Results 18,441-18,460 of 27,019 for speaker:Michael Noonan

Ceisteanna - Questions - Priority Questions: Gambling Legislation (4 Feb 2015)

Michael Noonan: The Betting (Amendment) Bill 2013 has been the subject of a number of delays, primarily arising from the need to ensure that the provisions relating to prosecution and enforcement were robust and the need to notify the EU Commission under the EU Technical Standards Directive. The Bill was first published in July 2012 but further work was required around the area of prosecution and...

Ceisteanna - Questions - Priority Questions: Gambling Legislation (4 Feb 2015)

Michael Noonan: Obviously, the delays were unsatisfactory but they were out of our hands. Most of the delays were caused by the directive of the European Commission to which I referred. The Committee Stage is now scheduled for 11 February in the Seanad. The Deputy will recall that we took out a whole section of the Bill about the longer opening hours for bookies' premises, etc., and enacted it in the...

Ceisteanna - Questions - Priority Questions: Gambling Legislation (4 Feb 2015)

Michael Noonan: Agreement between my Department and the Revenue Commissioners was achieved last summer. The further delays were to do with the technical directive from Europe. At the end of the process, there was an objective submitted to the Commission from the Maltese authorities and that had to run its course as well. After that three-month period elapsed, the European authorities are satisfied with...

Ceisteanna - Questions - Priority Questions: State Banking Sector (4 Feb 2015)

Michael Noonan: As the Deputy will be aware the Irish banking system is in a much stronger position than it has been in recent years. Profits are recovering, balance sheets have been restructured and we have started the process of returning cash to the taxpayer following the huge investments that were made over the 2009-11 period. Much of the banking-related work in the Department of Finance this year...

Ceisteanna - Questions - Priority Questions: State Banking Sector (4 Feb 2015)

Michael Noonan: I am not sure of the weight that should be attributed to Rolling Stonemagazine in terms of being a financial adviser. If it was me, I would telephone Mick Jagger rather than read the magazine if I was looking for financial advice.

Ceisteanna - Questions - Priority Questions: State Banking Sector (4 Feb 2015)

Michael Noonan: The position is that we anticipated a year or so ago that we would have a need for advice and three panels were put together of possible advisers with different areas of expertise. The panel from which we were getting advice to restructure AIB had 11 advisory groups on it, including Goldman Sachs. All 11 tendered and there was an objective selection process. Goldman Sachs was marginally...

Ceisteanna - Questions - Priority Questions: State Banking Sector (4 Feb 2015)

Michael Noonan: I have answered this question on innumerable occasions. The Government's policy position is that we do not intend retaining the banks and, in particular AIB, in public ownership indefinitely but indefinitely could stretch out a long way. I have been advised by my Swedish colleague that the last of the shares held by the Swedish Government in its banking system following the country's...

Other Questions: Bank Charges (4 Feb 2015)

Michael Noonan: All credit institutions in Ireland are independent commercial entities. I have no statutory in respect of the charges applied by them. Section 149 of the Consumer Credit Act 1995 requires that credit institutions, prescribed credit institutions and bureaux de change must make a submission to the Central Bank if they wish to introduce new customer charges or increase existing customer...

Other Questions: Bank Charges (4 Feb 2015)

Michael Noonan: There is no connection between the report published by the Department of Finance in 2013 and the subsequent increases in charges by the banks. The Central Bank has a role in authorising charges and may alter them, but the Minister for Finance has no such role. I presume the banks were waiting to see if section 149 of the Consumer Credit Act 1995 would be repealed or if there would be a...

Other Questions: Bank Charges (4 Feb 2015)

Michael Noonan: As the Deputy is aware, when my predecessor, the late Brian Lenihan, brought the banks into public ownership, there were arrangements, agreements and legal contracts signed to the effect that the Department of Finance and the Minister would not interfere in the commercial affairs of the banks. He was absolutely right to do so and I have followed these rules. We do not interfere in what are...

Other Questions: Budget Measures (4 Feb 2015)

Michael Noonan: I thank th e Deputy for his question. As he may be aware, I am of the view that a fair, efficient and competitive income tax system is essential for economic growth and job creation. I have long said the burden of the income tax system in Ireland is too high. I also said I would seek to reduce it as soon as it was prudent to do so. The identification of the squeezed middle as those...

Other Questions: Budget Measures (4 Feb 2015)

Michael Noonan: A series of supplementary questions have been put by the Deputy. The Government's target for procurement costs is to save €150 million this year, a very significant saving. The Deputy is aware that the cost of energy has come down dramatically. The budget was built on a Brent oil figure of €105 per barrel, but it is now at €43 or €44. The Government's policy is...

Other Questions: Budget Measures (4 Feb 2015)

Michael Noonan: The policy instrument available to me to assist the so-called squeezed middle is the taxation system. I have outlined for the Deputy what I have done in terms of income tax and USC reductions through the budget. I also said in my Budget Statement that I would follow the same line of policy in the next budget, subject to the availability of resources to do so. The Deputy has raised many...

Other Questions: Budget Consultation Process (4 Feb 2015)

Michael Noonan: The proposal raised by the Deputy is one that surfaces from time to time and its consideration has already led to steps in this direction. For instance, my Department provides costings in regard to taxation proposals on a confidential basis to assist parties in advance of general elections or budgets. However, it is fair to say that these costings are limited by being provided on a static,...

Other Questions: Budget Consultation Process (4 Feb 2015)

Michael Noonan: I have not fully developed my views on this yet but I agree in principle that we should move in the direction signalled by the Deputy. I agree also that the Opposition should be involved in developing the ideas. When my own thoughts have developed a little further I will meet with Deputy Doherty, Deputy Michael McGrath and the representative on finance from the Technical Group to see how we...

Other Questions: Mortgage Lending (4 Feb 2015)

Michael Noonan: Following a public consultation process, the Central Bank of Ireland announced its new macroprudential measures for residential mortgage lending. The regulations place certain limits on both loan-to-value, LTV, and loan-to-income, LTI, ratios for new mortgage lending. For non-first-time buyers, a mortgage will be limited to 80% of the value of a principal dwelling house. First-time buyers...

Other Questions: Mortgage Lending (4 Feb 2015)

Michael Noonan: First, the Central Bank is independent. It brought forward these macroprudential rules on lending for house purchases because it was aware of how the property bubble had crashed the economy previously. It was also aware of the inadequacy of Central Bank and Financial Regulator action at the time, which is well recited. One can see why the bank was anxious that there would be no repeat. ...

Other Questions: Mortgage Lending (4 Feb 2015)

Michael Noonan: I am familiar with the arguments the Deputy has made, arguments that he has put very well. On the issue of how it will affect the market, it is designed to have an effect on it. There would be no point to it if it did not have an effect on it.

Other Questions: Mortgage Lending (4 Feb 2015)

Michael Noonan: The overall purpose of the rules is to prevent another housing bubble from emerging, if one believes that is a risk. We hope they will have an effect on the market.

Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015: Order for Second Stage (4 Feb 2015)

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