Results 3,361-3,380 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Housing Loans (21 Jul 2016)

Michael Noonan: I do not have the exact date that the last life loan products were issued here but I understand from the Central Bank that these loans are regarded as a niche product and they have not been provided in the Irish market for a number of years. Neither my Department nor the Central Bank have carried out a specific review of the legality of these loans. However, it should be noted that the...

Written Answers — Department of Finance: Insurance Industry (21 Jul 2016)

Michael Noonan: The provision of insurance cover and the price at which it is offered is a commercial matter for insurance companies and is based on an assessment of the risks they are willing to accept and adequate provisioning to meet those risks.  This would include any post-sale reviews on whole-of-life policies, which are an individual matter for each insurance company and may differ from...

Written Answers — Department of Finance: Tax Code (21 Jul 2016)

Michael Noonan: I am advised by Revenue that the table below indicates the number of temporary exemptions granted in each of the past three years to State residents living in the border counties who are employed by an employer established in another Member State and have been provided with a Category "A" (passenger) vehicle registered outside the State (either owned or leased by the employer) for...

Written Answers — Department of Finance: Tax Relief Availability (21 Jul 2016)

Michael Noonan: The Irish tax system is statute-based and is operated in an open and transparent manner.  All companies in Ireland pay the standard 12.5% rate on their trading profits arising in Ireland.  All companies here pay a corporation tax rate of 25% on their non-trading income, and chargeable capital gains are taxable at the capital gains tax rate of 33%.  These rates, along with any...

Written Answers — Department of Finance: Mortgage Resolution Processes (21 Jul 2016)

Michael Noonan: I would refer the Deputy to the Central Bank's latest mortgage arrears and repossession statistics for quarter 1 2016 which are publicly available at www.centralbank.ie/polstats/stats/mortgagearrears/Documents/ 2016q1_ie_mortgage_arrears_statistics.pdf.  This publication, together with previous quarterly publications back to quarter 1 of 2012, provide a detailed breakdown...

Written Answers — Department of Finance: Irish Airlines Superannuation Scheme (21 Jul 2016)

Michael Noonan: The question does not specify the particular measures which the Deputy has in mind. In any event, I am sure he will understand that I would not be in a position to introduce any measures which would benefit the members of a particular pension scheme to the exclusion of other pension scheme members or taxpayers in a similar situation, generally, and I have no plans to do so.

Written Answers — Department of Finance: Mortgage Lending (21 Jul 2016)

Michael Noonan: The Central Bank has advised me that it is important to note that there is no such regulated category as "sub-prime lender".  However, Retail Credit Firms are authorised to provide credit, in the form of cash loans, directly to individuals (these firms are not licensed to accept deposits).  Some firms authorised in this category are mortgage lenders.  Retail Credit Firms have...

Written Answers — Department of Finance: Company Liquidations (21 Jul 2016)

Michael Noonan: The liquidation of an insurance company is a legally complex process.  Setanta is a Maltese incorporated company and, therefore, the Setanta liquidation is being carried out under Maltese law.  Progress in the liquidation of Setanta Insurance has been awaiting the outcome of legal proceedings in the case of the Law Society of Ireland versus the Motor Insurers' Bureau of Ireland...

Written Answers — Department of Finance: National Payments Plan Implementation (21 Jul 2016)

Michael Noonan: I am informed by the Central Bank that a recommendation contained in the National Payments Plan targeted a significant increase in the number of €10 notes dispensed from ATMs.  Targets were designed in order to increase the proportion of €10 notes in circulation with a view to making lower denomination notes available. The specific targets contained in the National...

Written Answers — Department of Finance: IBRC Mortgage Loan Book (21 Jul 2016)

Michael Noonan: I propose to take Questions Nos. 105 and 106 together. As the Deputy is aware, for operational reasons the loan assets of Irish Bank Resolution Corporation Limited (in Special Liquidation) (IBRC) were divided into eight portfolios: Evergreen, Rock, Salt, Sand/Pearl, Stone, Pebble, Quartz and Amber. The Sand portfolio originally comprised 12,702 Irish originated residential mortgages...

Written Answers — Department of Finance: Bank Guarantee Scheme Fees (21 Jul 2016)

Michael Noonan: As requested by the Deputy, I can confirm that the following amounts have been received to date from fees relating to deposit guarantee schemes and the disposal of the State s investments in the banks: - CIFS/ELG - €4.45bn - Disposal of bank investments -€8.22bn Proceeds from the disposal of bank investments includes accrued interest/dividend at the date of sale, and is net of...

Written Answers — Department of Finance: Central Bank of Ireland (21 Jul 2016)

Michael Noonan: I have been informed by the Central Bank that it has not issued any guidance to financial institutions on the consideration of evidence of gambling transactions as part of the loan application process. The decision to grant or refuse credit is a commercial decision on the part of a regulated entity that must be conducted in accordance with applicable requirements of Irish financial...

Written Answers — Department of Finance: IBRC Legal Cases (21 Jul 2016)

Michael Noonan: I am advised by the Special Liquidators of IBRC that they do not believe that it would be appropriate to provide the requested details regarding all Counsel engagements by IBRC since their appointment in February 2013 given the legally privileged, commercially sensitive and highly confidential nature of those engagements. While the multitude of unprecedented, exceptional and novel issues and...

Written Answers — Department of Finance: IBRC Loans (21 Jul 2016)

Michael Noonan: The Special Liquidators are in the process of compiling a response to this question which I will forward to the Deputy at the earliest opportunity. Given that IBRC is going through a liquidation process, the ability to collate and report information of this detail in such a short period of time is not as feasible as it would be for a bank that is not in wind-down. The Special Liquidators...

Written Answers — Department of Finance: IBRC Loans (21 Jul 2016)

Michael Noonan: The Special Liquidators are in the process of compiling a response to this question which I will forward to the Deputy at the earliest opportunity. Given that IBRC is going through a liquidation process, the ability to collate and report information of this detail in such a short period of time is not as feasible as it would be for a bank that is not in wind-down. The Special Liquidators...

Written Answers — Department of Finance: IBRC Loans (21 Jul 2016)

Michael Noonan: As the Deputy is aware, the ongoing Commission of Investigation in relation to IBRC is investigating all transactions, activities and management decisions, other than those relating solely to the acquisition of assets by the National Asset Management Agency, which occurred between 21 January 2009 (being the date of the nationalisation of IBRC) and 7 February 2013 (being the date of...

Written Answers — Department of Finance: Rent Receivers (21 Jul 2016)

Michael Noonan: I have received the following information in relation to rent receivers: AIB AIB has appointed rent receivers for over 112 assets to date in 2016 of which c. 65 are buy to let. In total, AIB has c.1,550 assets under active rent receiver management of which c.900 are buy to let properties. AIB cannot anticipate the number of receivers that will be appointed for the remainder of 2016 as it is...

Written Answers — Department of Finance: Corporation Tax (21 Jul 2016)

Michael Noonan: I am informed by Revenue that the gross Corporation Tax paid from 2011 to 2015 by the top ten companies, based on the amount of tax paid (all of which are multinational companies), and the proportion this represents of overall gross Corporation Tax paid in each year, are as set out in the following table. Year Gross Amount Paid in Corporation Tax by Top Ten Payers (€m) % of Gross...

Written Answers — Department of Finance: NAMA Loan Book Value (21 Jul 2016)

Michael Noonan: I propose to take Questions Nos. 115 and 123 together. Details on NAMA's remaining portfolio are available in the Agency's Annual Report and Financial Statements for 2015.  This is published on the NAMA website, www.nama.ie. Regarding the current book value, estimated market value, and geographic breakdown of the remaining portfolio,  I would refer the Deputy, in particular, to page...

Written Answers — Department of Finance: Credit Union Fund (21 Jul 2016)

Michael Noonan: The Credit Institutions Resolution Fund (the Fund) was established under Section 10(1) of the Central Bank and Credit Institutions (Resolution) Act 2011 (2011 Act). In December 2011 the Minister contributed €250m to the Fund.  The 2011 Act sets out the purpose of the Fund as follows: The purpose of the Fund is to provide a source of funding for the resolution of financial...