Results 7,221-7,240 of 27,019 for speaker:Michael Noonan

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 as it is.

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: There is a consumer code on mortgage arrears, CCMA, which is set down by the Central Bank. The practices the Deputy describes and that are known to him personally would be in breach of that code. In the Bill we are extending its protection to the unregulated entities. Once we have passed the legislation and the President has signed it, the CCMA's protection will extend to the persons whom...

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 agree with many of the concerns expressed by Deputy Boyd Barrett. The primary concern is that there was a code of conduct to deal with persons in mortgage arrears which the Central Bank applied to the lending agencies but because of the sale of loan books sometimes an agency which was regulated by the Central Bank and subject to the code of conduct on mortgage arrears applied by the...

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. 4:In page 4, to delete lines 24 to 38 and substitute the following: “ ‘credit servicing firm’ means— (a) a person (other than the National Asset Management Agency or a NAMA group entity (within the meaning of the National Asset Management Agency Act 2009)) who— (i) undertakes credit servicing other than on behalf of a 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: I move amendment No. 5:In page 4, between lines 38 and 39, to insert the following: “ ‘creditor’ means a person who grants credit under a credit agreement in the course of the person’s trade, business or profession, and includes a group of such persons; ‘prescribed contravention’ has the same meaning as in the Act of 1942;”.

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. 6:In page 5, line 4, after “2003” to insert the following: “to which credit has been provided by a financial service provider authorised, by the Bank or an authority that performs functions in an EEA country that are comparable to the functions performed by the Bank, to provide credit in the State”.

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. 8:In page 5, line 7, to delete “subsection” and substitute “subsections”.

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. 9:In page 5, lines 23 and 24, to delete all words from and including “a” in line 23 down to and including line 24 and substitute “a prescribed contravention.”.

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. 10:In page 5, between lines 24 and 25, to insert the following:“(3) For the purposes of this Part, a regulated financial service provider authorised, whether before or after the coming into operation of the Consumer Protection (Regulation of Credit Servicing Firms) Act 2015, by the Bank or an authority that performs functions in an EEA country that are comparable...

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 Deputy Fleming for moving the amendment. I understand that the aim of Deputy McGrath's amendment is to ensure the consumer is correctly informed and protected and it does so by seeking to impose obligations on credit servicing and other firms in relation to the credit which is sold. The first set of obligations are around commercial information on the deal to sell the credit, that...

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: Everybody knows what his or her mortgage is because that is given under the mortgage arrangement which he or she initially entered into. People know what their obligations are in terms of their repayments and the capital outstanding. One line of argument is to say that if there are discounts they should apply to individual mortgage holders as well but the problem with that is what one would...

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: In making his point, Deputy Fleming is misinterpreting my position. Mr. Boucher is chief executive officer of Bank of Ireland, which has a well known position of no discounts or write-downs. However, that is not the situation across the banks. AIB, for example, has given discounts amounting to €480 million in its restructuring of mortgages over the last two years, and other lending...

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 wonder if I may be excused. I have a meeting, and the Minister of State, Deputy Harris-----

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 members for their contributions. It has been an interesting discussion.

Aer Lingus Share Disposal: Motion (Resumed) (27 May 2015)

Michael Noonan: I am happy to have the opportunity to address the Dáil regarding what is a positive transaction for Aer Lingus and for Ireland. I commend the Minister, Deputy Donohoe, on his concerted efforts over the last number of months. Today’s motion to dispose of the State’s minority shareholding in Aer Lingus and the commitments contained within it delivers the best possible...

Topical Issue Debate: Property Tax Exemptions (27 May 2015)

Michael Noonan: I thank Deputy Ryan for raising this issue. First, I accept there is an anomaly and that it is along the lines pointed out by him. Second, I am waiting for Dr. Thornhill to advise me on how to remediate this anomaly. He may suggest an amendment to the Local Property Tax Act 2012 or he may consider, in line with the Deputy's proposal, that an amendment to the statutory instrument would be...

Topical Issue Debate: Property Tax Exemptions (27 May 2015)

Michael Noonan: The pyrite panel appointed by the Minister for the Environment, Community and Local Government recommended that consideration be given to providing an exemption from local property tax where damage from pyritic heave had been proven by testing. This was to be proven in accordance with a National Standards Authority of Ireland standard capable of determining if there was reactive pyrite in...

Written Answers — Department of Finance: Pension Provisions (27 May 2015)

Michael Noonan: Flexible options at retirement (the so-called "ARF option") are available in respect of all benefits from Defined Contribution (DC) retirement benefit schemes and other DC-based pension savings. Choices available to individuals (after taking the tax-free retirement lump sum) include the option to purchase an annuity with the remaining funds, to receive the balance of the pension funds in cash...

Written Answers — Department of Finance: Central Bank of Ireland Investigations (27 May 2015)

Michael Noonan: Part IIIC of the Central Bank Act 1942, as amended, provides the Central Bank of Ireland with the power to impose sanctions in respect of the commission of a prescribed contravention by regulated financial service providers and by persons concerned in the management of a regulated financial service provider.  Since the commencement of the Central Bank (Supervision and...

Written Answers — Department of Finance: Financial Services Regulation (27 May 2015)

Michael Noonan: Part IIIC of the Central Bank Act 1942, as amended, provides the Central Bank of Ireland with the power to impose sanctions in respect of the commission of a prescribed contravention by regulated financial service providers and by persons concerned in the management of a regulated financial service provider.  In respect of persons concerned in the management of a...