Results 4,741-4,760 of 27,019 for speaker:Michael Noonan

Other Questions: Mortgage Arrears Proposals (14 Jan 2016)

Michael Noonan: As everybody here knows, when this Government came into office five years ago, the situation in this area was disastrous and it appeared it would not be resolved. Following the putting in place of a series of measures, which have been constantly reviewed, significant progress has been made. It now appears that this is a solvable problem. Over time, as the economy improves, it is solvable....

Other Questions: Mortgage Arrears Proposals (14 Jan 2016)

Michael Noonan: The initiatives are constantly reviewed. The initiatives introduced in the past 12 months by the Tánaiste and the Minister for Justice and Equality have added to the portfolio of interventions and have been successful also.

Other Questions: Economic Growth Initiatives (14 Jan 2016)

Michael Noonan: Under the European Central Bank, ECB, expanded asset purchase programme, often referred to as quantitative easing, QE, the eurosystem, comprising the ECB and the national central banks of the euro area, has been purchasing €60 billion of public and private assets per month and plans to do so until at least March 2017, or until inflation returns to levels consistent with price...

Ceisteanna - Questions - Priority Questions: Mortgage Interest Rates (14 Jan 2016)

Michael Noonan: Yes, but in the majority of cases, those inhibitions do not apply. However, there is a very significant inertia in the desire of people to switch to a different mortgage provider even when they can make significant savings. It is hard to understand this at times and probably is to do with the fact that if people have a mortgage for several years, even if they are to make cash savings, they...

Ceisteanna - Questions - Priority Questions: Tax Code (14 Jan 2016)

Michael Noonan: I thank Deputy Healy for this question. The Credit Suisse Global Wealth Report 2015 provides a range of data in the area of global household wealth, its composition and distribution over the period 2000 to 2015. The report covers all regions and countries and brings together available data from a variety of sources. The authors of the report acknowledge the study of global household wealth...

Ceisteanna - Questions - Priority Questions: Tax Code (14 Jan 2016)

Michael Noonan: There are not recent reliable data in Ireland on wealth distribution. It has only been very recently, particularly in the Central Statistics Office report published in 2015, that reliable data have been emerging. These data indicate that wealth inequality in Ireland for 2013, that is, the year examined, is lower than the eurozone average as measured by the Gini coefficient. The results...

Ceisteanna - Questions - Priority Questions: Tax Code (14 Jan 2016)

Michael Noonan: As the economy recovers, obviously the value of assets is increasing. However, there are capital taxes in Ireland which are, in effect, wealth taxes. When assets are transferred on the death of an owner, inheritance tax applies and if assets are transferred prior to someone's death, gift tax then applies. In addition, money on deposit in banks is liable to a DIRT rate of 41%, which also is...

Ceisteanna - Questions - Priority Questions: Home Repossession (14 Jan 2016)

Michael Noonan: Deputy Healy raised the very important issue of homelessness and the Minister for the Environment, Community and Local Government, Deputy Alan Kelly, brought forward proposals last year that have blunted the edge of this particular social crisis. Certainly, over the Christmas period there was less sense of a crisis with homelessness than there had been earlier in the year. The measures...

Ceisteanna - Questions - Priority Questions: Home Repossession (14 Jan 2016)

Michael Noonan: There is a relationship framework, signed by my predecessors in office, with the banks and the essential component is that the political side will not interfere in commercial decisions. That is for a very good reason as we do not want to politicise the banks. It would be a very sad day for the country if the first port of call for a person seeking a loan had to be the local Deputy rather...

Ceisteanna - Questions - Priority Questions: Home Repossession (14 Jan 2016)

Michael Noonan: There will be no political interference with the banks. On the question of repossessions, 207 houses were repossessed on foot of a court order, which does not equate to the tens of thousands of houses sometimes mentioned in commentary. There are 121,000 restructured mortgages on private dwellings, with a success rate of 86.6%. That means the arrangements stick in just under 87% of cases....

Ceisteanna - Questions - Priority Questions: Mortgage Interest Rates (14 Jan 2016)

Michael Noonan: The Government's position is that competition is the best way to achieve a sustainable long-term solution to the issue of high mortgage repayments. The Government made a commitment in the statement of Government priorities for 2014 to 2016 to applying downward pressure on mortgage rates by increasing and supporting competition in the market and it has undertaken a number of initiatives in...

Ceisteanna - Questions - Priority Questions: Mortgage Interest Rates (14 Jan 2016)

Michael Noonan: Competition is working in the market now and it will continue to work as more institutions get involved. The Central Bank's statistical release of 11 December 2015 stated that mortgage interest rates generally declined during the third quarter of 2015. Variable principal dwelling house rates declined by 17 basis points over the second quarter, with corresponding buy-to-let rates falling by...

Ceisteanna - Questions - Priority Questions: Universal Social Charge Abolition (14 Jan 2016)

Michael Noonan: Yes.

Ceisteanna - Questions - Priority Questions: Universal Social Charge Abolition (14 Jan 2016)

Michael Noonan: Yes, but the Deputy's arguments are based on the assumption that it is the Government's intention, if re-elected, to abolish USC completely for all levels of income. That is not the position. As I have done previously, and particularly in the last two budgets, we capped the benefits at €70,000. We will have a clawback so that these very high benefits will not accrue to high earners....

Ceisteanna - Questions - Priority Questions: Universal Social Charge Abolition (14 Jan 2016)

Michael Noonan: First of all, there is no row-back. What I have said this morning in reply to the Deputy's question is absolutely consistent with what I have done in the past in terms of USC - capping it at €70,000 and ensuring that high earners do not have extravagant benefits. They are proportionate benefits to people with an income of €70,000, and something similar will be proposed when we...

Ceisteanna - Questions - Priority Questions: Universal Social Charge Abolition (14 Jan 2016)

Michael Noonan: Yes. As the Deputy will recall, we have built into the capital programme a review after two years. There will be resources if we balance the budget because, rather than a three-way split of tax reductions, expenditure increases and deficit reduction, the latter goes off the table. I will be strongly advocating that at least a large proportion of that money be used for both social and...

Ceisteanna - Questions - Priority Questions: Home Repossession (14 Jan 2016)

Michael Noonan: I would like to thank Deputy Healy for raising this question. As he is aware, I have no direct function in the relationship between the customer and PTSB, or AIB and its subsidiary EBS. Notwithstanding the fact that the State is a shareholder in these institutions, I must ensure that these banks are run on a commercial and independent basis to ensure the value of the banks as an asset to...

Ceisteanna - Questions - Priority Questions: Motor Insurance Regulation (14 Jan 2016)

Michael Noonan: As I said, the Department is conducting a review at present and will consult with various interest groups, both public and private. Certainly there are issues that need to be addressed but under European law insurance companies must cover risk and must price in accordance with risk. If the risk is high, obviously premiums go up. Neither the Central Bank nor the Department of Finance can...

Ceisteanna - Questions - Priority Questions: Motor Insurance Regulation (14 Jan 2016)

Michael Noonan: The scope of the review is to examine the insurance industry with particular emphasis on why premiums are rising, particularly in recent months, in what many people consider to be an unjustified manner. Premiums are certainly rising very rapidly. There will be a particular focus on motor insurance. Insurance in Ireland has been fraught for some time. The Central Bank has explained that...

Ceisteanna - Questions - Priority Questions: Universal Social Charge Abolition (14 Jan 2016)

Michael Noonan: Gabhaim buíochas leis an Teachta as an dea ghuí maidir le mo shláinte. This is a very interesting question because, one way or another, all parties are either maintaining the status quoin respect of USC or advocating change. In that context, it is important to put the debate on a firm statistical footing at least, whatever the opinions might be subsequently. In reply to...