Results 23,201-23,220 of 27,019 for speaker:Michael Noonan

Summer Economic Statement 2016: Statements (23 Jun 2016)

Michael Noonan: I welcome the opportunity to discuss the summer economic statement, which outlines the broad parameters that will underpin discussions of economic and fiscal policy over the medium term. In the short term, it sets the framework for discussions on budget 2017 over the coming months. As Members will be aware, the recent stability programme update, SPU, submitted to the European Commission in...

Summer Economic Statement 2016: Statements (23 Jun 2016)

Michael Noonan: As Members will be aware, our tax forecasts are unchanged in the recent stability programme update, SPU. In view of the strong tax revenue performance since the publication of the SPU, this increase is realistic and within the parameters of prudence. However, I should point out that not all of this additional tax revenue is of a recurring nature. The summer economic statement highlights...

Ceisteanna - Questions - Priority Questions: EU Membership (23 Jun 2016)

Michael Noonan: The Government's position on developments in relation to British membership of the EU has been clearly articulated, particularly by the Taoiseach and the Minister for Foreign Affairs and Trade: we very much want the UK to remain an integral member of the Union. The UK's continued membership of the Union is a matter of strategic importance for the Government. In this regard, Departments,...

Ceisteanna - Questions - Priority Questions: EU Membership (23 Jun 2016)

Michael Noonan: The immediate foreseeable effect would be the effect on the movements of money in the markets. In that context, I have had discussions with the Governor of the Central Bank and he has assured me that the Central Bank, in the context of discussions with the European Central Bank in Frankfurt, has all the necessary measures in place to deal with any contingency of that nature. Beyond that,...

Ceisteanna - Questions - Priority Questions: EU Membership (23 Jun 2016)

Michael Noonan: I share the Deputy's concerns. To put it succinctly, the downside is definite and the upside is speculative, so obviously I am on the remain side and I would like very much if that is the way it goes. We have provision for what is foreseeable tomorrow and in terms of the other negotiations over a period of time, I am sure we can share information with the Deputy as time goes by.

Ceisteanna - Questions - Priority Questions: Code of Conduct on Mortgage Arrears (23 Jun 2016)

Michael Noonan: The code of conduct on mortgage arrears, CCMA, is a statutory code issued under section 117 of the Central Bank Act 1989. The CCMA applies to all regulated mortgage lenders operating in the State when dealing with borrowers facing or in mortgage arrears on their primary residence, including any mortgage lending activities outsourced by these lenders. The CCMA provides a strong consumer...

Ceisteanna - Questions - Priority Questions: Code of Conduct on Mortgage Arrears (23 Jun 2016)

Michael Noonan: The position is that the code of conduct is statutory, having been introduced under section 117 of the Central Bank Act 1989. The issue that arose when we were negotiating the programme for Government was whether the range of options that were on offer from the regulated banks applied to the unregulated institutions that acquired mortgages. In my meeting with the Governor, I asked him if he...

Ceisteanna - Questions - Priority Questions: Code of Conduct on Mortgage Arrears (23 Jun 2016)

Michael Noonan: The position is that there is a statutory obligation on the banks to make a range of offers, including those described by the Deputy, to people in arrears with their mortgages. The question that arose was whether the obligation to offer the full range also obliged the previously non-regulated entities to make the same range of offers. I have had discussions with the Governor of the bank,...

Ceisteanna - Questions - Priority Questions: Code of Conduct on Mortgage Arrears (23 Jun 2016)

Michael Noonan: I am saying exactly the same thing.

Ceisteanna - Questions - Priority Questions: Code of Conduct on Mortgage Arrears (23 Jun 2016)

Michael Noonan: I am saying the same now. I am simply pointing out that it is mandatory on the regulated banks already.

Ceisteanna - Questions - Priority Questions: Financial Services Regulation (23 Jun 2016)

Michael Noonan: The previous Government advanced the Consumer Protection (Regulation of Credit Servicing Firms) Act 2015 to ensure that purchasers of relevant loan books must either be regulated by the Central Bank or loans purchased by non-regulated entities must be serviced by a credit servicing firm who is regulated by the Central Bank and therefore subject to the Central Bank's code of conduct. The...

Ceisteanna - Questions - Priority Questions: Financial Services Regulation (23 Jun 2016)

Michael Noonan: The contractual obligation that is attached to the loan continues with a change of ownership. I therefore cannot see how the person to whom the loan was given originally can be exploited on the transfer because the protections under law are still in place. The solution suggested by the Deputy that only regulated entities with a banking licence should be able to acquire loans would cut...

Ceisteanna - Questions - Priority Questions: Financial Services Regulation (23 Jun 2016)

Michael Noonan: As I stated, the Central Bank code of conduct for business lending to small and medium enterprises has been strengthened in certain areas resulting in the Central Bank (Supervision and Enforcement) Act 2013 (Section 48) (Lending to Small and Medium-sized Enterprises) Regulations 2015. These regulations only come into effect on 1 July next. I have not familiarised myself with the details of...

Other Questions: Infrastructure and Capital Investment Programme (23 Jun 2016)

Michael Noonan: The formulation and implementation of policy decisions around strategic infrastructural capital projects such as meeting housing, transport and energy requirements are primarily a responsibility for the relevant Departments. My Department has a role in monitoring the State's activities or projects that might have implications for the general government balance, the general government...

Other Questions: Infrastructure and Capital Investment Programme (23 Jun 2016)

Michael Noonan: It is a continuing work in my Department, the Department of Public Expenditure and elsewhere in the system. If one were to categorise infrastructural investment, one would divide it into economic infrastructure and social infrastructure. On the economic infrastructure side, if one were to list priorities, I assume most of us would agree that housing supply, both social and affordable, is...

Other Questions: Infrastructure and Capital Investment Programme (23 Jun 2016)

Michael Noonan: On the social side are further primary and secondary schools. They are working well with public private partnerships, that is, bundles of schools, as are health centres. I am sure we can all think of a number of priorities that would apply either in our respective constituencies or nationally. We are working through an increased capital programme to fund them but we are also trying to get...

Other Questions: Infrastructure and Capital Investment Programme (23 Jun 2016)

Michael Noonan: Deficits are fairly well known to most people, especially those in the Dáil and in the Seanad. The former Minister for Public Expenditure and Reform, Deputy Brendan Howlin, launched the national capital programme last year. That stretches out for six years and has identified deficits project by project. In the summer economic statement 2016, his successor, the current Minister, Deputy...

Other Questions: Mortgage Arrears Proposals (23 Jun 2016)

Michael Noonan: The Deputy will be aware that the Government is very committed to reducing the level of mortgages in arrears and that significant progress has been made in this regard, as demonstrated by the latest Central Bank quarterly residential mortgage arrears and repossessions statistics for the first quarter of 2016.  He may also be aware that the Cabinet committee on housing and homelessness...

Other Questions: Mortgage Arrears Proposals (23 Jun 2016)

Michael Noonan: The Department of Justice and Equality is working on the proposals for the new court and on raising the threshold amounts for the personal insolvency arrangements insolvency legislation. The Department of Social Protection is working on a programme to increase the range and effectiveness of MABS and is being provided with additional funding to do so. I have had discussions with the Governor...

Other Questions: Mortgage Arrears Proposals (23 Jun 2016)

Michael Noonan: A moratorium----