Results 11,001-11,020 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: State Banking Sector Regulation (21 May 2013)

Michael Noonan: As I stated in response to PQ 2009/13 a way forward for Permanent TSB was agreed with the Troika in April 2012 which envisaged it playing an important role in the future of Irish retail banking, being a more focused retail bank bringing an element of competition to the marketplace which has consolidated significantly since 2008. In this regard Permanent TSB submitted a Restructuring Plan to...

Written Answers — Department of Finance: Tax Avoidance Issues (21 May 2013)

Michael Noonan: I am advised by the Revenue Commissioners that they are strongly focused on ensuring optimal compliance with tax obligations, and that non-compliance is confronted and penalised. Revenue's overall approach to managing compliance is to undertake a range of targeted interventions that are most appropriate for dealing with the specific risks presented in individual cases. In 2012, Revenue...

Written Answers — Department of Finance: Insolvency Service of Ireland Issues (21 May 2013)

Michael Noonan: The Central Bank has commenced a process to facilitate a voluntary agreement outlining a co-ordinated approach among lenders to the resolution of multiple debts owed by distressed borrowers. An unsustainable debt position has been reached by many borrowers, which needs to be addressed for the benefit of both borrowers and lenders alike. I have been informed by the Central Bank that this...

Written Answers — Department of Finance: Insolvency Service of Ireland Issues (21 May 2013)

Michael Noonan: I propose to take Questions Nos. 73, 93, 142 and 203 to 205, inclusive, together. The Deputies will be aware that the Central Bank has commenced a process to facilitate a voluntary agreement outlining a co-ordinated approach among lenders to the resolution of multiple debts owed by distressed borrowers. While the framework was an initiative of the Central Bank, the Central Bank informed...

Written Answers — Department of Finance: Property Tax Assessments (21 May 2013)

Michael Noonan: I propose to take Questions Nos. 74 and 150 together. The Finance (Local Property Tax) Act 2012 sets out how a residential property is to be valued for Local Property Tax (LPT) purposes. I am informed by Revenue that LPT is a self-assessed tax so in the first instance it is a matter for the property owner to calculate the tax due based on his or her assessment of the market value of the...

Written Answers — Department of Finance: Property Taxation Application (21 May 2013)

Michael Noonan: I am informed by the Revenue Commissioners that Local Property Tax (LPT) Returns, personalised letters and an LPT Guide have issued to owners of 1.66 million residential properties either by post or by way of their ROS (Revenue On-line Service) inbox. The Commissioners have confirmed that in excess of 948,522 LPT Returns have been filed up to close of business on 20th May 2013. This...

Written Answers — Department of Finance: Banks Recapitalisation (21 May 2013)

Michael Noonan: I wish to inform the deputy that work continues at a technical level to complete the design of the ESM’s Direct Banking Recapitalisation instrument before the end of June, as has previously been agreed at political level. Once the final version has been agreed by Ministers the instrument will need to pass national procedures which would take place during the second half of the year...

Written Answers — Department of Finance: Banking Sector Regulation (21 May 2013)

Michael Noonan: I am informed that fifteen banking licences were revoked by the Central Bank since 2010. All of the revocations were at the request of the bank concerned and the rationale for the revocation was a commercial decision for each of the banks involved. The Deputy may be aware that this subject was raised in the House last week and the details of these bank closures can be found in PQ Ref:...

Written Answers — Department of Finance: Budget 2014 Issues (21 May 2013)

Michael Noonan: At the Ecofin and Eurogroup meetings in Dublin last month, EU Finance Ministers agreed in principle, subject to national procedures, to lengthen the maturities of the EFSF and EFSM loans to Ireland and Portugal by increasing the weighted average maturity of the loans by seven years. This is also conditional on continued successful programme implementation being confirmed by the Troika...

Written Answers — Department of Finance: Banking Sector Issues (21 May 2013)

Michael Noonan: A report by Ernst & Young concerning Irish Nationwide Building Society was furnished to the Department of Finance. As the Deputy is aware, this report was produced at the request of the INBS Board. A copy has been provided to the Central Bank. A report has also been provided to An Garda Síochána in this regard. However, I have been advised that given the on-going...

Written Answers — Department of Finance: EU-IMF Programme of Support Issues (21 May 2013)

Michael Noonan: It is Government policy to align as closely as possible the timing of any stress testing of the Irish banking system with that of the stress testing of the European-wide system. As part of the agreement relating to the State’s exit from the programme of EU/IMF support, an evaluation is required to demonstrate that the banks are adequately capitalised. The State, therefore, may be...

Written Answers — Department of Finance: IBRC Liquidation (21 May 2013)

Michael Noonan: I can confirm that I am satisfied with the progress made to date in the liquidation of IBRC. I have been advised that the Special Liquidators will ensure that the valuation of all IBRC assets is completed by 30 November 2013 and that the sale of all IBRC assets is agreed or completed by no later than 31 December 2013 or as soon as practicable thereafter. The Special Liquidators have...

Written Answers — Department of Finance: IBRC Staff (21 May 2013)

Michael Noonan: While the Special Liquidators have indicated that they cannot provide any specific information on the retention of staff beyond the 7th August they can confirm that information in relation to the timetable regarding the valuation and subsequent sale of assets was communicated to IBRC staff on the 17th May. The Special Liquidators have been asked to ensure that the valuation of the assets is...

Written Answers — Department of Finance: Budget 2014 Issues (21 May 2013)

Michael Noonan: As the Deputy will be aware, the Government has decided to bring Budget Day forward from the first week in December to on or before the 15th of October from now on. This means that Budget 2014 will be presented and published on Tuesday, the 15th of October this year. Debates following the presentation of the draft budget will be a matter for the House in the normal way. As has been stated in...

Written Answers — Department of Finance: Bank Debt Restructuring (21 May 2013)

Michael Noonan: I wish to inform the deputy that work continues at a technical level to complete the design of the ESM’s Direct Banking Recapitalisation instrument before the end of June, as has previously been agreed at political level. Once the final version has been agreed by Ministers the instrument will need to pass national procedures which would take place during the second half of the year...

Written Answers — Department of Finance: Basic Payments Account (21 May 2013)

Michael Noonan: As part of my Department’s Strategy for Financial Inclusion in Ireland, a basic payment account (named the Standard Bank Account) was offered by three banks (AIB, Bank of Ireland and permanent tsb) in three pilot locations (New Ross, Tallaght and Tullamore) from 29 June 2012. The Financial Inclusion Working Group (FIWG), which includes An Post was tasked with governance of the project....

Written Answers — Department of Finance: NAMA Staff Unauthorised Disclosures (21 May 2013)

Michael Noonan: I propose to take Questions Nos. 87 and 193 to 202, inclusive, together. As I stated in my response to Parliamentary Question 62 of 8 May 2012, the specifics of that matter relate to a position taken by a NAMA debtor in attempting to defend judgment proceedings taken by NAMA against him. I do not propose to comment as this relates to a matter which is within the jurisdiction of the Courts....

Written Answers — Department of Finance: Economic Growth Initiatives (21 May 2013)

Michael Noonan: Sound, sustainable public finances are a pre-requisite for confidence and stability and hence for economic growth. Given relatively large deficits and the associated increase in public debt in many EU Member States in recent years, there is agreement among Finance Ministers that fiscal adjustment is necessary. There is also agreement, however, that consolidation should be pursued in a...

Written Answers — Department of Finance: Shadow Banking Sector (21 May 2013)

Michael Noonan: Shadow banking embraces a disparate range of entities and activities which support investment and capital-raising. It can include Money Market Funds or other “deposit taking” investment products, Special Purpose Vehicles which perform liquidity or maturity transformation, Exchange Traded Funds and other funds which provide credit, firms which provide credit guarantees,...

Written Answers — Department of Finance: Mortgage Interest Rates Issues (21 May 2013)

Michael Noonan: I propose to take Questions Nos. 90 and 91 together. As I have stated in a previous Parliamentary Question today on the European Central Bank interest rate cuts, the lending institutions in Ireland, including those in which the State has a significant shareholding, are independent commercial entities. I have no statutory role in relation to regulated financial institutions passing on the...