Results 23,221-23,240 of 27,019 for speaker:Michael Noonan

Other Questions: Mortgage Arrears Proposals (23 Jun 2016)

Michael Noonan: I cannot give deadlines for the work of other Departments. I can assure the Deputy that the work I have outlined is proceeding as a matter of priority in the Departments I spoke about. It is being engaged with as we speak. The Circuit Court is where repossession orders are usually processed but they are not being actively pursued. To a large degree, the practice is to adjourn. The...

Other Questions: NAMA Assets Sale (23 Jun 2016)

Michael Noonan: NAMA's purpose and objectives are set out in the NAMA Act as established by the Oireachtas. NAMA's primary objective is, as per section 10 of the NAMA Act, to obtain the best achievable financial return for the State and to deal expeditiously with its assets in achieving this objective. The strategy which NAMA adopts in pursuing its objectives is a matter for the...

Other Questions: NAMA Assets Sale (23 Jun 2016)

Michael Noonan: I have no expertise in the sale or valuation of property but I understand that the NAMA board had a view that it should take advantage, to the greatest extent possible, of favourable Irish market conditions by increasing the flow of assets to the markets while remaining faithful to its purpose and objectives under the NAMA Act. I think it is right that it cannot sell a property portfolio...

Other Questions: NAMA Assets Sale (23 Jun 2016)

Michael Noonan: I have no particular expertise in property values or in the technical area and have no role under the NAMA Act in anything relating to making a commercial decision. That is a matter for NAMA. I do know that the theory of bundling is to put good with bad. If the lots are very small, the tendency would be to cherry-pick. Many of the good assets would be sold and NAMA would be left with...

Other Questions: Consumer Protection (23 Jun 2016)

Michael Noonan: As the Deputy will be aware, the Consumer Protection (Regulation of Credit Servicing Firms) Act 2015 was enacted on 8 July 2015. It was introduced to fill the consumer protection gap where loans were sold by the original lender to an unregulated entity. The 2015 Act introduced a regulatory regime for a new type of entity called a credit servicing firm. Credit servicing firms are now...

Other Questions: Consumer Protection (23 Jun 2016)

Michael Noonan: I meet various investors from time to time, at home and abroad, at their request. I cannot recall specifically meeting any of the investor companies that would generally be described as vulture funds, but if the Deputy tables a specific question I will have it researched within the records of the Department and give the Deputy a full answer.

Other Questions: Consumer Protection (23 Jun 2016)

Michael Noonan: As I said, we have legislated on a number of occasions because the policy intention is that if a loan is sold the obligations of the new owner are the same as the legal obligations of the original owner. As far as I am concerned, the legislation that was brought through the Houses of the Oireachtas achieves that. As I said to Deputy McGrath, because he had a particular issue, if there is a...

Other Questions: Tax Code (23 Jun 2016)

Michael Noonan: A comprehensive review of tax matters pertaining to the farming sector was announced in budget 2014 as a joint initiative between the Departments of Finance and Agriculture, Food and the Marine. The purpose of the review was to analyse the benefits of the various tax measures to the agricultural sector and the wider economy versus the costs to ensure tax policy aligned with the objectives...

Other Questions: Tax Code (23 Jun 2016)

Michael Noonan: The Deputy's question referenced a review. The UK does not currently offer a capital allowance measure targeted at the agricultural sector. However, farmers can qualify for the annual investment allowance, which permits 100% first-year allowances on certain business, plant and machinery expenditure which would apply to general businesses. Interestingly, the IFA and the Department of...

Other Questions: Tax Code (23 Jun 2016)

Michael Noonan: The Deputy's suggestion seems to be that for one sector of the economy there would be an accelerated capital allowance in respect of machinery which would amount to 100% in the first year. The practice across taxation is that costs such as this are written off over a period of years, as I understand it. We will examine the issue. It would be out of line with the practice.

Other Questions: Insurance Costs (23 Jun 2016)

Michael Noonan: As Minister for Finance, I am responsible for the development of the legal framework governing financial regulation but I am prohibited from interfering in the provision or pricing of insurance products. The provision of insurance cover and the price at which it is offered, including the granting of no-claims discounts, is a commercial matter for...

Other Questions: Insurance Costs (23 Jun 2016)

Michael Noonan: The first phase of the review, or the task force, as Deputy Doherty referred to it, is on Setanta Insurance, with which the Deputy is familiar and on which he asked a number of questions. In a week or two the task force will proceed to examine insurance in general and it will start with motor insurance. Yes, I will publish the report.

Other Questions: Insurance Costs (23 Jun 2016)

Michael Noonan: The task force was in place for some months before the motion was debated in the Dáil. First, it was asked to deal with the issues arising from the crash of Setanta Insurance and the consequences of that. I had hoped to have the report in that regard before the summer recess, and I will publish it. After that, the task force will move on to other issues arising from insurance,...

Other Questions: NAMA Operations (23 Jun 2016)

Michael Noonan: NAMA continues to progress its mandate to maximise the return to the State, as evidenced in its 2015 annual report published on 8 June 2015. In addition to regular audited financial reporting, NAMA is subject to a significant level of oversight, including under sections 226 and 227 of the NAMA Act and section 9 of the Comptroller and Auditor General (Amendment) Act, which provide for regular...

Other Questions: NAMA Operations (23 Jun 2016)

Michael Noonan: I apologise but, as this is a serious issue, I wish to state that if the Deputy has specific allegations of wrongdoing, he should make them known to the relevant authorities in the appropriate jurisdiction-----

Other Questions: NAMA Operations (23 Jun 2016)

Michael Noonan: -----whether that be the NCA or the Garda.

Other Questions: NAMA Operations (23 Jun 2016)

Michael Noonan: I am aware that the media have reported the arrest of a former NAMA official yesterday, 22 June, in respect of an alleged disclosure of confidential information in 2012. The case has been ongoing since NAMA reported the matter to the Garda in February 2013. The existence of this case has been in the public domain since 2013 and the NAMA chief executive officer is on record as confirming...

Other Questions: NAMA Operations (23 Jun 2016)

Michael Noonan: The Deputy is misrepresenting my position. I have no-----

Other Questions: NAMA Operations (23 Jun 2016)

Michael Noonan: I have no legal authority to interfere with the legal authority of the NAMA board to make commercial decisions.

Other Questions: NAMA Operations (23 Jun 2016)

Michael Noonan: I have no legal authority to interfere in commercial decisions.