Results 5,541-5,560 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: State Banking Sector (12 Nov 2015)

Michael Noonan: I propose to take Questions Nos. 79 to 81, inclusive, together. The Ireland Strategic Investment Fund (ISIF), currently holds approximately 522 billion Ordinary Shares in AIB on behalf of the Irish state. This represents approximately 99.83% of the total Ordinary Shares in issue. The forthcoming capital reorganisation will see the conversion of €2.14 billion of 2009 Preference...

Written Answers — Department of Finance: NAMA Property Construction (12 Nov 2015)

Michael Noonan: In supporting viable residential development in response to market demand, NAMA does not hoard development land. It has been keen to facilitate other market participants in their attempt to get access to sites which could contribute to residential supply.  In this respect, NAMA, fully in accordance with its obligations under Section 10 of the NAMA Act to maximise the achievable financial...

Written Answers — Department of Finance: Tax Yield (12 Nov 2015)

Michael Noonan: I propose to take Questions Nos. 83 and 84 together. Given the importance of Corporation Tax receipts in November, any sectoral or other analysis on receipts for the year to date, risks being misleading or incomplete. I am informed by the Revenue Commissioners that the information currently available in respect of Corporation Tax payments from multinationals for the period January to October...

Written Answers — Department of Finance: Tax Yield (12 Nov 2015)

Michael Noonan: As I outlined in my previous reply to the Deputy on 10 November 2015, a negative amount of €3 million was profiled in respect of corporation tax receipts in October 2015.   The rationale for the minus €3 million was that repayments expected in October were anticipated to be slightly larger than forecast collection.  These repayments had been identified to the...

Written Answers — Department of Finance: NAMA Legal Fees (12 Nov 2015)

Michael Noonan: NAMA often defends litigation against third parties who are also/already in active litigation instigated by NAMA against that same third party. In these instances, claims and counterclaims are usually dealt with as joint proceedings by the Courts. For this reason, it is not possible to definitively break down the legal costs attributable to each of the claims and the counterclaims. However,...

Written Answers — Department of Finance: NAMA Court Cases (12 Nov 2015)

Michael Noonan: I am advised by NAMA that an estimate of the legal costs incurred by NAMA as a defendant in litigation is in the region of €2.8m. In the cases which have had successful outcomes for NAMA, arrangements relating to costs are usually made either as an order for costs awarded by the Courts, or alternatively, the parties reach an agreement on their respective costs as part of the...

Written Answers — Department of Finance: EU-IMF Programme of Support Value (12 Nov 2015)

Michael Noonan: My Department, in conjunction with the National Treasury Management Agency (NTMA), will always seek to avail of any opportunity for savings on the cost of our EU-IMF programme loans. As the Deputy is aware, we have already achieved significant savings in the cost of these loans. The reduction in the interest rates on the EU element of these loans, achieved in 2011, resulted in estimated...

Written Answers — Department of Finance: Banking Sector (12 Nov 2015)

Michael Noonan: I assume the Deputy is referring to the comments made by Governor Honohan at the Small Firms Association annual lunch on 6 November last in the context of SME lending. In relation to the question of banks being risk averse, I would draw the Deputy's attention to the recently published Department of Finance SME Credit Demand Survey April - September 2015 ). A total of 1,500 telephone...

Written Answers — Department of Finance: Credit Availability (11 Nov 2015)

Michael Noonan: The Government recognises that small businesses, including those in the hotel sector, play a central role in the sustainable recovery of the Irish economy. To facilitate this, Government policy since 2011 has been focused on ensuring that all viable SMEs have access to an appropriate supply of credit from a diverse range of bank and non-bank sources. Officials from my...

Written Answers — Department of Finance: Public Investment Projects (11 Nov 2015)

Michael Noonan: The capital allocation for my Department for 2015 is €1.15 million. Of this figure, €1.13 million is in respect of the refurbishment of buildings in the Merrion Street complex. The balance of €0.02 million is attributable to ICT.

Written Answers — Department of Finance: State Banking Sector (11 Nov 2015)

Michael Noonan: As requested by the Deputy, the following is a summary of the AIB and BOI recapitalisation amounts and associated disposal proceeds, investment income and bank liability guarantee fee income to date. I have also included the most recent valuations of our remaining investments in the banks for the benefit of the Deputy: Gross invested €25.4bn Disposal...

Written Answers — Department of Finance: State Claims Agency (11 Nov 2015)

Michael Noonan: It has not been possible for the State Claims Agency (SCA) to collate the information requested in the time available. The SCA have informed me that they will need an additional 10 days in order to compile the necessary data. I will write to the Deputy with the information as soon as it is submitted to me.

Written Answers — Department of Finance: State Claims Agency (11 Nov 2015)

Michael Noonan: It has not been possible for the State Claims Agency (SCA) to collate the information requested in the time available. The SCA have informed me that they will need an additional 10 days in order to compile the necessary data. I will write to the Deputy with the information as soon as it is submitted to me.

Written Answers — Department of Finance: State Banking Sector (11 Nov 2015)

Michael Noonan: On Friday last, 6th November 2015, I welcomed the announcement from AIB that the bank had received approval from its regulator, the SSM (Single Supervisory Mechanism), for a significant reorganisation of its capital structure. The approved reorganisation allows for a redemption of the 2009 Preference Shares, to the value of €1.7 billion for the State, as well as a conversion...

Written Answers — Department of Finance: Proposed Legislation (11 Nov 2015)

Michael Noonan: The Finance Bill is a Money Bill. Article 22 1° of the Constitution defines a Money Bill as meaning a Bill which contains only provisions dealing with all or any of the following matters, namely, the imposition, repeal, remission, alteration or regulation of taxation; the imposition for the payment of debt or other financial purposes of charges on public moneys or the variation or...

Written Answers — Department of Finance: Tax Code (11 Nov 2015)

Michael Noonan: Capital Acquisitions Tax (CAT) is the overall title for both Gift and Inheritance Tax. The tax is charged on the amount gifted to, or inherited by, the beneficiary of the gift or inheritance. For the purposes of CAT, the relationship between the person who provides the gift or inheritance (i.e.the disponer) and the person who receives the gift or inheritance (i.e. the beneficiary),...

Written Answers — Department of Finance: Budget Submissions (11 Nov 2015)

Michael Noonan: The Deputy will appreciate that preparation for Budget 2016 and the Finance Bill is a complex matter and it would be impractical to provide a definitive list of every single such meeting that may have taken place. However I can advise him that in advance of Budget 2016 I met, along with Minister Howlin, as I usually do, a number of representative organisations. These were IBEC, ICTU, the...

Finance (Miscellaneous Provisions) Bill 2015: Order for Report Stage (10 Nov 2015)

Michael Noonan: I move: "That Report Stage be taken now."

Finance (Miscellaneous Provisions) Bill 2015: Report and Final Stages (10 Nov 2015)

Michael Noonan: I move amendment No. 1:In page 5, to delete lines 19 to 23 and substitute the following:"(3) Subject to subsections (4) and (5), this Act shall come into operation on the date of its passing. (4) Part 3 shall come into operation on 20 November 2015. (5) Part 4 shall come into operation on such day or days as the Minister may appoint by order or orders either generally or with reference to...

Finance (Miscellaneous Provisions) Bill 2015: Report and Final Stages (10 Nov 2015)

Michael Noonan: I move amendment No. 3:In page 17, to delete lines 8 to 11 and substitute the following:“(2) A regulatory act taken by the Bank under the relevant regulations in respect of a Solvency II undertaking on or before the commencement of this section continues to have effect according to its terms. (3) The Bank may enforce a regulatory act referred to in subsection (1) or (2). (4) The...