Results 15,241-15,260 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Deposit Guarantee Scheme (4 Jul 2013)

Michael Noonan: I propose to take Questions Nos. 92 and 93 together. The Deposit Guarantee Scheme covers deposits by individuals in participating credit institutions. All deposit-taking credit institutions in Ireland are required by law to participate in the Deposit Guarantee Scheme. The Deposit Guarantee Scheme operates across the EU so deposits with credit institutions from other EU Member States...

Written Answers — Department of Finance: Banking Guarantee Scheme Liabilities (4 Jul 2013)

Michael Noonan: The Deputy will be aware that details of bank funding profiles, including a breakdown of the aggregate amounts of tier 1 bonds and subordinated bonds and other covered liabilities for any given period, received by my Department in the course of official communications and which are not a matter of public record are commercially sensitive. Information on the breakdown of the total of covered...

Written Answers — Department of Finance: IBRC Liquidation (4 Jul 2013)

Michael Noonan: I propose to Questions Nos. 95, 96, 108 and 109 together. I have been advised by the Special Liquidators that they are unable to provide an estimate of the total remuneration payable to them or to any third party in the special liquidation of IBRC at this time. The Department of Finance is in regular contact with the Special Liquidators and is closely monitoring the progress of the...

Written Answers — Department of Finance: IBRC Liquidation (4 Jul 2013)

Michael Noonan: Due to commercial confidentiality and sensitivities, and also solicitor/client confidentiality, I have been advised by the Special Liquidators that they do not propose to provide details of amounts due and paid by IBRC (in Special Liquidation) to Arthur Cox and/or Ernst & Young. The Special Liquidators have advised that any amounts owing to these firms prior to the liquidation or...

Written Answers — Department of Finance: IBRC Liquidation (4 Jul 2013)

Michael Noonan: I am advised by the Special Liquidators that for commercial sensitivity reasons they will not be disclosing this information at this time. However, I am advised that the Special Liquidators will fully comply with their reporting obligations in relation to the reporting of liquidation expenses in due course. As such returns will be filed with the CRO after two years of the liquidation and...

Written Answers — Department of Finance: IBRC Liquidation (4 Jul 2013)

Michael Noonan: I propose to take Questions Nos. 99 and 100 together. I have been advised by the Special Liquidators that there were 120 cases being taken against IBRC at the date of liquidation. Furthermore, there were 720 cases being taken by IBRC (in Special Liquidation) against a variety of defendants but primarily against borrowers, former staff and former professional advisors. Due to commercial...

Written Answers — Department of Finance: IBRC Legal Cases (4 Jul 2013)

Michael Noonan: I have been advised by the Special Liquidators that the continuation or otherwise of all legal actions are signed off by the credit committees of the Special Liquidators.

Written Answers — Department of Finance: IBRC Legal Cases (4 Jul 2013)

Michael Noonan: I propose to take Questions Nos. 102 and 103 together. I am advised by the Special Liquidators that where proceedings were initiated against IBRC prior to the appointment of the Special Liquidators these awards may rank as an unsecured creditor in the liquidation. I am further advised that awards against the Special Liquidators will be treated as a cost of the liquidation and funded through...

Written Answers — Department of Finance: IBRC Liquidation (4 Jul 2013)

Michael Noonan: I am advised by the Special Liquidators that where the appointment of advisors or other providers of services is required, IBRC (in Special Liquidation) continues to use the Framework Agreement for engaging such services, put in place through a robust tender process, conducted by the former Management team, prior to Special Liquidation.

Written Answers — Department of Finance: IBRC Liquidation (4 Jul 2013)

Michael Noonan: I propose to take Questions Nos. 105 and 107 together. I have been advised the Special Liquidators are currently agreeing all the creditors' claims and it is therefore too early in the liquidation to ascertain the level of unsecured creditors.

Written Answers — Department of Finance: IBRC Liquidation (4 Jul 2013)

Michael Noonan: I have been advised by the Special Liquidators that the normal Companies Acts’ priorities will apply in this liquidation process. The proceeds from the disposal of IBRC’s assets will be used to repay creditors in accordance with normal Companies Acts priorities, and consequently preferred creditors will be paid first and then the debt which NAMA has purchased from the Central...

Written Answers — Department of Finance: IBRC Liquidation (4 Jul 2013)

Michael Noonan: I propose to take Questions Nos. 110 and 111 together. The Special Liquidators are unable to provide an opinion on the solvency or provide the value of the pension funds at the date of their appointment as the funds are held by independent trustees. The Special Liquidators have advised staff that their pensions are controlled by the scheme trustees who will have to independently assess the...

Written Answers — Department of Finance: Insurance Industry Issues (4 Jul 2013)

Michael Noonan: The Deputy should note that UK based insurance companies, such as Premier Insurance are not regulated by the Irish Central Bank and therefore do not fall under the remit of the Irish Financial Services Ombudsman. If a policyholder has a complaint about a UK based insurance company not honouring a claim on a policy, they can refer the matter to the UK financial ombudsman for adjudication....

Written Answers — Department of Finance: International Bodies Membership (4 Jul 2013)

Michael Noonan: In response to the Deputy's question the list of international organisations of which Ireland is a member and which come under the remit of my Department is as follows: The International Monetary Fund (IMF) The World Bank Group which consists of following five institutions: The International Bank for Reconstruction and Development (IBRD) which lends to governments of middle income and...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Review of ECOFIN Matters under Irish EU Presidency: Discussion (3 Jul 2013)

Michael Noonan: The Deputy can say he has a friend who told him this might be a good idea.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Review of ECOFIN Matters under Irish EU Presidency: Discussion (3 Jul 2013)

Michael Noonan: The seismic shift that Deputy Doherty referred to with a sarcastic tone has actually occurred, because the seismic shift was to break the vicious circle between the banks and the sovereigns. That was the seismic shift, as was the substituting of bailouts with bail-ins. We are bringing the resolution arrangements forward now, in consultation with the European Parliament. Eventually, they...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Review of ECOFIN Matters under Irish EU Presidency: Discussion (3 Jul 2013)

Michael Noonan: Yes, the same rules will apply throughout Europe when the rules are put in place. At present, Ulster Bank is a subsidiary of a bank that is regulated by the Bank of England. However, when we have a banking union the guarantees will be there and there will be a fund to guarantee them. We are unsure yet about how that will relate to the individual sovereign funds.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Review of ECOFIN Matters under Irish EU Presidency: Discussion (3 Jul 2013)

Michael Noonan: We have the same banking system throughout Europe and it is controlled and protected by the European Central Bank. The only difference that can arise is on the cost bases of the banks, because the interest rates are fixed at European level. It is up to the banks in the individual countries to fix their cost bases. We hope for a common banking system whereby the price of money throughout...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Review of ECOFIN Matters under Irish EU Presidency: Discussion (3 Jul 2013)

Michael Noonan: I will address the fragmentation risk first. The European banking system is rather fragmented at present. I have just remarked on the different price of money in the different jurisdictions as represented by ten-year bond prices, for example, and that shows the level of fragmentation. We are trying to create a banking union with one set of supervision rules, resolution rules and deposit...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Review of ECOFIN Matters under Irish EU Presidency: Discussion (3 Jul 2013)

Michael Noonan: Our resolution has effectively been completed, and our banks are well capitalised. We do not envisage a bail-in coming on top of a bailout. We had a bailout and that is why we have the shares in the banks. This is for future cases when the policy has moved from bailouts, to which we all objected for a long time, to a bail-in system. Many people talked about burning bondholders during the...