Results 14,941-14,960 of 27,019 for speaker:Michael Noonan

Other Questions: Pensions Legislation (8 Apr 2014)

Michael Noonan: -----in order that I can establish the views of a wider group of Deputies. That is not to say the Deputy's views are not very valuable because what he is saying is correct.

Other Questions: Mortgage Arrears Proposals (8 Apr 2014)

Michael Noonan: The Deputy will be aware that in March 2013 the Central Bank published the mortgage arrears resolution targets, MART, framework, which sets out performance targets for mortgage arrears resolution for the six main mortgage lenders. As I mentioned, these lenders are Allied Irish Banks, Bank of Ireland, Permanent TSB, Ulster Bank, ACC Bank and KBC Bank Ireland. They are required to meet...

Other Questions: Mortgage Arrears Proposals (8 Apr 2014)

Michael Noonan: The total number of permanent restructures has increased to 54,000. Term extensions and arrears recapitalisation are the dominant permanent restructure types, comprising 60% of the total. It should be noted there has been an increase in the number of split mortgages to over 7,100 from approximately 2,500 at the end of August 2013. This includes split mortgages on a trial basis, pending the...

Other Questions: Mortgage Arrears Proposals (8 Apr 2014)

Michael Noonan: It is not true to say there is a widespread move across the banks to a repossession strategy. I understand the joint committee will have the banks before it shortly and individual cases can be raised with them. The information we in the Department of Finance have got from the Department of Justice and Equality advises that the number of new civil bills issued for the first two months of...

Other Questions: IBRC Mortgage Loan Book (8 Apr 2014)

Michael Noonan: The Government has always been clear that we would ensure mortgage holders retained the protection of the CCMA. We also made clear that we fully expected that any purchaser of the IBRC mortgage portfolio would service the loan books in accordance with the CCMA. This expectation has been met in recent days with the conclusion of the sale of the IBRC mortgage portfolio. The two...

Other Questions: IBRC Mortgage Loan Book (8 Apr 2014)

Michael Noonan: I do not think that is correct. It is not my job to give out legal advice, but I believe that when there is a serious agreement between two people, even if they only shake hands on it, there is a contract. Some of the guarantees we saw before the sale were transmitted by way of e-mail and in written form. Therefore, I work under the assumption that there is a contractual obligation. Lone...

Other Questions: IBRC Mortgage Loan Book (8 Apr 2014)

Michael Noonan: I did not introduce the legislation first because the sale was moving along a tight timeline and the legislation was complex. It will take some time to bring it to a conclusion. The other reason is that we had guarantees from the potential purchasers that they would honour the codes of practice set down by the Central Bank. They are reputable organisations and there is no reason to doubt...

Other Questions: IBRC Mortgage Loan Book (8 Apr 2014)

Michael Noonan: Although I know it is the job of Opposition Deputies to misconstrue as far as possible the views of Ministers, I said none of the things he has accused me of saying. He asked me about the heads of the Bill. As I said in the original answer, because the heads have not yet been legally proofed, I am not in a position to discuss them with him.

Other Questions: IBRC Mortgage Loan Book (8 Apr 2014)

Michael Noonan: Let me finish. My intention is to legislate in order that the code of practice that applies to regulated organisations which have mortgage books will also apply to organisations outside the jurisdiction which are not regulated by the Central Bank.

Other Questions: IBRC Mortgage Loan Book (8 Apr 2014)

Michael Noonan: It is the same thing.

Leaders' Questions (8 Apr 2014)

Michael Noonan: Táim ag ruaig air.

Written Answers — Department of Finance: Mortgage Interest Rates (8 Apr 2014)

Michael Noonan: At the outset, I must confirm to the Deputy that the lending institutions in Ireland, including those in which the State has a significant shareholding, are independent commercial entities and, as such, it is a commercial decision for each lender to decide what interest rates they charge customers in relation to standard variable mortgages. Ultimately the pricing of financial products,...

Written Answers — Department of Finance: EU Meetings (8 Apr 2014)

Michael Noonan: European Finance Ministers met recently in Athens as part of the Greek Presidency.  The Eurogroup (a meeting of the Finance Ministers of the 18 Eurozone countries) met first on the morning of 1st April chaired by the President of the Eurogroup and Dutch Finance Minister, Mr Jeroen Dijsselbloem.  The second meeting was an Informal Ecofin meeting of the 28 members...

Written Answers — Department of Finance: Household Debt Statistics (8 Apr 2014)

Michael Noonan: Total household 'on balance sheet' outstanding loan amounts fell to €106 billion in February 2014, comprising 78 per cent loans for house purchase with the remainder relating to consumer credit and other loans. Aggregate household indebtedness has been declining in Ireland over the last number of years, both in nominal terms and as a share of household income. To a certain extent...

Written Answers — Department of Finance: Tobacco Seizures (8 Apr 2014)

Michael Noonan: I am advised by the Revenue Commissioners that almost 41 million cigarettes and over 4,200 kilograms of tobacco were seized by them in 2013 as a result of their extensive programme of action against the illicit tobacco trade. The quantity of cigarettes seized in 2013 was lower than in 2012 and 2011, when seizures amounted to 95.6 million and 109.1 million respectively. It must, be borne in...

Written Answers — Department of Finance: Financial Services Regulation (8 Apr 2014)

Michael Noonan: The experience of the financial crisis has discredited 'light touch' regulation. The response of the Government to the regulatory failures identified in the reports by Governor Patrick Honohan, Messrs. Regling and Watson and the Nyberg Commission has been to put in place a system of robust regulation, with assertive risk-based supervision underpinned by a credible threat of...

Written Answers — Department of Finance: IBRC Investigations (8 Apr 2014)

Michael Noonan: I am advised by NAMA that it does not accept that it will incur any liabilities with respect to any foreign jurisdiction lawsuits and it will defend itself fully with respect to any such litigation. The management of litigation is a matter for the Board of NAMA. I have been advised by the Special Liquidators of IBRC that the bank identified overcharging issues in the...

Written Answers — Department of Finance: Tax Code (8 Apr 2014)

Michael Noonan: I would like to highlight that the OECD paper, to which the Deputy refers, is a consultation document, which was published to generate discussion and to seek the views of interested parties. The consultation period is open until the middle of this month. I would like to stress that the OECD working group which is examining this issue has still...

Written Answers — Department of Finance: EU-IMF Programme of Support (8 Apr 2014)

Michael Noonan: As the Deputy will be aware, this Government has met all of its targets to date and has achieved substantial progress in setting the public finances and the economy back on the road to good health and this has been acknowledged by the European Commission, the International Monetary Fund, the European Central Bank and most economic commentators.  The Exchequer statement for the first...

Written Answers — Department of Finance: Financial Services Ombudsman Issues (8 Apr 2014)

Michael Noonan: Firstly, I must point out that the Financial Services Ombudsman is independent in the performance of his statutory functions.  I have no role in the day to day workings of the office. The Financial Services Ombudsman  was set up to adjudicate on unresolved disputes between complainants and financial service providers in an independent and impartial manner The Central Bank and...