Results 12,401-12,420 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: NAMA Operations (4 Mar 2014)

Michael Noonan: I refer the Deputy to my response 82 of 19th February 2014.  As Minister for Finance, I have no role in relation to the day-to-day detail of NAMA's strategy.  However, to be helpful, I outlined that the asset was sold by the appointed receiver after being openly marketed.  A receiver has a legal obligation to the debtor to obtain the best possible price for any secured...

Written Answers — Department of Finance: Economic Data (4 Mar 2014)

Michael Noonan: My Department does not maintain records of Irish companies for the purpose of assessing economic developments. The Central Statistics Office is responsible for inter alia measuring economic performance and compiles data from Irish-based companies to do this. My Department assesses these economic data with a view to inter alia projecting forward likely trends in the economy.

Written Answers — Department of Finance: Revenue Commissioners Investigations (4 Mar 2014)

Michael Noonan: I am advised by the Revenue Commissioners that the Donegal District office has been made aware by an employee of a dispute between him and a former employer in regard to the amount of wages recorded on his P60 as having been paid to him for a particular tax year. The nature of the dispute appears to be one which, in the normal course would be resolved between the parties.  However, in...

Written Answers — Department of Finance: National Treasury Management Agency Deposits (4 Mar 2014)

Michael Noonan: I am informed by the National Treasury Management Agency (NTMA) that the maturity notices in question were despatched to the registered address of the person but were returned undelivered.  Arrangements are being made to have the notices reissued to the person. It is understood that postal deliveries to the person's home are dependent on the customer being present to accept...

Written Answers — Department of Finance: Tobacco Smuggling (4 Mar 2014)

Michael Noonan: I am advised by the Revenue Commissioners that, during 2012-2013, 70 prosecutions resulting in convictions for tobacco smuggling arose from detections made at Dublin Airport, and 1 prosecution leading to conviction for that offence related to a detection made at Dublin Port.  A number of other prosecutions relating to alleged smuggling detected at those locations in the period in...

Written Answers — Department of Finance: Property Taxation Administration (4 Mar 2014)

Michael Noonan: I am advised by Revenue that a key aspect of the work undertaken in regard to Local Property Tax (LPT) was the development of a comprehensive Register of residential properties in the State. The Register was populated using data drawn from a range of sources including Revenue's own databases, the Local Government Management Agency database and data from various utility companies. The...

Written Answers — Department of Finance: Mortgage Interest Relief Eligibility (4 Mar 2014)

Michael Noonan: The situation is that tax relief in respect of mortgage interest paid is available at a number of varying rates and is subject to certain ceilings as provided for in Section 244 of the TCA 1997. The relief is available up to and including the tax year 2017 on qualifying home loans taken out on or after 1 January 2004 and on or before 31 December 2012. Individuals purchasing their first...

Written Answers — Department of Finance: Banking Sector Issues (4 Mar 2014)

Michael Noonan: As the Deputy will be aware, AIB through the Department of Finance, has been in detailed discussions with the European Commission to finalise the terms of the bank's EU Restructuring Plan.  Finalisation and approval of this plan is an important milestone for the bank as it returns to profitability and re-engages with its customers and the funding and investment markets.  Based on...

Written Answers — Department of Finance: Corporation Tax (4 Mar 2014)

Michael Noonan: As the Deputy is aware, the Competition Directorate of the European Commission is currently conducting a review of corporate tax ruling procedures in various EU Member States in order to assess such practice under EU State Aid rules.   What is involved at this stage is a preliminary gathering and examination of information on the part of the Commission for the purposes of getting an...

Written Answers — Department of Finance: Credit Unions (4 Mar 2014)

Michael Noonan: I propose to take Questions Nos. 40 and 41 together. The Registrar of Credit Unions at the Central Bank is responsible for the regulation of credit unions. Credit unions are required to hold an Annual General Meeting (AGM), in accordance with Section 78(2) of the Credit Union Act 1997, within four months of the end of the financial year, which is 30 September.  The...

Written Answers — Department of Finance: NAMA Investigations (4 Mar 2014)

Michael Noonan: A key element in NAMA s strategic planning is recognition of the need for investment to preserve and enhance the value of assets securing its loans.  Reflecting this, NAMA announced in May 2012 that it would provide funding of €2bn in Ireland over the period from 2012 to 2016 to enable construction projects currently in progress to be completed and to develop new projects to meet...

Written Answers — Department of Finance: Financial Services Ombudsman Issues (4 Mar 2014)

Michael Noonan: Firstly, I must confirm to the Deputy that it is not appropriate for me to comment on or become involved in an individual borrower's dispute with a financial service provider.  The Financial Services Ombudsman (FSO) was set up to adjudicate on unresolved disputes between complainants and financial service providers in an independent and impartial manner.  It would not be...

Written Answers — Department of Finance: NAMA Investment Funds (4 Mar 2014)

Michael Noonan: I am advised by NAMA that its cost of funds is currently less than 2.0% per annum. NAMA s cost of funds derives from both the interest cost on its debt securities (senior and subordinated) and its interest rate hedging cost. NAMA has entered into interest rate hedging which acts as an insurance mechanism to hedge its interest expense against interest rate increases over its...

Written Answers — Department of Finance: NAMA Portfolio Value (4 Mar 2014)

Michael Noonan: Rental yield information is collated and recorded on a property-by-property basis across all of NAMA s loans as this is the framework within which loans are managed. An average rental yield across NAMA's entire portfolio is not collated. Given the wide diversity across NAMA's loan security in terms of asset class, geographic location and other significant qualitative considerations such...

Written Answers — Department of Finance: NAMA Debtors (4 Mar 2014)

Michael Noonan: I am advised by NAMA that, by 21 February 2014, it had been necessary to enforce against 296 debtor connections or part thereof.  NAMA acquired loans of close to 800 debtors which had 5,000 borrowing entities. An enforcement strategy by NAMA is pursued in circumstances where the debtor s business plan is not considered acceptable, the debtor is in default and is not cooperating or where...

Written Answers — Department of Finance: NAMA Staff Unauthorised Disclosures (4 Mar 2014)

Michael Noonan: These matters are currently under criminal investigation by and I am precluded therefore from commenting further. 

Written Answers — Department of Finance: NAMA Bonds (4 Mar 2014)

Michael Noonan: I propose to take Questions Nos. 48 to 50, inclusive, together. I can confirm for the Deputy that BOI, AIB and ptsb held the levels of NAMA bonds outlined below as of 24th February 2014. The senior bonds currently earn an interest rate of six month euribor which was set last September at a rate of 0.345%.  This year, for the first...

Written Answers — Department of Finance: NAMA Staff Contracts (4 Mar 2014)

Michael Noonan: I propose to take Questions Nos. 51 and 52 together. In early 2013, the NTMA Chief Executive committed to a review of NTMA policy in respect of notice periods and post-termination restrictions on employment. Accordingly, the law firm Matheson was engaged by the NTMA to: (i) advise on market norms in the private sector in terms of notice periods and post-termination restrictions; (ii)...

Written Answers — Department of Finance: NAMA Debtor Agreements (4 Mar 2014)

Michael Noonan: I am advised by NAMA that it does not pay a salary to any debtor. NAMA seeks to ensure that income generated by assets securing its loans is applied towards repaying a debtor's indebtedness.  However as part of the debtor business plan, debtors may be permitted to retain an agreed portion of this income to cover business overheads. Debtors are allowed a salary out of business...

Written Answers — Department of Finance: NAMA Debtor Agreements (4 Mar 2014)

Michael Noonan: I am advised by NAMA that it has completed the assessment of all 775 debtor business plans.  I am advised that NAMA has three core strategies in place for debtors. A strategy of debtor support is in place for debtors who have 43% of NAMA debt, a restructuring strategy is in place for debtors with 26% of NAMA debt and an enforcement strategy is in place for debtors with 31% of the NAMA...