Results 23,561-23,580 of 27,019 for speaker:Michael Noonan

Central Bank (Supervision and Enforcement) Bill 2011: Second Stage (25 Oct 2011)

Michael Noonan: We will have to vote "Yes" in the referendum.

Alcohol Products Tax (25 Oct 2011)

Michael Noonan: I thank Deputy McNamara for raising this issue. The Revenue Commissioners is responsible for the collection of tax on alcohol products. Alcohol products tax is charged by reference to the nature of the product. The same rate of tax applies irrespective of the type of premises in which the product is sold. I am advised by the Revenue Commissioners that for this reason data is not available...

Alcohol Products Tax (25 Oct 2011)

Michael Noonan: The same tax regimes applies in respect of alcohol products whether sold off-trade or on-trade. There is no variation in that regard. There would be no possibility of distinguishing for VAT purposes between off-licences and public houses. Pricing in respect of alcohol will be a key issue in the recommendations of the steering committee on substance misuse, which is expected to be published...

Central Bank (Supervision and Enforcement) Bill 2011: Order for Second Stage (25 Oct 2011)

Michael Noonan: I move: "That Second Stage be taken now."

Central Bank (Supervision and Enforcement) Bill 2011: Second Stage (25 Oct 2011)

Michael Noonan: I move: "That the Bill be now read a Second Time." The regulatory failures of the financial crisis have been the subject of extensive and objective analysis. The reports from Professor Patrick Honohan, Messrs. Regling and Watson, the Nyberg commission and the Moriarty tribunal point out the problems to be addressed. Poor supervision, an overly-deferential attitude by regulators, poor...

Leaders' Questions (25 Oct 2011)

Michael Noonan: If there was no guarantee there would be no losses.

Written Answers — Tax Yield: Tax Yield (20 Oct 2011)

Michael Noonan: I propose to take Questions Nos. 48 to 50, inclusive, together. I am informed by the Revenue Commissioners that the number of category A new vehicles registered for Vehicle Registration Tax and the Vehicle Registration Tax receipts from category A new vehicles registered for Vehicle Registration Tax, from 1993 to September 2011 are shown in the Table below. I am also informed by the Revenue...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (20 Oct 2011)

Michael Noonan: I have been advised by the Central Bank that a decision has been taken to require any bank that has received Government capital support to provide an impact analysis of any proposed standard variable mortgage rate increase in terms of the implications for its arrears position and future capital requirements. The Central Bank has also indicated that the Board of Directors of such a bank must,...

Written Answers — Tax Code: Tax Code (20 Oct 2011)

Michael Noonan: The stamp duty levy of 0.6% applies to the market value, on the valuation date, of assets under management in pension funds and pension plans approved under Irish tax legislation. I cannot say what the precise impact of the levy will be on individual funds, schemes or members as this depends on whether and to what extent pension fund trustees and Life Offices decide to pass on the levy to...

Written Answers — Financial Services Regulation: Financial Services Regulation (20 Oct 2011)

Michael Noonan: I propose to take Questions Nos. 53 and 54 together. As Minister for Finance, my role is to ensure that the legal framework for credit unions is appropriate for the effective operation and supervision of credit unions. The Registrar of Credit Unions at the Central Bank of Ireland is responsible for the regulation of credit unions and is independent in the exercise of his duties. As Minister...

Written Answers — Departmental Bodies: Departmental Bodies (20 Oct 2011)

Michael Noonan: In the period since February 2011 three bodies have been established under the aegis of my Department. Details in respect of these bodies are as follows. The Commission on Credit Unions The Commission on Credit Unions was established by the Government on 31 May 2011. Its purpose is to review the future of the credit union movement and make recommendations in relation to the most effective...

Written Answers — Tax Collection: Tax Collection (20 Oct 2011)

Michael Noonan: I am advised by the Revenue Commissioners that as the claim for repayment of tax was outside the time limit as prescribed by Section 865, subsections (4) (a) Taxes Consolidation Act 1997 no refund can be made to the person in question. Due to the express nature of the Four Year Rule prescribed by statute and there being no provisions permitting a derogation by way of waiver/relaxation...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (20 Oct 2011)

Michael Noonan: A draft report setting out the Strategy for Financial Inclusion was published on my Department's website in June of this year. The strategy was drafted following a review undertaken by the Social Finance Foundation on my behalf, to identify recommended actions to achieve a substantial reduction in financial exclusion over a 3-5 year period – including the introduction of basic payment...

Report by the Interdepartmental Working Group on Mortgage Arrears: Statements (Resumed) (20 Oct 2011)

Michael Noonan: I thank everyone for their contributions to the debate. The Keane committee did a great deal and worked through the holiday period to meet very tight deadlines set down by the economic management committee of the Cabinet. I thank the Keane committee members for their hard work in producing the report. It is not a minimalist report and there are very good ideas in it. The committee was...

Report by the Interdepartmental Working Group on Mortgage Arrears: Statements (Resumed) (20 Oct 2011)

Michael Noonan: The Deputy's question was whether I would consider debt for equity. I am saying that Mr. Keane has allowed for a consideration of debt for equity in the residual portion of the warehoused mortgage if a split mortgage is the solution. However, we must do further analysis and consideration of that approach. The difficulty with equity stakes is that much of the time there is no equity.

Report by the Interdepartmental Working Group on Mortgage Arrears: Statements (Resumed) (20 Oct 2011)

Michael Noonan: That is the problem. If one has a situation where a mortgage is impaired and if it has also gone into negative equity and the bank is holding the deeds against the full mortgage, any swapping around with equity is the bank subdividing its own collateral. The problem is that a lot of the time there is no equity to play with, but sometimes there is, and what I am saying is that there are a...

Report by the Interdepartmental Working Group on Mortgage Arrears: Statements (Resumed) (20 Oct 2011)

Michael Noonan: One of the ironies is that in trying to punish a bank that has been totally recapitalised by the taxpayer, one ends up punishing oneself and all one's tax-paying colleagues. Not everything can be done. The mortgage interest supplement is a very good scheme that is keeping many people out of major difficulties, but it was designed as temporary assistance for people in temporary difficulty....

Report by the Interdepartmental Working Group on Mortgage Arrears: Statements (Resumed) (20 Oct 2011)

Michael Noonan: The Keane report proposes to deploy 100 experts.

Report by the Interdepartmental Working Group on Mortgage Arrears: Statements (Resumed) (20 Oct 2011)

Michael Noonan: They will probably be accountants or people who understand the mortgage business. They will address the inequality in the relationship. In other words, a couple may have considered it a good idea to take out a 100% mortgage to purchase a house because the alternative was social housing.

Report by the Interdepartmental Working Group on Mortgage Arrears: Statements (Resumed) (20 Oct 2011)

Michael Noonan: I do not think the Deputy knows any poor people. I do not think he has met a poor person in the past six months.