Results 241-260 of 27,019 for speaker:Michael Noonan

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014 [Private Members]: Committee Stage (11 May 2017)

Michael Noonan: The principles of natural justice would provide that the financial services firms should have a reasonable right to defend themselves. It follows from this that we cannot have an unlimited time limit. That would not be reasonable for the financial services firms which are putting a defence in place. The reason for the form of words that we have included in the Government legislation is...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014 [Private Members]: Committee Stage (11 May 2017)

Michael Noonan: I note that section 5 of the Bill seeks to put greater pressure on the financial service provider to engage in the mediation process. The Government Bill published yesterday seeks to strengthen the role of the Financial Services Ombudsman in promoting engagement in the mediation process and continues to provide for mediation as a tool for the ombudsman in cases where he sees fit. In...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014 [Private Members]: Committee Stage (11 May 2017)

Michael Noonan: Section 6 aims to allow for a greater range of findings on completion of an investigation. Currently, the possible findings are limited to a finding that the complaint was substantiated, not substantiated or partially substantiated. The Bill allows for findings of upheld, substantially upheld, substantially rejected or rejected. The Government Bill goes further and proposes that decisions...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014 [Private Members]: Committee Stage (11 May 2017)

Michael Noonan: I understand that the intention of this amendment is to provide that the ombudsman would review the maximum compensation payable and compare it with the losses suffered in the complaints received. This is unnecessary, as the Government's Bill allows for full rectification to be granted in addition to compensation for inconvenience. The proposed amendment might be based upon a...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014 [Private Members]: Committee Stage (11 May 2017)

Michael Noonan: I am not trying to have a discussion on the Government Bill, but it is a fact of life that the Bill was published yesterday. It deals with some of the issues that are now arising in this context. I am signalling that I will table Report Stage amendments along the lines of what is incorporated in the Government's Bill. Some of them will cover the ground that is a matter of concern for...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014 [Private Members]: Committee Stage (11 May 2017)

Michael Noonan: Although there is disagreement on this section, Deputy Doherty's contribution just now has narrowed the ground considerably. I welcome that. The best way to proceed is by reading the formal speaking note. Then we can chat about it and see if we can narrow the ground further so that we can arrive at agreement on Report Stage. The purpose of the ombudsman is to be a free alternative to the...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014 [Private Members]: Committee Stage (11 May 2017)

Michael Noonan: In view of the intervention I can agree on engagement between the Department of Finance officials and the Deputy and his advisers on the 21-day interval as against a 60-day interval. I can agree it on the basis that the intent of the dialogue would be to move up from the 21 days. I can go that far. I shall oppose the section. On my opposition to the section I understand that the Deputy...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014 [Private Members]: Committee Stage (11 May 2017)

Michael Noonan: I understand the intention of Deputy McGrath's amendment, which seeks to oblige the ombudsman to hold oral hearings in certain cases. Oral hearings are best left best to the discretion of the ombudsman, in my view. This is common practice in many public bodies. For examine, An Bord Pleanála has the discretion to hold a hearing in any case of an appeal, referral or an application for...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014 [Private Members]: Committee Stage (11 May 2017)

Michael Noonan: I thank Deputy McGrath.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014 [Private Members]: Committee Stage (11 May 2017)

Michael Noonan: I thank the Chairman and his staff. I thank all colleagues on the committee, and particularly the proposer of the Bill, Deputy Pearse Doherty. It is a very good piece of work and in different circumstances, if we did not have another Bill in parallel of a more comprehensive nature, we would be largely accepting what the Deputy is proposing.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014 [Private Members]: Committee Stage (11 May 2017)

Michael Noonan: I understand we have between now and Report Stage to-----

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014 [Private Members]: Committee Stage (11 May 2017)

Michael Noonan: We need a little bit of time because the drafting of some of the amendments we have agreed to consider will be difficult enough. Others are straightforward.

Written Answers — Department of Finance: Banking Sector (11 May 2017)

Michael Noonan: The Programme for Government contains a commitment to thoroughly investigate the Sparkassen model of local public banks that operate within well-defined regions. The Department of Arts, Heritage, Regional, Rural and Gaeltacht Affairs (DAHRRGA) is the lead Department in respect of this commitment. DAHRRGA undertook a consultation process, engaging with stakeholders and interested...

Written Answers — Department of Finance: Private Rented Accommodation (11 May 2017)

Michael Noonan: As the Deputy will be aware, the Strategy for the Rental Sector, published by the Department of Housing, Planning, Community and Local Government in December 2016, committed to the establishment of a working group in early 2017 to examine and report on the tax treatment of landlords (or rental accommodation providers), and to put forward options, where appropriate, for amendments to such...

Written Answers — Department of Finance: Credit Union Regulation (11 May 2017)

Michael Noonan: My role as Minister for Finance is to ensure that the legal framework for credit unions is appropriate for the effective operation and supervision of credit unions. Credit unions are regulated and supervised by the Registrar of Credit Unions at the Central Bank who is the independent regulator for credit unions.  Within her independent regulatory discretion, the Registrar acts...

Written Answers — Department of Finance: Tax Data (11 May 2017)

Michael Noonan: I propose to take Questions Nos. 65 to 68, inclusive, together. I am informed by Revenue that, on the basis of information derived from Income Tax returns filed for the year 2014, the latest year for which data are available, the average Income Tax paid by public sector PAYE workers on the standard and higher rate of tax is €3,727 and €19,578 respectively. The average paid by...

Written Answers — Department of Finance: Corporate Governance (11 May 2017)

Michael Noonan: The Central Bank of Ireland is responsible for the authorisation and supervision of fund management companies established in Ireland.  I have been informed by the Bank that it has undertaken a significant project examining fund management company effectiveness which dealt with the issue of governance by aiming to enhance organisational effectiveness and setting out...

Written Answers — Department of Finance: Revenue Commissioners (11 May 2017)

Michael Noonan: I am advised by Revenue that information regarding purchases of land (non-residential / commercial property) is collected by Revenue through Stamp Duty returns that are filed via Revenue’s e-Stamping System. In relation to land the filer must indicate if the land falls within any of the following categories – - Site only - Agricultural land - Non-Agricultural land - New...

Written Answers — Department of Finance: Universal Social Charge (11 May 2017)

Michael Noonan: I propose to take Questions Nos. 71 and 72 together. The estimated first year (i.e. 2017) cost of the USC measures contained in Budget 2017 was €335 million, and the estimated full-year cost of the USC measures was €390 million, with 2018 being the first full year in which the measures are in effect. While overall income tax receipts are currently below profile, down...

Written Answers — Department of Finance: Motor Insurance (11 May 2017)

Michael Noonan: At the outset, the Deputy should note that as Minister for Finance, I am not responsible for the operation of the Declined Cases Agreement and therefore do not have direct access to the data that is being requested. As you are aware, under the Declined Cases Agreement, the insurance market undertakes not to refuse to provide third party motor insurance to an individual where they have...