Results 5,661-5,680 of 27,019 for speaker:Michael Noonan

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (Miscellaneous Provisions) Bill 2015: Committee Stage (3 Nov 2015)

Michael Noonan: I move amendment No. 9:In page 12, lines 16 and 17, to delete “regulations made under section 3 of the Act of 1972 to give effect to the Solvency II Directive” and substitute “Solvency II Regulations”. With the Acting Chairman's permission, I will speak to amendments 9 to 17, inclusive, and 20 together.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (Miscellaneous Provisions) Bill 2015: Committee Stage (3 Nov 2015)

Michael Noonan: Amendments to section 17, to which I shall come to in a while, necessitated the addition of some definitions to section 15 as well as the simplification of some of the definitions contained in the Bill, as published. Section 15 is the section that contains explanations for the particular terms used in this Bill. Amendments Nos. 16, 17 and 20 reflect the carrying forward of these definition...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (Miscellaneous Provisions) Bill 2015: Committee Stage (3 Nov 2015)

Michael Noonan: I move amendment No. 10:In page 12, lines 19 and 20, to delete “European Communities (Life Assurance) Framework Regulations 1994 (S.I. No. 360 of 1994)” and substitute “Life Regulations”.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (Miscellaneous Provisions) Bill 2015: Committee Stage (3 Nov 2015)

Michael Noonan: I move amendment No. 11:In page 12, between lines 21 and 22, to insert the following:“ “Life Regulations” means the European Communities (Life Assurance) Framework Regulations 1994 (S.I. No. 360 of 1994);”.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (Miscellaneous Provisions) Bill 2015: Committee Stage (3 Nov 2015)

Michael Noonan: I move amendment No. 12:In page 12, lines 23 and 24, to delete “European Communities (Non-Life Insurance) Framework Regulations 1994 (S.I. No. 359 of 1994)” and substitute “Non-Life Regulations”.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (Miscellaneous Provisions) Bill 2015: Committee Stage (3 Nov 2015)

Michael Noonan: I move amendment No. 13:In page 12, between lines 25 and 26, to insert the following:“ “Non-Life Regulations” means the European Communities (Non-Life Insurance) Framework Regulations 1994 (S.I. No. 359 of 1994);”.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (Miscellaneous Provisions) Bill 2015: Committee Stage (3 Nov 2015)

Michael Noonan: I move amendment No. 14:In page 12, lines 26 and 27, to delete “regulations made under section 3 of the Act of 1972 to give effect to the Solvency II Directive” and substitute “Solvency II Regulations”.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (Miscellaneous Provisions) Bill 2015: Committee Stage (3 Nov 2015)

Michael Noonan: I move amendment No. 15:In page 13, between lines 9 and 10, to insert the following:“ “Solvency II Regulations” means the regulations made under section 3 of the Act of 1972 to give effect to the Solvency II Directive;”.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (Miscellaneous Provisions) Bill 2015: Committee Stage (3 Nov 2015)

Michael Noonan: I move amendment No. 16:In page 13, line 18, to delete “European Communities (Non-Life Insurance) Framework Regulations 1994” and substitute “Non-Life Regulations”.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (Miscellaneous Provisions) Bill 2015: Committee Stage (3 Nov 2015)

Michael Noonan: I move amendment No. 17:In page 13, line 19, to delete “European Communities (Life Assurance) Framework Regulations 1994” and substitute “Life Regulations”.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (Miscellaneous Provisions) Bill 2015: Committee Stage (3 Nov 2015)

Michael Noonan: No difference, I am told. The entire reason for this Bill is the entry into force on 1 January 2016 of the Solvency II regime. This is a new EU-wide regulatory regime for the insurance sector. The directive repeals the EU directives underpinning the current insurance regulatory regime but the directive also excludes certain undertakings from the new regime. In order to ensure there are no...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (Miscellaneous Provisions) Bill 2015: Committee Stage (3 Nov 2015)

Michael Noonan: Yes.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (Miscellaneous Provisions) Bill 2015: Committee Stage (3 Nov 2015)

Michael Noonan: I move amendment No. 18:In page 13, between lines 30 and 31, to insert the following:“Portfolio transfers 17. (1) Notwithstanding the regulations made under section 3 of the Act of 1972 to give effect to Article 4 and Article 308b(1) to (4) of the Solvency II Directive, the regulations made under section 3 of the Act of 1972 to give effect to Article 39 of the Solvency II Directive...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (Miscellaneous Provisions) Bill 2015: Committee Stage (3 Nov 2015)

Michael Noonan: I move amendment No. 19:In page 15, between lines 24 and 25, to insert the following:“Deemed authorisation 19. (1) An insurance undertaking authorised under the European Communities (Non-Life Insurance) Regulations 1976 (S.I. No. 115 of 1976) that—(a) is a relevant undertaking on the commencement of this section, and (b) is not deemed authorised under the Solvency II...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (Miscellaneous Provisions) Bill 2015: Committee Stage (3 Nov 2015)

Michael Noonan: I move amendment No. 20:In page 15, lines 28 and 29, to delete “European Communities (Non-Life Insurance) Framework Regulations 1994” and substitute “Non-Life Regulations”.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Message to Dáil (3 Nov 2015)

Michael Noonan: I would like to thank the Acting Chairman. I also thank the colleagues who have participated in the debate and the vote.

Written Answers — Department of Finance: NAMA Social Housing Provision (3 Nov 2015)

Michael Noonan: There are currently clear distortions in the housing market as it attempts to find an equilibrium between supply and demand following the large value swings of the crisis and as to now a lagging supply response is being dampened by expectations of continued future price increases. In this regard, I announced as part of Budget 2016, plans for NAMA to fund the delivery of 20,000...

Written Answers — Department of Finance: Budget 2016 (3 Nov 2015)

Michael Noonan: I understand from clarifications given by the Deputy that his Question relates to the impact of the Universal Social Charge (USC) changes and the introduction of the Earned Income Credit (EIC) announced in Budget 2016 on PAYE workers and the self-employed. I am informed by the Revenue Commissioners that the estimated, full year, combined cost of the USC changes and the introduction of...

Written Answers — Department of Finance: Departmental Budgets (3 Nov 2015)

Michael Noonan: The information requested by the Deputy is set out as follows: Programme Programme Expenditure 2015 Budget Estimate  (€000) 2015 Estimated Outturn (€000) Excess/Savings for 2015* Date Savings/Excess approved Approval process A European Union  and International Policy 2,908 2,908 0 N/A N/A B Financial Services  Policy 10,744 10,744 0 N/A N/A C Fiscal Policy...

Written Answers — Department of Finance: Lansdowne Road Agreement (3 Nov 2015)

Michael Noonan: I wish to inform the Deputy that the Paybill estimate of €18.5 million for my Department for 2016 will encompass all Paybill costs anticipated including those under the Lansdowne Road agreement.