Results 9,221-9,240 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: NAMA Operations (28 Feb 2013)

Michael Noonan: NAMA’s significant record of achievement in this area indicates that it has adequate resources and has fully utilised these resources to support its efforts to gain additional security for its debtors’ loans. NAMA advises that, to ensure that debtors repay their debt to their full capacity, it requires, inter alia, that they provide security over unencumbered assets not...

Written Answers — Department of Finance: Mortgage Interest Rates (28 Feb 2013)

Michael Noonan: The setting of rates is a commercial matter for the management and the Board of the Institutions. As the Deputy will be aware the Relationship Framework with the bank provide that the State will not intervene in the day-to-day operations of the bank or their management decisions. However I understand that the Central Bank of Ireland pays attention to such matters and would no doubt be...

Written Answers — Department of Finance: Property Taxation Application (28 Feb 2013)

Michael Noonan: I propose to take Questions Nos. 39 and 42 together. The Government has considered the impact of the Local Property Tax (LPT) on those in mortgage distress. In designing the LPT the Thornhill Group acknowledged that in current circumstances an additional case should be made to target assistance on owner occupiers suffering severe financial stress as a result of housing mortgage commitments...

Written Answers — Department of Finance: IBRC Staff (28 Feb 2013)

Michael Noonan: I am informed that on the appointment of the Special Liquidator, 809 employee contracts were terminated in the Republic of Ireland. 802 employees were re-hired by the Special Liquidators on short term contracts to assist with the liquidation of Irish Bank Resolution Corporation Limited. The Special Liquidators confirmed to the employees (by letter dated 7 February 2013) that their...

Written Answers — Department of Finance: IBRC Liquidation (28 Feb 2013)

Michael Noonan: 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 year bond of €2bn maturing in 2041 with an interest...

Written Answers — Department of Finance: IBRC Liquidation (28 Feb 2013)

Michael Noonan: As set out in the Irish Bank Resolution Corporation Act 2013, NAMA will not be required to make a bid for “any credit facility pursuant to which IBRC (or Nationwide Building Society (“INBS”)) has made facilities available to current or former employees and/or officers of IBRC or INBS.” No other directions have issued in respect of these credit facilities and they...

Written Answers — Department of Finance: Economic Policy (28 Feb 2013)

Michael Noonan: The economic policies of the Government are designed with the core objective of restoring balanced economic growth. This will, in turn, allow for the continued creation of jobs and for the improvement of living standards for the people of Ireland. However, an essential condition for the resumption of balanced economic growth is sustainable public finances. International research has shown...

Written Answers — Department of Finance: IBRC Liquidation (28 Feb 2013)

Michael Noonan: I am advised that the contractual terms and conditions of customer mortgages and other borrowings will not change as a result of the appointment of the Special Liquidators and all debts owing to IBRC will remain due and enforceable. It is important that, to avoid breaches of their obligations, customers continue to make payments on their loans and otherwise honour the contractual obligations...

Written Answers — Department of Finance: Fuel Rebate Scheme (28 Feb 2013)

Michael Noonan: The proposal to introduce an auto-diesel excise duty relief for licensed road hauliers that I announced in the Budget was, initially, confined to licensed and tax compliant hauliers. However having received a number of submissions from, and on behalf of, private coach operators seeking to have this relief extended to them, as the Deputy will now be aware I have extended the relief to the...

Written Answers — Department of Finance: IBRC Legal Cases (28 Feb 2013)

Michael Noonan: I have been advised that due to commercial confidentiality and sensitivities, the Special Liquidators are unable to provide a list of the legal actions that were under way against IBRC at the date of the appointment of the Special Liquidators. All relevant disclosures in respect of legal cases involving IBRC are publicly available through the Courts Service website.

Written Answers — Department of Finance: IBRC Staff (28 Feb 2013)

Michael Noonan: I am advised that as a result of the appointment of the Special Liquidators, only employment contracts in the Republic of Ireland were terminated. I am further advised that some staff were employees of subsidiaries not initially directly affected by the liquidation. The Special Liquidators are establishing the composition and ownership structure of the subsidiaries, of which there are...

Written Answers — Department of Finance: Living City Initiative (28 Feb 2013)

Michael Noonan: In advance of the publication of Finance Bill 2013, approaches were received from the Minister for Arts, Heritage and the Gaeltacht and the newly combined Limerick local authorities. EU State Aid approval can not be sought for this initiative until the Finance Bill 2013 is actually enacted. Other cities which might be included if the pilot scheme were to be extended, as well as the number...

Written Answers — Department of Finance: Corporation Tax (28 Feb 2013)

Michael Noonan: The Government's position on the European Commission proposal for a Common Consolidated Corporation Tax Base remains unchanged. Although we are sceptical about the proposal, we will continue to engage constructively with our EU colleagues. Technical discussions on the proposal are continuing under the Irish Presidency.

Written Answers — Department of Finance: Tax Reliefs (28 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 (28 Feb 2013)

Michael Noonan: I refer the Deputy to my responses to Parliamentary Questions 10644/13, 10646/13 and 10647/13, answered on 27th February 2012, on this topic. On the 7th February 2013 I issued a Direction (NAMA/3/12/IBRC Act) to NAMA pursuant to the IBRC Act 2013 to provide such credit facilities to a special liquidator (or IBRC) on such terms and conditions, as are specified in the direction. NAMA has...

Written Answers — Department of Finance: Banking Sector Regulation (28 Feb 2013)

Michael Noonan: As the Deputy can appreciate, officials from the Irish Authorities are in regular dialogue with all of the covered institutions in an effort to enhance stability and to facilitate the sectors’ return to profitability. In this regard, the ending of the ELG scheme is a key step along this road and is a demonstration of the progress we are making in returning to a more normal...

Written Answers — Department of Finance: Sale of State Assets (28 Feb 2013)

Michael Noonan: The sale of Irish Life is a welcome development and provides the Irish taxpayer with a full return on its investment. There are two distinct aspects to this deal which have to be considered - the sale price of Irish Life of €1.3bn and an additional dividend due prior to completion of €40m. As such, upon completion of the deal, the Exchequer will benefit by the full amount of...

Written Answers — Department of Finance: Credit Unions Issues (28 Feb 2013)

Michael Noonan: I propose to take Questions Nos. 58 and 61 together. I am advised by the Central Bank of Ireland that certain tracker bonds sold to credit unions which were liabilities of IBRC at the time of the liquidation have a structured deposit element which is covered by the Deposit Guarantee Scheme for that element of the product. As a result the first €100,000 of any claim from these...

Written Answers — Department of Finance: IBRC Investigations (28 Feb 2013)

Michael Noonan: The Deputy will be aware that the Chartered Accountants Regulatory Board (CARB) appointed Mr John Purcell to conduct an independent enquiry into certain matters relating to the conduct of the former auditors of Anglo Irish Bank. Mr Purcell also carried out an investigation into the conduct of certain officers of Anglo Irish Bank and members of CAI. In all cases Mr Purcell concluded there...

Written Answers — Department of Finance: EU-IMF Programme of Support Issues (28 Feb 2013)

Michael Noonan: The EU-IMF Programme of Financial Support is subject to policy conditionality which is set out in programme documents - the Memorandum of Understanding on Specific Economic Policy Conditionality (MOU), the Memorandum of Economic and Financial Policies (MEFP) and the Technical Memorandum of Understanding. The conditionality in these documents is subject to continuing assessment by the Irish...