Results 3,701-3,720 of 27,019 for speaker:Michael Noonan

Other Questions: Insurance Costs (23 Jun 2016)

Michael Noonan: The task force was in place for some months before the motion was debated in the Dáil. First, it was asked to deal with the issues arising from the crash of Setanta Insurance and the consequences of that. I had hoped to have the report in that regard before the summer recess, and I will publish it. After that, the task force will move on to other issues arising from insurance,...

Other Questions: NAMA Operations (23 Jun 2016)

Michael Noonan: NAMA continues to progress its mandate to maximise the return to the State, as evidenced in its 2015 annual report published on 8 June 2015. In addition to regular audited financial reporting, NAMA is subject to a significant level of oversight, including under sections 226 and 227 of the NAMA Act and section 9 of the Comptroller and Auditor General (Amendment) Act, which provide for regular...

Other Questions: Consumer Protection (23 Jun 2016)

Michael Noonan: I meet various investors from time to time, at home and abroad, at their request. I cannot recall specifically meeting any of the investor companies that would generally be described as vulture funds, but if the Deputy tables a specific question I will have it researched within the records of the Department and give the Deputy a full answer.

Other Questions: Consumer Protection (23 Jun 2016)

Michael Noonan: As I said, we have legislated on a number of occasions because the policy intention is that if a loan is sold the obligations of the new owner are the same as the legal obligations of the original owner. As far as I am concerned, the legislation that was brought through the Houses of the Oireachtas achieves that. As I said to Deputy McGrath, because he had a particular issue, if there is a...

Other Questions: Tax Code (23 Jun 2016)

Michael Noonan: A comprehensive review of tax matters pertaining to the farming sector was announced in budget 2014 as a joint initiative between the Departments of Finance and Agriculture, Food and the Marine. The purpose of the review was to analyse the benefits of the various tax measures to the agricultural sector and the wider economy versus the costs to ensure tax policy aligned with the objectives...

Other Questions: Tax Code (23 Jun 2016)

Michael Noonan: The Deputy's question referenced a review. The UK does not currently offer a capital allowance measure targeted at the agricultural sector. However, farmers can qualify for the annual investment allowance, which permits 100% first-year allowances on certain business, plant and machinery expenditure which would apply to general businesses. Interestingly, the IFA and the Department of...

Other Questions: Tax Code (23 Jun 2016)

Michael Noonan: The Deputy's suggestion seems to be that for one sector of the economy there would be an accelerated capital allowance in respect of machinery which would amount to 100% in the first year. The practice across taxation is that costs such as this are written off over a period of years, as I understand it. We will examine the issue. It would be out of line with the practice.

Other Questions: NAMA Assets Sale (23 Jun 2016)

Michael Noonan: NAMA's purpose and objectives are set out in the NAMA Act as established by the Oireachtas. NAMA's primary objective is, as per section 10 of the NAMA Act, to obtain the best achievable financial return for the State and to deal expeditiously with its assets in achieving this objective. The strategy which NAMA adopts in pursuing its objectives is a matter for the...

Other Questions: NAMA Assets Sale (23 Jun 2016)

Michael Noonan: I have no expertise in the sale or valuation of property but I understand that the NAMA board had a view that it should take advantage, to the greatest extent possible, of favourable Irish market conditions by increasing the flow of assets to the markets while remaining faithful to its purpose and objectives under the NAMA Act. I think it is right that it cannot sell a property portfolio...

Other Questions: NAMA Assets Sale (23 Jun 2016)

Michael Noonan: I have no particular expertise in property values or in the technical area and have no role under the NAMA Act in anything relating to making a commercial decision. That is a matter for NAMA. I do know that the theory of bundling is to put good with bad. If the lots are very small, the tendency would be to cherry-pick. Many of the good assets would be sold and NAMA would be left with...

Other Questions: Consumer Protection (23 Jun 2016)

Michael Noonan: As the Deputy will be aware, the Consumer Protection (Regulation of Credit Servicing Firms) Act 2015 was enacted on 8 July 2015. It was introduced to fill the consumer protection gap where loans were sold by the original lender to an unregulated entity. The 2015 Act introduced a regulatory regime for a new type of entity called a credit servicing firm. Credit servicing firms are now...

Other Questions: Infrastructure and Capital Investment Programme (23 Jun 2016)

Michael Noonan: Deficits are fairly well known to most people, especially those in the Dáil and in the Seanad. The former Minister for Public Expenditure and Reform, Deputy Brendan Howlin, launched the national capital programme last year. That stretches out for six years and has identified deficits project by project. In the summer economic statement 2016, his successor, the current Minister, Deputy...

Other Questions: Mortgage Arrears Proposals (23 Jun 2016)

Michael Noonan: The Deputy will be aware that the Government is very committed to reducing the level of mortgages in arrears and that significant progress has been made in this regard, as demonstrated by the latest Central Bank quarterly residential mortgage arrears and repossessions statistics for the first quarter of 2016.  He may also be aware that the Cabinet committee on housing and homelessness...

Other Questions: Mortgage Arrears Proposals (23 Jun 2016)

Michael Noonan: The Department of Justice and Equality is working on the proposals for the new court and on raising the threshold amounts for the personal insolvency arrangements insolvency legislation. The Department of Social Protection is working on a programme to increase the range and effectiveness of MABS and is being provided with additional funding to do so. I have had discussions with the Governor...

Other Questions: Mortgage Arrears Proposals (23 Jun 2016)

Michael Noonan: A moratorium----

Other Questions: Mortgage Arrears Proposals (23 Jun 2016)

Michael Noonan: I cannot give deadlines for the work of other Departments. I can assure the Deputy that the work I have outlined is proceeding as a matter of priority in the Departments I spoke about. It is being engaged with as we speak. The Circuit Court is where repossession orders are usually processed but they are not being actively pursued. To a large degree, the practice is to adjourn. The...

Ceisteanna - Questions - Priority Questions: Financial Services Regulation (23 Jun 2016)

Michael Noonan: The contractual obligation that is attached to the loan continues with a change of ownership. I therefore cannot see how the person to whom the loan was given originally can be exploited on the transfer because the protections under law are still in place. The solution suggested by the Deputy that only regulated entities with a banking licence should be able to acquire loans would cut...

Ceisteanna - Questions - Priority Questions: Financial Services Regulation (23 Jun 2016)

Michael Noonan: As I stated, the Central Bank code of conduct for business lending to small and medium enterprises has been strengthened in certain areas resulting in the Central Bank (Supervision and Enforcement) Act 2013 (Section 48) (Lending to Small and Medium-sized Enterprises) Regulations 2015. These regulations only come into effect on 1 July next. I have not familiarised myself with the details of...

Other Questions: Infrastructure and Capital Investment Programme (23 Jun 2016)

Michael Noonan: The formulation and implementation of policy decisions around strategic infrastructural capital projects such as meeting housing, transport and energy requirements are primarily a responsibility for the relevant Departments. My Department has a role in monitoring the State's activities or projects that might have implications for the general government balance, the general government...

Other Questions: Infrastructure and Capital Investment Programme (23 Jun 2016)

Michael Noonan: It is a continuing work in my Department, the Department of Public Expenditure and elsewhere in the system. If one were to categorise infrastructural investment, one would divide it into economic infrastructure and social infrastructure. On the economic infrastructure side, if one were to list priorities, I assume most of us would agree that housing supply, both social and affordable, is...