Results 7,781-7,800 of 27,019 for speaker:Michael Noonan

Other Questions: Mortgage Arrears Proposals (1 Apr 2015)

Michael Noonan: Borrower engagement with a bank, including the local branch, is very important in dealing with mortgage arrears. I am informed by the Central Bank that under the code of conduct on mortgage arrears, CCMA, lenders must establish a centralised, dedicated and adequately staffed arrears support unit, ASU, to manage cases under the mortgage arrears resolution process. It is the responsibility of...

Other Questions: Petrol Stretching (1 Apr 2015)

Michael Noonan: I never said that.

Other Questions: Petrol Stretching (1 Apr 2015)

Michael Noonan: I do not have the data to which the Deputy refers. It is news to me that complaints have been made to the Garda Síochána about petrol stretching which have not been passed on to Revenue.

Other Questions: Petrol Stretching (1 Apr 2015)

Michael Noonan: The Deputy has raised it, but if he has a file on it ,he might provide it and we will give it to the Revenue Commissioners.

Other Questions: Petrol Stretching (1 Apr 2015)

Michael Noonan: We will let the Revenue Commissioners investigate, if there is a way to do so. One of the central points in my reply to the Deputy's question is that if there is no fraud or if there is no intention of fraud, it is outside the legal powers of the Revenue Commissioners. They pursue fraud and criminal offences. If there is no evidence of a criminal offence and if it looks as if there was...

Other Questions: Petrol Stretching (1 Apr 2015)

Michael Noonan: It is not for Revenue to sort it.

Other Questions: Banking Sector Regulation (1 Apr 2015)

Michael Noonan: I can confirm that I last met the CEOs and senior management of the each of the banks last July when we discussed, among other matters, the issues included in the Deputy's question. I also met the CEO of Permanent TSB in the past month. In addition to my own meetings with the banks, officials in my Department meet senior management of each of the banks each month at least. The agendas for...

Other Questions: Banking Sector Regulation (1 Apr 2015)

Michael Noonan: There is a relationship framework in place, the details of which the Deputy is fully aware of. My officials meet the banks every month. They are sometimes in daily contact with them on specific issues. Otherwise it is weekly contact. I work with my officials who brief me and I give them my view. I transmit views to the banks through my officials. There is merit in doing it on a...

Ceisteanna - Questions - Priority Questions: EU Budget Issues (1 Apr 2015)

Michael Noonan: I want to make it clear that I and the Government believe in the rules that stem from the Stability and Growth Pact. The issue is that when rules are applied to give bizarre or peculiar results, the application of the rules needs to be examined. For example, technical people in the European Commission looking at migration patterns from 2008 for three years or so, when migration was very...

Ceisteanna - Questions - Priority Questions: EU Budget Issues (1 Apr 2015)

Michael Noonan: I always listen to the advice of the Irish Fiscal Advisory Council, which is independent and gives its advice freely without any influence of the Government being brought to bear on it. We will follow the same approach on this occasion. It is a long way to the budget but we will be laying out the parameters of where I think the economy is going to go in the spring statement. The Deputy...

Other Questions: Petrol Stretching (1 Apr 2015)

Michael Noonan: I am advised by the Revenue Commissioners, who are responsible for tackling fuel fraud, that they are very aware of the risks posed to consumers' vehicles, legitimate businesses and the Exchequer by all forms of fuel fraud. The Revenue Commissioners have, since last summer, received reports from a variety of locations around the country of problems relating to petrol quality, and suggestions...

Other Questions: Petrol Stretching (1 Apr 2015)

Michael Noonan: We must distinguish between what may have occurred as a result of negligence and what may have occurred as a result of fraud. In the test carried out by the Revenue Commissioners in the State Laboratory, 345 samples were tested. Only in two samples is there clear evidence of petrol stretching as defined. There is no economic point or any economic advantage in mixing diesel with petrol, yet...

Ceisteanna - Questions - Priority Questions: Mortgage Data (1 Apr 2015)

Michael Noonan: I will outline the remainder of the reply which I did not have time to read. In relation to the proposal suggested by the Deputy, I am not convinced how workable a solution it may be, but it appears to be the case that many of the properties that banks are moving to repossess have been carrying arrears for some significant period and would be sold for a lower valuation than the original...

Ceisteanna - Questions - Priority Questions: Mortgage Data (1 Apr 2015)

Michael Noonan: The Deputy is expressing a very narrow view of profitability. It seems to me that if a lending institution has a mortgage in arrears, for the period of the arrears it is losing a lot of money from the original contract position. I am not sure what Deputy Donnelly is saying about profits. The restructuring should help both parties, the borrower and the lender, and it should arrive at a new...

Ceisteanna - Questions - Priority Questions: Mortgage Data (1 Apr 2015)

Michael Noonan: -----not the nominal value of the mortgage.

Ceisteanna - Questions - Priority Questions: EU Budget Issues (1 Apr 2015)

Michael Noonan: From 2016, the public finances in Ireland will be subject to the rules of the preventive arm of the Stability and Growth Pact. Assessment of compliance with the rules of the preventive arm is based on two pillars, the annual improvement in the structural balance and the expenditure benchmark. The expenditure benchmark links growth in expenditure to the potential growth rate of the economy....

Ceisteanna - Questions - Priority Questions: Personal Debt (1 Apr 2015)

Michael Noonan: The issue of reducing the term of bankruptcy from three years to one year is separate from restructuring mortgages, and should be seen as such. By mixing both issues one could end up making a decision which would not be helpful. If somebody has mixed debt, the only institution that has security is the bank because it has the deeds of the home and is underpinning the mortgage. Therefore the...

Ceisteanna - Questions - Priority Questions: Personal Debt (1 Apr 2015)

Michael Noonan: The issue of reforming the bankruptcy laws is fairly recent. The former Minister for Justice and Equality, Deputy Shatter, brought in legislation reducing the period from 12 to three years. At the time, the three-year period was not picked arbitrarily. Other options were considered, including the one-year option which is now the norm in Britain and Northern Ireland. Therefore, there has...

Ceisteanna - Questions - Priority Questions: Mortgage Data (1 Apr 2015)

Michael Noonan: I thank the Deputy for his question. The Consumer Protection Code and the Code of Conduct on Mortgage Arrears, CCMA, have in place a number of measures to protect financial consumers. On a general level, regulated lenders are required, in their interaction with their customers, to act honestly, fairly and professionally in the best interests of their customers. Utilising the mortgage...

Ceisteanna - Questions - Priority Questions: Mortgage Debt (1 Apr 2015)

Michael Noonan: I thank Deputy Pearse Doherty for tabling this question. Tackling mortgage arrears is a priority for the Government. A whole-of-government approach has been adopted in addressing this issue, with a view to maximising the level of loan restructuring arrangements and minimising the number of home repossessions. Initiatives such as the reform of personal insolvency legislation, the...