Results 5,941-5,960 of 27,019 for speaker:Michael Noonan

Ceisteanna - Questions - Priority Questions: NAMA Loan Book (29 Sep 2015)

Michael Noonan: Regarding PIMCO’s subsequent withdrawal from the sales process, I am advised that on 10 March 2014 PIMCO informed NAMA that its compliance staff had discovered that PIMCO’s proposed fee arrangement with Brown Rudnick included a proposed payment of fees to Tughans and to a former external member of NAMA’s Northern Ireland advisory committee who resigned in early November...

Ceisteanna - Questions - Priority Questions: Mortgage Interest Rates (29 Sep 2015)

Michael Noonan: The Deputy is jumping to conclusions. While the headline variable rates that the Deputy outlined in his initial contribution are correct, other much lower rates are available to mortgage holders-----

Ceisteanna - Questions - Priority Questions: Mortgage Interest Rates (29 Sep 2015)

Michael Noonan: -----either from their own bank or mortgage provider or by switching.

Ceisteanna - Questions - Priority Questions: Mortgage Interest Rates (29 Sep 2015)

Michael Noonan: What puzzles me at present is why more people are not switching. There is demonstrably an amount of money to be saved if people change, yet there appears to be an inertia in the system and they are not changing.

Ceisteanna - Questions - Priority Questions: Mortgage Interest Rates (29 Sep 2015)

Michael Noonan: I wish to let it go for a few months and see if the new competitive situation will operate to the benefit of customers. We have made significant progress. The Deputy's Private Members' Bill, which I complimented as a good initiative, sought to provide that the Central Bank should intervene to fix interest rates if they went above 3%. We have the two biggest mortgage providers down to 3.65%...

Ceisteanna - Questions - Priority Questions: NAMA Loan Book (29 Sep 2015)

Michael Noonan: As the Deputy will be aware, it was I who initially received the unsolicited expression of interest for the NAMA Northern Ireland loan book, via the then Northern Ireland Minister for Finance, Mr. Sammy Wilson, from Brown Rudnick on behalf of its client, PIMCO, on 24 June 2013. On 9 July 2015 I published on the Department of Finance website both the representation from the Minister, Mr....

Ceisteanna - Questions - Priority Questions: Mortgage Interest Rates (29 Sep 2015)

Michael Noonan: As the Deputy knows, I have been aware of this issue for some time and have taken steps to ensure the banks provide real options for borrowers. To summarise actions taken to date, I requested a report from the Central Bank on the topic, which was published in May. I also met with the six main mortgage lenders and outlined my view that the interest rates being charged to Irish customers were...

Ceisteanna - Questions - Priority Questions: Mortgage Interest Rates (29 Sep 2015)

Michael Noonan: I thank the Deputy for his supplementary question. He will recall that the Central Bank report published last May, to which I referred, stated that there was an excessive margin being charged in Ireland on variable interest rates but it disagreed that the margin was as big as has been cited in debates here on several occasions. The banks have moved to lower that particular margin. AIB has...

Written Answers — Department of Finance: National Monuments (29 Sep 2015)

Michael Noonan: I have received a number of correspondence regarding these important historic buildings, including from the Deputy and the Cross Party Committee on Moore Street. I believe NAMA has also received representations on the matter and have advised that these buildings were not part of the Project Jewel portfolio. The formulation and implementation of policy relating to the...

Written Answers — Department of Finance: Banking Sector (29 Sep 2015)

Michael Noonan: I have not had discussions with the financial institutions with respect to their policy on uncashed bank drafts, nor do I have a statutory function in this matter.  I have contacted the Central Bank and they do not have readily available information on the amount of money in uncashed bank drafts. I am informed that the number of bank drafts in issuance is small, and the...

Written Answers — Department of Finance: IBRC Liquidation (29 Sep 2015)

Michael Noonan: Significant progress has been made to date in winding up the affairs of IBRC but further work remains. A progress update report was published in March 2015, which is available on the Department of Finance website, this highlights the progress which has been made since the liquidation of IBRC in February 2013 while also highlighting the key tasks remaining in the liquidation. While it...

Written Answers — Department of Finance: Tax Reliefs Abolition (29 Sep 2015)

Michael Noonan: I assume the Deputy is referring to tax relief in respect of rent paid, which is available at the standard rate to certain individuals renting private accommodation, which is their sole or main residence. Rent relief was introduced in 1982 to alleviate the cost of private rented accommodation for those aged 65 and over. In subsequent years, the relief was extended to all...

Written Answers — Department of Finance: Banking Sector (29 Sep 2015)

Michael Noonan: As the Deputy will be aware the Irish banking system is now in a much stronger position than it has been in recent years. Profits are recovering, balance sheets have been restructured and we have started the process of returning cash to the taxpayer following the huge investments that were made over the 2009-11 period.  In relation to AIB, the State received a cash dividend of...

Written Answers — Department of Finance: Legislative Measures (29 Sep 2015)

Michael Noonan: The Credit Union and Co-operation with Overseas Regulators Act 2012 was signed into law by the President of Ireland on 19 December 2012. Following enactment, different parts of the 2012 Act have been commenced in tranches at different times. This approach was taken, as the Department is cognisant of the fact that credit unions needed time to implement all aspects of the 2012 Act...

Written Answers — Department of Finance: National Debt (29 Sep 2015)

Michael Noonan: The most recent forecasts of both National Debt interest and General Government interest expenditure for the period 2015 to 2020 are contained in the 2015 Stability Programme Update (SPU), published by my Department in April of this year. The relevant information is contained in Table A3, Annex 1 of the SPU and is replicated in the table below for the Deputy's convenience. €...

Written Answers — Department of Finance: Mortgage Interest Rates (29 Sep 2015)

Michael Noonan: As the Deputy will be aware, I have taken a number of steps to ensure the banks provide real options for mortgage holders facing high repayments. Most recently, I concluded a second series of meetings with the six main lenders on this issue last week. As you know, back in May I first met with senior management of the six main mortgage lenders...

Written Answers — Department of Finance: Mortgage Lending (29 Sep 2015)

Michael Noonan: The Central Bank of Ireland, having regard to its mandate to safeguard financial stability, has put in place new macro-prudential measures for residential mortgage lending effective from 9 February 2015.  These measures apply proportionate loan-to-value and loan-to-income limits to mortgage lending by regulated financial service providers in the Irish market.  The key...

Written Answers — Department of Finance: State Aid Investigations (29 Sep 2015)

Michael Noonan: Last year, the Competition Directorate of the European Commission announced their intention to open formal state aid investigations into tax rulings provided to a number of companies in various Member States of the European Union.  This announcement is part of a much wider review of tax ruling practice that is currently being undertaken by the European Commission and earlier this...

Written Answers — Department of Finance: Budget Submissions (29 Sep 2015)

Michael Noonan: IFS 2020 which is the Government's strategy for the development of the international financial services industry was launched in March 2015.  As part of the implementation of the IFS 2020 strategy new implementation structures were established and the Clearing House Group no longer exists. An Industry Advisory Committee (IAC) represents the financial services industry and...

Written Answers — Department of Finance: Tax Avoidance Issues (29 Sep 2015)

Michael Noonan: In November and December 2014, the International Consortium of Investigative Journalists ('ICIJ') published a large volume of confidential documentation relating to agreements approved by the Luxembourg Authorities on behalf of more than 340 companies worldwide. The documents cover the period from 2003 to 2011. The published documentation is very extensive and includes materials relating to...