Results 10,281-10,300 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Departmental Bodies Remuneration (23 Apr 2013)

Michael Noonan: On 21 December 2011, I wrote to the Chief Executive of the National Treasury Management Agency (NTMA) requesting all NTMA employees whose salary exceeds €200,000 to consider waiving at least 15% of their salary or such lesser amount of salary as exceeds €200,000. NAMA staff are employees of the NTMA. Under section 42 of the National Asset Management Agency Act 2009, the NTMA...

Written Answers — Department of Finance: Banking Sector Issues (23 Apr 2013)

Michael Noonan: Ultimately decisions by foreign institutions to remain active in the Irish market are taken at the level of the parent entity. In the specific case of KBC Ireland, the bank is regulated by the Central Bank of Ireland as a Credit Institution in the Republic of Ireland. In addition its parent, KBC Group, is profitable and has a strong liquidity position and the Group is currently providing...

Written Answers — Department of Finance: Banking Sector Issues (23 Apr 2013)

Michael Noonan: As the Deputy will be aware it is a matter for the Chairman of Permanent TSB to ensure that the board of directors is of sufficient size and has an appropriate mix of expertise to comply with governance, company law and regulatory requirements. I have been informed that the current board complies with all relevant requirements but is subject to on-going review and renewal as required. As...

Written Answers — Department of Finance: NAMA Loans Sale (23 Apr 2013)

Michael Noonan: I am advised by NAMA that it cannot preclude market participants from approaching debtors to discuss their property assets or to indicate potential interest in acquiring either properties or loans. Nor can NAMA preclude debtors from engaging with such potential purchasers. To do either would be counterproductive and could stifle normal commercial discussions in the property market and in...

Written Answers — Department of Finance: IBRC Liquidation (23 Apr 2013)

Michael Noonan: The Special Liquidators have been appointed for the purposes set out in the IBRC Act 2013 and are subject to the duties and obligations set out in that legislation. In addition the Special Liquidators are also subject to the restrictions and obligations as set out in the Special Liquidators engagement. As accountants, appointed as Special Liquidators, normal professional standards apply to...

Written Answers — Department of Finance: IBRC Liquidation (23 Apr 2013)

Michael Noonan: The liquidation of IBRC is similar to any other liquidation with the exception that the Special Liquidators have been appointed by the Minister under the Irish Bank Resolution Corporation Act 2013 rather than appointed by the Courts. As such the Special Liquidators are obliged to follow normal Companies Acts priorities throughout the liquidation process and act in a manner that ensures the...

Written Answers — Department of Finance: Outright Monetary Transaction Scheme Eligibility (23 Apr 2013)

Michael Noonan: As I informed the Deputy previously (Parliamentary Questions of 12th February 2013, (No. 211) and of 21st February 2013, (Nos. 94 & 95) the Governing Council of the ECB made a decision to establish the Outright Monetary Transaction (OMT) scheme on 2nd August 2012, and issued a press statement on 6th September 2012 which outlined its technical features. According to this ECB Press...

Written Answers — Department of Finance: Banking Sector Regulation (23 Apr 2013)

Michael Noonan: I can confirm to the Deputy that nothing has been brought to my attention to suggest that the individual referred to is not a fit and proper person to fill the role of Governor of the Bank of Ireland. In advance of the Bank’s Annual General Court scheduled to be held tomorrow, 24th April, I am entitled to vote on a number of Resolutions attaching to the stock held by the State, one of...

Written Answers — Department of Finance: Banking Sector Regulation (23 Apr 2013)

Michael Noonan: The recent Fourth Report of the House of Lords / House of Commons Parliamentary Commission on Banking Standards examines why HBOS failed and what the failure says about the culture and standards in UK Banking. There are clearly lessons to be learnt from this analysis of the decline of HBOS particularly as the Report makes it clear that to an extent its dramatic demise was ‘an accident...

Written Answers — Department of Finance: NAMA Advisory Board (23 Apr 2013)

Michael Noonan: I propose to take Questions Nos. 222 and 223 together. I met with the group on four occasions in 2012 and once to date in 2013. It is also open to the Chair to contact me as issues arise. The group’s advice to me primarily relates to the strategy of NAMA as proposed by the board of NAMA; the remuneration of the senior executives of NAMA and any further advice that I may seek on any...

Written Answers — Department of Finance: NAMA Board Appointments (23 Apr 2013)

Michael Noonan: Mr Ellingham was appointed to the board of NAMA as he has significant international experience in finance as well as his experience as a member of the board of IBRC. His experience as a board member of IBRC, since October 2011, will prove invaluable to NAMA as they acquire loans from IBRC following its liquidation.

Written Answers — Department of Finance: NAMA Loans Sale (23 Apr 2013)

Michael Noonan: I am advised by NAMA that, for the purpose of measuring and comparing the profitability or attractiveness of potential transactions or projects, it uses a range of qualitative and quantitative metrics. The decision by NAMA on whether or not to proceed with a transaction or project is made by reference to whether it is in the best interests of the State, in accordance with Section 10 of the...

Written Answers — Department of Finance: National Debt (23 Apr 2013)

Michael Noonan: The latest estimate for Ireland’s general government debt at end-2012, which was published yesterday as part of the March EDP Returns, stood at EUR 192 billion. Details of the composition of this debt by its maturity are set out in the table below. General Government debt as at end-2012 Instrument Outstanding Average Residual Maturity €bn Years Government Bonds 88...

Written Answers — Department of Finance: Mortgage Arrears Proposals (23 Apr 2013)

Michael Noonan: The Central Bank has informed me that it is aware that in many circumstances borrowers with mortgage arrears are being asked to assess their scope for increasing debt repayment capacity through prioritisation of their debts and adjustment of living expenses, noting the particular consequences of non-payment of a mortgage on the family home. Many borrowers with home mortgage arrears also have...

Written Answers — Department of Finance: Mortgage Arrears Proposals (23 Apr 2013)

Michael Noonan: The Deputy will be aware that on 13 March 2013 the Central Bank announced new measures to address mortgage arrears, including the publication of performance targets for the main mortgage banks. The performance targets have been set for: ACC; AIB; Bank of Ireland; KBC Bank; Permanent TSB; and Ulster Bank. The targets are set in relation to both Principal Dwelling Homes and Buy to Let...

Written Answers — Department of Finance: Mortgage Arrears Proposals (23 Apr 2013)

Michael Noonan: The Deputy will be aware that the Central Bank recently announced new measures to address mortgage arrears, including the publication of performance targets for the main mortgage banks. The targets are set in relation to both Principal Dwelling Homes and Buy to Let mortgages. Performance targets have been set for: ACC; AIB; Bank of Ireland; KBC Bank Ireland; Permanent TSB; and Ulster Bank....

Written Answers — Department of Finance: Tax Reliefs Application (23 Apr 2013)

Michael Noonan: I understand from the Revenue Commissioners, who administer the Disabled Drivers and Disabled Passengers scheme, that the changes to which you refer are changes which were made in 2012 to ‘administrative practice’, to ensure that the provisions of SI 353/1994 are being adhered to correctly. The provisions of the Scheme have been in force since 1994; unfortunately, prior to this...

Written Answers — Department of Finance: Financial Services Regulation (23 Apr 2013)

Michael Noonan: Firstly, I must confirm to the Deputy that it is not appropriate for me to comment on the loan arrangements of a particular borrower. However, I have been informed by the Central Bank that Section 121 of the Consumer Credit Act 1995 permits a mortgage lender to apply an early redemption fee in certain circumstances, which includes breaking a fixed rate contract. The Central Bank has...

Written Answers — Department of Finance: Tax Collection (23 Apr 2013)

Michael Noonan: I am advised by the Revenue Commissioners that under Section 9 of the Capital Acquisitions Tax Consolidation Act (CATCA) 2003 inheritance tax is charged on the taxable value of the inheritance. Section 28 of the CATCA 2003 states that the taxable value of the inheritance is the market value of the inheritance at the valuation date. Section 30.4 of the CATCA 2003 outlines the basis for...

Written Answers — Department of Finance: National Treasury Management Agency Bond Issues (23 Apr 2013)

Michael Noonan: The end-March cash position benefitted from the front-loaded market funding undertaken in the first quarter of the year - some €7.5 billion was raised from long-term Government bond issuance in the first quarter out of a planned total of €10 billion - as well as the proceeds of just over €1 billion from the sale of Bank of Ireland contingent capital notes in January....