Results 10,741-10,760 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: NAMA Property Sales (8 May 2013)

Michael Noonan: I am advised by NAMA that, since December 2011, it has identified over 4,000 residential properties as being available for social housing purposes to the Housing Agency. To date, demand has been confirmed by the relevant local authorities/Housing Agency for just over 1,500 of these properties; another 2,000 are no longer under consideration for a number of reasons including a lack of demand...

Written Answers — Department of Finance: NAMA Accounts (8 May 2013)

Michael Noonan: I have been advised by NAMA that interest and fee income of €1.39 billion recognised in its 2012 unaudited accounts principally comprises interest recognised on its loans and receivables in accordance with the effective interest rate method of accounting which accrues interest at a specified interest rate each year. Such interest recognised on loans and receivables does not necessarily...

Written Answers — Department of Finance: NAMA Accounts (8 May 2013)

Michael Noonan: I have been advised by NAMA, that portfolio management fees principally comprise direct fees incurred in the on-going management of debtors. 2012 costs include, inter alia, property valuation, asset search and loan sale costs. The reduction in costs in 2012 to €4.67m from €15.9m reflects the fact that the majority of the 2011 costs related to fees for the independent review of...

Written Answers — Department of Finance: NAMA Accounts (8 May 2013)

Michael Noonan: NAMA has advised that loan due diligence was substantially completed by the end of March 2012. The due diligence costs incurred in 2012 reflects the final settlement of fees to NAMA’s appointed advisers. Since inception, NAMA has recovered from the participating institutions €64.1m, of its total due diligence costs of €78.2m, through a reduction in the acquisition value...

Written Answers — Department of Finance: NAMA Accounts (8 May 2013)

Michael Noonan: All NAMA staff are employees of the NTMA and under section 42 of the National Asset Management Agency Act 2009, the NTMA assigns staff to NAMA. NAMA reimburses the NTMA the costs incurred by the NTMA in assigning staff and providing business and support services to NAMA. NAMA staff costs, excluding employer pension contributions and PRSI, were €21.952m in 2012. NTMA staff members...

Written Answers — Department of Finance: NAMA Accounts (8 May 2013)

Michael Noonan: I have been advised by NAMA that asset disposals in 2012 of €2.8 billion comprise €2.3 billion from the sale of property collateral secured against loans and €0.5 billion from loan sales.

Written Answers — Department of Finance: NAMA Accounts (8 May 2013)

Michael Noonan: I would direct the Deputy to page 10 of the NAMA Section 55 Report for the fourth quarter of 2012 which states that, as at 31 December 2012, 82% of the loans acquired by NAMA were classified as non-performing. This classification was primarily by reference to the original legacy loan agreements that pre-dated NAMA loan acquisition. I would also direct the Deputy to page 9 of the NAMA...

Written Answers — Department of Finance: Exchequer Returns (8 May 2013)

Michael Noonan: The information requested by the deputy is set out in the table below. End month Exchequer statements are published on the second working day of the following month. The most recent Exchequer statement for end April 2013 was published on Thursday 2nd of May. Exchequer Returns end month Publication date May 2013 Wednesday 5th June June 2013 Tuesday 2nd July July 2013 Friday 2nd August...

Written Answers — Department of Finance: NAMA Accounts (8 May 2013)

Michael Noonan: The unaudited accounts published by the NAMA highlight the progress that NAMA is making in delivering on its business plan. NAMA has maintained a strong cash position generating over €10 billion in cash. The agency has repaid €4.75 billion in NAMA bonds and I am advised it will meet its target to redeem €7.5 billion to end 2013. In addition, NAMA is playing a key role...

Written Answers — Department of Finance: NAMA Transactions (8 May 2013)

Michael Noonan: I am advised that NTMA provides transactional Treasury services to NAMA, including derivative transactions. I am advised by NAMA that the collateral posting agreement between the NTMA and the NAMA, which relates to derivatives, contains commercially sensitive information and is therefore not suitable for publication.

Written Answers — Department of Finance: Property Taxation Administration (8 May 2013)

Michael Noonan: As I stated in reply to question number 21572/13 yesterday (7 May 2013) I am advised by Revenue that approximately 26,000 Local Property Tax (LPT) forms had been returned ‘undelivered’ by An Post, as at 2 May 2013. This represents about 1.6% of the total issue, and is lower than Revenue would have expected at the outset. A sizeable proportion of these seem to have occurred...

Written Answers — Department of Finance: Revenue Documents Issuance (8 May 2013)

Michael Noonan: I have been advised by the Revenue Commissioners that a P21 balancing statement for 2011 issued to this taxpayer on 18 April 2012. The information requested by the Deputy for 2010 and 2012 will be issued to the taxpayer shortly.

Written Answers — Department of Finance: IBRC Account Holders (8 May 2013)

Michael Noonan: I understand that the Deputy is referring to losses potentially incurred by certain ARF/AMRF pension funds as a result of the liquidation of IBRC. I am advised that there are a small number of pension funds that were placed on deposit with IBRC that may not be entitled to compensation under the deposit guarantee scheme, DGS, or the eligible liabilities guarantee scheme, ELG, due to the...

Written Answers — Department of Finance: Property Taxation Exemptions (8 May 2013)

Michael Noonan: I am advised by the Revenue Commissioners that Section 10 (as amended) of the Finance (Local Property Tax) Act 2012 provides that a permanently and totally incapacitated person is exempt from payment of LPT where the property is occupied as his/her sole or main residence and where he/she has received a personal injury compensation or is a beneficiary under a qualifying trust. I am further...

Written Answers — Department of Finance: Credit Union Issues (8 May 2013)

Michael Noonan: The decision to apply to the High Court for the appointment of a Special Manager is a matter for the Governor of the Central Bank, following consultation with myself as Minister for Finance. On 13 January 2012, the Central Bank of Ireland secured a High Court Order for the appointment of a Special Manager to Newbridge Credit Union. Further High Court applications were made in June 2012 and...

Written Answers — Department of Finance: Illicit Trade in Tobacco (8 May 2013)

Michael Noonan: I am aware of the report on “Illicit Trade in Ireland”, prepared for Retail Ireland by Grant Thornton, that was published last week, focusing in particular on the fuel, tobacco, digital piracy and pharmaceuticals sectors. I understand that the report looks at the costs associated with illicit trade in these sectors. Estimating the extent of any illicit activity is, of course...

Written Answers — Department of Finance: Property Taxation Administration (8 May 2013)

Michael Noonan: I am advised by Revenue that over 500,000 people have already successfully filed their LPT Returns to date, and either paid immediately or selected one of the other available payment options. The April tax receipts reported that some €22m has already been paid to the Exchequer in respect of LPT. The high volumes of filers and payments received suggest that most people are...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (8 May 2013)

Michael Noonan: I thank the Vice Chairman and the committee members for inviting me to speak here today in advance of the ECOFIN meeting early next week. I would like to open by giving an overview of the European and international dimension to the work of the council. As we are now in the fifth month of our Presidency, I would like to take the opportunity to brief members on some of our key dossiers and...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (8 May 2013)

Michael Noonan: The NTMA will be the driver of the process and will have discussions with the European authorities to reprofile the outstanding debt using the flexibility of the extension on the maturities. If we think of a graph of the debt, some years there are peaks and some years there are troughs. The idea is to have an even profile of debt repayments by taking the tops off the peaks and increasing...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Forthcoming ECOFIN Council: Discussion with Minister for Finance (8 May 2013)

Michael Noonan: It must go before a formal ECOFIN meeting in June for a formal write-off. The meeting in Dublin was informal. While everything has been agreed at political level, a formal sign-off is required.