Results 17,741-17,760 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Banking Sector Regulation (5 Mar 2013)

Michael Noonan: I have been advised by the Central Bank that, in accordance with the provisions of Consumer Protection Code, the Central Bank was notified by Ulster Bank Ireland Limited of an under-collection error in mortgage payments. The Bank is working with Ulster Bank to ensure that all impacted consumers are treated fairly. The error resulted from a failure to move consumers to full capital and...

Written Answers — Department of Finance: Mortgage Resolution Processes (5 Mar 2013)

Michael Noonan: The Government is acutely aware of the increasing financial stress that some households are facing arising from difficulty in meeting their mortgage commitments. However, the banks in Ireland, including those in which the State has a significant shareholding, are independent commercial entities and decisions on the handling of their individual mortgages and other loans, including distressed...

Written Answers — Department of Finance: IBRC Legal Fees (5 Mar 2013)

Michael Noonan: I propose to take Questions Nos. 179 and 180 together. Due to commercial confidentiality and sensitivities, and also solicitor/client confidentiality, the Special Liquidators do not propose to provide details relating to amounts due and paid to Arthur Cox for both the calendar year 2012 and for 2013 between 1 January and 6 February 2013.

Written Answers — Department of Finance: Tax Reliefs (5 Mar 2013)

Michael Noonan: Digital games are essentially software development and would already be a field of science and technology for the purposes of the R&D tax credit scheme. Relevant R&D expenditure on games should already qualify under the existing terms of the tax credit scheme, provided any specific games development achieves scientific or technological advancement and involve the resolution of...

Written Answers — Department of Finance: Property Taxation Exemptions (5 Mar 2013)

Michael Noonan: Exemptions from the Local Property Tax are only applicable in the circumstances provided for in the legislation. I have no plans to exempt properties built under local authority “low cost site schemes from the Local Property Tax.

Written Answers — Department of Finance: Tax Reliefs (5 Mar 2013)

Michael Noonan: As I informed the Deputy in my reply to his question of 26 February last, the annual return that relevant employers must submit to the Revenue Commissioners detailing, inter alia, the number of employees and the amounts of exempt income claimed under the Special Assignee Relief Programme was not due for submission until after the end of the tax year 2012. This is in order to ensure that an...

Written Answers — Department of Finance: IBRC Liquidation (5 Mar 2013)

Michael Noonan: I am informed by the Special Liquidators that there are not 200 KPMG consultants on site. The presence of KPMG staff is to ensure the orderly wind up of IBRC and they are working closely with the staff retained by the liquidator in order to complete the liquidation process. As the Deputy is aware, the legislation surrounding liquidation ranks employees as preferential creditors in respect...

Written Answers — Department of Finance: Credit Unions Issues (5 Mar 2013)

Michael Noonan: I am advised by the Central Bank of Ireland that certain tracker bonds sold to Credit Unions which were liabilities of IBRC at the time of the liquidation have a structured deposit element which is covered by the Deposit Guarantee Scheme for that element of the product. As a result the first €100,000 of any claim from these depositors is covered under the DGS Scheme. I have been...

Finance (Local Property Tax) (Amendment) Bill 2013: Second Stage (1 Mar 2013)

Michael Noonan: The local property tax will deliver significant structural reform through broadening the base for taxation in a manner that does not directly affect employment, and will thereby contribute significantly to meeting the immediate financial requirement of the EU-IMF programme. It will provide a stable funding base for the local authority sector, incorporating appropriate elements of local...

Finance (Local Property Tax) (Amendment) Bill 2013: Second Stage (1 Mar 2013)

Michael Noonan: Deputy Ross would be a good judge of political contortions.

Finance (Local Property Tax) (Amendment) Bill 2013: Second Stage (1 Mar 2013)

Michael Noonan: I move: "That the Bill be now read a Second Time." The Finance (Local Property Tax) Bill 2012 was enacted into law following its signature by the President on 26 December 2012. I signed the commencement order bringing the Act, other than sections 19 to 21, inclusive, into operation with effect from 1 January 2013. Sections 19 to 21, inclusive, which relate to the local adjustment factor...

Other Questions: Job Creation Targets (28 Feb 2013)

Michael Noonan: We intend to legislate to establish a strategic investment fund. We hope to introduce the legislation before the summer recess. As the fund strengthens, it can be transmogrified into a strategic investment bank. That is the policy.

Other Questions: Mortgage Interest Rates (28 Feb 2013)

Michael Noonan: The question related to doing what Deputy McGrath suggested for people who are moving quite a distance from their own locality to get a job so it was not just moving from an apartment to a house in the same locality. There are many considerations before people move, such as children in school and proximity to relatives. There is a case to be made but I suppose the Deputy knows why the banks...

Other Questions: Mortgage Interest Rates (28 Feb 2013)

Michael Noonan: I do not have any information on that. I can see the point the Deputies are making. On some suitable occasion, I will feed their suggestions into the banking system but so far, I know the answer I will get unless there is a change of policy. If we could construct it as a labour market initiative, we might get further with it. I will pass on the Deputies' suggestions.

Other Questions: Job Creation Targets (28 Feb 2013)

Michael Noonan: The economic policies of the Government are designed with the core objective of restoring balanced economic growth. This will, in turn, allow for the continued creation of jobs and for the improvement of living standards for the people of Ireland. The policies are paying dividends - yesterday's figures show that employment and unemployment are now moving in the right direction. An...

Other Questions: Job Creation Targets (28 Feb 2013)

Michael Noonan: I do not believe that because it was tried not only in Ireland but elsewhere. A strategy of piling deficit on deficit and debt on debt was tried not only in Ireland but elsewhere and it was supposed to make everyone rich. That is the reason we crashed out. It reached the point where it was unsustainable and had to be paid for and we are still paying for it. That is not a solution. On the...

Other Questions: Mortgage Restructing (28 Feb 2013)

Michael Noonan: As the Deputy is aware, the Government is conscious of the significant difficulties some homeowners are facing in meeting their mortgage obligations. It is committed to advancing appropriate measures to assist those mortgage holders who are experiencing real and genuine difficulty. A special Government sub-committee is already in place since March of last year to address the mortgage...

Other Questions: Mortgage Restructing (28 Feb 2013)

Michael Noonan: I generally agree with what Deputy McGrath has said. The Central Bank is driving this through the deputy governor and the Financial Regulator, Mr. Matthew Elderfield. A schedule has been drawn up for each of the banks and the banks are co-operating. They have also trained many staff in the banks to deal specifically with this and to engage with customers. I met the three main banks this...

Other Questions: Mortgage Restructing (28 Feb 2013)

Michael Noonan: There are huge differences among individuals with impaired mortgages. Many people simply want an interest-only arrangement while the main wage-earner is ill, while the second earner takes a year out to have a baby or while there is some crisis in the family. Many people are quite happy with an interest-only arrangement. Other people are happy if they get an interest-only arrangement and an...

Other Questions: Mortgage Interest Rates (28 Feb 2013)

Michael Noonan: First, I must confirm to the Deputy that the lending institutions in Ireland, including those in which the State has a significant shareholding, are independent commercial entities. It is not appropriate for me, as Minister for Finance, to comment on or become involved in the detailed mortgage position of mortgage holders. In regard to the query posed by the Deputy, information is not...