Results 11,461-11,480 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: IBRC Liquidation (27 May 2014)

Michael Noonan: I have been advised that the Special Liquidators will not be providing the information requested as it is considered commercially sensitive financial information. As a general comment however I understand  that the majority of loan documentation permits a maximum recovery of outstanding par debt plus interest and fees.

Written Answers — Department of Finance: NAMA Loan Offers (27 May 2014)

Michael Noonan: I am advised by NAMA that the majority of loan documentation permits a maximum recovery of outstanding par debt plus interest and fees.

Written Answers — Department of Finance: NAMA Operations (27 May 2014)

Michael Noonan: I am advised that NAMA's policy guidelines provide that wherever feasible the sale of property by NAMA debtors or receivers or the sale of loans by the Agency shall be openly marketed.  The marketing strategy for any given asset is determined by a range of factors, including asset class, size, value and location.  I note in this respect the Comptroller and Auditor General's...

Written Answers — Department of Finance: Mortgage Resolution Processes (27 May 2014)

Michael Noonan: As statutory regulator of credit institutions, the Central Bank has the power, from both a prudential and consumer protection perspective, to require banks to meaningfully and sustainably address mortgage arrears cases on their books. The Central Bank's Mortgage Arrears Resolution Targets (MART) process, as announced in March 2013, sets time bound and measurable targets for the main banks...

Written Answers — Department of Finance: Tax Reliefs Availability (27 May 2014)

Michael Noonan: I am advised by the Revenue Commissioners that retirement relief from Capital Gains Tax (CGT) may be available to an individual on the disposal of all or part of the chargeable business assets of his/her business or farm, subject to meeting the conditions set out in Section 598 of the Taxes Consolidation Act 1997. With regard to the particular instance set out by the Deputy, relief may...

Written Answers — Department of Finance: Mortgage Schemes (27 May 2014)

Michael Noonan: The Government understands the concern of people who are experiencing negative equity on their homes. However the primary focus at the moment is to deal with the problem of people who are experiencing difficulty with the repayments on their mortgage. The focus of Government and Central Bank actions relates in particular to personal insolvency reform and the Central Bank...

Written Answers — Department of Finance: Research and Development Supports (27 May 2014)

Michael Noonan: The Deputy will be pleased to know that the competitiveness of Ireland's regime for Research and Development ('R&D') was a key focus of the review of the R&D Tax Credit that I commissioned in 2013. A whole chapter of this report was devoted to an international comparison of the regime with that in place in other countries, and the full results of the review can be viewed on...

Written Answers — Department of Finance: Financial Services Ombudsman Issues (27 May 2014)

Michael Noonan:  Firstly, I must point out that the Financial Services Ombudsman is independent in the performance of his statutory functions. The Financial Services Ombudsman s Bureau was established under the Central Bank and Financial Services Authority of Ireland Act, 2004. The legislation provides for an independent, impartial investigation and resolution of disputes between consumers and...

Written Answers — Department of Finance: Banking Sector (27 May 2014)

Michael Noonan: I have been informed by the Central Bank that Allied Irish Banks plc has always operated with a banking licence and currently holds a banking licence under Section 9 of the Central Bank Act, 1971. This licence allows the bank to conduct banking business. As defined in the Act, "banking business" means business which consists of (a) the business of accepting deposits payable on demand...

Written Answers — Department of Finance: Strategic Banking Corporation of Ireland (27 May 2014)

Michael Noonan: As the Deputy will be aware, the Government on Thursday 22 May 2014 announced that over €500 million in additional credit will be made available to Irish SMEs through the establishment of the Strategic Banking Corporation of Ireland (SBCI). The SBCI is a new company and it is intended that it will be initially financed by the German Promotional Bank KfW, the European Investment...

Written Answers — Department of Finance: Small and Medium Enterprises Debt (27 May 2014)

Michael Noonan: In June 2013, the Central Bank set quarterly institution-specific performance targets for covered banks to move distressed SME borrowers onto longer-term forbearance solutions. The targets set reflect the banks' capacity, processes and systems. The Central Bank has informed the officials in my Department that the banks have reported that they have met their required targets to date. This...

Written Answers — Department of Finance: Insurance Levy (27 May 2014)

Michael Noonan: The Government has not made a decision to introduce a flood levy on insurance premiums nor has there been any decision about how the proceeds of such a levy would be distributed. Government policy in relation to flooding aims to address the underlying problem through appropriate remedial works where this is economically feasible. The Office of Public Works is committed to alleviating the...

Written Answers — Department of Finance: Tax Rebates (27 May 2014)

Michael Noonan: I have been advised by the Revenue Commissioners that they have no record of a refund claim from the person concerned. I have further been advised by the Revenue Commissioners that they have written to the person concerned to obtain the details necessary to carry out a review of his liability for 2013.

Written Answers — Department of Finance: Financial Services Ombudsman Issues (27 May 2014)

Michael Noonan: In April 2013, the Government  decided to amalgamate the Office of the Pensions Ombudsman and the Office of the Financial Services Ombudsman. This decision was taken following a review of the policy decision - taken earlier - to amalgamate both offices. Most replies which were received during the consultation and review process were supportive of the amalgamation. The expertise...

Written Answers — Department of Finance: Small and Medium Enterprises Debt (27 May 2014)

Michael Noonan: As the Deputy has mentioned, the Central Bank recently published a paper as part of its "Economic Letters Series" entitled "Profiling the Indebtedness of Irish SMEs". The findings include: 34 per cent of SMEs report having no debt; The vast majority (84 per cent) of SMEs have a Debt to Turnover ratio of less than one third; Only 7 per cent of SMEs have a Debt to Turnover ratio of greater...

Written Answers — Department of Finance: Stock Exchange Issues (27 May 2014)

Michael Noonan: As the deputy is aware AIB is quoted on the Enterprise Securities Market (ESM) of the Irish Stock Exchange (ISE) since January 2011 and complies with its listing rules and requirements. The ESM is a Multilateral Trading Facility and is not strictly subject to the Market Abuse (Directive 2003/6/EC) Regulations 2005, however core elements apply through other legislation, for...

Written Answers — Department of Finance: Banking Sector (27 May 2014)

Michael Noonan: The Deputy will be aware that I must ensure that Permanent TSB is run on a commercial, cost effective and independent basis to ensure the value of the bank as an asset to the State. Under the Relationship Framework which governs the relationship with Permanent TSB I recognise that the bank remains a separate economic unit with independent powers of decision. A copy of the...

Written Answers — Department of Finance: IBRC Mortgage Loan Book (27 May 2014)

Michael Noonan: I have been advised by the Special Liquidators that 64% of the residential mortgage portfolio of Irish Bank Resolution Corporation Limited (in Special Liquidation) have been sold to two buyers, namely Lone Star and Oaktree Capital Management, L.P. A mixture of performing and non-performing loans were sold. The Special Liquidators confirm that NAMA will not now be obliged to purchase...

Written Answers — Department of Finance: Tax Collection (27 May 2014)

Michael Noonan: With regard to the impact of online sales imports on the retail sector here, statistics of online retail sales are not available. In relation to the tax treatment of online sales, the VAT treatment of a particular supply depends on the category of good or service, whether the supply is made to a business or consumer, and, particularly in the case of online sales, the location of the...

Written Answers — Department of Finance: NAMA Portfolio (27 May 2014)

Michael Noonan: NAMA has acquired loans from the five participating institutions and is not the owner/operator of properties. The Agency's role is that of a secured lender. Other than properties that have been enforced, all of which are listed on NAMA's website () and are managed by the appointed receivers/administrators, properties continue to be managed by their existing owners. Details of these...