Results 11,561-11,580 of 27,019 for speaker:Michael Noonan

Ceisteanna - Questions (Resumed) - Priority Questions (Resumed): Bank Codes of Conduct (2 Jul 2013)

Michael Noonan: The Central Bank has now concluded a review of the Code of Conduct on Mortgage Arrears, CCMA, following a public consultation process, with in excess of 230 submissions received. The revised CCMA was published on 27 June 2013 and came into effect on 1 July 2013. The submissions made, as well as a feedback document outlining the Central Bank's response to some of the main issues raised, have...

Ceisteanna - Questions (Resumed) - Priority Questions (Resumed): Bank Codes of Conduct (2 Jul 2013)

Michael Noonan: The Central Bank is responsible for the code of conduct on mortgage arrears. It initially proceeded in this regard by publishing a draft code and it then took into account advice it received. The code was put out for public consultation, 230 submissions were made and it was modified accordingly. The final version which has been promulgated seems to have attracted significantly more support...

Ceisteanna - Questions (Resumed) - Priority Questions (Resumed): Bank Codes of Conduct (2 Jul 2013)

Michael Noonan: I agree with much of the Deputy's analysis. It has been a very difficult time for a group of people who borrowed to acquire family homes at the height of the Celtic tiger and who, for one reason or another, have found it very difficult to pay their mortgages. On top of that, they have found that the collateral underpinning the mortgage is not worth what it was when they borrowed. It is a...

Other Questions: Strategic Investment Fund Management (2 Jul 2013)

Michael Noonan: As recently announced, the Government has decided to establish the Ireland strategic investment fund, ISIF, which will absorb National Pensions Reserve Fund, NPRF. The discretionary fund of the NPRF of approximately €6.4 billion will be channelled towards productive investment on commercial terms in the Irish economy. Officials of my Department are currently preparing the necessary...

Other Questions: Strategic Investment Fund Management (2 Jul 2013)

Michael Noonan: If we were to build a road between Cork and Limerick, the Department of Public Expenditure and Reform would have to put it down as a proposal. The NPRF would assess it on commercial grounds and if it were commercially viable, it could make the cut. If it were not, it would not make the cut. The initiation might be on the political policy side but the decision would be on commercial...

Other Questions: Strategic Investment Fund Management (2 Jul 2013)

Michael Noonan: The NPRF is already investing so there is no question of it being delayed along the lines suggested by the Deputy. However, it is investing on the basis of a kind of letter of comfort that I issued to it to allow it to get ahead of the legislation. That must be a temporary arrangement and it needs to be put on a statutory basis. The legislation has gone through the Government at heads...

Other Questions: Economic Growth Initiatives (2 Jul 2013)

Michael Noonan: A number of initiatives are being implemented at EU level to boost growth. The cumulative impact of all these measures will be positive in terms of supporting economic activity in the EU at this difficult juncture. For instance, Heads of State or Government in the EU agreed on a compact for growth and jobs in June last year. This involves action by both member states themselves and at EU...

Other Questions: Economic Growth Initiatives (2 Jul 2013)

Michael Noonan: Among the practical examples which would help Ireland is first of all the commitment to complete the single market. It is approximately 80% complete and for the remaining 20% the financial services sector particularly is inhibited by different rules and regulations in different member states. The fact that Ireland in this Presidency cleared 11 finance folios, most of them in the financial...

Other Questions: Economic Growth Initiatives (2 Jul 2013)

Michael Noonan: On Deputy Michael McGrath's point, the European Investment Bank is engaged in quite a lot of activity, for example, a bundle of schools is being completed, co-financed with the EIB. European Investment Bank money is also funding the separation of traffic at Newlands Cross and the continuation of the road to Wexford. It is assessing the project for the health centres at the moment. That...

Other Questions: Banking Sector Remuneration (2 Jul 2013)

Michael Noonan: I propose to take Questions Nos. 69 and 102 together. As I have explained in previous responses to questions on this matter, discussions are ongoing at three banks - AIB, Band of Ireland and Permanent TSB - in response to the Government's decision that they were to come up with plans on how they intended to achieve savings of 6% to 10% of total remuneration costs. It was an inescapable...

Other Questions: Banking Sector Remuneration (2 Jul 2013)

Michael Noonan: I have asked that payroll costs be reduced by between 6% and 10%. I am interested in reducing the cost base of the banks for all of the reasons of which everyone is aware. I am not as interested in retribution or vengeance as Deputy Pearse Doherty. That is a different objective. We have received the first round of replies from the banks. These deal with a range of issues. The banks are...

Written Answers — Department of Finance: Tax Code (2 Jul 2013)

Michael Noonan: The corporation tax paid by some large multinational corporations and the rate at which they pay that tax is an issue that has attracted a lot of public and media attention recently. Every country in the world has its own particular tax system. These systems have been put in place and developed over the years to reflect their own circumstances. Some multinational corporations, with the...

Written Answers — Department of Finance: NAMA Debtors (2 Jul 2013)

Michael Noonan: As advised in response to a recent Parliamentary Question 82 of 20th June 2013, NAMA debtors who have been declared bankrupt outside of Ireland had, by reference to the nominal or par value of loans, exposure to debt of approximately €8 billion at the time of NAMA's acquisition of loans from the participating institutions. As also advised, NAMA has enforced over the assets securing...

Written Answers — Department of Finance: VAT Exemptions (2 Jul 2013)

Michael Noonan: I am informed by the Revenue Commissioners that the service provided by personal insolvency practitioners does not qualify for exemption in accordance with the EU VAT Directive, Irish VAT law, and relevant decisions of the European Court of Justice. Therefore, like other insolvency services such as those provided by liquidators, receivers and examiners, the service provided by a personal...

Written Answers — Department of Finance: Mortgage Arrears Proposals (2 Jul 2013)

Michael Noonan: As the Deputy is aware, I have no statutory function in relation to banking decisions made by individual lending institutions at any particular time. This is ultimately a commercial decision for the management team and board of each bank, having due regard to their customers and the impact on profitability. I must ensure that the banks are run on a commercial, cost effective and independent...

Written Answers — Department of Finance: Bank Charges (2 Jul 2013)

Michael Noonan: While the Government is acutely aware of the increasing financial stress that some households and businesses are facing in the current environment, ultimately the pricing of financial products, including customer account charges, is a commercial matter for the management and the Board of the Institution. As the Deputy will be aware the Relationship Framework with the bank provides that the...

Written Answers — Department of Finance: Overseas Development Aid Issues (2 Jul 2013)

Michael Noonan: I have referred, in answers to other Parliamentary Questions, to work done under the auspices of the OECD in relation to assistance to developing countries in tax matters. In particular, the tax and development programme implemented by the OECD's Committee on Fiscal Affairs (CFA) and Development Assistance Committee (DAC) is concerned with supporting effective tax systems in developing...

Written Answers — Department of Finance: Banks Recapitalisation (2 Jul 2013)

Michael Noonan: The recordings to which the Deputy has referred are a matter of the most serious concern in the context of the background of the bank guarantee against which they were made. As I said last week in commenting on the affair, the content of the tapes has been very negative for Ireland's standing internationally and has resulted in extremely unfavourable press coverage abroad. Here at home,...

Written Answers — Department of Finance: Tax Code (2 Jul 2013)

Michael Noonan: I propose to take Questions Nos. 77, 91, 94 and 127 together. I want to make it clear that we do not have a special low corporation tax rate for individual companies. Ireland's tax system is statute-based so there is no possibility of individual special tax rates for companies. However, I am aware of recent media reports which refer to the ways that some companies structure their...

Written Answers — Department of Finance: Mortgage Arrears Proposals (2 Jul 2013)

Michael Noonan: I propose to take Questions Nos. 78 and 119 together. The 2011 Keane Report on mortgage arrears identified personal insolvency reform, and in particular the introduction of new and more accessible debt resolution mechanisms, as a central catalyst for the resolution of the mortgage arrears problem. Indeed, it went as far as stating that, without effective bankruptcy legislation, the...