Results 1,461-1,480 of 27,019 for speaker:Michael Noonan

Other Questions: Motor Insurance Regulation (17 Jan 2017)

Michael Noonan: It is one downsides of the Single Market that a company regulated in Malta can sell insurance freely here and is subject to Maltese regulation. Changes are now being made. The underlying framework is now strengthened with the introduction of the Solvency II directive on 1 January 2016. The system is now much more risk-sensitive and demanding, with increased capital requirements which will...

Other Questions: Motor Insurance Regulation (17 Jan 2017)

Michael Noonan: The Deputy makes a very fair point. We have had bad experiences with insurance companies back as far as PMPA and more recently Quinn Insurance, Setanta and various other ones we could mention. It is certainly a situation of caveat emptorwhen one is taking out insurance because the lowest premium does not always come from the best insurer.

Other Questions: Financial Services Sector (17 Jan 2017)

Michael Noonan: The Deputy is referring to the structures in place to engage with the financial services industry following the discontinuation of the IFSC Clearing House Group. The Minister of State, Deputy Eoghan Murphy, is responsible for leading implementation of the whole-of-Government international financial services, IFS, 2020 strategy via reformed consultative structures. The Minister of State...

Other Questions: Financial Services Sector (17 Jan 2017)

Michael Noonan: The financial services section of the Department is in the charge of the Minister of State, Deputy Eoghan Murphy. He is proceeding with the committees to which I referred to publish a new revised policy statement on financial services. The response from my Department so far is that in amending section 110 to obviate the various issues raised by Deputies in respect of property transactions we...

Other Questions: Tax Code (17 Jan 2017)

Michael Noonan: I thank all the Deputies for their contributions. I know there are points concerning this issue that are arguable and that is why I am following the Revenue advice and saying this should be appealed on a test case basis to see where the law lies. I know Members have very strongly held views and that is also the case for the constituents whom they represent. However, as I said to Deputy...

Other Questions: Tax Code (17 Jan 2017)

Michael Noonan: I have a written reply to Deputy Griffin's Question No. 34, so I will read that first, and I will see what I can do with the other issues that have been raised. I am aware that a number of Deputies have tabled questions for answer today in connection with ongoing Revenue aspect queries relating to patronage shares issued by Kerry Co-op to some of its members. At the outset of the...

Ceisteanna - Questions (Resumed) - Priority Questions: Loan Books Purchasers (17 Jan 2017)

Michael Noonan: I am not sure whether the letter the Deputy alluded to complies with the legal position. In the first instance, I invite him to contact the Governor of the Central Bank to ascertain whether it does comply with the legislation. Second, if the Deputy lists for me the difficulties with the current legislation, I will engage with him and put civil servants at his disposal to draft amending...

Ceisteanna - Questions (Resumed) - Priority Questions: Loan Books Purchasers (17 Jan 2017)

Michael Noonan: I will work with the Deputy and put the officials in question at his disposal. If anybody else who is particularly interested in this issue wants to engage, I will engage with him or her also.

Other Questions: Tax Code (17 Jan 2017)

Michael Noonan: On a point of order, I have no objection to following whatever procedure the House decides but the draft answers I have vary from Deputy to Deputy because there are variations in the questions.

Other Questions: Tax Code (17 Jan 2017)

Michael Noonan: I do not want to get up and read out five answers but I will try, in so far as I can, respond to all the Deputies in response to supplementary questions. The Deputies will get the answers anyway as written answers after this session.

Other Questions: Tax Code (17 Jan 2017)

Michael Noonan: When does Question Time conclude?

Ceisteanna - Questions (Resumed) - Priority Questions: Tax Code (17 Jan 2017)

Michael Noonan: It would be incorrect to assume that we can tax these assets because we do not tax assets. I presume the Deputy is talking about tax on the income stream in respect of rent-mortgage repayments or capital gains tax. One or the other would be subject to tax. The first move by investment companies of this nature is to seek to change behaviour to either eliminate or reduce their tax liability....

Ceisteanna - Questions (Resumed) - Priority Questions: Tax Code (17 Jan 2017)

Michael Noonan: The draft legislation was published well before the budget. The Deputy will recall that it was published in September and that it was accompanied by a statement inviting observations on the legislation. It was published as draft legislation subject to consultation. As such it was no cause of wonder that interested parties and their legal representatives or tax advisers contacted the...

Ceisteanna - Questions (Resumed) - Priority Questions: Loan Books Purchasers (17 Jan 2017)

Michael Noonan: As the Deputy will be aware, the Consumer Protection (Regulation of Credit Servicing Firms) Act 2015 was enacted in July 2015. It was introduced to fill the consumer protection gap where loans were sold by the original lender to an unregulated firm. The Act introduced a regulatory regime for a new type of entity, known as a credit servicing firm. Credit servicing firms are now subject to...

Ceisteanna - Questions (Resumed) - Priority Questions: State Banking Sector (17 Jan 2017)

Michael Noonan: The State's shareholding in Allied Irish Banks is a valuable asset and it is the Government's intention that the State will exit this and our other banking investments in a measured and careful manner. The advice I have received confirms that an initial public offering, IPO, is the optimal route to recouping value from this investment. Officials in my Department along...

Ceisteanna - Questions (Resumed) - Priority Questions: State Banking Sector (17 Jan 2017)

Michael Noonan: It will be around 25% of the State's shareholding.

Ceisteanna - Questions (Resumed) - Priority Questions: State Banking Sector (17 Jan 2017)

Michael Noonan: I thank the Deputy. At the end of 2015, the Irish Strategic Investment Fund valued the State's 99.9% shareholding in AIB at €12.2 billion. The value of shares in banks all over the world fell considerably thereafter, although, as the Deputy will be aware, there has been a recovery in recent months. For example, both Bank of Ireland and Permanent TSB, for which there are accurate...

Ceisteanna - Questions (Resumed) - Priority Questions: State Banking Sector (17 Jan 2017)

Michael Noonan: On values, there was an increase in the value of small bank shares in the United States after the election of Donald Trump. In addition, the big factor on valuation now is whether interest rates have bottomed and will increase in the coming period. Obviously, increases in interest rates connect to the profitability of banks and there is an expectation in the markets of rising interest...

Ceisteanna - Questions (Resumed) - Priority Questions: Tax Code (17 Jan 2017)

Michael Noonan: The Finance Act 2016 brought into force amendments to address the use of certain structures by companies which fall within section 110 of the Taxes Consolidation Act 1997 and structures used by certain funds involved in property transactions. Throughout the course of the Finance Bill process, there was extensive debate on both the amendment to section 110 and also on the introduction...

Ceisteanna - Questions (Resumed) - Priority Questions: Central Bank of Ireland Investigations (17 Jan 2017)

Michael Noonan: I agree with many of the sentiments expressed by the Deputy. The Central Bank is carrying out a full inquiry across the lenders that I have specified. It has already reached agreement on a fine of €4.5 million with one lender, which is not a household name, and it is proceeding now with regard to others. It expects to have made significant progress by mid-2017. I know the Governor...