Results 6,821-6,840 of 27,019 for speaker:Michael Noonan

Ceisteanna - Questions - Priority Questions: Mortgage Interest Rates (23 Jun 2015)

Michael Noonan: I thank the Deputy for his question. As he knows, I met with senior management of Ireland's six main mortgage providers in May. The meetings focused on the mortgage market and specifically the comparatively high standard variable rates currently being charged by the banks. I outlined my view that standard variable rates being charged in the Irish market are too high. There was agreement...

Written Answers — Department of Finance: State Banking Sector (23 Jun 2015)

Michael Noonan: AIB is  well on the road to recovery and officials in my department are working with AIB on reconfiguring its capital structure and setting out a path for the bank to begin to return capital to the State. Given the scale of the States investment some €20.8 billion and the different financial instruments this money is invested in, there are a range of options available to...

Written Answers — Department of Finance: Property Tax Administration (23 Jun 2015)

Michael Noonan: The Deputy will be aware that I have instigated a review to consider, and make recommendations, on the operation of the LPT, and any impacts on LPT liabilities due to property price developments. A public consultation has been held as part of the review.  The consultation period ran to April 30th, a period of 4 weeks.  I am informed that over...

Written Answers — Department of Finance: IBRC Investigations (23 Jun 2015)

Michael Noonan: As the Deputy will be aware the terms of reference of the proposed Commission of Investigation in relation to IBRC include the following explicit terms of reference dealing with unusual share trading activity and information received by the Department of Finance: "whether in respect of any transaction  under investigation, any unusual share trading occurred which would give rise to...

Written Answers — Department of Finance: Sale of Aer Lingus (23 Jun 2015)

Michael Noonan: It has been the consistent policy of the Government that proceeds received from the sale of assets should, to the greatest extent possible, be used to support and sustain economic recovery and employment creation.  Under Eurostat rules, the proceeds arising from the sale of the State's shares in Aer Lingus, representing the sale of a financial asset, will have no beneficial impact...

Written Answers — Department of Finance: Legislative Measures (23 Jun 2015)

Michael Noonan: Borrowers whose loans are sold to unregulated entities will be protected by the Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015 when it is enacted.  The purpose of the Bill is to ensure that consumers retain the protections they had prior to the sale of their loan.  This Bill will require entities dealing with the consumer to be authorised by the...

Written Answers — Department of Finance: Banking Sector Staff (23 Jun 2015)

Michael Noonan: As the Deputy will be aware under the Relationship Frameworks the State does not intervene in the day to day operations of the banks in which it holds investments or their management decisions regarding commercial matters and hence any discussions around matters such as outsourcing are a matter for the bank, the relevant staff and their union representatives. Notwithstanding...

Written Answers — Department of Finance: Banking Sector (23 Jun 2015)

Michael Noonan: As you know, I met with senior management of Ireland's six main mortgage providers in May and outlined my view, that Standard Variable Rates being charged in the Irish market are too high.  There was agreement from all lenders that customers should have access to more competitive mortgage products as per my recommendation. In addition, I outlined the need for greater competition in...

Written Answers — Department of Finance: Credit Register Establishment (23 Jun 2015)

Michael Noonan: The Central Bank of Ireland is responsible for establishing the Central Credit Register.  Since the enactment of the Credit Reporting Act, the Central Bank has:  -concluded an EU wide public procurement process in December 2014 to select a partner to establish and operate the Register on its behalf, signing contracts with CRIF Ireland Limited in February 2015; -commenced...

Written Answers — Department of Finance: Pensions Levy (23 Jun 2015)

Michael Noonan: This question refers to two separate and distinct measures. The first measure referred to is the stamp duty levies applying to the assets of funded pension arrangements introduced in 2011 to pay for the Jobs Initiative, the chargeable persons for which are the trustees of pension schemes and others responsible for the management of pension fund assets. The second measure is the...

Written Answers — Department of Finance: EU Membership (23 Jun 2015)

Michael Noonan: Issues related to the euro area are dealt with by the Eurogroup, rather than Ecofin, although it is normal practice for the President of the Eurogroup to debrief colleagues at the Ecofin. When Member States get into difficulties, there are a number of European financial assistance mechanisms available to help resolve these issues in order to preserve the overall financial...

Written Answers — Department of Finance: National Economic Dialogue (23 Jun 2015)

Michael Noonan: Firstly, I would point out that the Government is not of the view that the National Economic Dialogue will operate in a narrow way.  As was stated in the invitation letter, the objective of the dialogue is to facilitate an open and inclusive exchange on the competing and social priorities facing the Government as we prepare for Budget 2016.  It will be informed by the macro-economic...

Written Answers — Department of Finance: Banking Sector (23 Jun 2015)

Michael Noonan: The Deputy will be aware that in their statements to the Joint Oireachtas Committee on Finance and Public Expenditure Reform, in April and May, the four main banks (AIB, BOI, Ulster Bank and PTSB)  outlined their strategies for dealing with customers in mortgage arrears.  All lenders indicated to the Committee their willingness to work with all borrowers who engage with them with a...

Written Answers — Department of Finance: Banking Sector Investigations (23 Jun 2015)

Michael Noonan: In response to significant public concerns, and to focus the review on the transactions that have led to the significant public concerns, a Commission of Investigation into certain decisions, transactions and activities entered into by IBRC has now been established. As the Deputy will be aware, the Terms of Reference of the Commission of Investigation into IBRC were...

Written Answers — Department of Finance: National Pensions Reserve Fund Plans (23 Jun 2015)

Michael Noonan: Following the commencement of the relevant section of the NTMA (Amendment) Act 2014 on 22 December 2014 the assets of the National Pensions Reserve Fund (NPRF) became the assets of the Ireland Strategic Investment Fund (ISIF). I should make clear that the NPRF was never expected to meet the full cost of providing social welfare and public service pensions. The NPRF was a...

Written Answers — Department of Finance: Banking Sector Staff (23 Jun 2015)

Michael Noonan: As the Deputy will be aware under the Relationship Frameworks the State does not intervene in the day to day operations of the banks in which it holds investments or their management decisions regarding commercial matters and hence any discussions around matters such as outsourcing are a matter for the bank, the relevant staff and their union representatives. Notwithstanding...

Written Answers — Department of Finance: Property Tax Exemptions (23 Jun 2015)

Michael Noonan: The Deputy will be aware that I have initiated a review of the operation of Local Property Tax (LPT). The review is being conducted by Dr Don Thornhill and is due to be presented to me no later than summer 2015. The review will primarily have regard to recent residential property price developments, the overall yield from LPT and the desirability of achieving relative stability in LPT...

Written Answers — Department of Finance: Mortgage Arrears Proposals (23 Jun 2015)

Michael Noonan: With regard to the status of the UK Charity, to provide assistance to bank customers in mortgage arrears, I understand that talks are continuing and well advanced between the organisation and Irish banks regarding the proposition that this charity would operate an advice service to help people struggling with the burden of debt to find a solution to their...

Written Answers — Department of Finance: Banking Sector (23 Jun 2015)

Michael Noonan: I believe that the Deputy is referring to card protection insurance.  In that context, I have been advised by the Central Bank that at their request a voluntary redress scheme has been put in place in relation to card protection insurance provided by Homecare Insurance ltd (HIL) and purchased through a number of credit card providers. Customers who purchased or renewed a card...

Written Answers — Department of Finance: Tax Code (23 Jun 2015)

Michael Noonan: I am advised by the Revenue Commissioners that, as statistics are not currently compiled on the number of tax opinions issued by Revenue each year, they are not in a position to publish details of the number of such opinions or the number provided to multinational companies and companies based outside the State. In providing an opinion on the tax implications of a particular transaction or...