMA at the independent valuation. Where the assets are acquired by NAMA then normal NAMA policies and procedures would apply including...

Written Answers — Department of Finance: Departmental Staff (21 Feb 2013)

Michael Noonan: The Civil Service Code of Standards and Behaviour contains provisions regarding acceptance of outside appointments and of consultancy engagement following resignation or retirement. The code does not apply to directors or employees in State bodies in the wider public service. I am informed by the National Treasury Management Agency (NTMA) that NTMA employees have notice periods of one or...

Written Answers — Department of Finance: Property Taxation Exemptions (26 Feb 2013)

Michael Noonan: The Finance (Local Property Tax) Act 2012 sets out in detail how the tax is to be administered and provides how a residential property is to be valued for Local Property Tax (LPT) purposes. While there is no provision for reducing the LPT charge in the circumstances outlined by the Deputy, I am advised by the Revenue Commissioners that LPT is a self-assessment tax so in the first instance it...

Written Answers — Department of Finance: Dormant Accounts Fund Management (26 Feb 2013)

Michael Noonan: As at 31 December 2012 the value of funds paid into the Dormant Accounts Fund, and not reclaimed, since its establishment in April 2003 was €386 million. This represents the amount which could be reclaimed from the Dormant Accounts Fund by account holders should they come forward. Up to 31 December 2012, the Dormant Accounts Fund had made total disbursements of €251 million...

Written Answers — Department of Finance: Disabled Drivers (26 Feb 2013)

Michael Noonan: The initial application for a Primary Medical Certificate under the Disabled Drivers and Disabled Passengers (Tax Concessions) Regulations 1994, is made to the Senior Medical Officer of the relevant local Health Service Executive administrative area. If the Primary Medical Certificate is refused, the person may appeal the refusal to the Disabled Drivers Medical Board of Appeal, National...

Written Answers — Department of Finance: Property Taxation Application (26 Feb 2013)

Michael Noonan: I propose to take Questions Nos. 168 and 170 together. The Finance (Local Property Tax) Act 2012 sets out how the tax is to be administered, how a residential property is to be valued for Local Property Tax (LPT) purposes and provides for a number of specific exemptions from the charge. The recently published Finance (Local Property Tax) (Amendment) Bill 2013 provides for additional...

Written Answers — Department of Finance: Illicit Trade in Tobacco (26 Feb 2013)

Michael Noonan: I am advised by the Revenue Commissioners that action against the illegal trade in tobacco products resulted in the seizure of 95.6 million cigarettes in 2012, and that some 473 brands were found in the seized product. While not all seizures are tested, I am further advised that it is very frequently the case, particularly in relation to well known cigarette brands, that seized cigarettes are...

Written Answers — Department of Finance: EU-IMF Programme of Support Issues (26 Feb 2013)

Michael Noonan: First of all it is important to note that some aspects of the promissory note deal are yet to be finalised. For example, the liquidator is in the process of overseeing a valuation and sales process for the assets of IBRC, while the final payments made under the ELG Scheme have not yet been determined. Nevertheless, as referred to by the Deputy, simulation based assessment by my Department...

Written Answers — Department of Finance: Bond Redemption (26 Feb 2013)

Michael Noonan: The European Central Bank (ECB) published information on its holdings of Irish Government bonds under its Securities Market Programme (SMP) on Thursday, 21st February 2013. This showed that the ECB held €14.2 billion nominal value of Irish bonds at 31st December 2012 with an average remaining maturity of 4.6 years. The Annual Accounts of the ECB, which were also published on 21st...