Written Answers. - Parliamentary Debates - Houses of the Oireachtas

[Deputy Michael Noonan.]
Questions— 14 February 2012. Written Answers
The proposal would involve NAMA acquiring property assets, on an arm’s length basis, from
receivers (or from debtors who would cede secured property directly to NAMA) and to package
them into various combinations which could be monetised through sale to investors. It is
proposed to assemble portfolios based on asset types (office, residential, retail, etc.) or geographical
region (Ireland, Dublin, UK, etc.) and to secure international investment based on
specialist investor preferences.
It is not envisaged that additional due diligence will be required given the substantial amount
of information which has already been collated on loans and on the property assets securing
them.
If regulatory approval is granted, the Board will consider issues such as the size of the QIF
and its marketing.
It is not envisaged that additional recruitment of staff will be required as the administration
and management of the Fund will operate on an arm’s length basis from NAMA. As the Fund
is intended to facilitate the investment of funds from abroad into the Irish commercial property
market, NAMA anticipates that its impact will therefore be positive.
Financial Services Regulation
163. Deputy Michael McGrath asked the Minister for Finance if the Central Bank of Ireland
legislation permits a regulated financial institution, without the express permission of the customer,
to transfer money out of an account held by one of its customers and to offset it against
an amount owing by the same customer to the bank in a separate loan account with the same
institution. [7877/12]
Minister for Finance (Deputy Michael Noonan): I have been advised by the Central Bank
that the legislation governing the Central Bank does not permit nor does it prevent a financial
institution regulated by it (regulated entity), from transferring money out of an account held
by one of its customers and offsetting it against an amount owing by the same customer to the
bank in a separate loan account with the same institution, without the express permission of
the customer. This practice referred to as “off-setting” can be provided for in lending contracts
and would be more a matter for contract law. I have also been advised by the Central Bank
that provision 8.6 (i) of their Consumer Protection Code requires lenders to advise consumers
in arrears of any impact of the non-payment on other accounts held by the personal consumer
with that regulated entity including the potential for off-setting of accounts, where there is a
possibility that this may occur under existing terms and conditions.
Question No. 164 answered with Question No. 159.
Tax Code
165. Deputy Jim Daly asked the Minister for Finance if it is possible for a person that has a
savings account designated exempt from deposit interest retention tax to apply for a refund of
tax deducted previous to the date the exemption was granted; and if he will make a statement
on the matter. [7955/12]
Minister for Finance (Deputy Michael Noonan): I am informed by the Revenue Commissioners
that an individual who qualifies for exemption from Deposit Interest Retention Tax
(DIRT) may apply for a refund of tax deducted prior to the date the exemption was granted,
if he or she fulfilled the conditions for granting the exemption at the time the DIRT was
deducted. The conditions for granting exemption from DIRT are:
380