Results 25,401-25,420 of 27,019 for speaker:Michael Noonan

Ceisteanna - Questions (Resumed) - Priority Questions: Loan Books Purchasers (17 Jan 2017)

Michael Noonan: I am not sure whether the letter the Deputy alluded to complies with the legal position. In the first instance, I invite him to contact the Governor of the Central Bank to ascertain whether it does comply with the legislation. Second, if the Deputy lists for me the difficulties with the current legislation, I will engage with him and put civil servants at his disposal to draft amending...

Ceisteanna - Questions (Resumed) - Priority Questions: Loan Books Purchasers (17 Jan 2017)

Michael Noonan: I will work with the Deputy and put the officials in question at his disposal. If anybody else who is particularly interested in this issue wants to engage, I will engage with him or her also.

Other Questions: Tax Code (17 Jan 2017)

Michael Noonan: On a point of order, I have no objection to following whatever procedure the House decides but the draft answers I have vary from Deputy to Deputy because there are variations in the questions.

Other Questions: Tax Code (17 Jan 2017)

Michael Noonan: I do not want to get up and read out five answers but I will try, in so far as I can, respond to all the Deputies in response to supplementary questions. The Deputies will get the answers anyway as written answers after this session.

Other Questions: Tax Code (17 Jan 2017)

Michael Noonan: When does Question Time conclude?

Other Questions: Tax Code (17 Jan 2017)

Michael Noonan: I have a written reply to Deputy Griffin's Question No. 34, so I will read that first, and I will see what I can do with the other issues that have been raised. I am aware that a number of Deputies have tabled questions for answer today in connection with ongoing Revenue aspect queries relating to patronage shares issued by Kerry Co-op to some of its members. At the outset of the...

Other Questions: Tax Code (17 Jan 2017)

Michael Noonan: I thank all the Deputies for their contributions. I know there are points concerning this issue that are arguable and that is why I am following the Revenue advice and saying this should be appealed on a test case basis to see where the law lies. I know Members have very strongly held views and that is also the case for the constituents whom they represent. However, as I said to Deputy...

Other Questions: Financial Services Sector (17 Jan 2017)

Michael Noonan: The Deputy is referring to the structures in place to engage with the financial services industry following the discontinuation of the IFSC Clearing House Group. The Minister of State, Deputy Eoghan Murphy, is responsible for leading implementation of the whole-of-Government international financial services, IFS, 2020 strategy via reformed consultative structures. The Minister of State...

Other Questions: Financial Services Sector (17 Jan 2017)

Michael Noonan: The financial services section of the Department is in the charge of the Minister of State, Deputy Eoghan Murphy. He is proceeding with the committees to which I referred to publish a new revised policy statement on financial services. The response from my Department so far is that in amending section 110 to obviate the various issues raised by Deputies in respect of property transactions we...

Other Questions: Financial Services Sector (17 Jan 2017)

Michael Noonan: There is no lack of activity. The Taoiseach and I along with other Ministers, the Minister of State, Deputy Eoghan Murphy, and senior civil servants in various Departments have all been in the City of London in the past six months and are in direct contact with several companies that have expressed interest is setting up in Ireland - in Dublin and outside Dublin. It is premature to make...

Other Questions: Motor Insurance Regulation (17 Jan 2017)

Michael Noonan: Setanta was placed in liquidation by the Malta Financial Services Authority on 30 April 2014. This liquidation is being carried out under Maltese law. As of 31 December 2016, the number of open claims is 1,664. Progress in the liquidation has been delayed due to court proceedings in the case of Law Society of Ireland v.the MIBI. The current position is that we are awaiting the outcome the...

Other Questions: Motor Insurance Regulation (17 Jan 2017)

Michael Noonan: It is one downsides of the Single Market that a company regulated in Malta can sell insurance freely here and is subject to Maltese regulation. Changes are now being made. The underlying framework is now strengthened with the introduction of the Solvency II directive on 1 January 2016. The system is now much more risk-sensitive and demanding, with increased capital requirements which will...

Other Questions: Motor Insurance Regulation (17 Jan 2017)

Michael Noonan: The Deputy makes a very fair point. We have had bad experiences with insurance companies back as far as PMPA and more recently Quinn Insurance, Setanta and various other ones we could mention. It is certainly a situation of caveat emptorwhen one is taking out insurance because the lowest premium does not always come from the best insurer.

Other Questions: Motor Insurance (17 Jan 2017)

Michael Noonan: I propose to take Questions Nos. 40, 58, 67 and 317 together. The working group on the cost of motor insurance, chaired by the Minister of State at the Department of Finance, Deputy Eoghan Murphy, completed its report in December 2016.  The report, which was approved by the Government on 10 January 2017 and subsequently published, contains 33 recommendations and 71 actions....

Other Questions: Motor Insurance (17 Jan 2017)

Michael Noonan: The Minister of State, Deputy Eoghan Murphy, whose work generated the report, is very conscious of the need to press on now to the implementation phase and to prioritise the implementation actions. He is getting the co-operation of the industry, hopefully, to do this. He is also conscious of the fact that there is no silver bullet that will bring down premiums overnight but if a new base is...

Other Questions: Motor Insurance (17 Jan 2017)

Michael Noonan: I will bring the Deputy's views to the attention of the Minister of State, Deputy Eoghan Murphy.

Written Answers — Department of Finance: Tax Code (17 Jan 2017)

Michael Noonan: I propose to take Questions Nos. 41 and 72 together. The Finance Act 2016 has introduced provisions to deal with the issues concerning the use of the section 110 regime by international investors for Irish property transactions. The amendments made in Finance Act 2016 will ensure that tax will be payable by section 110 companies on their profits from Irish property transactions from...

Written Answers — Department of Finance: Central Bank of Ireland (17 Jan 2017)

Michael Noonan: The independence of the Central Bank is enshrined in the Treaties of the European Union and by the Statute of the European System of Central Banks and in that context the Central Bank Commission is responsible for the Bank's overall staffing levels and the allocation of those staff across the Bank.  I am informed by the Central...

Written Answers — Department of Finance: NAMA Portfolio (17 Jan 2017)

Michael Noonan: Such a direction or legislative change is not necessary as NAMA already plays a significant role in the provision of social housing and housing in general and continuously reviews the assets of every NAMA debtor to establish if properties securing their loans could be utilised for residential development or social housing.   NAMA has an established policy of...

Written Answers — Department of Finance: Help-To-Buy Scheme (17 Jan 2017)

Michael Noonan: As the Deputy will be aware, the 'Help to Buy' incentive was initially announced on 19 July 2016 as part of 'Rebuilding Ireland: Action Plan for Housing and Homelessness'. This plan contains a significant volume of responses to the current housing crisis, of which the Help to Buy incentive is one.  This comprehensive Action Plan takes a holistic approach in addressing the many...