Results 21,021-21,040 of 27,019 for speaker:Michael Noonan

Other Questions: Insurance Compensation Fund (29 Sep 2015)

Michael Noonan: As in many other matters dealing with insurance companies, there is the issue of caveat emptor. It is hard to let the buyer beware, however, if he or she does not have the full facts. In any review that takes place after the liquidation and the court case are completed, we should certainly take into account the suggestions the Deputy has made about raising awareness for people purchasing...

Other Questions: Mortgage Interest Rates (29 Sep 2015)

Michael Noonan: This topic was considered in a Topical Issue debate last Wednesday, taken by my colleague, the Minister of State, Deputy Deenihan. The Central Bank has taken direct and very public action on the failures by Permanent TSB and Springboard Mortgages associated with tracker mortgage options and rates. Arising from the Central Bank's enforcement investigation, Permanent TSB has agreed to...

Other Questions: Mortgage Interest Rates (29 Sep 2015)

Michael Noonan: The bulk of the decisions taken by Permanent TSB were taken between 2004 and 2008, which was before my watch. Practices were not corrected then. Subsequently, it went to a Supreme Court case and on into 2013. The Central Bank is independent but is responsible under law to investigate matters such as this and to rule out malpractice in financial institutions. I will bring the...

Other Questions: Mortgage Interest Rates (29 Sep 2015)

Michael Noonan: If the Deputy frames a suitable parliamentary written question, which covers the ground he has indicated now, I will ensure he gets a full and detailed considered reply.

Written Answers — Department of Finance: National Monuments (29 Sep 2015)

Michael Noonan: I have received a number of correspondence regarding these important historic buildings, including from the Deputy and the Cross Party Committee on Moore Street. I believe NAMA has also received representations on the matter and have advised that these buildings were not part of the Project Jewel portfolio. The formulation and implementation of policy relating to the...

Written Answers — Department of Finance: Banking Sector (29 Sep 2015)

Michael Noonan: I have not had discussions with the financial institutions with respect to their policy on uncashed bank drafts, nor do I have a statutory function in this matter.  I have contacted the Central Bank and they do not have readily available information on the amount of money in uncashed bank drafts. I am informed that the number of bank drafts in issuance is small, and the...

Written Answers — Department of Finance: IBRC Liquidation (29 Sep 2015)

Michael Noonan: Significant progress has been made to date in winding up the affairs of IBRC but further work remains. A progress update report was published in March 2015, which is available on the Department of Finance website, this highlights the progress which has been made since the liquidation of IBRC in February 2013 while also highlighting the key tasks remaining in the liquidation. While it...

Written Answers — Department of Finance: Tax Reliefs Abolition (29 Sep 2015)

Michael Noonan: I assume the Deputy is referring to tax relief in respect of rent paid, which is available at the standard rate to certain individuals renting private accommodation, which is their sole or main residence. Rent relief was introduced in 1982 to alleviate the cost of private rented accommodation for those aged 65 and over. In subsequent years, the relief was extended to all...

Written Answers — Department of Finance: Banking Sector (29 Sep 2015)

Michael Noonan: As the Deputy will be aware the Irish banking system is now in a much stronger position than it has been in recent years. Profits are recovering, balance sheets have been restructured and we have started the process of returning cash to the taxpayer following the huge investments that were made over the 2009-11 period.  In relation to AIB, the State received a cash dividend of...

Written Answers — Department of Finance: Legislative Measures (29 Sep 2015)

Michael Noonan: The Credit Union and Co-operation with Overseas Regulators Act 2012 was signed into law by the President of Ireland on 19 December 2012. Following enactment, different parts of the 2012 Act have been commenced in tranches at different times. This approach was taken, as the Department is cognisant of the fact that credit unions needed time to implement all aspects of the 2012 Act...

Written Answers — Department of Finance: National Debt (29 Sep 2015)

Michael Noonan: The most recent forecasts of both National Debt interest and General Government interest expenditure for the period 2015 to 2020 are contained in the 2015 Stability Programme Update (SPU), published by my Department in April of this year. The relevant information is contained in Table A3, Annex 1 of the SPU and is replicated in the table below for the Deputy's convenience. €...

Written Answers — Department of Finance: Mortgage Interest Rates (29 Sep 2015)

Michael Noonan: As the Deputy will be aware, I have taken a number of steps to ensure the banks provide real options for mortgage holders facing high repayments. Most recently, I concluded a second series of meetings with the six main lenders on this issue last week. As you know, back in May I first met with senior management of the six main mortgage lenders...

Written Answers — Department of Finance: Mortgage Lending (29 Sep 2015)

Michael Noonan: The Central Bank of Ireland, having regard to its mandate to safeguard financial stability, has put in place new macro-prudential measures for residential mortgage lending effective from 9 February 2015.  These measures apply proportionate loan-to-value and loan-to-income limits to mortgage lending by regulated financial service providers in the Irish market.  The key...

Written Answers — Department of Finance: State Aid Investigations (29 Sep 2015)

Michael Noonan: Last year, the Competition Directorate of the European Commission announced their intention to open formal state aid investigations into tax rulings provided to a number of companies in various Member States of the European Union.  This announcement is part of a much wider review of tax ruling practice that is currently being undertaken by the European Commission and earlier this...

Written Answers — Department of Finance: Budget Submissions (29 Sep 2015)

Michael Noonan: IFS 2020 which is the Government's strategy for the development of the international financial services industry was launched in March 2015.  As part of the implementation of the IFS 2020 strategy new implementation structures were established and the Clearing House Group no longer exists. An Industry Advisory Committee (IAC) represents the financial services industry and...

Written Answers — Department of Finance: Tax Avoidance Issues (29 Sep 2015)

Michael Noonan: In November and December 2014, the International Consortium of Investigative Journalists ('ICIJ') published a large volume of confidential documentation relating to agreements approved by the Luxembourg Authorities on behalf of more than 340 companies worldwide. The documents cover the period from 2003 to 2011. The published documentation is very extensive and includes materials relating to...

Written Answers — Department of Finance: Property Tax Exemptions (29 Sep 2015)

Michael Noonan: Section 10A of the Finance (Local Property Tax) Act 2012 (as amended) provides for a temporary exemption of at least three years from the charge to Local Property Tax (LPT) for residential properties that have been certified under Regulations made by the Minister for the Environment, Community and Local Government (S.I. No 147 of 2013) as having "significant pyritic damage".   ...

Written Answers — Department of Finance: Home Repossession (29 Sep 2015)

Michael Noonan: I hope the Deputy will allow a longer than usual answer to this PQ, but he has raised an important issue and I think it is important to address it fully. The Code of Conduct on Mortgage Arrears (CCMA) is a statutory code issued under Section 117 of the Central Bank Act, 1989. It is worth noting that the statutory regime pursuant to which the CCMA was made has since been updated, as...

Written Answers — Department of Finance: Economic Growth (29 Sep 2015)

Michael Noonan: In the Spring Economic Statement, published in April of this year, my Department forecast that the economy would grow by 4 per cent in 2015 and 3.8 per cent in 2016. On the basis of strong quarterly national account results for the first and second quarters of this year, these projections will be revised upwards in the macroeconomic...

Written Answers — Department of Finance: Credit Unions Restructuring (29 Sep 2015)

Michael Noonan: My role as Minister for Finance is to ensure that the legal framework for credit unions is appropriate for the effective operation and supervision of credit unions. The Registrar of Credit Unions at the Central Bank is the independent regulator for credit unions.  Within her independent regulatory discretion, the Registrar acts to support the prudential soundness of individual...