Results 17,181-17,200 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Departmental Staff Redeployment (21 Oct 2014)

Michael Noonan: I wish to advise the Deputy that my Department does not have an office in County Mayo and that no civil servants in my Department have advised of a preference to transfer to County Mayo nor have any staff from my Department transferred to County Mayo since 2011.

Seanad: European Stability Mechanism (Amendment) Bill 2014: Second Stage (21 Oct 2014)

Michael Noonan: I thank the Acting Chairman for his welcome and I thank the Seanad for agreeing to take all Stages of the European Stability Mechanism (Amendment) Bill 2014 this afternoon and on Thursday next.

Seanad: European Stability Mechanism (Amendment) Bill 2014: Second Stage (21 Oct 2014)

Michael Noonan: I did not say the House was taking all Stages today. If the Senator had waited to hear the end of the sentence before intervening, he would have been aware of that.

Seanad: European Stability Mechanism (Amendment) Bill 2014: Second Stage (21 Oct 2014)

Michael Noonan: I will start again. I thank the Seanad for agreeing to take all Stages of the European Stability Mechanism (Amendment) Bill 2014 this afternoon and on Thursday next. The purpose of this legislation is to make provision for the inclusion by the board of governors of the European Stability Mechanism, or ESM, in accordance with Article 19 of the ESM treaty, of the ESM's direct recapitalisation...

Seanad: European Stability Mechanism (Amendment) Bill 2014: Second Stage (21 Oct 2014)

Michael Noonan: I thank all of the Senators who contributed today. The purpose of this legislation is to make provision for the inclusion by the ESM board of governors, in accordance with Article 19 of the ESM treaty, of the ESM's direct recapitalisation instrument, DRI, as one of the financial instruments envisaged under Articles 14 to 18, inclusive, of the treaty. This includes provision for the creation...

Written Answers — Department of Finance: NAMA Investigations (22 Oct 2014)

Michael Noonan: In Irish civil litigation procedure, there is no provision for a plaintiff (such as NAMA) to seek an order in the terms described in the PQ, namely, an "order directing Gardaí to arrest any person". In certain circumstances it is open to the judge in a civil litigation matter to issue a bench warrant for the arrest of a person and a judge in civil proceedings may make an order for...

Written Answers — Department of Finance: Tax Code (22 Oct 2014)

Michael Noonan: Irish Water is described as the national water utility. The Water Services (No.2) Act 2013 refers to "the public utility nature of its functions".   In recognition of the new charging regime for the provision of water supplies, I announced in the Budget that I would provide tax relief at the standard rate of 20% on water charges paid up to a maximum of €500,...

Written Answers — Department of Finance: Tax Credits (22 Oct 2014)

Michael Noonan: I propose to take Questions Nos. 48 and 73 together. As the Deputy is aware, I announced in the Budget that tax relief for water charges will be introduced. Relief will be available at the standard rate of 20%, on water charges paid, up to a maximum of €500 per annum, which may result in tax relief up to €100. Individuals in receipt of the relevant compensatory...

Written Answers — Department of Finance: Sovereign Debt (22 Oct 2014)

Michael Noonan: There have been recent discussions at the IMF on sovereign debt restructuring but there are no proposals at an EU level to legislate regarding the actions of so called "vulture funds" in the case of sovereign debt crises. Ireland along with all Eurozone members now includes Collective Action Clauses in the sovereign bonds it issues. Such clauses provide for...

Written Answers — Department of Finance: Mortgage Arrears Proposals (22 Oct 2014)

Michael Noonan: I propose to take Questions Nos. 50, 51 and 76 together. The Central Bank published a revised Code of Conduct on Mortgage Arrears on 27 June 2013 following approval by the Central Bank Commission and consultation with the Minister for Finance. The Central Bank has advised that it will commence a review of CCMA compliance later this year. Where the purchaser of a loan book...

Written Answers — Department of Finance: NAMA Court Cases (22 Oct 2014)

Michael Noonan: I am advised by NAMA that High Court proceedings issued on 18 February 2014 entitled NALM v Stephen Byrne (Record Number High Court 2014/ 561S) were inadvertently omitted from the report in respect of Q1 2014. The proceedings were included in a supplemental list contained in the report in respect of Q2 2014. This was scheduled to be published yesterday as part of NAMA's Q2-2014 Accounts.

Written Answers — Department of Finance: Corporate Governance (22 Oct 2014)

Michael Noonan: Officials at the Department of Finance have raised this question with the Special Liquidators of IBRC who are in the process of compiling a response which I will forward to the Deputy at the earliest opportunity. While I await the response of the Special Liquidators I would caution that there are a number of on-going Garda and regulatory investigations, including an...

Written Answers — Department of Finance: NAMA Accounts (22 Oct 2014)

Michael Noonan: I propose to take Questions Nos. 54 and 55 together. NAMA has reported profits (after impairment) in each year since it was established of an average of €225m per annum other than in 2010, its first full year of operation, when it incurred an impairment charge of €1.5 billion. NAMA has generated cumulative operating profits (before impairment) of €3.8 billion from...

Written Answers — Department of Finance: NAMA Accounts (22 Oct 2014)

Michael Noonan: The Deputy's question assumes that NAMA is in a position to retain assets over a medium-term horizon with a view to maximising the return which it can generate from them. This assumption is not in line with the requirement in the NAMA Act that NAMA deals expeditiously with the assets acquired by it and it is not in line with the strategy which has been set out by the NAMA Board and endorsed...

Written Answers — Department of Finance: NAMA Bonds (22 Oct 2014)

Michael Noonan: The ECB currently accepts NAMA Senior Bonds as eligible collateral and has done so since 2010. Provided that these bonds continue to meet the ECB's eligible asset criteria, the expectation is that they will continue to be accepted as eligible collateral.

Written Answers — Department of Finance: NAMA Operations (22 Oct 2014)

Michael Noonan: I understand from NAMA that the Judge's commentary in the Flynn case does not relate to the provision of statements of account to NAMA borrowers, but rather that statements of accounts were not put in evidence before the court as one means of proving the debt owing. NAMA has confirmed that the Court did not request statements of account during the case, but that they would have been provided...

Written Answers — Department of Finance: NAMA Staff Numbers (22 Oct 2014)

Michael Noonan: I propose to take Questions Nos. 59 and 60 together. Resourcing requirements within NAMA are continually reviewed by the NAMA Board and headcount requirements are approved on the basis of business needs. This includes the need to deliver on a demanding strategic plan which involves acceleration of asset disposals and the redemption of 80% of its senior debt by end 2016. Combined with this,...

Written Answers — Department of Finance: Banking Operations (22 Oct 2014)

Michael Noonan: PTSB have informed me that the Bank is in the final stages of the Springboard mortgage book sale process and expect it to complete shortly. As regards its non-core commercial real estate portfolio, the bank may dispose of a proportion of these assets in a number of tranches during 2015.  I would also like to highlight to the Deputy that the wind-down and/or sale of its non-core loan...

Written Answers — Department of Finance: Bank Restructuring (22 Oct 2014)

Michael Noonan: 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 competition to the marketplace which has consolidated significantly since 2008. In this regard Permanent TSB prepared a Restructuring Plan, which the Department of Finance submitted to the...

Written Answers — Department of Finance: Appointments to State Boards (22 Oct 2014)

Michael Noonan: As the Deputy will be aware following Minister Howlin's Memorandum to Government on 30th of September 2014, the Department of Public Expenditure and Reform are in the process of determining guidelines for Appointments to State Boards.  We intend to follow these guidelines in filling the two vacant positions on the NAMA Board.