Results 3,441-3,460 of 27,019 for speaker:Michael Noonan

Report by the Interdepartmental Working Group on Mortgage Arrears: Statements (Resumed) (20 Oct 2011)

Michael Noonan: The Deputy's first question related to a court judgment under the Land and Conveyancing Law Reform Act 2009. The Department of Justice and Equality is assessing the implications of the judgment. They will introduce proposals in the context of its package of legislation on insolvency and bankruptcy. There is no commitment or intention to have a second Keane report that would consider the...

Report by the Interdepartmental Working Group on Mortgage Arrears: Statements (Resumed) (20 Oct 2011)

Michael Noonan: Certainly, I do not see any particular reduction in rents within a couple of miles of this place. The buy-to-rent market in certain parts of the country has gone very well. There are problems with the buy-to-rent market to the extent that some of the development was driven by tax breaks. The main prop when some blocks of apartments were being developed was a tax break. They were not...

Report by the Interdepartmental Working Group on Mortgage Arrears: Statements (Resumed) (20 Oct 2011)

Michael Noonan: There is a very clear distinction between owner-occupiers and people who developed property for rental purposes.

Report by the Interdepartmental Working Group on Mortgage Arrears: Statements (Resumed) (20 Oct 2011)

Michael Noonan: I will deal with the questions in reverse order. The shared ownership scheme involved a type of split mortgage, with the local authority taking an equity share. It is not a million miles from the solutions we are proposing. An examination of that model might offer a way of structuring the split mortgage subsequently. The Deputy referred to the Minister of State, Deputy Penrose. The reason...

Report by the Interdepartmental Working Group on Mortgage Arrears: Statements (Resumed) (20 Oct 2011)

Michael Noonan: Sorry, I did not hear what the Deputy said.

Report by the Interdepartmental Working Group on Mortgage Arrears: Statements (Resumed) (20 Oct 2011)

Michael Noonan: The composition of the group represented a pragmatic arrangement. Mr. Keane has been seconded from KPMG to the Department of Finance for some time. He is primarily an accountant with necessary expertise. Therefore, we put him in as leader of the group. There were officials from the Department of the Environment, Community and Local Government because they had expertise and responsibility...

Written Answers — Tax Yield: Tax Yield (20 Oct 2011)

Michael Noonan: I propose to take Questions Nos. 48 to 50, inclusive, together. I am informed by the Revenue Commissioners that the number of category A new vehicles registered for Vehicle Registration Tax and the Vehicle Registration Tax receipts from category A new vehicles registered for Vehicle Registration Tax, from 1993 to September 2011 are shown in the Table below. I am also informed by the Revenue...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (20 Oct 2011)

Michael Noonan: I have been advised by the Central Bank that a decision has been taken to require any bank that has received Government capital support to provide an impact analysis of any proposed standard variable mortgage rate increase in terms of the implications for its arrears position and future capital requirements. The Central Bank has also indicated that the Board of Directors of such a bank must,...

Written Answers — Tax Code: Tax Code (20 Oct 2011)

Michael Noonan: The stamp duty levy of 0.6% applies to the market value, on the valuation date, of assets under management in pension funds and pension plans approved under Irish tax legislation. I cannot say what the precise impact of the levy will be on individual funds, schemes or members as this depends on whether and to what extent pension fund trustees and Life Offices decide to pass on the levy to...

Written Answers — Financial Services Regulation: Financial Services Regulation (20 Oct 2011)

Michael Noonan: I propose to take Questions Nos. 53 and 54 together. As Minister for Finance, my role 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 of Ireland is responsible for the regulation of credit unions and is independent in the exercise of his duties. As Minister...

Written Answers — Departmental Bodies: Departmental Bodies (20 Oct 2011)

Michael Noonan: In the period since February 2011 three bodies have been established under the aegis of my Department. Details in respect of these bodies are as follows. The Commission on Credit Unions The Commission on Credit Unions was established by the Government on 31 May 2011. Its purpose is to review the future of the credit union movement and make recommendations in relation to the most effective...

Written Answers — Tax Collection: Tax Collection (20 Oct 2011)

Michael Noonan: I am advised by the Revenue Commissioners that as the claim for repayment of tax was outside the time limit as prescribed by Section 865, subsections (4) (a) Taxes Consolidation Act 1997 no refund can be made to the person in question. Due to the express nature of the Four Year Rule prescribed by statute and there being no provisions permitting a derogation by way of waiver/relaxation...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (20 Oct 2011)

Michael Noonan: A draft report setting out the Strategy for Financial Inclusion was published on my Department's website in June of this year. The strategy was drafted following a review undertaken by the Social Finance Foundation on my behalf, to identify recommended actions to achieve a substantial reduction in financial exclusion over a 3-5 year period – including the introduction of basic payment...

Leaders' Questions (25 Oct 2011)

Michael Noonan: If there was no guarantee there would be no losses.

Alcohol Products Tax (25 Oct 2011)

Michael Noonan: I thank Deputy McNamara for raising this issue. The Revenue Commissioners is responsible for the collection of tax on alcohol products. Alcohol products tax is charged by reference to the nature of the product. The same rate of tax applies irrespective of the type of premises in which the product is sold. I am advised by the Revenue Commissioners that for this reason data is not available...

Alcohol Products Tax (25 Oct 2011)

Michael Noonan: The same tax regimes applies in respect of alcohol products whether sold off-trade or on-trade. There is no variation in that regard. There would be no possibility of distinguishing for VAT purposes between off-licences and public houses. Pricing in respect of alcohol will be a key issue in the recommendations of the steering committee on substance misuse, which is expected to be published...

Central Bank (Supervision and Enforcement) Bill 2011: Order for Second Stage (25 Oct 2011)

Michael Noonan: I move: "That Second Stage be taken now."

Central Bank (Supervision and Enforcement) Bill 2011: Second Stage (25 Oct 2011)

Michael Noonan: I move: "That the Bill be now read a Second Time." The regulatory failures of the financial crisis have been the subject of extensive and objective analysis. The reports from Professor Patrick Honohan, Messrs. Regling and Watson, the Nyberg commission and the Moriarty tribunal point out the problems to be addressed. Poor supervision, an overly-deferential attitude by regulators, poor...

Central Bank (Supervision and Enforcement) Bill 2011: Second Stage (25 Oct 2011)

Michael Noonan: We will have to vote "Yes" in the referendum.

Written Answers — Departmental Expenditure: Departmental Expenditure (25 Oct 2011)

Michael Noonan: Fees and expenses incurred by NAMA are recovered through the operating activities of the agency. They are published in the quarterly reports of NAMA, which are laid before the Houses of the Oireachtas and published on the NAMA website. The second quarterly report for the period ending 30 June 2011, accompanied by financial statements for the second quarter, was submitted to me as required...