Results 7,181-7,200 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: IBRC Loans (9 Jun 2015)

Michael Noonan: As announced last week, the transaction review which the Special Liquidators were directed to conduct has been replaced with a Commission of Investigation, therefore the question posed by the Deputy is no longer applicable. A draft terms of reference for the Commission of Investigation were made available on the Department of Finance website at . I have also invited and received...

Written Answers — Department of Finance: IBRC Loans (9 Jun 2015)

Michael Noonan: The Special Liquidators are in the process of compiling a response to this question which I will forward to the Deputy at the earliest opportunity. Given that IBRC is going through a liquidation process, the ability to collate and report information of this detail in such a short period of time is not as feasible as it would be for a bank that is not in wind-down. The Special...

Written Answers — Department of Finance: Consumer Protection (9 Jun 2015)

Michael Noonan: I propose to take Questions Nos. 357 and 359 together. The Central bank has informed me that under the Consumer Protection Code 2012 (CPC 2012) a regulated entity must ensure that in all its dealings with customers, and within the context of its authorisation, it ensures that any outsourced activity complies with the requirements of this Code (General Principle 2.10 CPC 2012). The...

Written Answers — Department of Finance: Commissions of Investigation (9 Jun 2015)

Michael Noonan: Commission of Investigation (Banking Sector). The Government established a Statutory Commission of Investigation into the Banking Sector, pursuant to Section 3 of the Commissions of Investigation Act, 2004 on 21st September, 2010. The Terms of Reference of that Commission of Investigation are set out in Article 3 of the Commission of Investigation (Banking Sector) Order 2010...

Written Answers — Department of Finance: Commissions of Investigation (9 Jun 2015)

Michael Noonan: There are no Reports outstanding from Commissions of Investigations established by my Department. The Government established a Statutory Commission of Investigation into the banking Sector, pursuant to Section 3 of the Commissions of Investigation Act, 2004 on 21st September, 2010. Mr. Peter Nyberg was appointed as the sole Member of the Commission of Investigation (Banking...

Written Answers — Department of Finance: Commissions of Investigation (9 Jun 2015)

Michael Noonan: No Commissions of Investigation have been established by my Department during the term of the current Dáil Éireann. As the Deputy will be aware it is proposed that a Commission of investigation will shortly be established to investigate certain transactions entered into by IBRC and related matters.

Topical Issues: Credit Availability (28 May 2015)

Michael Noonan: I thank the Deputy for raising this important issue. He is referring to the report published last week entitled, Creating Credit, not Debt, by Mr. Georges Gloukoviezoff, UCD Geary Institute for Public Policy. It was jointly funded by the Social Finance Foundation and the Central Bank of Ireland. It proposes the establishment of a new personal micro-loan service, operated through the credit...

Topical Issues: Credit Availability (28 May 2015)

Michael Noonan: I again thank the Deputy. The report was jointly funded by the Social Finance Foundation and the Central Bank of Ireland. As the foundation is not widely known, I note that it is a wholesale lender of social finance, providing finance for social lending organisations in order that they, in turn, can lend to borrowers seeking funding primarily for the purposes of community development and...

Order of Business (28 May 2015)

Michael Noonan: Fianna Fáil was probably only here for nine of those days.

Written Answers — Department of Finance: Financial Irregularities (28 May 2015)

Michael Noonan: I do not have role in investigating specific instances of alleged market manipulation whether in this jurisdiction or another nor can I comment on the redress available in other jurisdictions.  I am advised by the Central Bank of Ireland that it is not aware of a complaint against an Irish authorised financial services firm alleging manipulation in FX markets and it has been...

Written Answers — Department of Finance: IBRC Liquidation (28 May 2015)

Michael Noonan: As the Deputy is aware, for operational reasons the loan assets (totalling €21.7 billion) of Irish Bank Resolution Corporation Limited (in Special Liquidation) ( IBRC ) were originally divided into six portfolios:Evergreen, Sand, Rock, Salt, Stone & Pebble. Prior to establishing the sales processes the Special Liquidators corresponded with borrowers and sought...

Written Answers — Department of Finance: Mortgage Interest Rates (28 May 2015)

Michael Noonan: I propose to take Questions Nos. 72, 75 and 76 together. As the Deputies are aware, I met with senior management of Ireland's six main mortgage lenders last week. 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...

Written Answers — Department of Finance: IBRC Operations (28 May 2015)

Michael Noonan: I am advised by my officials that they are not aware of it being brought to the attention of either me or my officials that the person referred to in the question was acting as a mediator between IBRC and the other person whose details have been supplied in the question in the months after the sale of Siteserv.

Written Answers — Department of Finance: Property Tax Collection (28 May 2015)

Michael Noonan: I am advised by Revenue that compliance rates of 96% in respect of Local Property Tax (LPT) were achieved for both 2013 (Half Year) and 2014. The compliance rate for 2015 (year to date) is 94%, which is ahead of target at this point. The minority of property owners who failed to meet their LPT obligations can be subjected to a range of debt collection/enforcement options as provided for by...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015: Committee Stage (27 May 2015)

Michael Noonan: I move amendment No. 1:In page 3, to delete line 16 and substitute the following:" "(iiia) a person authorised to carry on the business of a credit servicing firm,".". These amendments deal with financial service providers that are already regulated. They are largely technical in nature. Our intent was always that an existing regulated financial service provider, authorised to provide...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015: Committee Stage (27 May 2015)

Michael Noonan: I thank the Deputy for his amendment and intervention. The occurrences he describes are totally unacceptable and the purpose of the legislation we are discussing is to ensure they will no longer be in accordance with law and will be prohibited under the terms of the Bill. The service provider, rather than the owner, interfaces with the customer who has the mortgage. In the legislation we...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015: Committee Stage (27 May 2015)

Michael Noonan: It is the activity that is regulated.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015: Committee Stage (27 May 2015)

Michael Noonan: We are not trending towards deregulation; rather, we are moving in the opposite direction. We are taking loan books that are now not regulated by the Central Bank and we are bringing in primary legislation to regulate the manner in which firms that regulate the credit are regulated. It is a move totally in the opposite direction. It is the activity that needs to be regulated. If the owner...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015: Committee Stage (27 May 2015)

Michael Noonan: The firms that provided mortgages - the banks and the building societies - are traditionally regulated by the Central Bank under protocols and regulations. In the new circumstances in which loans are sold as portfolios, we want to ensure that the same regulation applies to those as historically applied to the mortgagee and the mortgage offerers with which we are all familiar. The Central...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015: Committee Stage (27 May 2015)

Michael Noonan: They are going in now. The legislation will bring them in.