Results 3,601-3,620 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Bank Debt Restructuring (5 Jul 2016)

Michael Noonan: Permanent TSB ("PTSB") has informed me that it no longer transacts new business in the UK and has been deleveraging its non-core UK based mortgage business. It has made significant progress in this regard, having sold GBP £2.5bn of UK Mortgages in 2015 in conjunction with its UK mortgage servicing platform, Capital Home Loans Limited ("CHL"). PTSB owns a further GBP £2.3bn of...

Written Answers — Department of Finance: Credit Union Lending (5 Jul 2016)

Michael Noonan: I think it important to note at the outset that credit unions already play an important ongoing role in making loans available to people on low incomes. As regards to the Personal Microcredit Scheme, this was commenced on a pilot basis in November 2015 and 30 credit unions are involved in providing individual loans of between €100 and €2,000 with a maximum interest...

Written Answers — Department of Finance: Credit Union Services (5 Jul 2016)

Michael Noonan: The 1997 Act and related statutory instruments set out the services that a credit union may provide to its members. Where a credit union wishes to provide services to its members, in addition to the services that are provided for under the 1997 Act, an application may be made to the Central Bank for approval to provide such additional services in accordance with the provisions set out in...

Written Answers — Department of Finance: Ministerial Meetings (5 Jul 2016)

Michael Noonan: The Deputy will appreciate that my officials and I regularly meet at various levels with representatives of the banks. Based on a reasonable search of the material available in my Department in respect of the question asked, the information below sets out the meetings held.  The Deputy will be aware that I met at senior management level with the main banks listed in May and...

Written Answers — Department of Finance: Charities Regulation (5 Jul 2016)

Michael Noonan: I am advised by the Revenue Commissioners that for reasons of taxpayer confidentiality it cannot comment on individual cases. By way of general comment, Revenue is responsible for administering the Charitable Tax Exemption scheme in accordance with Section 207 and the Donations to Approved Bodies scheme, insofar as it relates to charities, in accordance with Section...

Written Answers — Department of Finance: Fiscal Data (5 Jul 2016)

Michael Noonan: The Summer Economic Statement (SES) included a macroeconomic assessment of the impact of a UK decision to leave the European Union. This decision will have an adverse impact on the growth outlook. In this context, the more traditional exporting sectors are particularly exposed, especially to bilateral euro sterling exchange rate developments. My Department's initial estimate, based on the...

Written Answers — Department of Finance: Banking Sector Regulation (5 Jul 2016)

Michael Noonan: The Central Bank of Ireland has advised me that there is no restriction on the interaction between the loan to value (LTV) and the loan to income (LTI) residential mortgage lending macro prudential rules. For principal dwelling home mortgage lending, up to 15% of new lending is allowed above the LTV thresholds and up to 20% of new lending is allowed above the LTI threshold. The Central Bank...

Written Answers — Department of Finance: Departmental Staff Data (5 Jul 2016)

Michael Noonan: As the Deputy is aware, there has been significant restructuring in my Department during the years 2011 to 2016. In 2011 the Department of Public Expenditure & Reform was established resulting in a significant proportion of my staff and functions transferring to that Department. In addition, following recommendations of the report of The Independent Review Panel on Strengthening...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Estimates for Public Services 2016
Vote 7 - Office of the Minister of Finance (Revised)
Vote 8 - Office of the Comptroller and Auditor General (Revised)
Vote 9 - Office of the Revenue Commissioners (Revised)
Vote 10 - Office of the Appeal Commissioners (Revised) (30 Jun 2016)

Michael Noonan: I thank the Chairman. I am pleased to have the opportunity to appear before the finance committee today in connection with the 2016 Estimates for my Department and for the offices under its ambit, including the Revenue Commissioners, the Tax Appeals Commission and the Comptroller and Auditor General. I wish to take the opportunity to welcome the new committee and I look forward to the...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Estimates for Public Services 2016
Vote 7 - Office of the Minister of Finance (Revised)
Vote 8 - Office of the Comptroller and Auditor General (Revised)
Vote 9 - Office of the Revenue Commissioners (Revised)
Vote 10 - Office of the Appeal Commissioners (Revised) (30 Jun 2016)

Michael Noonan: The Deputy knows, from previous experience and discussions that took place around the Summer Economic Statement, that even if there were no Brexit, the figures in the statement are subject to change between now and budget day. As new data comes in, figures are always revised. Therefore, I would not attach too much importance to the phrase the Deputy quoted. There will be changes. Before...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Estimates for Public Services 2016
Vote 7 - Office of the Minister of Finance (Revised)
Vote 8 - Office of the Comptroller and Auditor General (Revised)
Vote 9 - Office of the Revenue Commissioners (Revised)
Vote 10 - Office of the Appeal Commissioners (Revised) (30 Jun 2016)

Michael Noonan: No, the Summer Economic Statement is a top-down view of the economy at a point in time. We have done it. We have signalled that there is a down-side risk from Brexit and have tried to quantify it in the forecast. The next step is to revisit all these figures before the budget in September, and in the budget a new set of figures will be published using the most recent data.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Estimates for Public Services 2016
Vote 7 - Office of the Minister of Finance (Revised)
Vote 8 - Office of the Comptroller and Auditor General (Revised)
Vote 9 - Office of the Revenue Commissioners (Revised)
Vote 10 - Office of the Appeal Commissioners (Revised) (30 Jun 2016)

Michael Noonan: We are not in a position to do anything before then. The people involved in forecasting are watching all the movements. We see no reason to depart from what we have done in the past. We used to produce a Spring Economic Statement, but for reasons we all know it became the Summer Economic Statement. Given that it is a top-down view, circumstances change and the view changes. We will...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Estimates for Public Services 2016
Vote 7 - Office of the Minister of Finance (Revised)
Vote 8 - Office of the Comptroller and Auditor General (Revised)
Vote 9 - Office of the Revenue Commissioners (Revised)
Vote 10 - Office of the Appeal Commissioners (Revised) (30 Jun 2016)

Michael Noonan: I spoke about this recently. We own 14% of Bank of Ireland and the policy is, in due course when we can get the best price possible, to sell it, either in one tranche or in increments. We did not tie it to any time-line and there is no pressure on us to sell bank shares to reduce our debt. It is a stand-alone decision based on when we can recover the most money for the taxpayer. There has...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Estimates for Public Services 2016
Vote 7 - Office of the Minister of Finance (Revised)
Vote 8 - Office of the Comptroller and Auditor General (Revised)
Vote 9 - Office of the Revenue Commissioners (Revised)
Vote 10 - Office of the Appeal Commissioners (Revised) (30 Jun 2016)

Michael Noonan: The figure for arrears is the number of outstanding arrears, taking all files into account. The other side of that coin is that arrangements have been made in respect of 120,000 mortgages. It is well beyond the tipping point or the average now. Up to 89% of the arrangements being made are sticking. The definition of "sticking" is that they are still in place and the borrowers are...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Estimates for Public Services 2016
Vote 7 - Office of the Minister of Finance (Revised)
Vote 8 - Office of the Comptroller and Auditor General (Revised)
Vote 9 - Office of the Revenue Commissioners (Revised)
Vote 10 - Office of the Appeal Commissioners (Revised) (30 Jun 2016)

Michael Noonan: We brought in legislation last year to revamp the Office of the Appeals Commissioner. Provision was made for a third appeals commissioner to be appointed. Historically, there were two commissioners. We changed the process of appeal as well. Historically, appeals had to be channelled through the Office of the Revenue Commissioners. Now, appeals can go directly to the appeals commission....

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Estimates for Public Services 2016
Vote 7 - Office of the Minister of Finance (Revised)
Vote 8 - Office of the Comptroller and Auditor General (Revised)
Vote 9 - Office of the Revenue Commissioners (Revised)
Vote 10 - Office of the Appeal Commissioners (Revised) (30 Jun 2016)

Michael Noonan: First, consultancy costs are lower than anticipated.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Estimates for Public Services 2016
Vote 7 - Office of the Minister of Finance (Revised)
Vote 8 - Office of the Comptroller and Auditor General (Revised)
Vote 9 - Office of the Revenue Commissioners (Revised)
Vote 10 - Office of the Appeal Commissioners (Revised) (30 Jun 2016)

Michael Noonan: Yes, but consultancy and legal costs do not come in on a month-by-month basis. They are expected to rise as the year goes on. There may be some money left over at the end of the year. It is difficult to estimate what legal or consultancy costs would be required in any particular year. Moreover, there are a number of payment dates in the year for the pay bill. There are 26 payment dates...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Estimates for Public Services 2016
Vote 7 - Office of the Minister of Finance (Revised)
Vote 8 - Office of the Comptroller and Auditor General (Revised)
Vote 9 - Office of the Revenue Commissioners (Revised)
Vote 10 - Office of the Appeal Commissioners (Revised) (30 Jun 2016)

Michael Noonan: My officials will come back to Deputy D'Arcy on that.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Estimates for Public Services 2016
Vote 7 - Office of the Minister of Finance (Revised)
Vote 8 - Office of the Comptroller and Auditor General (Revised)
Vote 9 - Office of the Revenue Commissioners (Revised)
Vote 10 - Office of the Appeal Commissioners (Revised) (30 Jun 2016)

Michael Noonan: As I said, there is a provision for consultancy, but it is drawn down as required. Thus far, very few consultancy bills have come in.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Estimates for Public Services 2016
Vote 7 - Office of the Minister of Finance (Revised)
Vote 8 - Office of the Comptroller and Auditor General (Revised)
Vote 9 - Office of the Revenue Commissioners (Revised)
Vote 10 - Office of the Appeal Commissioners (Revised) (30 Jun 2016)

Michael Noonan: There are 20 to 25 people in it and I believe they do a pretty good job. They do not run the Central Bank. The Central Bank has a huge staff and budget. The NTMA and NAMA have big staffs. It is a question of the relationship with the Department of Finance and these organisations in terms of oversight and advising the Minister. They are not directly running any of the operations.