Results 1-20 of 1,155 for ibrc speaker:Michael Noonan

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Written Answers — Department of Finance: IBRC Liquidation (1 Jun 2017)

Michael Noonan: ...unsecured creditors of the liquidation, including the State who is the largest creditor. Department of Finance related claims in the region of €1.12bn were submitted to the Special Liquidators of IBRC which has resulted in an interim dividend of €280m being paid thus far. I am also aware that other State entities have submitted claims but these are a matter for those...

Written Answers — Department of Finance: IBRC Liquidation (23 May 2017)

Michael Noonan: ...take Questions Nos. 180 to 182, inclusive, together. In February 2013 Kieran Wallace and Eamonn Richardson of KPMG were appointed by me in my role as Minister for Finance as Special Liquidators of IBRC and were tasked with managing the winding-up of the institution, this process is on-going. The Special Liquidators are obliged to comply with the instructions given to them...

Written Answers — Department of Finance: NAMA Investigations (11 May 2017)

Michael Noonan: ...I expressed. It is important to place these comments in the context of what was happening more broadly at the time. Ireland's debt to GDP was around 120%, excluding the State's contingent liabilities relating to NAMA and IBRC. NAMA had achieved the major milestone of redeeming €7.5bn of its government guaranteed senior debt by YE2013 and had issued an additional €12.9bn of...

Written Answers — Department of Finance: IBRC Liquidation (11 Apr 2017)

Michael Noonan: I am advised by the Special Liquidators that customers who are eligible for redress as part of the tracker mortgage review will be treated as unsecured creditors of IBRC in respect of any such amounts which are found to be due to them for the period beginning February 2007 up until the date of liquidation. Dividends will be paid to those affected in line with other creditor payments. Amounts...

Written Answers — Department of Finance: Public Interest Directors Data (6 Apr 2017)

Michael Noonan: ...Jun-11 €37,500 €29,000 €14,500 Ann Riordan Jan-09 Jun-11 €37,500 €29,000 €15,600 INBS Adrian Kearns Jan-09 Jun-11 €55,000 €36,000 €18,000 Rory O'Ferrall Jan-09 Jun-11 €55,000 €36,000 €18,000 *IBRC did not appoint any public interest directors under the terms of the Government Guarantee Scheme since...

Written Answers — Department of Finance: NAMA Operations (4 Apr 2017)

Michael Noonan: Given that the Comptroller and Auditor General and his office have no dealings with the banks in which the State has investments or with IBRC, I am assuming that the Deputy is querying whether the Comptroller and Auditor General has raised concerns regarding the issues associated with IAS 39 with respect to NAMA and I am answering the question on that basis.  IAS 39 is the current...

Written Answers — Department of Finance: Tracker Mortgages (30 Mar 2017)

Michael Noonan: I am advised by the Special Liquidators of IBRC that the population of sub-accounts identified as in-scope for review under the Direction from the Central Bank of Ireland to IBRC (in Special Liquidation) in relation to the tracker mortgage examination is circa 29,000. The review of these in-scope accounts is on-going and it is estimated to be completed in the coming weeks. It is...

Written Answers — Department of Finance: Tracker Mortgages (30 Mar 2017)

Michael Noonan: I am advised by the Special Liquidators of IBRC that no customers have received redress at this point in time as a result of the Central Bank of Ireland tracker mortgage examination. The review of accounts which have been identified as in-scope as part of this examination is on-going and has not been finalised but is expected to be completed in the coming weeks. If detriment has...

Written Answers — Department of Finance: Tracker Mortgages (30 Mar 2017)

Michael Noonan: I am advised by the Special Liquidators of IBRC that there are no legal actions against them in connection with the tracker mortgage examination.

Written Answers — Department of Finance: Bank Guarantee Scheme Data (21 Mar 2017)

Michael Noonan: The information requested by the Deputy is set out in the table: Bank Commencement date Amount at commencement Maximum amount of guarantee Expiry date Amount at expiration Anglo/IBRC Sept 2010 €10bn €37bn (Feb 2011) Feb 2013 €16bn AIB Nov 2010 €5bn €15bn (Dec 2010 to Apr 2011) Jan 2013 €1m BOI Dec 2010 €10bn...

Written Answers — Department of Finance: Departmental Legal Costs (21 Mar 2017)

Michael Noonan: ...,304.00 State Aid See across Philip Baker (Queen's Counsel) €151,691.00 Documentary counsel See across Sarah-Jane Hillery (Discovery Counsel) €9,997.00 Documentary counsel See across Silvia Martinez (Discovery Counsel) €21,842.00 Capital restructuring and other related matters in relation to the State's investment in AIB (recoupable) William Fry Legal firm engaged...

Written Answers — Department of Finance: NAMA Property Sales (28 Feb 2017)

Michael Noonan: ...of Housing website at www.housing.gov.ie/housing/construction-2020-strategy/dublin -housing-supply-task-force/housing-supply-coordination-task. More generally, I would point out that Ireland would not be recovering the way it is if the Irish banks, NAMA and IBRC had not progressed their sales strategies in the manner they have done.  It has only been through the...

Written Answers — Department of Finance: IBRC Liquidation (28 Feb 2017)

Michael Noonan: ...the Special Liquidators are not only working on behalf of the State but on behalf of all creditors of the liquidation and they have a legal obligation to maximise the recovery on the liquidation of IBRC and deliver the best possible outcome to all creditors.

Written Answers — Department of Finance: IBRC Liquidation (23 Feb 2017)

Michael Noonan: An interim dividend of 25% was paid to all admitted unsecured creditors of the liquidation of IBRC, including the State, in December 2016. The amount paid out to date by the Special Liquidators to admitted unsecured creditors of the liquidation is c. €290m. As previously advised in the IBRC Progress Update Report of May 2016, it is the expectation of the Special...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Vote 7 - Office of the Minister for Finance (Revised)
Vote 8 - Office of the Comptroller and Auditor General (Revised)
Vote 9 - Office of the Revenue Commissioners (Revised)
Vote 10 - Tax Appeals Commission (Revised) (15 Feb 2017)

Michael Noonan: ...like €30 billion worth of the loan notes that it had. In terms of assets the notes are down to about €1.5 billion so its work is nearly complete. I do not know how far up the road the IBRC is but I think it is fairly up the road as well.

Written Answers — Department of Finance: IBRC Operations (14 Feb 2017)

Michael Noonan: I am advised by the Special Liquidators of IBRC that there were no active Section 110 structures in place at the time of their appointment. However, they have identified at least two historic loan securitisation transactions that involved the use of Irish Section 110 structures which were unwound prior to their appointment. The information available to the Special Liquidators...

Written Answers — Department of Finance: Tax Code (7 Feb 2017)

Michael Noonan: Having consulted with the eighteen bodies under the aegis of the Department of Finance, I have been advised that in addition to NAMA, the National Treasury Management Agency (NTMA) and IBRC (in Special Liquidation) are the only other bodies which have been using the section 110 tax structure. As controller and manager of the Ireland Strategic Investment Fund,...

Establishment of a Commission of Inquiry into the National Asset Management Agency: Statements (1 Feb 2017)

Michael Noonan: ...the market and the ugly skeletons of abandoned office and apartment developments that have been completed. This has only been accomplished through the significant investment in these assets and our economy by the purchasers of NAMA, IBRC and banks' loan and asset sales. It is as important today as it ever was that Ireland remains open to investment capital for the development of our...

Written Answers — Department of Finance: Departmental Staff Data (31 Jan 2017)

Michael Noonan: ...are employed through the NTMA. ** Posts in the Credit Review Office are seconded from Enterprise Ireland (who continue to keep them on their books). One of the posts (currently vacant) is at a clerical level. *** IBRC (in special liquidation) is not part of the civil service and the remaining staff in IBRC (in special liquidation) are not deemed to be civil servants.

Written Answers — Department of Finance: NAMA Loans Sale (17 Jan 2017)

Michael Noonan: ...levels and dependence on international support at the time of the crisis, prohibited the State from directly investing in the distressed assets resulting from the crisis.  Exposure to the banks, IBRC and NAMA each became exposures of the taxpayer net liabilities - that had to be reduced for the State to regain financial stability. Interest from...