Results 21,681-21,700 of 27,019 for speaker:Michael Noonan

Ceisteanna - Questions - Priority Questions: Corporation Tax Regime (18 Nov 2015)

Michael Noonan: I cannot get information about particular taxpayers or particular corporations. I have no evidence or briefing to suggest that this comes largely from one source. This is very broad based. I will set out for Deputy Ross the part of my reply that I did not get to. While corporation tax receipts are concentrated in the multinational sector, it should be noted that the improvement is...

Ceisteanna - Questions - Priority Questions: Corporation Tax Regime (18 Nov 2015)

Michael Noonan: I have read commentary from fairly able people who argue the case as Deputy Ross has argued it. However, when I raise it with the Revenue Commissioners, I am told those theories are not correct. They tell me that the booming economy and the declining exchange rate has brought about a situation where all companies, multinational and indigenous, are trading very profitably. As a result of...

Ceisteanna - Questions - Priority Questions: Banking Operations (18 Nov 2015)

Michael Noonan: As the Deputy is aware, I have no statutory role in relation to decisions by financial institutions to alter or amend the range of services provided by regulated entities including in-branch cash lodgements and withdrawals. These are ultimately commercial decisions for the management team and board of each lending institution having due regard to their customers. Notwithstanding this, I...

Ceisteanna - Questions - Priority Questions: Banking Operations (18 Nov 2015)

Michael Noonan: I have no role in directing the day-to-day activities of Bank of Ireland or any other bank. It is making arrangements it announced in a very customer unfriendly way. I said I thought it was unnecessary and an example of poor customer relations. It is also true to say, however, that the industry is changing. We are moving towards a cashless society. Sweden has almost gone fully cashless...

Ceisteanna - Questions - Priority Questions: Banking Operations (18 Nov 2015)

Michael Noonan: It is fair to point out that Bank of Ireland is a private bank that is quoted on the Stock Exchange. The State has a 14% stake in the bank; therefore, it does not have a controlling interest in it. When the bank acted as it did, I issued a statement indicated that what it had done was "surprising and unnecessary". I am glad that the Deputy has written to the Governor of the Central Bank,...

Ceisteanna - Questions - Priority Questions: Banking Operations (18 Nov 2015)

Michael Noonan: In general terms, I support what the Deputy is doing.

Ceisteanna - Questions - Priority Questions: Mortgage Interest Rates (18 Nov 2015)

Michael Noonan: I remind the Deputy of the steps I have taken to ensure the banks provide options for mortgage holders to reduce their repayments. Last May I met the six main mortgage lenders and outlined my view that the standard variable rate being charged to customers was too high. The banks agreed to review their rates and products and, by the beginning of July, to have simple options in place to...

Ceisteanna - Questions - Priority Questions: Mortgage Interest Rates (18 Nov 2015)

Michael Noonan: As an opening position, I accepted the argument made in this House and elsewhere that the standard variable rates being charged by banks and mortgage lenders in Ireland were higher than the market would seem to justify. I met the banks on the basis of that argument and asked them to reduce their standard variable rates or bring forward other products that would show a reduction and give...

Ceisteanna - Questions - Priority Questions: Mortgage Interest Rates (18 Nov 2015)

Michael Noonan: I do not have a role in the commercial decisions of either bank. The State owns 99.8% of AIB, vested in me, but that does not allow me to intervene in commercial decisions made by the bank. Similarly, the State's 14% stake in Bank of Ireland does not allow me to intervene in its commercial decisions. Obviously, I have a certain moral suasion role. An example of how it works was...

Other Questions: EU Membership (18 Nov 2015)

Michael Noonan: I thank the Deputy for raising this very important issue. The Government's position on developments relating to British membership of the European Union has been clearly articulated, in particular by the Taoiseach and the Minister of Foreign Affairs and Trade; we very much want the United Kingdom to remain an integral member of the Union. This is important for both the economy and the...

Other Questions: EU Membership (18 Nov 2015)

Michael Noonan: The primary work being done in the Departments of the Taoiseach and Foreign Affairs and Trade is to develop a constructive role for Ireland to assist the United Kingdom in retaining membership of the European Union. As we move towards the Council meeting in December, the Government is considering how it can contribute constructively to the negotiations, working with EU partners to reach...

Other Questions: EU Membership (18 Nov 2015)

Michael Noonan: I thank the Deputy for his support and agree with him on the position he outlined, which is helpful and constructive. With regard to the renegotiation by the United Kingdom of its relationship with the European Union and the capacity of Ireland to be of assistance with pragmatic and constructive proposals, rather than looking at it as the United Kingdom trying to have separate and distinct...

Other Questions: Pyrite Panel Report Recommendations (18 Nov 2015)

Michael Noonan: I thank the Deputy for raising this issue again. She has raised it on a number of occasions. I have moved to meet the concerns she has expressed on behalf of the householders involved. I announced on budget day that I was accepting the recommendations made by Dr. Thornhill in his review of the local property tax with respect to those properties which had been damaged to a significant...

Other Questions: Pyrite Panel Report Recommendations (18 Nov 2015)

Michael Noonan: As I said in my reply, the Revenue Commissioners have agreed to my request that the changes in procedures be implemented on an administrative basis pending the enactment of the necessary legislation. I am also advised that the Revenue Commissioners are preparing guidelines for implementing Dr. Thornhill's recommendations on an administrative basis and that these will be published by the end...

Other Questions: Pyrite Panel Report Recommendations (18 Nov 2015)

Michael Noonan: As I understand it from the Deputy and others who raised it, the nub of the problem was that the exemption could only be triggered by a test which sometimes cost an enormous amount of money that was well in excess of any relief that would be provided. This is being removed. The Revenue Commissioners are prepared to take evidence that is below testing. I have outlined the different types of...

Other Questions: Strategic Banking Corporation of Ireland (18 Nov 2015)

Michael Noonan: I thank Deputy Kyne for this very important question. The Strategic Banking Corporation of Ireland, SBCI, was formed in late 2014 and began lending in March of this year. The SBCI makes its funds available to SMEs through lending partners known as on-lenders, the first of which are Bank of Ireland and AIB. The SBCI has made considerable progress in providing finance to Irish SMEs. To the...

Other Questions: Strategic Banking Corporation of Ireland (18 Nov 2015)

Michael Noonan: I understand that Bank of Ireland, AIB and the two non-bank on-lenders are honouring the terms of the protocols they have entered into. I hope that there will be more on-lenders. I know that the SBCI is in advanced discussions with a number of other bank and non-bank lenders. It is anticipated that further announcements of new on-lending agreements will be made in the coming months. In...

Other Questions: Strategic Banking Corporation of Ireland (18 Nov 2015)

Michael Noonan: The credit union movement is an admirable one and we are lucky to have it in Ireland because it is a source of credit for many people who would not normally interact with banks. I am a very strong supporter of the movement. Last week I met with the representatives of the two main credit union bodies, together with a representative of the Credit Union Managers Association, to discuss the...

Other Questions: Mortgage Interest Rates (18 Nov 2015)

Michael Noonan: I thank Deputy Troy for raising this matter. It is a very important issue for many constituents of all Deputies. As the Deputy knows, 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 was subsequently published. I also met with the six main...

Other Questions: Mortgage Interest Rates (18 Nov 2015)

Michael Noonan: We asked the Central Bank to review the situation in the spring and it turned down the offer to become the authority that regulated interest rates. It thought this was a very bad idea and that competition in the market is the best controller of interest rates and the products offered. All the main lenders, AIB, Permanent TSB, Bank of Ireland and the others, made new offers after their...