Results 10,341-10,360 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: IBRC Liquidation (24 Apr 2013)

Michael Noonan: I have been advised by the Special Liquidators that the total value of the 23 individual Irish pension fund accounts placed on deposit with Irish Bank Resolution Corporation at the time of liquidation was €1m. I am advised that this excludes any funds placed on deposit with the Bank in client accounts opened on behalf of beneficiaries, where these beneficiaries are Irish pension...

Written Answers — Department of Finance: IBRC Liquidation (24 Apr 2013)

Michael Noonan: I have been advised by the Special Liquidators that the €1m specified previously is the sum total of the 23 individual pension fund accounts.

Written Answers — Department of Finance: Tax Forms (24 Apr 2013)

Michael Noonan: I am advised by the Revenue Commissioners that, according to their records, the Form HPL1 submitted on behalf of the taxpayer and spouse was completed and returned on the 5th March. A further Form HPL1 received from the taxpayer on the 5th April has today been completed and returned to him.

Written Answers — Department of Finance: Property Taxation Application (24 Apr 2013)

Michael Noonan: I am informed by the Revenue Commissioners that the PPSN provided by the Deputy does not refer to the person in question. Revenue would like to make direct contact with the person to assist him in meeting his Local Property Tax (LPT) obligations. If the Deputy makes direct contact with Ms. Jane Scanlan at 061 488021 or jascanla@revenue.ie to confirm the person's details, Revenue will make...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)

Michael Noonan: I move amendment No. 1: In page 7, lines 23 to 25, to delete subsection (2) and substitute the following:"(2) The Central Bank Acts 1942 to 2012 and this Act (other than section 54) may be cited together as the Central Bank Acts 1942 to 2013 and shall be construed together.".

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)

Michael Noonan: I move amendment No. 2: In page 8, subsection (1), between lines 16 and 17, to insert the following:“ “contravene” includes fail to comply, and also includes—(a) attempting to contravene, (b) aiding, abetting, counselling or procuring a person to commit a contravention, (c) inducing, or attempting to induce, a person (whether by threats or promises or otherwise) to...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)

Michael Noonan: I move amendment No. 3: In page 9, subsection (1), line 29, to delete “Part 1 to Part 4” and substitute “Parts 1 to 4”. These are technical amendments changing cross-references.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)

Michael Noonan: I move amendment No. 4: In page 9, subsection (2), line 30, to delete “Part 1 to Part 8” and substitute “Parts 1 to 8”.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)

Michael Noonan: I move amendment No. 5: In page 9, subsection (3), line 32, to delete “Part 1 to Part 7” and substitute “Parts 1 to 7”.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)

Michael Noonan: I move amendment No. 6: In page 9, between lines 34 and 35, to insert the following subsection:“(4) The amendment of a statutory instrument by subsection (3) does not prevent or restrict the subsequent amendment or revocation of the instrument by another statutory instrument.”. This is a technical amendment about statutory instruments.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)

Michael Noonan: Section 3 of the Statute of Limitations Act 1991 introduced an element of discoverability to the limitation period applicable in respect of claims for personal injuries. Personal injuries are defined to include any disease or impairment of a person's physical or mental condition. On a basic level, claims in respect of such injuries must now be instituted within two years of the date on...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)

Michael Noonan: I am not opposed in principle to the measure under discussion. The provision would more appropriately be introduced in a reforming Bill of the Minister for Justice and Equality to take account of recommendations from the Law Reform Commission on the Statute of Limitations. I may have a legislative vehicle in my Department which will provide for the amalgamation of the Office of the Pensions...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)

Michael Noonan: It will involve the amalgamation of two offices over a two year period, which means it will not be introduced immediately. I hope it will be introduced within the lifetime of the Government.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)

Michael Noonan: I have a lengthy speaking note which I will deliver for the Deputy. Part 2 of the Bill provides a new power for the Central Bank to require financial service providers to commission and submit to it an independent and objective report. The Central Bank has significant information gathering powers which are being further enhanced under the Bill, given the central importance of information...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)

Michael Noonan: An industry consultation process took place on this provision. I will give the Deputy a short summary to give him an insight into the thinking behind the measure. What emerged from the process were concerns that the Central Bank might take action on the basis of interim or incomplete reports, to which it can have access under section 12. There was also the need for prior consultation with...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)

Michael Noonan: That is correct.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)

Michael Noonan: The Central Bank already has that power.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)

Michael Noonan: It is an additional power. The Central Bank already has the power to select an authorised officer to produce a report on a particular practice or set of circumstances. This is in addition to the power recommended by Deputy Pearse Doherty as an alternative. They are not alternatives. The two powers give the Central Bank a range of options on how to proceed and will make regulation more...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)

Michael Noonan: There are various ways of looking at this but we want to maintain the relationship between reviewer and reviewed in the first instance. We drew on the experience in the UK, which has had legislation along these lines for approximately ten years. This approach seems to work well in practice. I am sure the Deputy's observation is correct. In terms of regulation, the officer appointed by the...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)

Michael Noonan: I move amendment No. 16: In page 13, before section 16, to insert the following new section:16. - A reviewer shall, where requested by the Bank, in such form and within such period as the Bank may specify, provide an explanation of all or any part of a report under this Part or the recommendations, if any, made in the report, or of such other matters relating to the report as the Bank...