Results 24,801-24,820 of 27,019 for speaker:Michael Noonan
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)
Michael Noonan: -----of €50 million. So the Deputy's figures of hundreds of millions are off the Richter scale.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)
Michael Noonan: That is not the point. The Deputy is statistically incorrect.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)
Michael Noonan: The scheme is designed for first-time buyers of new houses or new apartments. By definition, anybody in negative equity has a new house or apartment already. The Deputy is asking me to use the scheme for the purchasers of second homes. I do not think this is the scheme for that, although I appreciate the problem the Deputy has identified. We have had some discussions with the Central Bank...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)
Michael Noonan: Yes.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)
Michael Noonan: I will think about it.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)
Michael Noonan: What is the Deputy's solution?
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)
Michael Noonan: That is being done. There is a big social housing programme being rolled out.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)
Michael Noonan: There must be a private housing programme as well. The bit we are doing here is on private housing for first-time buyers. A whole programme has been rolled out by the Minister, Deputy Coveney, relating to social housing. This is about affordable housing for young couples.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)
Michael Noonan: The Cherrywood example is not a vulture fund. Developers in Cherrywood have the biggest construction developing company in the United States of America. They are not vulture fund people at all.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)
Michael Noonan: They develop vast tracts of land and sublet sections of it to smaller builders. They have a good working model. Of course, they work for a profit but they are not ripping people off or anything like that. They will contribute to housing supply in south Dublin.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)
Michael Noonan: At the risk of causing the Deputy further concern, the biggest risk I see to house prices is 9,000 or 10,000 very well-paid people from the City of London relocating to Dublin with money to buy second-hand homes. That is the space the Deputy should look at.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)
Michael Noonan: The information I have from the Revenue Commissioners is that mortgage sanctions to first-time buyers are running at 150 per month, amounting to 1,800 and not 18,000.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)
Michael Noonan: It is for new builds. I will read the note in case there was misunderstanding. The current trend of first-time buyers buying new houses is 150 per month.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)
Michael Noonan: There is a very small number using cash and most are mortgage-driven. The figure is 1,800. It is not 18,000 or 19,000.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)
Michael Noonan: We arrived at it as follows. Taking the sentence I read to the Deputy, the current trend of first-time buyers buying new houses is approximately 150 per month. I regard that as dead weight on the scheme as they are buying them anyway. That does not have an impact on the scheme being designed to drive supply. In that case we are looking, effectively, at no or very few new houses being...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)
Michael Noonan: The first purpose-----
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)
Michael Noonan: I understand the question and want to answer it. The first purpose of the macroprudential rules introduced by the Central Bank was to ensure that individuals did not repeat the cycle and get into unaffordable debt by incurring mortgages they could not service. Part of this was the idea that people are more likely to take on mortgages they cannot afford if house prices increase beyond the...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)
Michael Noonan: No, I do not want-----
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)
Michael Noonan: No. The Deputy is always and in a very emphatic manner effectively making allegations that are incorrect. The purpose and general design of the scheme was discussed by me, personally, with the Governor of the Central Bank. We did not get into the last detail of it. What happened in putting in the 80% figure as opposed to 70% is that on the advice of the Central Bank, the scope of the...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)
Michael Noonan: I move amendment No. 16:In page 9, to delete lines 24 to 31 and substitute the following:“ ‘qualifying residence’ means— (a) a new building which was not, at any time, used, or suitable for use, as a dwelling, or (b) a building which was not, at any time, in whole or in part, used, or suitable for use, as a dwelling and which has been converted for use as a...