Results 26,761-26,780 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Tracker Mortgages Examination (11 May 2017)

Michael Noonan: The Central Bank of Ireland published a report providing an update on the Examination of Tracker Mortgage Related Issues on 23 March. As set out in the report/update, as at end February 2017, - approximately 9,900 customer accounts have been identified as impacted by lenders, as part of the Examination; - lenders have commenced contacting the identified impacted customers and have rectified...

Written Answers — Department of Finance: Tax Data (11 May 2017)

Michael Noonan: In my Financial Statement to the House on 11 October 2016, I indicated that I would act to restrict the opportunity for tax defaulters to use the voluntary disclosure regime with effect from May 2017. In line with this undertaking, section 56 of the Finance Act 2016 provides that, as and from the voluntary disclosure deadline date, the making of a qualifying disclosure will not be possible...

Written Answers — Department of Finance: Money Laundering (11 May 2017)

Michael Noonan: The Financial Action Task Force (FATF) is an inter-governmental body that sets global standards to assist its member countries to combat money laundering and terrorist financing activities. In a seven to ten year cycle, the FATF organises peer-reviews of its member countries Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) measures. As part of this process, it...

Written Answers — Department of Finance: NAMA Investigations (11 May 2017)

Michael Noonan: The Deputy will be aware that I, as Minister, do not have a role in NAMA's commercial decisions. However, while respecting NAMA's independence, I and my officials regularly engage with NAMA regarding its performance and strategy. I maintain a regular dialogue with the NAMA Chairman and receive appropriate updates regarding NAMA's ongoing progress and future plans. I also meet on occasion...

Written Answers — Department of Finance: Development Lending (11 May 2017)

Michael Noonan: I have been informed by the Central Bank that the amount of net lending to business for development purposes in respect of residential and commercial property is as follows: Residential The amount of net lending for residential purposes was -€739 million in 2014. The total outstanding figure stood at €11.8 billion at the end of 2014. The amount of net lending for residential...

Written Answers — Department of Finance: National Debt (11 May 2017)

Michael Noonan: The most recent forecasts of both National Debt interest and General Government interest expenditure are for the period 2017 to 2021 and are contained in the recently published Stability Programme Update (SPU). The relevant information is contained in Table A3, Annex 1 on page 51 of the SPU and is replicated in the table. € million 2017 2018 2019 2020 2021 National Debt Interest...

Written Answers — Department of Finance: Mortgage Data (11 May 2017)

Michael Noonan: The Central Bank has advised me that it does not publish data on the particular basis requested. However, the Central Bank has indicated that, as at end-2016, the value of PDH tracker mortgages in the Irish banking system, including securitised loans serviced by these institutions, was €37.9 billion. The equivalent value of BTL/holiday home tracker mortgages was €13.8...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014 [Private Members]: Committee Stage (11 May 2017)

Michael Noonan: On the proposed timeline and the recommencement of the sitting at 1.30 p.m., because of the day that is in it, I may not be able to come back at 1.30 p.m. However, I will try to provide the Minister of State at the Department of Finance to continue the proceedings, if it is in order to do so. I thank Deputy Pearse Doherty and his team for the very hard work they have put into this...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014 [Private Members]: Committee Stage (11 May 2017)

Michael Noonan: This issue arose at the pre-legislative scrutiny stage of the process. The Department of Finance's point of view was that it would have unintended consequences of narrowing the definition to exclude small businesses such as sole traders and holders such as charities. The Department has engaged extensively with the Office of the Parliamentary Counsel on the definition of "consumer". That...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014 [Private Members]: Committee Stage (11 May 2017)

Michael Noonan: I note that the Deputy has proposed an amendment to section 3. He has explained the impact and intent of the amendment in his contribution. I note the current amendment no longer seeks to delete the words "in an informal manner" from the original Act and introduces the word "undue" to read as "without undue regard to technicality and legal form". I very much welcome this amendment to...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014 [Private Members]: Committee Stage (11 May 2017)

Michael Noonan: I thank Deputy Doherty for his explanation. I think I can go some of the road with him. I note that the Deputy's Bill as published provides for an additional time limit to make complaints up to two years from the date of knowledge. The heads of the Bill published last September provided for a possible three-year discoverability period for complaints with regard to long-term service....

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014 [Private Members]: Committee Stage (11 May 2017)

Michael Noonan: The principles of natural justice would provide that the financial services firms should have a reasonable right to defend themselves. It follows from this that we cannot have an unlimited time limit. That would not be reasonable for the financial services firms which are putting a defence in place. The reason for the form of words that we have included in the Government legislation is...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014 [Private Members]: Committee Stage (11 May 2017)

Michael Noonan: I note that section 5 of the Bill seeks to put greater pressure on the financial service provider to engage in the mediation process. The Government Bill published yesterday seeks to strengthen the role of the Financial Services Ombudsman in promoting engagement in the mediation process and continues to provide for mediation as a tool for the ombudsman in cases where he sees fit. In...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014 [Private Members]: Committee Stage (11 May 2017)

Michael Noonan: Section 6 aims to allow for a greater range of findings on completion of an investigation. Currently, the possible findings are limited to a finding that the complaint was substantiated, not substantiated or partially substantiated. The Bill allows for findings of upheld, substantially upheld, substantially rejected or rejected. The Government Bill goes further and proposes that decisions...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014 [Private Members]: Committee Stage (11 May 2017)

Michael Noonan: I understand that the intention of this amendment is to provide that the ombudsman would review the maximum compensation payable and compare it with the losses suffered in the complaints received. This is unnecessary, as the Government's Bill allows for full rectification to be granted in addition to compensation for inconvenience. The proposed amendment might be based upon a...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014 [Private Members]: Committee Stage (11 May 2017)

Michael Noonan: I am not trying to have a discussion on the Government Bill, but it is a fact of life that the Bill was published yesterday. It deals with some of the issues that are now arising in this context. I am signalling that I will table Report Stage amendments along the lines of what is incorporated in the Government's Bill. Some of them will cover the ground that is a matter of concern for...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014 [Private Members]: Committee Stage (11 May 2017)

Michael Noonan: Although there is disagreement on this section, Deputy Doherty's contribution just now has narrowed the ground considerably. I welcome that. The best way to proceed is by reading the formal speaking note. Then we can chat about it and see if we can narrow the ground further so that we can arrive at agreement on Report Stage. The purpose of the ombudsman is to be a free alternative to the...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014 [Private Members]: Committee Stage (11 May 2017)

Michael Noonan: In view of the intervention I can agree on engagement between the Department of Finance officials and the Deputy and his advisers on the 21-day interval as against a 60-day interval. I can agree it on the basis that the intent of the dialogue would be to move up from the 21 days. I can go that far. I shall oppose the section. On my opposition to the section I understand that the Deputy...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014 [Private Members]: Committee Stage (11 May 2017)

Michael Noonan: I understand the intention of Deputy McGrath's amendment, which seeks to oblige the ombudsman to hold oral hearings in certain cases. Oral hearings are best left best to the discretion of the ombudsman, in my view. This is common practice in many public bodies. For examine, An Bord Pleanála has the discretion to hold a hearing in any case of an appeal, referral or an application for...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014 [Private Members]: Committee Stage (11 May 2017)

Michael Noonan: I thank Deputy McGrath.