Results 26,421-26,440 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Tax Avoidance (4 Apr 2017)

Michael Noonan: I propose to take Questions Nos. 62, 68 and 80 together. I am aware of the report which was published by Oxfam on 27 March. The report makes a number of comments about the level of tax paid by certain banks in respect of their operations in each country in which they operate, including Ireland. The report also asserts that thirty one different jurisdictions, including...

Written Answers — Department of Finance: Northern Ireland (4 Apr 2017)

Michael Noonan: The Minister for Foreign Affairs and Trade has lead responsibility for issues relating to Northern Ireland. As the Deputy will be aware, the principle of consent and the possibility of a change in constitutional status in Northern Ireland is a fundamental part of the Good Friday Agreement, which was endorsed by the people of this island, North and South. The calling of a border poll...

Written Answers — Department of Finance: Motor Insurance (4 Apr 2017)

Michael Noonan: The Cost of Insurance Working Group, chaired by Minister of State Eoghan Murphy, published the Report on the Cost of Motor Insurance on 10 January 2017. The Report address 6 priority areas, with 33 recommendations and 71 actions in an Action Plan. Protecting the consumer Improving data availability Improving the personal injuries claims environment Reducing the costs in the claims...

Written Answers — Department of Finance: Renewable Energy Projects (4 Apr 2017)

Michael Noonan: I propose to take Questions Nos. 65 and 73 together. ISIF informs me that it has a close working relationship with the Department of Communications, Climate Action and Environment and is committed to investing in the energy sector in a manner that is consistent with the State's commitment to make the transition to a low carbon, climate resilient and sustainable economy. ISIF's Energy...

Written Answers — Department of Finance: NAMA Operations (4 Apr 2017)

Michael Noonan: I propose to take Questions Nos. 66 and 85 together. I am advised that NAMA's records management policy is entirely in line with best practice among public and private organisations.  I am also advised that implementation of the policy ensures that all key records held by NAMA are retained and that they will therefore be available, if required, for any business purpose including in...

Written Answers — Department of Finance: Brexit Issues (4 Apr 2017)

Michael Noonan: In addition to the challenges posed to Ireland by the withdrawal of the UK from the EU, the Government recognises that there will also be opportunities for Ireland arising from Brexit.  The Government is keen to maximise those opportunities where possible.  In that regard, international financial services (IFS) has been identified as an area of potential opportunity arising from...

Written Answers — Department of Finance: NAMA Operations (4 Apr 2017)

Michael Noonan: I propose to take Questions Nos. 69, 70, 79 and 87 together. I would refer the Deputies to my comments made at the opening of the debate last week on the report of the Committee on Public Accounts regarding the sale of NAMA's Project Eagle portfolio, where I expressed my views on the recent criticism of NAMA following publication of a report commissioned by an ex-debtor of NAMA. ...

Written Answers — Department of Finance: Banking Sector (4 Apr 2017)

Michael Noonan: The Programme for Government commits the Department of Arts, Heritage, Regional, Rural and Gaeltacht Affairs to thoroughly investigate the German Sparkassen model for the development of local public banks that operate within well-defined regions. It also calls for the investigation of a new model of community banking that could provide a suite of banking services through the Post Office...

Written Answers — Department of Finance: Tracker Mortgages (4 Apr 2017)

Michael Noonan: The Central Bank requires lenders to complete the Tracker Mortgage Examination in four phases, being: - Phase 1: Development and Submission of Detailed Plan; - Phase 2: Information Gathering/Review/Report Submission; - Phase 3: Calculation of Redress and Compensation (where relevant); and - Phase 4: Implementation of Redress Programme (where relevant). It is critical that...

Written Answers — Department of Finance: Banking Sector (4 Apr 2017)

Michael Noonan: Given the limited information supplied by the Deputy I am unable to assist with the question as posed. If the Deputy can provide further details such as a reference to the particular comments made by the former Governor then I will be in a better position to respond.

Written Answers — Department of Finance: Construction Sector Strategy (4 Apr 2017)

Michael Noonan: ISIF has already invested in a number of financing platforms and projects in the construction sector and is actively examining other opportunities.  ISIF is a co-investor in a number of funds designed to make finance available for new construction and particularly for sites without planning permission. Examples of these investments include: - Activate Capital, which has to date...

Written Answers — Department of Finance: State Banking Sector (4 Apr 2017)

Michael Noonan: As I have indicated previously, an IPO is the optimal route to recouping value from our investment in Allied Irish Banks (AIB) and I have identified two potential windows for a sale in 2017. These are a window in May/June this year and a window in the Autumn. Fortunately we are under no pressure to sell and the timing will be influenced by market conditions. As the Deputy will...

Written Answers — Department of Finance: Credit Unions (4 Apr 2017)

Michael Noonan: I am pleased that the credit union sector is considering various proposals to increase its income and develop its business model. My Department has received a number of such proposals from both the Irish League of Credit Unions and from the Credit Union Development Association.  Proposals from both representative bodies, in relation to the funding of social housing, are...

Written Answers — Department of Finance: Fiscal Policy (4 Apr 2017)

Michael Noonan: As the Deputy is aware, the fiscal rules to which Ireland is subject have direct application through a number of EU regulations.  Changes to these regulations would have to follow the normal EU approach starting with a proposal from the Commission before consideration by Member States and the European Parliament. The issue of facilitating greater flexibility in the...

Written Answers — Department of Finance: Mortgage Arrears Proposals (4 Apr 2017)

Michael Noonan: The Deputy will be aware that the Code of Conduct on Mortgage Arrears (CCMA) sets out statutory requirements for mortgage lenders and credit servicing firms dealing with borrowers in or facing arrears on the mortgage loan secured by their primary residence. Lenders may only commence legal proceedings for repossession of the borrower's primary residence after it follows a number of steps,...

Written Answers — Department of Finance: Financial Services Sector (4 Apr 2017)

Michael Noonan: At the outset, I would like to state that I have not discussed regulatory arbitrage at any meeting that I have attended and the topic has not been on the agenda of any meeting of EU Finance Ministers.  I also understand from the Department of the Taoiseach that regulatory arbitrage has not been discussed at the European Council, nor has it been on the agenda of any of the...

Written Answers — Department of Finance: Eurozone Issues (4 Apr 2017)

Michael Noonan: In an interview with Germany's Frankfurter Allgemeine Zeitung on March 20th 2017, Mr Dijsselbloem, President of the Eurogroup, was cited as saying "that wealthier northern European countries had showed solidarity with the south during the euro zone crisis by giving them financial aid. But whoever demands it, also has obligations. I can't spend all my money on liquor and women and then...

Written Answers — Department of Finance: Motor Insurance (4 Apr 2017)

Michael Noonan: The Report of the Review of the Framework for Motor Insurance Compensation in Ireland was published on 22 July 2016. This review was carried out jointly by the Department of Finance and the Department of Transport, Tourism and Sport and was approved by Government on 19 July 2016. The Report sets out an assessment of the current framework and makes recommendations to provide certainty...

Written Answers — Department of Finance: Economic Growth (4 Apr 2017)

Michael Noonan: In general, recent indicators have been very positive, indicating that the economic recovery is continuing at a robust pace. The preliminary estimate for full-year GDP growth in 2016 is 5.2 per cent based on National Accounts data for the fourth quarter of the year. Importantly, domestic demand made a strong positive contribution to growth in 2016 with consumption increasing by 3.0 per...

Written Answers — Department of Finance: NAMA Transactions (4 Apr 2017)

Michael Noonan: I do not propose to commission the review suggested by the Deputy.  NAMA is already subject to a substantial level of scrutiny from the Oireachtas and to audit by the Comptroller and Auditor General, including the C&AG's Section 226 review which I understand is currently underway. Nor do I propose to take any action with regard to NAMA's future sales activity.  As I pointed...