Results 24,641-24,660 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Foreign Earnings Deduction (27 Oct 2016)

Michael Noonan: The Foreign Earnings Deduction (FED) provides for a deduction from income for income tax purposes of up to a maximum of €35,000 for employees who travel to qualifying countries as part of the duties of their employment. The deduction is proportional in that it is calculated based on the number of days spent abroad, the salary of the employee and the length of the employment. The...

Written Answers — Department of Finance: VAT Rate Application (27 Oct 2016)

Michael Noonan: The VAT rating of goods and services is subject to EU VAT law, primarily Council Directive 2006/112/EC, with which Irish VAT law must comply. The Directive generally provides that supplies of goods and services be chargeable to VAT at the standard rate but that lower rates are permitted in very limited circumstances. The Directive provides that reduced rates may apply to supplies of goods...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of Financial Services and Pensions Ombudsman Bill 2016 and Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Discussion (27 Oct 2016)

Michael Noonan: I welcome the opportunity to brief the committee on the Government’s priority legislation concerning the Financial Services Ombudsman and the Pensions Ombudsman. The purpose of these heads of Bill is to provide for the amalgamation of the Financial Services Ombudsman and Pensions Ombudsman and to update the legislation generally on their roles and responsibilities. The Government...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of Financial Services and Pensions Ombudsman Bill 2016 and Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Discussion (27 Oct 2016)

Michael Noonan: I thank Deputy Pearse Doherty for his very constructive contribution. There is a great similarity between the intent of both Bills and the actual working out of the heads. I assume the committee will invite a number of witnesses to contribute to the discussion on both Bills today and will generate a report. When we receive it, the best way forward might be for my officials to discuss the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of Financial Services and Pensions Ombudsman Bill 2016 and Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Discussion (27 Oct 2016)

Michael Noonan: I thank the Deputy.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of Financial Services and Pensions Ombudsman Bill 2016 and Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Discussion (27 Oct 2016)

Michael Noonan: Sometimes it is not possible to lodge a complaint within the six-year period. In the case of something like a tracker mortgage, an incorrect interest rate may not have come to the notice of the complainant and he or she may not know there were valid grounds for complaint within a six-year period. The three-year period is to allow a further period of time after it became apparent to the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of Financial Services and Pensions Ombudsman Bill 2016 and Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Discussion (27 Oct 2016)

Michael Noonan: Deputy Sherlock knows quite well that the heads contain the principle. There is an issue in that we have to find a space between allowing a three-year period at any stage in the process or tying it back in to when a person looking after his or her affairs would be expected to know that a wrong was perpetrated on that person that could be the subject of a complaint. It cannot be totally...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of Financial Services and Pensions Ombudsman Bill 2016 and Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Discussion (27 Oct 2016)

Michael Noonan: No.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of Financial Services and Pensions Ombudsman Bill 2016 and Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Discussion (27 Oct 2016)

Michael Noonan: First of all, the proposal in the heads of the Bill is to merge two different ombudsmen. There is already a time limit in the pensions legislation, which has generally operated well since 1996. There is experience of the operation of the provision in respect of the Pensions Ombudsman. On the Deputy's question on the definition of a long-term financial service, I understand it means a...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of Financial Services and Pensions Ombudsman Bill 2016 and Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Discussion (27 Oct 2016)

Michael Noonan: The issues would be around mortgages, life assurances and so on and it relates to a service rather than a product.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of Financial Services and Pensions Ombudsman Bill 2016 and Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Discussion (27 Oct 2016)

Michael Noonan: Things that are annually renewed would include things such as house insurance, pet insurance and travel insurance. Six years would be the limit and that should be sufficient. There is a range of things. The insurance company writes stating that a person needs to renew for the following year. All those kinds of products are annual renewal ones.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of Financial Services and Pensions Ombudsman Bill 2016 and Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Discussion (27 Oct 2016)

Michael Noonan: The Deputy's concerns may be valid and we are happy to work with him on the definitions when the Bill is being drafted. There will be new definitions. The Deputy's concerns may be valid and we would like to tease them out.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of Financial Services and Pensions Ombudsman Bill 2016 and Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Discussion (27 Oct 2016)

Michael Noonan: As they bring their past experience to bear on particular complaints, different levels of previous experience may be relevant and helpful in adjudicating on a complaint. The person with exclusively consumer issues experience at their fingertips might not necessarily be the person best positioned to adjudicate on a different type of complaint which involved the complications of a particular...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of Financial Services and Pensions Ombudsman Bill 2016 and Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Discussion (27 Oct 2016)

Michael Noonan: The proposed heads of the Bill provide:The Council is to consist of a maximum of 7 persons, one of whom is the Chairperson. At least two members must have knowledge or experience of consumer protection and other consumer issues relating to the provision of financial services; at least one member must have knowledge or experience of the financial services industry; and at least one member...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of Financial Services and Pensions Ombudsman Bill 2016 and Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Discussion (27 Oct 2016)

Michael Noonan: I agree.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of Financial Services and Pensions Ombudsman Bill 2016 and Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Discussion (27 Oct 2016)

Michael Noonan: The general term "vulture fund" applies to property funds that acquire mortgages, for example, and whatever would be the legal position in respect of the obligations of the original owner would be transferred to the vulture fund as the new owner. We already legislated for that last year. The rights would transfer. Therefore, yes, it would.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of Financial Services and Pensions Ombudsman Bill 2016 and Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Discussion (27 Oct 2016)

Michael Noonan: If one thinks, in the first instance, of what the situation might be if the complainant went to the courts rather than to the ombudsman, both sides would present their case but the judge would not engage with either side and at the end would decide and adjudicate. Here, the process is more quasi-judicial but there is also mediation. We would envisage that there could be a dialogue between...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of Financial Services and Pensions Ombudsman Bill 2016 and Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Discussion (27 Oct 2016)

Michael Noonan: The new ombudsman will be independent so it is not for me to prescribe how he deals with that particular section. As he is coming in here shortly, I am sure if the Deputy asks him he will elaborate. I am not avoiding the issue but the Deputy can see that even at this stage it is important we preserve his independence.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of Financial Services and Pensions Ombudsman Bill 2016 and Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Discussion (27 Oct 2016)

Michael Noonan: Yes. If he says something which requires a further refinement of the head we will take his advice.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of Financial Services and Pensions Ombudsman Bill 2016 and Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Discussion (27 Oct 2016)

Michael Noonan: I will check that for the Senator. I need to take advice on the matter. We are very puzzled, Senator.