Results 5,261-5,280 of 27,019 for speaker:Michael Noonan

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (Resumed) (18 Nov 2015)

Michael Noonan: The period would have to be sufficiently lengthy in order for the information to be useful. Off the top of my head, I would say we would need five years of operation. I have just been told that in the general review cycle, the first review will take place next year. While I would not expect it to be very revealing, it might identify any particular problem that arises.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (Resumed) (18 Nov 2015)

Michael Noonan: Yes. We will take into account what the Deputy has argued. His concerns are legitimate. However, the scheme is very good.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (Resumed) (18 Nov 2015)

Michael Noonan: Deputy Richard Boyd Barrett tabled amendments Nos. 93 and 94, but, given that he was absent, they were dealt with very quickly. I have speaking notes on the amendments, which I wish to put on the record. I wish to clarify the position on local property tax in respect of houses affected by pyrite damage. I dealt with it in the response to a parliamentary question this morning. On foot of...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (Resumed) (18 Nov 2015)

Michael Noonan: In general terms, the Bank of Ireland is a publicly quoted company. The State has 14% of its shares and private investors have the rest. The shares trade every day on the Dublin Stock Exchange and, more significantly, on the London Stock Exchange. Like any publicly quoted share, the shares rise and fall. I saw a reference to the transaction the Deputy referred to in the newspapers and the...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (Resumed) (18 Nov 2015)

Michael Noonan: Before we finish, I wish to signal that I will bring forward amendments on Report Stage and will give Members adequate notice of them.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (Resumed) (18 Nov 2015)

Michael Noonan: I would like to thank the Chairman, his staff and his colleagues who have contributed fulsomely to this debate.

Other Questions: Mortgage Interest Rates (18 Nov 2015)

Michael Noonan: As I said to the Deputy, it is a major cause of concern in certain households. I am very much aware of the concern he expresses and I will be in constant dialogue with the bank, but the solution is more competition. The different banks cannot offer the same product at the same price because if they do, there is no competition. I want them to offer different products and if there are price...

Other Questions: Mortgage Interest Rates (18 Nov 2015)

Michael Noonan: One possible explanation for the anomaly the Deputy is raising is that many people are happy with the interest rate they are paying, especially if there is a small balance left on their mortgage, and they will not switch for small rewards.

Other Questions: Strategic Banking Corporation of Ireland (18 Nov 2015)

Michael Noonan: The credit union movement is an admirable one and we are lucky to have it in Ireland because it is a source of credit for many people who would not normally interact with banks. I am a very strong supporter of the movement. Last week I met with the representatives of the two main credit union bodies, together with a representative of the Credit Union Managers Association, to discuss the...

Other Questions: Mortgage Interest Rates (18 Nov 2015)

Michael Noonan: I thank Deputy Troy for raising this matter. It is a very important issue for many constituents of all Deputies. As the Deputy knows, I have taken steps to ensure that the banks provide options for mortgage holders to reduce their monthly repayments. Last May, I requested a report from the Central Bank on the topic which was subsequently published. I also met with the six main...

Other Questions: Mortgage Interest Rates (18 Nov 2015)

Michael Noonan: We asked the Central Bank to review the situation in the spring and it turned down the offer to become the authority that regulated interest rates. It thought this was a very bad idea and that competition in the market is the best controller of interest rates and the products offered. All the main lenders, AIB, Permanent TSB, Bank of Ireland and the others, made new offers after their...

Other Questions: Pyrite Panel Report Recommendations (18 Nov 2015)

Michael Noonan: As I said in my reply, the Revenue Commissioners have agreed to my request that the changes in procedures be implemented on an administrative basis pending the enactment of the necessary legislation. I am also advised that the Revenue Commissioners are preparing guidelines for implementing Dr. Thornhill's recommendations on an administrative basis and that these will be published by the end...

Other Questions: Pyrite Panel Report Recommendations (18 Nov 2015)

Michael Noonan: As I understand it from the Deputy and others who raised it, the nub of the problem was that the exemption could only be triggered by a test which sometimes cost an enormous amount of money that was well in excess of any relief that would be provided. This is being removed. The Revenue Commissioners are prepared to take evidence that is below testing. I have outlined the different types of...

Other Questions: Strategic Banking Corporation of Ireland (18 Nov 2015)

Michael Noonan: I thank Deputy Kyne for this very important question. The Strategic Banking Corporation of Ireland, SBCI, was formed in late 2014 and began lending in March of this year. The SBCI makes its funds available to SMEs through lending partners known as on-lenders, the first of which are Bank of Ireland and AIB. The SBCI has made considerable progress in providing finance to Irish SMEs. To the...

Other Questions: Strategic Banking Corporation of Ireland (18 Nov 2015)

Michael Noonan: I understand that Bank of Ireland, AIB and the two non-bank on-lenders are honouring the terms of the protocols they have entered into. I hope that there will be more on-lenders. I know that the SBCI is in advanced discussions with a number of other bank and non-bank lenders. It is anticipated that further announcements of new on-lending agreements will be made in the coming months. In...

Other Questions: EU Membership (18 Nov 2015)

Michael Noonan: I thank the Deputy for raising this very important issue. The Government's position on developments relating to British membership of the European Union has been clearly articulated, in particular by the Taoiseach and the Minister of Foreign Affairs and Trade; we very much want the United Kingdom to remain an integral member of the Union. This is important for both the economy and the...

Other Questions: EU Membership (18 Nov 2015)

Michael Noonan: The primary work being done in the Departments of the Taoiseach and Foreign Affairs and Trade is to develop a constructive role for Ireland to assist the United Kingdom in retaining membership of the European Union. As we move towards the Council meeting in December, the Government is considering how it can contribute constructively to the negotiations, working with EU partners to reach...

Other Questions: EU Membership (18 Nov 2015)

Michael Noonan: I thank the Deputy for his support and agree with him on the position he outlined, which is helpful and constructive. With regard to the renegotiation by the United Kingdom of its relationship with the European Union and the capacity of Ireland to be of assistance with pragmatic and constructive proposals, rather than looking at it as the United Kingdom trying to have separate and distinct...

Other Questions: Pyrite Panel Report Recommendations (18 Nov 2015)

Michael Noonan: I thank the Deputy for raising this issue again. She has raised it on a number of occasions. I have moved to meet the concerns she has expressed on behalf of the householders involved. I announced on budget day that I was accepting the recommendations made by Dr. Thornhill in his review of the local property tax with respect to those properties which had been damaged to a significant...

Ceisteanna - Questions - Priority Questions: Banking Operations (18 Nov 2015)

Michael Noonan: It is fair to point out that Bank of Ireland is a private bank that is quoted on the Stock Exchange. The State has a 14% stake in the bank; therefore, it does not have a controlling interest in it. When the bank acted as it did, I issued a statement indicated that what it had done was "surprising and unnecessary". I am glad that the Deputy has written to the Governor of the Central Bank,...