Results 8,501-8,520 of 27,019 for speaker:Michael Noonan

Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015: Referral to Select Committee (4 Feb 2015)

Michael Noonan: I move:That the Bill be referred to the Select Sub-Committee on Finance pursuant to Standing Order 82A(3)(a) and (6)(a) and 126(1).

Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015: Second Stage (Resumed) (4 Feb 2015)

Michael Noonan: I thank Deputies for their contribution to this debate. As I outlined this morning, this is a priority issue for the Government. The purpose of the legislation is to protect consumers whose loans are sold by regulated financial service providers to unregulated firms and I welcome the broad support given by Members to this overall objective. We are all agreed our aim is to protect the...

Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015: Second Stage (Resumed) (4 Feb 2015)

Michael Noonan: On the other hand, the Family Home Protection Acts, sponsored by the Department of Justice and Equality, make provision for the distribution of property if a person dies while making a will or without a will and for certain rights for husbands and wives. I will reflect on the issue, but perhaps the Deputy will raise the issue separately with the Minister for Justice and Equality as the base...

Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015: Second Stage (Resumed) (4 Feb 2015)

Michael Noonan: Is the Deputy referring to the song "A Hard Rain's A-gonna Fall"?

Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015: Second Stage (Resumed) (4 Feb 2015)

Michael Noonan: While I accept that the Deputy is most entertaining, there is nothing about Gulliver's travels in the Bill.

Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015: Second Stage (Resumed) (4 Feb 2015)

Michael Noonan: If the Deputy wishes to sell the film rights to his script, I have Stephen Spielberg's number.

Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015: Second Stage (4 Feb 2015)

Michael Noonan: The previous Bill collapsed.

Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015: Order for Second Stage (4 Feb 2015)

Michael Noonan: I move: "That Second Stage be taken now."

Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015: Second Stage (4 Feb 2015)

Michael Noonan: I move: "That the Bill be now read a Second Time." I welcome the opportunity to address the House on this important legislation, which is a priority issue for the Government. The purpose of the legislation is to protect consumers whose loans are sold by regulated financial service providers to unregulated firms. It will address concerns surrounding the continued applicability of the...

Other Questions: Mortgage Lending (4 Feb 2015)

Michael Noonan: Following a public consultation process, the Central Bank of Ireland announced its new macroprudential measures for residential mortgage lending. The regulations place certain limits on both loan-to-value, LTV, and loan-to-income, LTI, ratios for new mortgage lending. For non-first-time buyers, a mortgage will be limited to 80% of the value of a principal dwelling house. First-time buyers...

Other Questions: Mortgage Lending (4 Feb 2015)

Michael Noonan: First, the Central Bank is independent. It brought forward these macroprudential rules on lending for house purchases because it was aware of how the property bubble had crashed the economy previously. It was also aware of the inadequacy of Central Bank and Financial Regulator action at the time, which is well recited. One can see why the bank was anxious that there would be no repeat. ...

Other Questions: Mortgage Lending (4 Feb 2015)

Michael Noonan: I am familiar with the arguments the Deputy has made, arguments that he has put very well. On the issue of how it will affect the market, it is designed to have an effect on it. There would be no point to it if it did not have an effect on it.

Other Questions: Mortgage Lending (4 Feb 2015)

Michael Noonan: The overall purpose of the rules is to prevent another housing bubble from emerging, if one believes that is a risk. We hope they will have an effect on the market.

Other Questions: Budget Measures (4 Feb 2015)

Michael Noonan: The policy instrument available to me to assist the so-called squeezed middle is the taxation system. I have outlined for the Deputy what I have done in terms of income tax and USC reductions through the budget. I also said in my Budget Statement that I would follow the same line of policy in the next budget, subject to the availability of resources to do so. The Deputy has raised many...

Other Questions: Budget Consultation Process (4 Feb 2015)

Michael Noonan: The proposal raised by the Deputy is one that surfaces from time to time and its consideration has already led to steps in this direction. For instance, my Department provides costings in regard to taxation proposals on a confidential basis to assist parties in advance of general elections or budgets. However, it is fair to say that these costings are limited by being provided on a static,...

Other Questions: Budget Consultation Process (4 Feb 2015)

Michael Noonan: I have not fully developed my views on this yet but I agree in principle that we should move in the direction signalled by the Deputy. I agree also that the Opposition should be involved in developing the ideas. When my own thoughts have developed a little further I will meet with Deputy Doherty, Deputy Michael McGrath and the representative on finance from the Technical Group to see how we...

Other Questions: Bank Charges (4 Feb 2015)

Michael Noonan: There is no connection between the report published by the Department of Finance in 2013 and the subsequent increases in charges by the banks. The Central Bank has a role in authorising charges and may alter them, but the Minister for Finance has no such role. I presume the banks were waiting to see if section 149 of the Consumer Credit Act 1995 would be repealed or if there would be a...

Other Questions: Bank Charges (4 Feb 2015)

Michael Noonan: As the Deputy is aware, when my predecessor, the late Brian Lenihan, brought the banks into public ownership, there were arrangements, agreements and legal contracts signed to the effect that the Department of Finance and the Minister would not interfere in the commercial affairs of the banks. He was absolutely right to do so and I have followed these rules. We do not interfere in what are...

Other Questions: Budget Measures (4 Feb 2015)

Michael Noonan: I thank th e Deputy for his question. As he may be aware, I am of the view that a fair, efficient and competitive income tax system is essential for economic growth and job creation. I have long said the burden of the income tax system in Ireland is too high. I also said I would seek to reduce it as soon as it was prudent to do so. The identification of the squeezed middle as those...

Other Questions: Budget Measures (4 Feb 2015)

Michael Noonan: A series of supplementary questions have been put by the Deputy. The Government's target for procurement costs is to save €150 million this year, a very significant saving. The Deputy is aware that the cost of energy has come down dramatically. The budget was built on a Brent oil figure of €105 per barrel, but it is now at €43 or €44. The Government's policy is...