Results 19,781-19,800 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Tax Collection (27 May 2015)

Michael Noonan: I am advised by Revenue that the total amount of outstanding uncollected taxes at 31 March 2015 was €1,695 million. This amount represents a reduction of €145 million (8%) on the equivalent 31 March 2014 figure. The total 'debt available for collection' (DAC) figure at that point (31 March 2015) was €907 million, which is a reduction of €102 million (10%) on the...

Written Answers — Department of Finance: VAT Rate Application (27 May 2015)

Michael Noonan: The VAT rating of goods and services is constrained by the requirements of EU VAT law with which Irish VAT law must comply.  Defibrillators, other than implantable defibrillators, are liable to VAT at the standard rate of 23%. Parts or accessories and training are also liable to VAT at the standard rate. There is no provision in the EU VAT Directive that would make it possible to...

Written Answers — Department of Finance: Tax Reliefs Application (27 May 2015)

Michael Noonan: Section 216A of the Taxes Consolidation Act 1997 provides for the rent-a-room scheme. This scheme was introduced in Finance Act 2001 as an incentive to encourage individuals to let rooms in their principal private residence in order to bring about an increase in the availability of rental accommodation, particularly for the student sector. The scheme provides an exemption from Income Tax,...

Written Answers — Department of Finance: Universal Social Charge Application (27 May 2015)

Michael Noonan: The legislation governing an Employee Share Ownership Trust (ESOT) is contained in Section 519 and Schedule 12 to the Taxes Consolidation Act 1997.  A company must apply to the Revenue Commissioners if they wish to operate such an ESOT.  The Revenue Commissioners will only approve the ESOT where all the necessary conditions specified in the legislation are complied with.  ...

Written Answers — Department of Finance: Mortgage Lending (27 May 2015)

Michael Noonan: Central Bank regulated lending institutions, including those in which the State has a significant shareholding, are independent commercial entities.  Therefore, subject to overall compliance with Central Bank prudential and consumer protection regulatory requirements, decisions on individual credit applications are a matter for an individual institution. As...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015: Committee Stage (27 May 2015)

Michael Noonan: I move amendment No. 1:In page 3, to delete line 16 and substitute the following:" "(iiia) a person authorised to carry on the business of a credit servicing firm,".". These amendments deal with financial service providers that are already regulated. They are largely technical in nature. Our intent was always that an existing regulated financial service provider, authorised to provide...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015: Committee Stage (27 May 2015)

Michael Noonan: I thank the Deputy for his amendment and intervention. The occurrences he describes are totally unacceptable and the purpose of the legislation we are discussing is to ensure they will no longer be in accordance with law and will be prohibited under the terms of the Bill. The service provider, rather than the owner, interfaces with the customer who has the mortgage. In the legislation we...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015: Committee Stage (27 May 2015)

Michael Noonan: It is the activity that is regulated.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015: Committee Stage (27 May 2015)

Michael Noonan: We are not trending towards deregulation; rather, we are moving in the opposite direction. We are taking loan books that are now not regulated by the Central Bank and we are bringing in primary legislation to regulate the manner in which firms that regulate the credit are regulated. It is a move totally in the opposite direction. It is the activity that needs to be regulated. If the owner...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015: Committee Stage (27 May 2015)

Michael Noonan: The firms that provided mortgages - the banks and the building societies - are traditionally regulated by the Central Bank under protocols and regulations. In the new circumstances in which loans are sold as portfolios, we want to ensure that the same regulation applies to those as historically applied to the mortgagee and the mortgage offerers with which we are all familiar. The Central...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015: Committee Stage (27 May 2015)

Michael Noonan: They are going in now. The legislation will bring them in.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015: Committee Stage (27 May 2015)

Michael Noonan: Some of them were complying voluntarily.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015: Committee Stage (27 May 2015)

Michael Noonan: Now they will have to comply under the law.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015: Committee Stage (27 May 2015)

Michael Noonan: The owner can only make arrangements with the credit servicing firms in line with the code of conduct for mortgage arrears as laid down by the Central Bank.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015: Committee Stage (27 May 2015)

Michael Noonan: That would be the situation if we were not enacting this Bill, but there are clear guidelines on the role of the owner set out in section 1(f) of the Bill before us, which are being supplemented with amendment No. 20.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015: Committee Stage (27 May 2015)

Michael Noonan: It is clear from section 1(f) that the owner is constrained in what he may do. All credit servicing firms will follow the same regulations. On the issue of owners based outside Ireland, I have a note, which I read. Relevant Irish financial services law, including the Consumer Protection Code 2012, the code of conduct on mortgage arrears and the Consumer Credit Act 1995, applies to the...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015: Committee Stage (27 May 2015)

Michael Noonan: What I was pointing out when I mentioned the EU and the EEA was that there are absolute reciprocal arrangements on regulation if a firm is within the EU. Deputy Peadar Tóibín said that in effect I had changed tack. I have changed tack. I changed tack precisely for the reason the Deputy has outlined. The reciprocal arrangements would not apply if it was a Canadian-based owner....

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015: Committee Stage (27 May 2015)

Michael Noonan: We are not talking about general regulation here. Let us go back to first principles. The purpose of this Bill is to extend to portfolios of loans that have been purchased the same code of conduct for mortgage arrears that is now applied by the Central Bank to the banks and building societies that we have been familiar with over the years. That is the regulatory space.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015: Committee Stage (27 May 2015)

Michael Noonan: The code sets down many conditions to do with contact with mortgage holders, etc., with which the Deputy will be familiar. At all times, under Irish contract law, the mortgage itself, which remains subject to the laws of Ireland, and the credit servicing firm will be regulated by the Central Bank. We are not interfering with that.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015: Committee Stage (27 May 2015)

Michael Noonan: At all times, under Irish contract law, the mortgage itself will remain subject to the laws of Ireland, outside this legislation.