Results 11,961-11,980 of 27,019 for speaker:Michael Noonan

Other Questions: IBRC Mortgage Loan Book (8 Apr 2014)

Michael Noonan: Although I know it is the job of Opposition Deputies to misconstrue as far as possible the views of Ministers, I said none of the things he has accused me of saying. He asked me about the heads of the Bill. As I said in the original answer, because the heads have not yet been legally proofed, I am not in a position to discuss them with him.

Other Questions: IBRC Mortgage Loan Book (8 Apr 2014)

Michael Noonan: Let me finish. My intention is to legislate in order that the code of practice that applies to regulated organisations which have mortgage books will also apply to organisations outside the jurisdiction which are not regulated by the Central Bank.

Other Questions: IBRC Mortgage Loan Book (8 Apr 2014)

Michael Noonan: It is the same thing.

Other Questions: Mortgage Arrears Proposals (8 Apr 2014)

Michael Noonan: It is not true to say there is a widespread move across the banks to a repossession strategy. I understand the joint committee will have the banks before it shortly and individual cases can be raised with them. The information we in the Department of Finance have got from the Department of Justice and Equality advises that the number of new civil bills issued for the first two months of...

Other Questions: IBRC Mortgage Loan Book (8 Apr 2014)

Michael Noonan: The Government has always been clear that we would ensure mortgage holders retained the protection of the CCMA. We also made clear that we fully expected that any purchaser of the IBRC mortgage portfolio would service the loan books in accordance with the CCMA. This expectation has been met in recent days with the conclusion of the sale of the IBRC mortgage portfolio. The two...

Other Questions: IBRC Mortgage Loan Book (8 Apr 2014)

Michael Noonan: I do not think that is correct. It is not my job to give out legal advice, but I believe that when there is a serious agreement between two people, even if they only shake hands on it, there is a contract. Some of the guarantees we saw before the sale were transmitted by way of e-mail and in written form. Therefore, I work under the assumption that there is a contractual obligation. Lone...

Other Questions: Mortgage Arrears Proposals (8 Apr 2014)

Michael Noonan: The total number of permanent restructures has increased to 54,000. Term extensions and arrears recapitalisation are the dominant permanent restructure types, comprising 60% of the total. It should be noted there has been an increase in the number of split mortgages to over 7,100 from approximately 2,500 at the end of August 2013. This includes split mortgages on a trial basis, pending the...

Other Questions: Pensions Legislation (8 Apr 2014)

Michael Noonan: The points are well made. I will examine the matter again before the next Finance Bill is introduced when I will take the Deputy's views into account. We may have a further discussion on it at some stage at the finance committee-----

Other Questions: Pensions Legislation (8 Apr 2014)

Michael Noonan: -----in order that I can establish the views of a wider group of Deputies. That is not to say the Deputy's views are not very valuable because what he is saying is correct.

Other Questions: Mortgage Arrears Proposals (8 Apr 2014)

Michael Noonan: The Deputy will be aware that in March 2013 the Central Bank published the mortgage arrears resolution targets, MART, framework, which sets out performance targets for mortgage arrears resolution for the six main mortgage lenders. As I mentioned, these lenders are Allied Irish Banks, Bank of Ireland, Permanent TSB, Ulster Bank, ACC Bank and KBC Bank Ireland. They are required to meet...

Other Questions: Pensions Legislation (8 Apr 2014)

Michael Noonan: The Finance Act 2013 provides members of occupational pension schemes with a three-year window of opportunity from 27 March 2013 during which they can opt to draw down, on a once-off basis, up to 30% of the accumulated value of AVCs. The provisions also apply to AVCs made to personal retirement savings accounts. Administrators of AVC funds, including PRSA administrators, are required to...

Other Questions: Pensions Legislation (8 Apr 2014)

Michael Noonan: From a policy point of view, I am a bit ambivalent about it. I realise the importance of making proper provision for pension purposes; however, if people are absolutely financially stuck they might need access to savings they have put away in AVCs. Certainly the drawdown was less than I expected. I would have thought, as a result of the advocacy by different groups and the personal...

Ceisteanna - Questions - Priority Questions: Wage-setting Mechanisms (8 Apr 2014)

Michael Noonan: All members of society, including employees, have contributed to the adjustments it has been necessary to make in recent years. I suppose the biggest contribution has been made by those who lost their jobs. There is a trade-off between the general level of pay in an economy and the number of new jobs one can provide. The priority of the Government is focused on creating new jobs. However,...

Ceisteanna - Questions - Priority Questions: Wage-setting Mechanisms (8 Apr 2014)

Michael Noonan: Wages in Ireland, at certain levels, are lower than in the economies described by the Deputy, albeit not dramatically so. Many of the wage rates for comparative work in the United Kingdom are about the same or lower. However, if one looks towards eastern Europe, the countries of which compete with us frequently, there are much lower pay rates. I recall that in my own home town of Limerick...

Ceisteanna - Questions - Priority Questions: Wage-setting Mechanisms (8 Apr 2014)

Michael Noonan: It is not all confined to the Netherlands or the Italian region around Milan. However, the policy is clear. The Government is not returning to centralised bargaining, but it will continue to grow the economy. It is seeking to use many of the benefits of growth to create additional jobs because there are high unemployment levels and many students are coming out of schools and colleges....

Ceisteanna - Questions - Priority Questions: Credit Unions Restructuring (8 Apr 2014)

Michael Noonan: I understand the Central Bank's three-month multi-debt framework pilot, which operated during the final quarter of 2013, has now run its course. The pilot helped to highlight factors which assist, as well as issues which prevent, borrowers with multiple debts from finding mutually acceptable informal solutions with their lenders. Any further initiatives arising from the pilot framework...

Ceisteanna - Questions - Priority Questions: Wage-setting Mechanisms (8 Apr 2014)

Michael Noonan: It is not surprising that trade unions and others would call for wage increases, especially given the recent visible improvements in the economic environment, including in the labour market. Indeed this improvement in economic conditions is evident from the fact that certain firms throughout the private sector have recently agreed to pay increases to their employees. However, other firms,...

Ceisteanna - Questions - Priority Questions: Credit Unions Restructuring (8 Apr 2014)

Michael Noonan: The credit union movement is a very important sector and I would like to give the Deputy the update he seeks. There were 388 credit unions at the end of December 2013 with total assets of €13.9 billion. Total members' savings for 2013 amounted to €11.6 billion. Loans to members have decreased by almost 13 per cent from December 2012 and currently stand at €4.3 billion,...

Ceisteanna - Questions - Priority Questions: Credit Unions Restructuring (8 Apr 2014)

Michael Noonan: The imposition of lending restrictions is the responsibility of the Registrar of Credit Unions, who is the independent regulator of credit unions at the Central Bank. Within her independent regulatory discretion, the registrar acts to support the prudential soundness of individual credit unions to maintain sector stability and to protect the savings of credit union members. I have been...

Ceisteanna - Questions - Priority Questions: Housing Issues (8 Apr 2014)

Michael Noonan: Outrage does not build houses. One needs to have a plan-----