Results 11,781-11,800 of 27,019 for speaker:Michael Noonan

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank Bill 2014: Committee Stage (16 Apr 2014)

Michael Noonan: I do not propose to accept Deputy Michael McGrath’s amendment and, indeed, I am not in a position to agree to it. As it reads, the amendment would require me, within three months, to lay before the Houses of the Oireachtas a report on the operation of the SMP of the ECB in so far as it affects Ireland. Under this amendment, the obligation to report is placed on the Minister for...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank Bill 2014: Committee Stage (16 Apr 2014)

Michael Noonan: Greece has been treated for several years as a special case. The Deputy knows all about the debate of what could be done for Greece. For all the programme countries, including Greece, the programmes were designed with conditions in the recipient countries involved in mind. There was no one flat programme applied. Greece’s programme was distinctly different to Ireland’s. It...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank Bill 2014: Committee Stage (16 Apr 2014)

Michael Noonan: The SMP has been discontinued by the ECB. The amount invested in the fund has dropped from over €200 million to €178 million as the loans mature. It has been replaced by the OMT, outright monetary transactions, a clever device announced by Mr. Draghi which has never been used but has been very effective. There is no point in revisiting a scheme that is now obsolete as far as...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank Bill 2014: Committee Stage (16 Apr 2014)

Michael Noonan: It is not good negotiation to pursue objectives that one will never get.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank Bill 2014: Committee Stage (16 Apr 2014)

Michael Noonan: We know about the discussions in the background. This was designed for Greece alone. It was a marginal enough imposition on Ireland and we are glad to help the Greek situation. It would be the height of foolishness to be pursuing this on behalf of Ireland. First off, the answer will be "No" and there is no possibility of this being applied to Ireland. Anyway I have other objectives to...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank Bill 2014: Committee Stage (16 Apr 2014)

Michael Noonan: The issue does not arise under this legislation we are discussing today which enables transfers to be made to banks which are regulated and which will be fully compliant with the CCMA. The Deputy is returning to a previous wider debate. I cannot today give the Deputy a date for publication of the legislation which is being prepared. I said last week that the heads of the Bill have been...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank Bill 2014: Committee Stage (16 Apr 2014)

Michael Noonan: The transfer is expected this summer, in June or July.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank Bill 2014: Committee Stage (16 Apr 2014)

Michael Noonan: In the restructuring agreed with the Commission they will have to go to market.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank Bill 2014: Committee Stage (16 Apr 2014)

Michael Noonan: The Commission has fairly strong views that it wants more competition in the Irish mortgage market. While we do not have the full details I think that is the approach it will take.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank Bill 2014: Committee Stage (16 Apr 2014)

Michael Noonan: I think it goes beyond that. Under the restructuring agreement Bank of Ireland is committed to sell it.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Business of Select Sub-Committee (16 Apr 2014)

Michael Noonan: Chairman, I would like to apologise to you, the staff and the committee members for delaying the proceedings of the committee. I had an appointment outside the House and when I realised that I would not be back at 6 p.m. I asked for a deferral. I thank the Chairman very much for obliging me.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank Bill 2014: Committee Stage (16 Apr 2014)

Michael Noonan: I thank the Deputy. I do not propose to accept the amendment proposed by Deputy Doherty for the following reasons. The amendment would prevent the sale of mortgages to an entity which was in the process of obtaining authorisation from the Central Bank. Additionally, in the event that the code of conduct on mortgage arrears were repealed or replaced by the Central Bank of Ireland, this...

Leaders' Questions (16 Apr 2014)

Michael Noonan: That is what happened to you.

Written Answers — Department of Finance: Consultancy Contracts Expenditure (16 Apr 2014)

Michael Noonan: I understand that the consultants referred to by the Deputy were engaged by the Taxation Policy (Pensions) Group (TPPG) which is essentially an umbrella group representing the Irish Association of Pension Funds, Insurance Ireland and the Society of Actuaries of Ireland. As they were not engaged by my Department, I am not in a position to comment on how much they were paid to research possible...

Written Answers — Department of Finance: Mortgage Resolution Processes (16 Apr 2014)

Michael Noonan: Bank of Scotland plc is authorised in the UK and is providing services into Ireland on a cross border basis. The Code of Conduct on Mortgage Arrears (CCMA) applies to the mortgage lending activities of all regulated entities, except credit unions, operating in the State, including, inter alia, a financial services provider authorised, registered or licensed in another EU or EEA Member...

Written Answers — Department of Finance: Tax Credits (16 Apr 2014)

Michael Noonan: I am advised by the Revenue Commissioners that a cumulative certificate of tax credits for 2014 will issue shortly to the taxpayer as requested. A balancing statement for 2012 issued on the 15/3/2013 to the taxpayer. Unfortunately, this showed an underpayment, due to an error in the amount of illness benefit included.  Following contact with the taxpayer, this issue was corrected and...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Irish Stability Programme Update: Minister for Finance (15 Apr 2014)

Michael Noonan: I will publish whatever I can, taking account of commercial sensitivity. I will share as much information as I can.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Irish Stability Programme Update: Minister for Finance (15 Apr 2014)

Michael Noonan: I would think that people have found it very hard since about 2008. The people who have been hit hardest are the people who lost their jobs. The second category who were hit hardest are the people who were forced to emigrate and their families left at home who miss the company of their adult children. The Government has decided that the proceeds of the recovery will be dedicated to growing...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Irish Stability Programme Update: Minister for Finance (15 Apr 2014)

Michael Noonan: Before Deputy Mathews arrived I said that the two scapegoat sectors in Ireland were the bankers and the builders.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Irish Stability Programme Update: Minister for Finance (15 Apr 2014)

Michael Noonan: I did not blame either of them.