Results 20,821-20,840 of 27,019 for speaker:Michael Noonan

Seanad: Mortgage Arrears, Banking and the Economy: Statements, Questions and Answers (3 Jul 2012)

Michael Noonan: I refer to Senator Colm Burke's comment first, on letters of undertaking not being honoured. This is an issue. There is no doubt that slipshod solicitors as well as slipshod bankers were involved in much property dealing. Some of this came to light when loans were being transferred to NAMA and that organisation has a fairly good idea of the level of the problem with the deeds of some of...

Seanad: Mortgage Arrears, Banking and the Economy: Statements, Questions and Answers (3 Jul 2012)

Michael Noonan: The banks are being held to account by the Department of Finance. The regulator of the banks is the Central Bank which applies the rules. Reference was made to the people who caused the problem still being in position. There were about 80 senior people, between directors and senior management, on the infamous night of the guarantee in 2008 and now there are only two left. We have moved...

Seanad: Mortgage Arrears, Banking and the Economy: Statements, Questions and Answers (3 Jul 2012)

Michael Noonan: -----when he goes home. On the policy position, Senator MacSharry outlined that write-downs should be an acceptable part of resolving the banks' problems. We do not agree that write-downs should be part of the policy in the Irish banks and it is not accepted in Europe either. An exception was made in Greece with the PSI and the communiqué that accompanied the secondary bailout made it...

Seanad: Mortgage Arrears, Banking and the Economy: Statements, Questions and Answers (3 Jul 2012)

Michael Noonan: On Senator Byrne's points, he is arguing his case as if the only taxpayer involved is the individual with an impaired mortgage but because we collectively own the banks and the building societies that got us into trouble we have an interest in that side of the argument as well as taxpayers. In protecting the taxpayers, we have to protect the generality of the taxpayers who now own some of...

Seanad: Mortgage Arrears, Banking and the Economy: Statements, Questions and Answers (3 Jul 2012)

Michael Noonan: It did not.

Seanad: Mortgage Arrears, Banking and the Economy: Statements, Questions and Answers (3 Jul 2012)

Michael Noonan: It does not work out.

Seanad: Mortgage Arrears, Banking and the Economy: Statements, Questions and Answers (3 Jul 2012)

Michael Noonan: People go to a mortgage provider, whether it be a bank or a building society, they have some type of a relationship with the person behind the counter, they do a deal to get a mortgage, time goes by, they lose their job, they cannot pay their mortgage and what is so detestable about somebody going back to the same person and saying "I need a new arrangement"?

Seanad: Mortgage Arrears, Banking and the Economy: Statements, Questions and Answers (3 Jul 2012)

Michael Noonan: What is humiliating about it? If a person wants to hold on to his or her house-----

Seanad: Mortgage Arrears, Banking and the Economy: Statements, Questions and Answers (3 Jul 2012)

Michael Noonan: Is the Senator suggesting that the person behind the counter in the bank should accept any old yarn from the person on the other side of the counter and say, "That is grand, just give me 5 schillings and sixpence and you can have the house."

Seanad: Mortgage Arrears, Banking and the Economy: Statements, Questions and Answers (3 Jul 2012)

Michael Noonan: It has to be talked through.

Seanad: Mortgage Arrears, Banking and the Economy: Statements, Questions and Answers (3 Jul 2012)

Michael Noonan: The Senator should not get personal. We all have our personal lives and we all do our own thing in our personal lives. The Senator does not know anything about my personal life and he should not throw stuff across the House about what I do not know and what he knows and that I was never in a bank. This is all nonsense. The Senator should take this matter seriously. What we are trying to...

Seanad: Mortgage Arrears, Banking and the Economy: Statements, Questions and Answers (3 Jul 2012)

Michael Noonan: -----and as for the Senator's big promise that the House will stay here until August to vote it through, that is great stuff but the Senator is not doing justice to himself as a serious legislator-----

Seanad: Mortgage Arrears, Banking and the Economy: Statements, Questions and Answers (3 Jul 2012)

Michael Noonan: -----to make that kind of commitment. This is serious piece of legislation which sets out a range of options and it is revolutionary in the sense that it is a generational change or a three generational change in the law on insolvency. The Bill will not just apply to mortgagees; it will apply to insolvency in general. There are different arrangements. For instance, in the case of a person...

Seanad: Mortgage Arrears, Banking and the Economy: Statements, Questions and Answers (3 Jul 2012)

Michael Noonan: That was in Senator Byrne's speech.

Seanad: Mortgage Arrears, Banking and the Economy: Statements, Questions and Answers (3 Jul 2012)

Michael Noonan: The Senator should encourage people to avail of this legislation so that they can get out of the trouble they are in.

Seanad: Mortgage Arrears, Banking and the Economy: Statements, Questions and Answers (3 Jul 2012)

Michael Noonan: I thank the Members for giving me the opportunity to update the Seanad on the Government's work in tackling the mortgage arrears problem and on its wider banking and economic policies. The timing is particularly opportune given the significant decisions and announcements made last week. Senators will be aware of the increase in the number of mortgages in arrears and of the difficulty this is...

Written Answers — Tax Credits: Tax Credits (28 Jun 2012)

Michael Noonan: The position is that a person can make a claim for Incapacitated Child Tax Credit in accordance with Section 465 of the Taxes Consolidation Act, 1997. The Revenue Commissioners have published an information leaflet, IT18 that outlines the criteria for entitlement to the credit. This information leaflet is available on www.revenue.ie I am advised by the Revenue Commissioners that an...

Written Answers — VAT Rates: VAT Rates (28 Jun 2012)

Michael Noonan: VAT is governed by the EU VAT Directive, with which Irish VAT law must comply. The VAT Directive provides that the supply of goods and services by taxable persons is subject to VAT at rates specified in the VAT Directive. Member States must apply a standard VAT rate of between 15% and 25% to the majority of economic activity. In Ireland the standard rate is 23%, and under the VAT Directive...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (28 Jun 2012)

Michael Noonan: I propose to take Questions Nos. 64 and 67 together. I am very conscious of the difficulties that Ulster Bank customers find themselves in. The Central bank has advised me that they have been in contact with Ulster Bank at the highest level to press the bank to resolve the situation as quickly as possible and ensure that customers are treated fairly. The Central Bank's concern is to ensure...

Written Answers — Departmental Contracts: Departmental Contracts (28 Jun 2012)

Michael Noonan: I have no function in relation to decisions taken by the Health Service Executive.