Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

There is a relationship framework in place, the details of which the Deputy is fully aware of. My officials meet the banks every month. They are sometimes in daily contact with them on specific issues. Otherwise it is weekly contact. I work with my officials who brief me and I give them my view. I transmit views to the banks through my officials. There is merit in doing it on a hands-off basis because it would not be appropriate for very frequent meetings between the political side and the commercial side. It gives rise to the suspicion that there is political interference in commercial decisions. I favour a hands-off approach but I favour a full flow of information. That is the way it is organised in my Department.

The banks do not report to the Economic Management Council. That was one specific occasion when one specific set of issues needed to be discussed at a very high level in Government. The Department of Finance is the interface with the banks because we are the shareholders. I am the shareholder in the banks. There is constant and regular contact with officials who report to me in detail, both verbally and in writing.

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