Results 9,081-9,100 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Proposed Legislation (26 Feb 2013)

Michael Noonan: The requirement for owners of multiple properties to file and pay their Local Property Tax (LPT) electronically is contained in section 44 of the Finance (Local Property Tax) Act 2012. I am informed by the Revenue Commissioners that a significant number of multiple property owners are already obliged, by virtue of the Taxes Consolidation Act 1997, to pay and file their tax returns...

Written Answers — Department of Finance: General Government Debt (26 Feb 2013)

Michael Noonan: I propose to take Questions Nos. 174 to 176, inclusive, together. First and foremost, I would point out that three years is the standard forecast horizon used throughout the EU in budgetary publications and covers the medium term budgetary framework. Accordingly, when the Department publishes the Stability Programme Update in April it will contain official fiscal and macroeconomic...

Written Answers — Department of Finance: Banks Recapitalisation (26 Feb 2013)

Michael Noonan: The bank recapitalisation commitments made by the State to date are set out in the following table: Government preference Shares (2009) - NPRF 3.5 3.5* - - 7.0 Capital contributions (with Promissory Notes as consideration) /Special Investment Shares (2010) – Exchequer ** 0.9 - - 30.7 31.6 Ordinary Share Capital (2009) – Exchequer - - - 4.0 4.0 Ordinary Share Capital (2010)...

Written Answers — Department of Finance: NAMA Accounts (26 Feb 2013)

Michael Noonan: NAMA has advised me that it reported in its annual financial statements a loss of €1,180m in 2010 and a subsequent profit of €242m for 2011. For 2012, NAMA has reported a profit of €363m for the nine months to 30 September 2012 in the recently published S.55 financial statements of National Asset Management Limited, the principle operating entity through which NAMA...

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

Michael Noonan: Under the proposed new amendment in the Finance (Local Property Tax) (Amendment) Bill 2013, a residential property that is purchased or adapted for use as a sole or main residence by an incapacitated individual where an award has been made by the Personal Injuries Assessment Board or a court or where a trust has been established specifically for the benefit of permanently and totally...

Written Answers — Department of Finance: Tax Credits (26 Feb 2013)

Michael Noonan: I understand that the Deputy’s query concerns the tax situation that arises when two individuals who have been married or in a civil partnership, separate but do not get divorced, and one of them dies. In these circumstances the survivor is treated as a widowed individual for tax purposes. As a consequence, the surviving individual would have the following entitlements under the...

Written Answers — Department of Finance: Financial Services Regulation (26 Feb 2013)

Michael Noonan: Table DPA Balances Year End Banks Credit Union Total 2012 379,390,200.00 23,633,580.57 403,023,780.57 2011 434,740,900.00 0 434,740,900.00 2010 537,900,500.00 0 537,900,500.00 2009 608,262,200.00 0 608,262,200.00 2008 669,408,300.00 0 669,408,300.00 2007 526,093,100.00 0 526,093,100.00 The operation of the Deposit Protection Account is governed under European Communities (Deposit...

Written Answers — Department of Finance: Government Bonds (26 Feb 2013)

Michael Noonan: I propose to take Questions Nos. 182 and 194 together. The Government bonds are now held by the Central Bank of Ireland following the liquidation of IBRC. Eight new Floating Rate Treasury Bonds have been issued to discharge the Promissory Notes liability consisting of: - a 25 year bond of €2bn maturing in 2038 with an interest rate of 6-month Euribor plus a margin of 2.50%; - a 28...

Written Answers — Department of Finance: Promissory Note Negotiations (26 Feb 2013)

Michael Noonan: As the Deputy will know, the Promissory Notes were replaced with a portfolio of long term non-amortising Irish Government bonds as a result of undertaking the transaction earlier this month. With regard to the net present value gain in this arrangement, as the Deputy is aware, the calculation of a net present value is based on a number of mathematical assumptions, including what discount...

Written Answers — Department of Finance: International Summits (26 Feb 2013)

Michael Noonan: I travelled to Davos, Switzerland, to attend the annual meeting of the World Economic Forum, from 23 to 25 January. The World Economic Forum annual meeting is attended by political and business leaders and heads of international organisations. The theme of this year's meeting was 'Resilient Dynamism'. While in Davos I held bilaterals with a number of my counterparts and with leaders of...

Written Answers — Department of Finance: Government Bonds (26 Feb 2013)

Michael Noonan: The Government bonds now held by the Central Bank following the liquidation of IBRC will be placed in the trading portfolio of the Central Bank, and these bonds will be sold as soon as possible, provided conditions of financial stability permit. The Central Bank of Ireland is responsible for financial stability considerations. I would expect the Central Bank to take full account of the...

Written Answers — Department of Finance: Tax Reliefs (26 Feb 2013)

Michael Noonan: Section 14 of Finance Act 2012 introduced the Special Assignee Relief Programme which is designed to reduce the cost to employers of assigning key individuals in their companies from abroad to take up positions in the Irish based operations of their employer. Paragraph 10 of Section 14 provides that relevant employers must submit an annual return to the Revenue Commissioners detailing, inter...

Written Answers — Department of Finance: IBRC Liquidation (26 Feb 2013)

Michael Noonan: I am advised that the information requested is commercially sensitive and it would not be appropriate for the special liquidator to release information outside of that already published in IBRC’s Accounts. Detailed information in relation to the Bank’s financial performance, including information on provisioning, is published in the Bank’s interim report and annual...

Written Answers — Department of Finance: IBRC Liquidation (26 Feb 2013)

Michael Noonan: I propose to take Questions Nos. 188 and 189 together. I have been advised that the previous PQ No. 60 of 13 February 2013 does not refer to only €123m of €323m of deposits being at risk of loss. It refers to €123m as being the estimated level of deposits eligible under Deposit Guarantee Scheme (DGS). The remaining deposits are considered as ineligible under DGS; a...

Written Answers — Department of Finance: Financial Services Regulation (26 Feb 2013)

Michael Noonan: I propose to take Questions Nos. 190 and 191 together. 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 Liquidation (26 Feb 2013)

Michael Noonan: I am advised by IBRC that request for proposals ("RFPs") have now been sent out to potential advisors in respect of the first tranche of assets for valuation. Successful applicants will be appointed to provide independent valuations for each loan or connection in the portfolios. This loan valuation process is expected to commence in early March and be completed by late June. As advisors...

Written Answers — Department of Finance: IBRC Liquidation (26 Feb 2013)

Michael Noonan: There is an obligation on the Special Liquidators to ensure that the assets of IBRC are sold at a price which maximises the overall return for all its creditors including the State. 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 and are therefore not in a position to comment in detail at this...

Written Answers — Department of Finance: IBRC Liquidation (26 Feb 2013)

Michael Noonan: I propose to take Questions Nos. 195 to 197, inclusive, together. The special liquidators have confirmed that there are restrictive covenants and confidentiality provisions included in the employment contract of the former CEO of IBRC. The special liquidators have confirmed that the former CEO owes a common law duty of confidentiality that continues following the termination of his...

Written Answers — Department of Finance: Small and Medium Enterprises Supports (26 Feb 2013)

Michael Noonan: I propose to take Questions Nos. 198 to 200, inclusive, together. I am informed by the National Treasury Management Agency, as Manager of the National Pensions Reserve Fund (NPRF), that the announcement in January 2013 of the three new SME funds to provide equity, credit and restructuring/recovery investment has been received well in the market place. The NPRF has completed commitments of...

Written Answers — Department of Finance: Banks Recapitalisation (26 Feb 2013)

Michael Noonan: On 25 July 2011, the Minister for Finance announced that a group of investors had committed to buy up to €1.1bn of the NPRF’s shares in Bank of Ireland. This commitment reduced, from €1.9bn to €0.8bn (58% reduction), the potential maximum cost for the State to meet the bank’s PCAR equity capital requirement. As a result of investment from other...