Results 2,981-3,000 of 27,019 for speaker:Michael Noonan

Written Answers — Tax Yield: Tax Yield (27 Sep 2011)

Michael Noonan: I am advised by the Revenue Commissioners that the estimated full year yield to the Exchequer, estimated by reference to 2012 incomes, of the re-introduction of the Income Levy at the same rates as applied in 2010 and confined to all income earners earning in excess of €40,000 per annum, with double that amount for married couples, would be of the order of €1,180 million. These figures...

Written Answers — Departmental Strategy Statements: Departmental Strategy Statements (27 Sep 2011)

Michael Noonan: As specified under the Public Service Management Act 1997, my Department has submitted to me its draft Statement of Strategy for the period 2011-2014. The finalisation of the Statement of Strategy will reflect the key policy commitments of the Government including the emerging decisions in the context of the Comprehensive Review of Expenditure currently underway. It is my intention to...

Insurance (Amendment) Bill 2011 [Seanad]: Second Stage (Resumed) (28 Sep 2011)

Michael Noonan: I thank all the Deputies who contributed to the debate on the Bill. It was a fairly good debate. After his complimentary remarks about myself I am sorry that Deputy Healy-Rae will not be voting for the Bill but I might convince him to do so in the next ten minutes. I can appreciate the concern many Deputies have that at a time when it is hard enough for many families to make ends meet there...

Insurance (Amendment) Bill 2011 [Seanad]: Committee and Remaining Stages (28 Sep 2011)

Michael Noonan: We do not have a sunset clause because some insurance claims take a long time to settle. Sometimes people must wait for medical evidence or to see how injuries develop before a claim can be finalised. A sunset clause would be unfair to policyholders who have claims pending. The intention is that claims shall run out over a period of ten years and tail off as that period comes to an end....

Insurance (Amendment) Bill 2011 [Seanad]: Committee and Remaining Stages (28 Sep 2011)

Michael Noonan: I was referring to the overall deal that Anglo Irish Bank and Liberty Mutual made with the insurers. For example, we got several offers of private equity stakes in Bank of Ireland but many of them, as well as buying a majority of the shares in the company, wanted the State to cover any possible risk down the line. There are no tails to the deal with Liberty, Anglo and the administrators,...

Insurance (Amendment) Bill 2011 [Seanad]: Committee and Remaining Stages (28 Sep 2011)

Michael Noonan: I will respond to the Deputy's first question and will then read the speaking note on the section, which may anticipate many of the Deputy's questions. The levy will be applied to all vehicle, home or travel insurance written in the State for persons living in the State. What is being covered are the insurance claims of the Quinn Insurance group in respect of which adequate provision was not...

Insurance (Amendment) Bill 2011 [Seanad]: Committee and Remaining Stages (28 Sep 2011)

Michael Noonan: The note provides a general description of what is contained in the section and will probably answer many of the questions which Members may raise individually.

Insurance (Amendment) Bill 2011 [Seanad]: Committee and Remaining Stages (28 Sep 2011)

Michael Noonan: That is no problem.

Insurance (Amendment) Bill 2011 [Seanad]: Committee and Remaining Stages (28 Sep 2011)

Michael Noonan: Deputy Boyd Barrett raised the issue of sanctions and penalties. This is a technical Bill and plays a small part in the corpus of insurance legislation. The wider framework of insurance law and Central Bank regulations allows for appropriate sanctions that can be applied to companies that do not meet their solvency requirements. I do not have the specific details to hand but I can forward...

Insurance (Amendment) Bill 2011 [Seanad]: Committee and Remaining Stages (28 Sep 2011)

Michael Noonan: Yes, I am.

Insurance (Amendment) Bill 2011 [Seanad]: Committee and Remaining Stages (28 Sep 2011)

Michael Noonan: The regulatory regime has improved significantly also. It was very difficult to get anyone interested in buying the Quinn group. When it came down to the wire, only two companies had any interest in purchasing it. I understand from Anglo Irish Bank that it was a difficult negotiation. Liberty Mutual will take over the complete Republic of Ireland book, both assets and liabilities. It will...

Insurance (Amendment) Bill 2011 [Seanad]: Committee and Remaining Stages (28 Sep 2011)

Michael Noonan: Deputy Doherty returned to what he regards as the inadequate manner in which the legislation is being handled. I explained the constraints placed on me in ensuring that we had the law enacted in time for a High Court appearance by the administrator on 4 October. However, there has been a great deal of hypocrisy. The Government side of the House is not alone in its responsibility for what...

Insurance (Amendment) Bill 2011 [Seanad]: Committee and Remaining Stages (28 Sep 2011)

Michael Noonan: An hour remained for Second Stage when we voted. I initiated this Bill in the Seanad so that this House would have time to table amendments. All Stages were taken in the Seanad on 15 September. If Deputy Doherty or anyone else wanted to table Committee Stage amendments, there were 13 days in which to consider them. That there is not a single amendment from anyone on today's Order Paper is...

Insurance (Amendment) Bill 2011 [Seanad]: Committee and Remaining Stages (28 Sep 2011)

Michael Noonan: The Deputy had a fortnight to consider amendments had he wanted to table any.

Insurance (Amendment) Bill 2011 [Seanad]: Committee and Remaining Stages (28 Sep 2011)

Michael Noonan: The lady doth protest too much. He had a fortnight to file amendments had he desired. We have discussed Dáil and Seanad reform. Only one Opposition Member was in the Seanad when I took all Stages of the Bill. Deputy Michael McGrath's Fianna Fáil colleague in the Seanad handled everything. No one else from the Opposition appeared.

Insurance (Amendment) Bill 2011 [Seanad]: Committee and Remaining Stages (28 Sep 2011)

Michael Noonan: Deputy Doherty should not take it all so personally. To enter this House-----

Insurance (Amendment) Bill 2011 [Seanad]: Committee and Remaining Stages (28 Sep 2011)

Michael Noonan: -----as Deputy Doherty does a fortnight after full explanations of the Bill were given in the Seanad and blame me for his not tabling a single amendment-----

Insurance (Amendment) Bill 2011 [Seanad]: Committee and Remaining Stages (28 Sep 2011)

Michael Noonan: -----is a bit rich. Less posing and a little more work would help this House. A little bit more homework and then the Deputy would have everything done. I was asked about the value of the levy. It amounts to €65 million per year, including €40 million in respect of the compensation fund. Using rough mathematics, if one multiplies by ten and adds €40 million, one will get a result...

Insurance (Amendment) Bill 2011 [Seanad]: Committee and Remaining Stages (28 Sep 2011)

Michael Noonan: There was a charge on the assets in respect of the guarantees. This was legally enforceable by the bondholders. The solvency rules require that assets set aside for solvency requirements are not encumbered. Therefore, the guarantees cannot be used to meet the requirements for reserves set by the Central Bank.

Insurance (Amendment) Bill 2011 [Seanad]: Committee and Remaining Stages (28 Sep 2011)

Michael Noonan: The State had no involvement in this; it was the administrator in Anglo Irish Bank and the Liberty Mutual group. We are ensuring the compensation fund is adequate to pay for outstanding claims, the vast bulk of which are in Northern Ireland and the United Kingdom, but some of which are in this jurisdiction. This is the way we fund the insurance compensation fund, and we are following the...