Results 10,121-10,140 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Banking Sector Issues (16 Apr 2013)

Michael Noonan: The Central Bank has informed me that it is minded to require credit institutions to set the present value of future cash flows at zero other than those arising from disposing collateral for the purpose of calculating the amount of the impairment provision required. This applies without exception, to all loans in arrears greater than 90 days which have not been subjected to restructured...

Written Answers — Department of Finance: Mortgage Resolution Processes (16 Apr 2013)

Michael Noonan: The Deputy refers to the targets set by the Central Bank which require the main lenders to systematically work through their mortgage book to offer durable solutions to mortgage holders covering arrears cases that are 90 days or more overdue. The Public Targets will have the following elements: - Quarterly targets will be set in relation to the number of sustainable solutions proposed to...

Written Answers — Department of Finance: Banks Recapitalisation (16 Apr 2013)

Michael Noonan: As the Deputy will be aware, the European Council in October 2012 reaffirmed that “the Eurogroup will draw up the exact operational criteria that will guide direct bank recapitalisations by the European Stability Mechanism (ESM), in full respect of the 29 June 2012 euro area Summit statement. It is imperative to break the vicious circle between banks and sovereigns.” The...

Written Answers — Department of Finance: NAMA Property Sales (16 Apr 2013)

Michael Noonan: The Deputy will be aware that NAMA’s interest in property is, generally speaking, that of a lender holding security for its loans rather than that of an owner. Individuals who have an interest in a property that is related to a NAMA loan are encouraged therefore to make direct contact with the owner of the property or, in the case of property that is subject to enforcement, with the...

Written Answers — Department of Finance: State Banking Sector (16 Apr 2013)

Michael Noonan: As the Deputy will be aware Permanent TSB had a challenging year in 2012 and its results are a reminder of legacy issues in our banking system. The appointment of Jeremy Masding as CEO in February 2012 began an overdue process of fundamental restructuring in PTSB. Amongst many actions taken during 2012 the senior management team was restructured, an asset management unit was established,...

Written Answers — Department of Finance: State Banking Sector (16 Apr 2013)

Michael Noonan: In its restructuring plan submitted in June 2012, PTSB forecast that the retail bank Strategic Business Unit ("SBU") would be profitable on an after tax basis in 2016. Profitability for the overall group, including all three SBUs, is forecast by PTSB to take longer. As you would expect PTSB will update its forecasts on an annual basis and as a result the timelines set out above are subject...

Written Answers — Department of Finance: State Banking Sector (16 Apr 2013)

Michael Noonan: As the Deputy will be aware Permanent TSB had deposits of €14.37 billion at 31 December 2011, €17.27 billion at 30 June 2012 and €16.64 billion at 31 December 2012. Therefore during 2012 Permanent TSB grew its deposits by €2.27 billion. However the Deputy is correct to observe that PTSB experienced a reduction in deposits during H2 2012. PTSB has indicated that...

Written Answers — Department of Finance: Banking Sector Issues (16 Apr 2013)

Michael Noonan: The Irish banking system and that of Cyprus are not comparable. In the case of Cyprus, we understand that substantial off shore interests and resources were deposited in domestic Cypriot banks by foreign parties. The size of the domestic banking system, at 7 times GDP, was large in relation to the real economy, while at the same time concentrating risks in particular areas and in specific...

Written Answers — Department of Finance: Tax Compliance (16 Apr 2013)

Michael Noonan: I am advised by the Revenue Commissioners that there is no offence for the failure to lodge a correct return. There is however an offence for the non-filing of a return. As such I am advised by the Revenue Commissioners that the number of annual cases prosecuted for the non-filing of returns is that set out in Table 1. Table 1 Successful Prosecutions for the failure to file a return ...

Written Answers — Department of Finance: NAMA Portfolio Issues (16 Apr 2013)

Michael Noonan: NAMA is prohibited under Sections 99 and 202 of the NAMA Act from disclosing confidential information, which is specifically defined to include information relating to its debtors and their properties. Accordingly, the provision of the type of information referenced by the Deputy would be in contravention of the NAMA Act.

Written Answers — Department of Finance: Property Taxation Administration (16 Apr 2013)

Michael Noonan: I am advised by the Revenue Commissioners that customers may email their queries to the LPT Branch at the following email address: lpt@revenue.ie. This email address was recently published on the Revenue website.

Written Answers — Department of Finance: Property Taxation Administration (16 Apr 2013)

Michael Noonan: The Finance (Local Property Tax) Act 2012 (as amended) sets out how the tax is to be administered and provides that a liability for Local Property Tax (LPT) will arise where a person owns a residential property on the liability date which will be 1 May 2013 for the year 2013. A key aspect of the work undertaken by Revenue was the development of a comprehensive Register of residential...

Written Answers — Department of Finance: Tax Code (16 Apr 2013)

Michael Noonan: I am advised by the Revenue Commissioners that there have been several changes over the years to the tax treatment of rental income. However, for the purpose of this reply, I am assuming that the Deputy’s interest relates to the most recent changes that were introduced in Finance Acts 2009 and 2013. Finance Act 2009 introduced a cap of 75% on the amount of interest on loans used to...

Written Answers — Department of Finance: IBRC Staff (16 Apr 2013)

Michael Noonan: I acknowledge the significant efforts and commitment made by the staff in IBRC over the past few difficult years whilst the bank was in wind down and the difficulties that arise for staff as a result of the liquidation but it was necessary to take the decision to liquidate IBRC in the larger public interest. I am sure the staff will continue to work to ensure a satisfactory outcome for Irish...

Written Answers — Department of Finance: Disabled Drivers Grants (16 Apr 2013)

Michael Noonan: The criteria relating to the engine size of a vehicle and the relief available for vehicles which qualify under the Disabled Drivers Passenger Scheme have been in place since 1989. The purpose of the scheme was to provide for ways in which people with a physical disability could become more mobile; it is felt that the present limit of 2000cc is sufficient to allow for an extensive choice of...

Written Answers — Department of Finance: Social Insurance Issues (16 Apr 2013)

Michael Noonan: The issue of PRSI is a matter in the first instance for the Minister for Social Protection. However, it is my understanding that since 2010 dental treatment which is covered as a result of being a PRSI contributor has been limited to a free oral examination per year. Prior to 2010, a range of dental treatments were covered in part or full for individuals that had made the requisite PRSI...

Written Answers — Department of Finance: Banking Sector Issues (16 Apr 2013)

Michael Noonan: The Bank has informed me that due to data protection rules and confidentiality AIB is not in a position to discuss details of individual customer circumstances.

Written Answers — Department of Finance: State Banking Sector (16 Apr 2013)

Michael Noonan: I propose to take Questions Nos. 272 and 273 together. The results show that, while 2012 was clearly another challenging year for AIB, the management team is making progress in restructuring the bank and is targeting a return to profitability at the pre provision level during 2013 and at the pre-tax level in 2014. The results also show that the bank posted operating losses, before...

Written Answers — Department of Finance: NAMA Expenditure (16 Apr 2013)

Michael Noonan: A breakdown of legal fees paid by NAMA in 2012 is set out below. I am advised by NAMA that information on the breakdown of legal fees in 2013 will be published on its website, www.nama.ie, alongside publication of its Section 55 Quarterly Reports and Accounts for each quarter during 2013. Legal fees paid by NAMA in 2012 amount to €3.28 million in relation to the management of its...

Written Answers — Department of Finance: IBRC Liquidation (16 Apr 2013)

Michael Noonan: I propose to take Questions Nos. 275 to 278, inclusive, together. As the Deputy is aware, I am not in a position to advise on the specifics of any accounts with IBRC (in liquidation). I have been informed that there are a number of customer accounts that may not be entitled to full compensation under the deposit guarantee scheme, DGS, or the eligible liabilities guarantee scheme, ELG, due...