Results 15,021-15,040 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: IBRC Liquidation (16 Jul 2013)

Michael Noonan: I propose to take Questions Nos. 184 to 187, inclusive, together. In responding to these questions, the Special Liquidators have advised that consideration has to be given, not only to the Companies Acts, 1963 - 2012 (the Companies Acts), but also the Irish Bank Resolution Corporation Act, 2013 (the IBRC Act), the Ministerial Instructions issued to the Special Liquidators under the IBRC...

Written Answers — Department of Finance: IBRC Liquidation (16 Jul 2013)

Michael Noonan: I propose to take Questions Nos. 188 and 189 together. I have been advised by the Special Liquidators that they do not have any obligations to file any documents in the High Court.

Written Answers — Department of Finance: IBRC Liquidation (16 Jul 2013)

Michael Noonan: The Irish Banking Resolution Corporation Act 2013 provided that section 313A of the Companies Act 1963 shall not apply to the liquidation of IBRC. The said section 313A provides that, upon the making of a winding up order or an order appointing an examiner to a company, the liquidator or examiner concerned may obtain a copy of the order from the Central Office of the High court. This...

Written Answers — Department of Finance: IBRC Liquidation (16 Jul 2013)

Michael Noonan: I propose to take Questions Nos. 191 and 192 together. The Special Liquidators will fully comply with their reporting obligations and as such the liquidation accounts will be filed with the CRO after two years of the liquidation and yearly thereafter. These accounts will include detail on the costs, charges and expenses incurred by the Special Liquidators in that period. As is normal in...

Written Answers — Department of Finance: IBRC Liquidation (16 Jul 2013)

Michael Noonan: I propose to take Questions Nos. 193 to 196, inclusive, together. I am advised by the Special Liquidators that for the larger regulatory group exposures, the Group Credit Committee (“GCC”) of IBRC (in Special Liquidation) decides on all credit decisions. The GCC is chaired by the Chief Risk Officer. The Local Credit Committees of IBRC (in Special Liquidation) are chaired by...

Written Answers — Department of Finance: IBRC Liquidation (16 Jul 2013)

Michael Noonan: I am advised by the Special liquidators that due to commercial confidentiality and sensitivities and also client/solicitor confidentiality, the Special Liquidators are not in a position to provide these details.

Written Answers — Department of Finance: NAMA Expenditure (16 Jul 2013)

Michael Noonan: I have been informed by NAMA that in the period since March 2011, it has paid fees of €6,624 to the individual in question.

Written Answers — Department of Finance: Central Bank of Ireland Issues (16 Jul 2013)

Michael Noonan: I am informed by the Central Bank that, for reasons of commercial sensitivity, it is not its policy to disclose information on fees paid to individuals or individual firms. The Central Bank points out, however, that it provides information from time to time in relation to different expenditure categories.

Written Answers — Department of Finance: IBRC Expenditure (16 Jul 2013)

Michael Noonan: I propose to take Questions Nos. 200 and 201 together. I am advised that the pension schemes are operated independently from the bank under distinct rules and legislation. Pension entitlements are paid from the funds of the relevant schemes and in accordance with the rules of the particular scheme. I am advised by the Special Liquidators that they cannot comment on the emoluments of...

Written Answers — Department of Finance: Banks Recapitalisation (16 Jul 2013)

Michael Noonan: I refer the Deputy to his PQ of Tuesday 9th July (33116/13). The audited accounts of Anglo Irish Bank for the year ended 30 September 2008 reported that the bank was not insolvent at that time. However, it is now clear that the full extent of the evolving problems in global financial crisis or the property market were not envisaged in any assessment of the bank at that time. In the course of...

Written Answers — Department of Finance: Banking Sector Investigations (16 Jul 2013)

Michael Noonan: I propose to take Questions Nos. 203 and 204 together. The Office of the Director of Corporate Enforcement is responsible for the enforcement of breaches of company law and it is the function of the director of the ODCE to investigate if the former members of the Board of Anglo Irish Bank complied with their regulatory responsibilities and duties. As there are currently a number of court...

Written Answers — Department of Finance: State Banking Sector (16 Jul 2013)

Michael Noonan: I can inform the Deputy that the banks in which the State has shares have provided me with the following information in relation to whether they avail of public auctions auctioneering service provided by the company whose details are supplied. Permanent TSB - I am informed by Permanent TSB that it does not currently avail of the use of public auctions auctioneering service provided by the...

Written Answers — Department of Finance: NAMA Transactions (16 Jul 2013)

Michael Noonan: I proposed to take Questions Nos. 206 and 208 together. As the Deputy is aware NAMA has acquired loans from the five participating institutions and is not the owner of properties. The Agency’s role is that of a secured lender. The Agency does not directly manage or sell properties securing its loans. In line with NAMA Board guidelines, NAMA requires that the sale of property assets...

Written Answers — Department of Finance: IBRC Sale of Assets (16 Jul 2013)

Michael Noonan: The Special Liquidators have advised that in relation to connections where there are receivers appointed over assets, those receivers assess and recommend which method and agent to use for the sale of assets. The Special Liquidators have confirmed that there are instances where receivers, acting as agent for the borrower and/or borrowers, appoint the company mentioned to sell assets.

Written Answers — Department of Finance: NAMA Code of Conduct (16 Jul 2013)

Michael Noonan: I am advised by NAMA that where it approves the sale of any loan or approves the sale of any secured property by a debtor, it requires a confirmation that the purchaser is not connected to the debtor or other obligors. In line with this, NAMA Board guidelines require that sales agents prepare a final report and recommendation, which includes, inter alia, confirmation that the sales agent has...

Written Answers — Department of Finance: Security and Exchange Commission Issues (16 Jul 2013)

Michael Noonan: I propose to take Questions Nos. 210 to 212, inclusive together. I have been informed by AIB that there have been no SEC filing irregularities by AIB. I have also been informed by AIB that in light of the reforms introduced in the United States by the Sarbanes-Oxley Act, the SEC is actually “required” to periodically review the filings of all reporting companies, including...

Written Answers — Department of Finance: Bond Redemption (16 Jul 2013)

Michael Noonan: I propose to take Questions Nos. 213 to 217, inclusive together. I have been informed by AIB that with regard to the €3.5bn 2009 Preference Shares held by the NPRFC, AIB has not paid any cash dividend to date (coupon rate of 8% amounting to €280 million). In settlement of this non-payment, AIB shares were issued to the NPRFC as follows: Year of Settlement No of Shares...

Written Answers — Department of Finance: State Banking Sector (16 Jul 2013)

Michael Noonan: The Annual Report and Financial Statements 2011 of the National Pensions Reserve Fund Commission showed that the Fund’s ownership of Allied Irish Bank was 99.8% at 31 December 2011. In May 2012 the National Pensions Reserve Fund (NPRF) received a dividend of ordinary shares in lieu of a cash dividend on its preference shares. The NPRF has advised that that due to the dilution effect,...

Written Answers — Department of Finance: Banking Licence Applications (16 Jul 2013)

Michael Noonan: Compliance with the banking licence is a matter for the Central Bank and I have been informed by the Central Bank that Allied Irish Banks plc 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...

Written Answers — Department of Finance: Banking Sector Issues (16 Jul 2013)

Michael Noonan: I have been informed by AIB that in line with normal practice and for reasons of commercial sensitivity, the bank does not publicly disclose the details of contracts with individual external service providers. AIB utilises the expertise of a number of different third party firms on a case by case basis, subject to an evaluation of the bank’s requirements, costs and the relevant...