Results 21,001-21,020 of 27,019 for speaker:Michael Noonan

Ceisteanna - Questions - Priority Questions: Mortgage Interest Rates (29 Sep 2015)

Michael Noonan: As the Deputy is aware, I have taken steps to ensure that the banks provide options for mortgage holders to reduce their monthly repayments. Last May, I requested a report from the Central Bank on the topic, which I subsequently published. I also met with the six main mortgage lenders in May and outlined my view that the standard variable rate being charged to Irish customers was too high....

Ceisteanna - Questions - Priority Questions: Mortgage Interest Rates (29 Sep 2015)

Michael Noonan: While I will consider the option which the Deputy has outlined for me, I rely on the Central Bank to advise me on these matters. It has advised very strongly not to introduce legislation along the lines of the very good Bill which Deputy McGrath produced. While we might have short-term gains for persons on variable mortgage rates, the availability of mortgage funding could dry up. There...

Ceisteanna - Questions - Priority Questions: Mortgage Interest Rates (29 Sep 2015)

Michael Noonan: I agree with some of the views expressed by the Deputy. When I entered office in March 2011, the banks were insolvent. Anglo Irish Bank was gone out of business completely and Allied Irish Banks, Bank of Ireland and Permanent TSB were insolvent. After three weeks in office, in order to try to make them solvent, I had to recapitalise them. That was on the last day of March 2011. The banks...

Ceisteanna - Questions - Priority Questions: Budget 2016 (29 Sep 2015)

Michael Noonan: Again, I thank the Deputy for his question. The budget will be on this day in two weeks so we are getting close. Budget 2016 will be the first budget framed under the reformed and strengthened preventive arm of the Stability and Growth Pact. As published in the spring economic statement, fiscal space of €1.2 billion to €1.5 billion will be available for new expenditure or...

Ceisteanna - Questions - Priority Questions: Budget 2016 (29 Sep 2015)

Michael Noonan: I thank the Deputy again. First of all, the carryover is in the base as published in the spring statement, so the €750 million is net of that. The €750 million is available for tax reductions amounting to that value in 2016 and the full-year effect is higher. All those announcements will be made on budget day, but this is not a new departure. Every time a budget is...

Ceisteanna - Questions - Priority Questions: Budget 2016 (29 Sep 2015)

Michael Noonan: The Deputy is correct that Exchequer returns will be available to me late on Wednesday evening. They will be announced on Friday in the normal way. Not only do those returns reflect the monthly position, they are also a reflection of the end-of-quarter position at the end of September. With the information available as of yesterday evening, they will either be on profile or slightly ahead....

Ceisteanna - Questions - Priority Questions: Budget 2016 (29 Sep 2015)

Michael Noonan: I thank the Deputy for his question and his elaboration on it. As indicated in the spring economic statement, fiscal space of €1.2 million to €1.5 billion will be available for new expenditure or revenue measures in budget 2016. This estimate of fiscal space was designed to ensure compliance with the fiscal rules that Ireland is now subject to under the preventive arm of the...

Ceisteanna - Questions - Priority Questions: Budget 2016 (29 Sep 2015)

Michael Noonan: The additional tax above profile at the end of eight months, at the end of August, was €1.4 billion but a big chunk of that is needed to get the deficit down to 2.3%. Our requirement under the rules was to get the deficit below 3% and we budgeted for 2.7%. As it is well below that, it consumes much of the extra tax. I will know better on Friday and I will make a full statement then...

Ceisteanna - Questions - Priority Questions: Budget 2016 (29 Sep 2015)

Michael Noonan: The White Paper comes out at the end because the figures keep changing. If I were to commit to the Deputy to publish the White Paper this week, he would have inaccurate information. People need to have it down to the very end before they have full accurate information. However, there are many other sources of information and the Deputy can have a fairly good estimate of where it is. I...

Ceisteanna - Questions - Priority Questions: Budget 2016 (29 Sep 2015)

Michael Noonan: The demographic pressures for 2016 are included in the base. The pay agreement and unwinding the financial emergency measures in the public interest legislation are included, but will have to be taken out of the expenditure side, the €750 million.

Ceisteanna - Questions - Priority Questions: Budget 2016 (29 Sep 2015)

Michael Noonan: However, projecting forward to subsequent years, I cannot vouch for the accuracy of the forecasting of demographic pressures in 2017, 2018 and 2019. Money is included but its accuracy is a matter of best judgment on that basis.

Other Questions: Property Tax Exemptions (29 Sep 2015)

Michael Noonan: I thank the Deputy for the question. As she is aware, I had initiated a review of the operation of the local property tax, LPT, earlier this year. The review was carried out by Dr. Don Thornhill, who chaired the interdepartmental group on the design of a local property tax in 2012. While Dr. Thornhill's current review focused mainly on property price developments, it also considered...

Other Questions: Property Tax Exemptions (29 Sep 2015)

Michael Noonan: The outcome of Dr. Thornhill's review has been presented to me in report form and is currently being considered and will be published on budget day, in two weeks' time. I will outline my response to this very important issue on budget day. Any resolution to the pyrite issues may necessitate a change in the relevant provisions of the Finance (Local Property Tax) Act 2012,...

Other Questions: Property Tax Exemptions (29 Sep 2015)

Michael Noonan: I am considering Dr. Thornhill's report and I hope to be able to announce, on budget day, an appropriate response which will meet many of the concerns the Deputy has raised.

Other Questions: Insurance Compensation Fund (29 Sep 2015)

Michael Noonan: The liquidation of an insurance company is a legally complex and time-consuming process.  Setanta is a Maltese incorporated company and, therefore, the Setanta liquidation is being carried out under Maltese law. Progress in the liquidation of Setanta has been awaiting the outcome of the High Court case of the Law Society of Ireland v. the Motor Insurers Bureau of...

Other Questions: Insurance Compensation Fund (29 Sep 2015)

Michael Noonan: There is no confusion within government. I set out clearly in my reply that there were two possible sources of compensation and it ended up in the High Court. The court has decided that MIBI is the responsible agency but that could be appealed. There is a further hearing in the court on 13 October to decide on costs and then there will be 28 days for MIBI to decide whether it will proceed....

Other Questions: Insurance Compensation Fund (29 Sep 2015)

Michael Noonan: The Deputy should reserve that kind of commentary for the chapel gate in the forthcoming general election where, I am sure, he will impress his constituents no end. I cannot answer allegations; I have set out what is the position.

Other Questions: Insurance Compensation Fund (29 Sep 2015)

Michael Noonan: The position is being resolved with all due speed but the matter is before the courts. I do not intervene in a process that is before the High Court.

Other Questions: Insurance Compensation Fund (29 Sep 2015)

Michael Noonan: My reply to Deputy's question is much the same as my reply to the previous question. The liquidation of an insurance company is a legally complex and time-consuming process. Setanta is a Maltese incorporated company and, therefore, the Setanta liquidation is being carried out under Maltese law. Progress in the liquidation of Setanta has been awaiting the outcome of the High Court case of the...

Other Questions: Insurance Compensation Fund (29 Sep 2015)

Michael Noonan: I do not disagree with what the Deputy has said and I could agree with most parts of his intervention. On the Deputy's question regarding the situation following the High Court decision and what we will do to ensure this does not happen again, I would point out that many of the arrangements are subject to European law and European regulation. That is why a Maltese company can write...