Results 12,521-12,540 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Departmental Staff Data (25 Feb 2014)

Michael Noonan: My Department currently has 18 staff seconded from external companies the breakdown of which is outlined as follows. Organization seconded from Role in Finance Number AIB Specialist, Financial Stability, Risk and Communications Office 1 Irish Funds Industry Specialist, Financial Services Division 1 RPA Specialist, Project Management Office 1 NESDO Specialist, Banking Division 1 NTMA...

Written Answers — Department of Finance: Black Economy Issues (25 Feb 2014)

Michael Noonan: The illicit sale of goods and other shadow economy practices are matters that concern me greatly and I am very mindful of the loss of revenue to the State and the unfair competitive advantage to be gained by those businesses engaged in unregistered and illicit trading.  The Deputy will be aware that I introduced a range of measures in Finance (No. 2) Act 2013 which was specifically aimed...

Written Answers — Department of Finance: Tax Credits (25 Feb 2014)

Michael Noonan: I am advised by the Revenue Commissioners that the couple's circumstances changed for 2014 resulting in reduced tax credits and hence a higher tax payment. The couple are jointly assessed and in receipt of both an occupational pension and taxable Department of Social Protection (DSP) payments.  The tax in respect of the DSP payments is collected through reduction of the tax credits...

Written Answers — Department of Finance: Banking Sector Issues (25 Feb 2014)

Michael Noonan: The Report on the Pilot project on the Standard Bank Account was published on my Department's website on 10 January last. The Pilot Project involved the 3 Irish retail banks - Allied Irish Banks, Bank of Ireland and permanent tsb. It is intended that those institutions will be involved in the roll out of the Standard Bank Account.  It will not necessarily be the case that the...

Written Answers — Department of Finance: Fuel Laundering (25 Feb 2014)

Michael Noonan: I am advised by the Revenue Commissioners that they are committed to serving the community by fairly and efficiently collecting taxes and duties and implementing Customs controls. Any person who is detected using or keeping Marked Mineral Oil in a motor vehicle can submit, in writing, an outline of the circumstances giving rise to the detection. The matter will be investigated and the...

Topical Issue Debate: Corporation Tax Regime (20 Feb 2014)

Michael Noonan: I have had detailed public discussions with the Deputy on this issue on a number of occasions, most recently at the Joint Committee on Finance, Public Expenditure and Reform on Thursday of last week. He will also recall that the issue of effective tax rates was discussed at length on Committee Stage of the Finance Bill last November. In view of the significant confusion around the issue, it...

Topical Issue Debate: Corporation Tax Regime (20 Feb 2014)

Michael Noonan: I do not think the Deputy and I are going to solve this conundrum this evening because we have had this debate several times before. I acknowledge that there are different estimates of what the effective tax rate is in Ireland. We have gone through them on a number of occasions. The most fruitful way to advance this debate is to revert to the Committee Stage debate on the Finance Bill in...

Other Questions: Legislative Programme (20 Feb 2014)

Michael Noonan: The commitment given previously by the unregulated purchasers of mortgage books was a formal one, but I could not say whether it has the force of contract law without checking the legal position. However, I would not expect anybody to resile from it; if a formal commitment is given, it stands. The commitment is given publicly to the mortgage holders in the first place, but it is also given...

Other Questions: Legislative Programme (20 Feb 2014)

Michael Noonan: It is important to think the matter through. NAMA is required to get the best return possible for the taxpayer on anything it sells. The only way for it to establish this is to have a competitive process. That is exactly what the liquidator is doing. It cannot sell a single mortgage unilaterally to the mortgage holder because it needs to establish value in the market. If it were to sell...

Other Questions: Legislative Programme (20 Feb 2014)

Michael Noonan: The publication of the Deputy's Bill was quite helpful to us and me, personally. It sharpens the consciousness of anybody thinking of buying that there are concerns in the House and that there is a legislative route that this Parliament might follow. We can discuss it, but I see it as something we will deal with as the situation develops. It should develop very rapidly and conclude in...

Other Questions: IBRC Mortgage Loan Book (20 Feb 2014)

Michael Noonan: It is important to highlight that the contractual terms and conditions of all customer mortgages and other borrowings have not changed as a result of the appointment of the special liquidators; nor will those terms and conditions change as a result of the ultimate sale of these obligations to a third party. Purchasers of mortgage loans will be required to honour the legal...

Other Questions: IBRC Mortgage Loan Book (20 Feb 2014)

Michael Noonan: Hyping up the situation and using extreme emotional language is not helping the mortgage holders.

Other Questions: IBRC Mortgage Loan Book (20 Feb 2014)

Michael Noonan: Yes, because they are being well hyped up by people-----

Other Questions: IBRC Mortgage Loan Book (20 Feb 2014)

Michael Noonan: ------whose interests are not their interests.

Other Questions: IBRC Mortgage Loan Book (20 Feb 2014)

Michael Noonan: It is unfair to the mortgage holders to be raising unreal fears.

Other Questions: IBRC Mortgage Loan Book (20 Feb 2014)

Michael Noonan: It is unfair to the mortgage holders to be raising unreal fears. We should not do it. People have different objectives. I am prepared to back the mortgage holders and work towards a solution. I said it was complicated and that my officials are in talks with the Central Bank and the Attorney General's office on the best possible solution. The liquidator must get the best return possible...

Other Questions: IBRC Mortgage Loan Book (20 Feb 2014)

Michael Noonan: I accept what the Deputy says. We are working on solutions and monitoring the situation every step of the way. There is a process of sale going on which will be completed in the middle of March. We must wait to see who purchases the loan books, following which, if necessary, we can act. We are not standing idly by. We are working in parallel but for legal reasons I am not going to...

Other Questions: Legislative Programme (20 Feb 2014)

Michael Noonan: The Bill to which the Deputy refers is listed in the legislative programme, published last month, under the category "Bills in respect of which heads have yet to be approved by Government".  The purpose of the Bill is to provide for the application of the protections provided to mortgage holders under the Central Bank's CCMA to loan books which have been sold by...

Other Questions: Banking Sector Issues (20 Feb 2014)

Michael Noonan: In any restructuring of Ulster Bank's mortgage arrears unit, it must continue to comply with the code of conduct on mortgage arrears, CCMA, which sets out requirements for all mortgage lenders dealing with borrowers who are in mortgage arrears and provides a strong consumer protection framework to ensure that borrowers struggling to keep up with their mortgage repayments must be dealt with in...

Other Questions: Banking Sector Issues (20 Feb 2014)

Michael Noonan: The same rules apply. We have held meetings with Ulster Bank, which has confirmed this. I have also twice met - once before Christmas and once after - Mr. Mark Carney, the Governor of the Bank of England, who assured me that the policy that is published in respect of Ulster Bank is the one that will continue to be implemented.