Results 2,361-2,380 of 27,019 for speaker:Michael Noonan

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of Financial Services and Pensions Ombudsman Bill 2016 and Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Discussion (27 Oct 2016)

Michael Noonan: No.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of Financial Services and Pensions Ombudsman Bill 2016 and Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Discussion (27 Oct 2016)

Michael Noonan: First of all, the proposal in the heads of the Bill is to merge two different ombudsmen. There is already a time limit in the pensions legislation, which has generally operated well since 1996. There is experience of the operation of the provision in respect of the Pensions Ombudsman. On the Deputy's question on the definition of a long-term financial service, I understand it means a...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of Financial Services and Pensions Ombudsman Bill 2016 and Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Discussion (27 Oct 2016)

Michael Noonan: The issues would be around mortgages, life assurances and so on and it relates to a service rather than a product.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of Financial Services and Pensions Ombudsman Bill 2016 and Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Discussion (27 Oct 2016)

Michael Noonan: Things that are annually renewed would include things such as house insurance, pet insurance and travel insurance. Six years would be the limit and that should be sufficient. There is a range of things. The insurance company writes stating that a person needs to renew for the following year. All those kinds of products are annual renewal ones.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of Financial Services and Pensions Ombudsman Bill 2016 and Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Discussion (27 Oct 2016)

Michael Noonan: The Deputy's concerns may be valid and we are happy to work with him on the definitions when the Bill is being drafted. There will be new definitions. The Deputy's concerns may be valid and we would like to tease them out.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of Financial Services and Pensions Ombudsman Bill 2016 and Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Discussion (27 Oct 2016)

Michael Noonan: As they bring their past experience to bear on particular complaints, different levels of previous experience may be relevant and helpful in adjudicating on a complaint. The person with exclusively consumer issues experience at their fingertips might not necessarily be the person best positioned to adjudicate on a different type of complaint which involved the complications of a particular...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of Financial Services and Pensions Ombudsman Bill 2016 and Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Discussion (27 Oct 2016)

Michael Noonan: The proposed heads of the Bill provide:The Council is to consist of a maximum of 7 persons, one of whom is the Chairperson. At least two members must have knowledge or experience of consumer protection and other consumer issues relating to the provision of financial services; at least one member must have knowledge or experience of the financial services industry; and at least one member...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of Financial Services and Pensions Ombudsman Bill 2016 and Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Discussion (27 Oct 2016)

Michael Noonan: I agree.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of Financial Services and Pensions Ombudsman Bill 2016 and Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Discussion (27 Oct 2016)

Michael Noonan: The general term "vulture fund" applies to property funds that acquire mortgages, for example, and whatever would be the legal position in respect of the obligations of the original owner would be transferred to the vulture fund as the new owner. We already legislated for that last year. The rights would transfer. Therefore, yes, it would.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of Financial Services and Pensions Ombudsman Bill 2016 and Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Discussion (27 Oct 2016)

Michael Noonan: If one thinks, in the first instance, of what the situation might be if the complainant went to the courts rather than to the ombudsman, both sides would present their case but the judge would not engage with either side and at the end would decide and adjudicate. Here, the process is more quasi-judicial but there is also mediation. We would envisage that there could be a dialogue between...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of Financial Services and Pensions Ombudsman Bill 2016 and Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Discussion (27 Oct 2016)

Michael Noonan: The new ombudsman will be independent so it is not for me to prescribe how he deals with that particular section. As he is coming in here shortly, I am sure if the Deputy asks him he will elaborate. I am not avoiding the issue but the Deputy can see that even at this stage it is important we preserve his independence.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of Financial Services and Pensions Ombudsman Bill 2016 and Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Discussion (27 Oct 2016)

Michael Noonan: Yes. If he says something which requires a further refinement of the head we will take his advice.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of Financial Services and Pensions Ombudsman Bill 2016 and Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Discussion (27 Oct 2016)

Michael Noonan: I will check that for the Senator. I need to take advice on the matter. We are very puzzled, Senator.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of Financial Services and Pensions Ombudsman Bill 2016 and Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Discussion (27 Oct 2016)

Michael Noonan: I have got a general piece which I will read. The briefing is by way of question and answer. The question is: will the Minister allow for an appeal and a full rehearing to be made to the Circuit Court? The complainants can decide at the outset whether to bring their dispute to the appropriate court, depending on the quantum of their claim or alternatively to complain to the ombudsman free...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of Financial Services and Pensions Ombudsman Bill 2016 and Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Discussion (27 Oct 2016)

Michael Noonan: The briefing note also makes the point, as the committee will have heard, that complainants who intend going to court anyway would use it as a kind of pipe opener free of charge to see where the land lies before they proceed to the courts. One might get a flood of complaints where the intention of the complainant was never to conclude them within the ambit of the ombudsman's powers but to...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of Financial Services and Pensions Ombudsman Bill 2016 and Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Discussion (27 Oct 2016)

Michael Noonan: A Circuit Court review on appeal on a point of law would not be any more detailed than that of a High Court appeal in that no new evidence is submitted and the court is not rehearing old evidence. As such, a new perspective on the evidence would not apply. The adjudication would be whether the ombudsman erred in law or not. That would be the net point. Whether the appeal is to the Circuit...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of Financial Services and Pensions Ombudsman Bill 2016 and Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Discussion (27 Oct 2016)

Michael Noonan: The issue raised by the Senator is largely a separate issue. I have already responded to the effect that they would fall within the remit of the legislation if the institutions involved are regulated financial services entities. As I understand it, they are. In regard to the other points made by the Senator, I would need evidence from him that what he is saying is happening. My...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of Financial Services and Pensions Ombudsman Bill 2016 and Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Discussion (27 Oct 2016)

Michael Noonan: If the Senator can send me on evidence I will pass it on to the Central Bank. If a vulture fund is operating in that way it is operating illegally.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of Financial Services and Pensions Ombudsman Bill 2016 and Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Discussion (27 Oct 2016)

Michael Noonan: I thank the Chairman and members of the committee for their questions.

Written Answers — Department of Finance: Carbon Tax Exemptions (27 Oct 2016)

Michael Noonan: In Budget 2017, I announced the exemption from carbon tax for fuel used to create high efficiency electricity in combined heat an power plants.  The dual process of using energy to create usable heat and power is regarded as a highly efficient energy process and makes use of the heat produced in the electricity generation instead of releasing it into the atmosphere....