Results 7,801-7,820 of 27,019 for speaker:Michael Noonan

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

Michael Noonan: As the Deputy is aware, the essential issue revolves around ensuring that there are sufficient procedures and initiatives available to allow mortgages to be restructured in a way that will see to it that they are affordable. Some 110,000 mortgages have already been restructured and significant progress has also been made across a range of initiatives. In the past month or so, the...

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

Michael Noonan: As the Deputy is aware, a menu of options is available to the lending institutions and mortgage holders in the context of restructuring mortgages. Some of these initiatives suit particular mortgages holders while others do not. One of the quite frankly disappointing aspects of this matter is the low level of take-up in respect of the personal insolvency legislation. However, the position...

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

Michael Noonan: While, as the Deputy states, this issue falls within the functional responsibility of my colleague, the Minister for Justice and Equality, Deputy Fitzgerald, he will be aware that the duration of bankruptcy was reduced from 12 years to three in December 2013. Insolvency Service of Ireland data indicate that for all of 2013, 58 people were adjudicated bankrupt by the High Court, whereas in...

Ceisteanna - Questions - Priority Questions: Mortgage Interest Rates (1 Apr 2015)

Michael Noonan: I thank the Deputy for raising this important issue. Lending institutions in Ireland, including those in which the State has a significant shareholding, are independent commercial entities. I have no statutory role in regard to regulated financial institutions passing on the European Central Bank interest rate changes or to the mortgage interest rates charged. It is a commercial matter for...

Ceisteanna - Questions - Priority Questions: Mortgage Interest Rates (1 Apr 2015)

Michael Noonan: The views the Deputy is expressing are shared widely by Members on all sides. As I said in my response, a previous deputy Governor of the Central Bank indicated that within its existing powers and through the use of persuasion, it would continue to engage with specific lenders that appear to have standard variable rates set disproportionate to their cost of funds. I will speak to the...

Ceisteanna - Questions - Priority Questions: Mortgage Interest Rates (1 Apr 2015)

Michael Noonan: I will do my best to do as the Deputy requests, in accordance with the legal powers I have. Obviously, however, I cannot be expected to act illegally.

Written Answers — Department of Finance: Mortgage Arrears Report Implementation (1 Apr 2015)

Michael Noonan: The Government's Strategy to address the problem of mortgage arrears was formulated in response to the recommendations of the Keane Report (2011) and the main elements of it are: - Engagement with the banks to develop appropriate measures for their customers in mortgage arrears; - Personal insolvency law reform and implementation; - Mortgage to rent; and - A mortgage Advisory...

Written Answers — Department of Finance: Tax Compliance (1 Apr 2015)

Michael Noonan: As I have previously advised this House, confronting tax evasion in all its guises, including the use of offshore accounts for that purpose, is a priority for the Revenue Commissioners.  They have been to the forefront internationally in addressing evasion using offshore accounts and other mechanisms, and a series of special investigations that they have undertaken in this field has...

Written Answers — Department of Finance: Economic Growth Rate (1 Apr 2015)

Michael Noonan: First estimates of economic activity for 2014 show that real GDP rose 4.8 per cent in 2014 compared with 2013.  GNP rose by 5.2 per cent. Domestic demand grew on an annual basis for the first time since 2007.  Both private consumption and investment contributed to this growth. Exports rose by 12.6 per cent annually in 2014.  This was the fastest rate of expansion since 2001....

Written Answers — Department of Finance: Property Tax Exemptions (1 Apr 2015)

Michael Noonan: I have initiated a review of the operation of the LPT. The Review will primarily have regard to recent residential property price developments, the overall yield from LPT and the desirability of achieving relative stability in LPT payments. It will also address a number of issues which have arisen in relation to the efficient and effective administration of the LPT, among which is likely to...

Written Answers — Department of Finance: Betting Legislation (1 Apr 2015)

Michael Noonan: The impact of gambling addiction is one that every public representative has come across in the course of their work. The recently enacted Betting (Amendment) Act 2015 was a first step in providing protection for vulnerable people through the supervision of operators offering remote betting services in this jurisdiction. Sections 4 and 5 of the Act provide that it will be an offence to offer...

Written Answers — Department of Finance: Eurozone Crisis (1 Apr 2015)

Michael Noonan: On 20 February 2015, the Eurogroup noted the request from the Greek authorities for an extension of the second programme in order to allow for the successful completion of the fifth review and allow for discussions on a possible follow-up arrangement between the Eurogroup, the Institutions and Greece.  Given the immediate financing needs, the short term focus has been on...

Written Answers — Department of Finance: Credit Availability (1 Apr 2015)

Michael Noonan: While the data contained in the European Commission Staff Working Document referred to by the Deputy pertains to stock of lending in the first two quarters of 2014, a more relevant barometer of funding activity is the level of new lending to the SME sector. The most recent Central Bank statistical release entitled "Trends in Business Credit and Deposits, Q4 2014", published last...

Written Answers — Department of Finance: Credit Unions Services (1 Apr 2015)

Michael Noonan: I have been informed by the Central Bank that credit unions are currently not prohibited from providing mortgages to members. Mortgages are currently subject to the maturity limits contained in section 35(2) of the Credit Union Act, 1997 which sets out the percentage of a credit union's loan book that can be outstanding for periods exceeding both five and ten years, as well as...

Written Answers — Department of Finance: Property Tax Exemptions (1 Apr 2015)

Michael Noonan: The Deputy may be aware that I have initiated a review of the operation of the LPT. The Review will primarily have regard to recent residential property price developments, the overall yield from LPT and the desirability of achieving relative stability in LPT payments. It will also address a number of issues which have arisen in relation to the efficient and effective administration of the...

Written Answers — Department of Finance: Mortgage Arrears Proposals (1 Apr 2015)

Michael Noonan: It is important to note that there is no such regulated category as "sub-prime lender".  However, Retail Credit Firms are authorised to provide credit, in the form of cash loans, directly to individuals (these firms are not licensed to accept deposits).  Some firms authorised in this category are mortgage lenders.  Retail Credit Firms have been subject to regulation by the...

Written Answers — Department of Finance: Tax Code (1 Apr 2015)

Michael Noonan: The EU Commission published the proposal for a Common Consolidated Corporate Tax Base (CCCTB) in March 2011.  The proposal provides for common rules for calculating the corporate tax base, a consolidated tax base for all group entities within the EU and apportionment of the consolidated tax base between Member States under a formula of apportionment.  While Ireland remains...

Written Answers — Department of Finance: Tax Code (1 Apr 2015)

Michael Noonan: The EU Commission published the proposal for a Common Consolidated Corporate Tax Base (CCCTB) in March 2011.  The proposal provides for common rules for calculating the corporate tax base, a consolidated tax base for all group entities within the EU and apportionment of the consolidated tax base between Member States under a formula of apportionment.  While Ireland remains...

Written Answers — Department of Finance: European Fund for Strategic Investment (1 Apr 2015)

Michael Noonan: The informal meeting of Finance Ministers (ECOFIN) in Milan last September noted that a lack of capital investment from both the public and private sectors was leading to a lag in growth in the EU's economy. Ecofin then agreed the establishment of a Special Task Force to develop an EU project pipeline of viable investments of European significance. As part of this process Ireland...

Written Answers — Department of Finance: Mortgage Arrears Report Implementation (1 Apr 2015)

Michael Noonan: The Central Bank's Code of Conduct on Mortgage Arrears (CCMA) governs the relationship between a regulated lender and a borrower who is experiencing difficulty in meeting the commitments on a mortgage which is secured either on the borrower's primary residence or on a residential property which is the only residential property in the State owned by the borrower.  The Consumer Protection...