Results 25,981-26,000 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Central Bank of Ireland Staff (23 Feb 2017)

Michael Noonan: I am informed by the Central Bank that staff from across all three pillars of the Bank are working on various aspects of "Brexit". The Central Bank has previously said that, if necessary, it will deploy staff to deal with increases in the authorisation pipeline and will reprioritise workload as appropriate. Should there be a marked increase in the financial sector regulated in Ireland,...

Written Answers — Department of Finance: Central Bank of Ireland Staff (23 Feb 2017)

Michael Noonan: I am informed by the Central Bank that its Enforcement function has grown substantially in the past year, with a total of 77 employees (53 in Investigations and 24 in Advisory) as at 31 January 2017, compared with 54 employees at the same time last year. The Bank informs me that there are currently a total of 26 vacancies within Enforcement; 12 in the Investigations Division and 14 in the...

Written Answers — Department of Finance: Central Bank of Ireland Investigations (23 Feb 2017)

Michael Noonan: I am informed by the Central Bank that during the period 1 August 1998 to 31 July 2013, the names of 217 firms were published by the Central Bank of Ireland. The majority of these firms were providing investment services defined under the Investment Intermediaries Act 1995 or investment services as defined in the European Communities (Markets in Financial Instruments) Regulations. Since 1...

Written Answers — Department of Finance: Departmental Staff Data (23 Feb 2017)

Michael Noonan: I wish to inform the deputy that there are currently no employees in my Department suspended from work without prejudice and on full pay pending an investigation. With regard to employees of bodies under the aegis of my Department, the details are as follows: Body Number of employees that are suspended from work without prejudice and on full pay pending an investigation C&AG Nil...

Ceisteanna - Questions (Resumed) - Priority Questions: Brexit Issues (28 Feb 2017)

Michael Noonan: The Government's headline priorities in response to Brexit are well known: minimising the impact on trade and the economy, protecting the Northern Ireland peace process, maintaining the common travel area and influencing the future of the European Union. It is quite clear that there are major challenges ahead for the EU, the UK and for Ireland. The position in relation to the Border with...

Ceisteanna - Questions (Resumed) - Priority Questions: Brexit Issues (28 Feb 2017)

Michael Noonan: The Government's policy position is clear. We want to continue with the invisible Border as it is now or to put it another way, we do not want any hard Border reimposed between ourselves and Northern Ireland. What I described in committee was not anything that would happen or is happening on the Border. I described how goods from third countries under WTO rules are now treated at the point...

Ceisteanna - Questions (Resumed) - Priority Questions: Brexit Issues (28 Feb 2017)

Michael Noonan: The Government's policy position on its approach to the negotiation has been expressed in our contacts with the UK authorities both at the political and Civil Service levels. It is that people, goods and services should pass without let or hindrance from North to South and vice versaand there will be no change in the present position. We know that the British negotiation position is to have...

Ceisteanna - Questions (Resumed) - Priority Questions: Brexit Issues (28 Feb 2017)

Michael Noonan: Everybody, including the Deputy, knows that the disqualification request is not a matter for the Minister. It is a matter for the Chair.

Ceisteanna - Questions (Resumed) - Priority Questions: Brexit Issues (28 Feb 2017)

Michael Noonan: I would like the Deputy to withdraw the false allegation against me that I refused to answer his question.

Ceisteanna - Questions (Resumed) - Priority Questions: Brexit Issues (28 Feb 2017)

Michael Noonan: The Deputy did.

Ceisteanna - Questions (Resumed) - Priority Questions: Brexit Issues (28 Feb 2017)

Michael Noonan: The Deputy did what he always does - make false accusations.

Ceisteanna - Questions (Resumed) - Priority Questions: Tracker Mortgage Data (28 Feb 2017)

Michael Noonan: I propose to take Questions Nos. 37 and 40 together. The tracker mortgage examination is the most significant supervisory review undertaken in the context of the Central Bank's consumer protection remit.  It is a key priority for the bank and it is working to ensure that the examination is completed as soon as possible. However, it is critical that each lender carries out a...

Ceisteanna - Questions (Resumed) - Priority Questions: Tracker Mortgage Data (28 Feb 2017)

Michael Noonan: I thought my answer was pretty full. To answer Deputy Doherty's question, specific timelines have been set for all lenders to complete their internal reviews. It is the most significant supervisory review undertaken in the context of the Central Bank's consumer protection remit. I assume, from the various answers I have given here, that when the Central Bank probed the matter, it found it...

Ceisteanna - Questions (Resumed) - Priority Questions: Tracker Mortgage Data (28 Feb 2017)

Michael Noonan: There are four questions. In response to Deputy Doherty, the Central Bank, unlike Government Departments, decides on its staff complement and can increase it if it feels it is necessary to do so in order to fulfil its legal requirements. Given that it is a bank, it is very well funded. Each year it transfers a lot of excess profits to the Exchequer. Funding extra staff is not a problem. ...

Ceisteanna - Questions (Resumed) - Priority Questions: Credit Unions (28 Feb 2017)

Michael Noonan: My role as Minister for Finance is to ensure that the legal framework for credit unions is appropriate for the effective operation and supervision of credit unions. The Registrar of Credit Unions at the Central Bank is the independent regulator for credit unions. Within her independent regulatory discretion, the registrar acts to support the prudential soundness of individual credit...

Ceisteanna - Questions (Resumed) - Priority Questions: Credit Unions (28 Feb 2017)

Michael Noonan: The absolute priority for me with regard to the credit union movement is that members' deposits are safe and the risk of lending does not undermine members' deposits. I also believe that as the work of credit unions progresses and they move away from the threat of impairment in many cases to being active in the market again, the possibility of more extensive mortgage lending is not contrary...

Ceisteanna - Questions (Resumed) - Priority Questions: Credit Unions (28 Feb 2017)

Michael Noonan: I do not disagree with the Deputy's policy position in principle, but there is a risk and it must be ensured that it does not affect deposits. Over the past number of years, we can count on the fingers of both hands the number of credit unions that went under. Supposing that the credit union movement was mortgage lending from, say, 2008 on, how would it be fixed now given all the impaired...

Ceisteanna - Questions (Resumed) - Priority Questions: Mortgage Resolution Processes (28 Feb 2017)

Michael Noonan: The Deputy will be aware that A Programme for a Partnership Government and the Action Plan for Housing and Homelessness set out the Government's priorities in relation to dealing with mortgage arrears.  The Deputy will also be aware of concerted efforts by the previous Government to resolve the mortgage arrears issue over a number of years, including revision of...

Ceisteanna - Questions (Resumed) - Priority Questions: Mortgage Resolution Processes (28 Feb 2017)

Michael Noonan: I have great sympathy for anyone in the circumstances outlined by the Deputy but I do not have the information she has so I cannot comment in detail on the case. What I know from the general principle is that the banks engage and that they have restructured 121,000 mortgages, which is proof of their engagement. They are making significant progress and for 13 consecutive quarters the number...

Ceisteanna - Questions (Resumed) - Priority Questions: Mortgage Resolution Processes (28 Feb 2017)

Michael Noonan: It is untrue to state the banks will not write off part of the money owed. They will do so but only on a case by case basis as opposed to a universal or across the line basis. People who are in difficulty should engage with their bank with the help of the best advice available or an insolvency practitioner. As I indicated, 121,000 mortgages have been restructured, of which 88% are standing...