Results 2,181-2,200 of 27,019 for speaker:Michael Noonan
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)
Michael Noonan: The Deputy is including second-hand houses in his figures.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)
Michael Noonan: That is not possible.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)
Michael Noonan: If the Deputy's arguments are correct and there is such a money demand out there for new houses, why are new houses not being built-----
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)
Michael Noonan: -----in the private sector?
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)
Michael Noonan: The Deputy is misinterpreting the figures.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)
Michael Noonan: I will provide Deputy Doherty with one figure before he finishes. The current trend of first-time buyers buying new houses, according to Revenue, is 150 a month.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)
Michael Noonan: The current trend of first-time buyers buying new houses is 150 a month. There is plenty of headroom in this game within the money provided-----
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)
Michael Noonan: -----of €50 million. So the Deputy's figures of hundreds of millions are off the Richter scale.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)
Michael Noonan: That is not the point. The Deputy is statistically incorrect.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)
Michael Noonan: The scheme is designed for first-time buyers of new houses or new apartments. By definition, anybody in negative equity has a new house or apartment already. The Deputy is asking me to use the scheme for the purchasers of second homes. I do not think this is the scheme for that, although I appreciate the problem the Deputy has identified. We have had some discussions with the Central Bank...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)
Michael Noonan: Yes.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)
Michael Noonan: I will think about it.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)
Michael Noonan: What is the Deputy's solution?
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)
Michael Noonan: That is being done. There is a big social housing programme being rolled out.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)
Michael Noonan: There must be a private housing programme as well. The bit we are doing here is on private housing for first-time buyers. A whole programme has been rolled out by the Minister, Deputy Coveney, relating to social housing. This is about affordable housing for young couples.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)
Michael Noonan: The Cherrywood example is not a vulture fund. Developers in Cherrywood have the biggest construction developing company in the United States of America. They are not vulture fund people at all.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)
Michael Noonan: They develop vast tracts of land and sublet sections of it to smaller builders. They have a good working model. Of course, they work for a profit but they are not ripping people off or anything like that. They will contribute to housing supply in south Dublin.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)
Michael Noonan: At the risk of causing the Deputy further concern, the biggest risk I see to house prices is 9,000 or 10,000 very well-paid people from the City of London relocating to Dublin with money to buy second-hand homes. That is the space the Deputy should look at.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)
Michael Noonan: The information I have from the Revenue Commissioners is that mortgage sanctions to first-time buyers are running at 150 per month, amounting to 1,800 and not 18,000.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)
Michael Noonan: It is for new builds. I will read the note in case there was misunderstanding. The current trend of first-time buyers buying new houses is 150 per month.