Results 21,761-21,780 of 27,019 for speaker:Michael Noonan

National Asset Management Agency (18 Apr 2012)

Michael Noonan: NAMA was established by the Oireachtas to remove systemic risk to the Irish banking system through the acquisition of land and development and associated loans from participating institutions and to obtain the best achievable return to the State from these acquired loans. Since 2009, when it was established, NAMA has achieved significant milestones, including the valuation, purchase and...

National Asset Management Agency (18 Apr 2012)

Michael Noonan: NAMA advises me that it recently carried out an analysis which indicated that the agency would repay all its senior bonds by the end of 2020, with a small surplus given one scenario and a relatively small loss given another scenario. It is predicting a break even, under present circumstances, on the basis of that analysis. NAMA has also provided me with the unaudited accounts to the end of...

National Asset Management Agency (18 Apr 2012)

Michael Noonan: It is unreasonable of the Deputy to expect me, in the first quarter of 2012, to take a different view from NAMA about what the situation may be in 2020. All I can do is to give him the assurances NAMA has given to me and, separately, to the Joint Committee on Finance, Public Expenditure and Reform. I accept those figures as the best possible estimate at this time. As I said in my reply,...

Banks Recapitalisation (18 Apr 2012)

Michael Noonan: As the Deputy is aware, the Government has been committed to reviewing the arrangements that were put in place to capitalise the Irish Bank Resolution Corporation, IBRC, formerly Anglo Irish Bank and Irish Nationwide. The purpose of this review is to determine if there is a way to reduce the overall cost to the State. Part of the capitalisation of IBRC was provided using promissory notes as...

Banks Recapitalisation (18 Apr 2012)

Michael Noonan: I appreciate the difficulty in understanding every detail of the transaction because it was quite complex. There were probably simpler ways of doing it but we were not free agents in making the arrangements. If one looks at it in its totality, the European Central Bank, ECB, provides emergency liquidity assistance, ELA, funding to IBRC - formerly Anglo Irish Bank and the Irish Nationwide...

Banks Recapitalisation (18 Apr 2012)

Michael Noonan: First, there was absolutely no fanfare. I announced twice in the House what was happening and I did it in the most modest way. I made no attempt to turn it into a PR occasion and I described it as a first step. I know Deputy Tóibín's party is disappointed because it thrives on things going wrong. He and his colleagues hope to build the party on the sufferings of the Irish people. That...

Banks Recapitalisation (18 Apr 2012)

Michael Noonan: The wish of its members every day is that nothing succeeds and everything collapses and then out of disaster the party will grow. What is the Sinn Féin Party policy? We know the party's position, but the Deputy should stick to the record and to the truth. I have described in detail what has happened.

Banks Recapitalisation (18 Apr 2012)

Michael Noonan: There is not an opportunity cost because Bank of Ireland is getting additional funding from the ECB to repo the bond through the liquidity window. If one looks at banks all across Europe they are getting far greater quantities of money than the Irish banking system is getting. It does not impair Bank of Ireland's day-to-day business whatsoever. I agree with those who have said this is not...

Banks Recapitalisation (18 Apr 2012)

Michael Noonan: The €90 million is the estimated difference, for the remainder of 2012, between borrowing under the programme at an estimated 3.5% and the impact on the deficit of the new Government bond. The State is the ultimate beneficiary as the coupon on the new Government bond is paid to its wholly owned subsidiary, IBRC. My Department is currently updating its macroeconomic and fiscal assessment...

Banks Recapitalisation (18 Apr 2012)

Michael Noonan: I will deal with the €90 million calculation first and then with the second part of the Deputy's question. The €90 million is estimated to have an incremental impact on the Exchequer which is calculated as follows. The status quo was estimated as the cost of borrowing under the programme for the promissory note instalment, namely, €3.06 billion at 3.5% for the remainder of 2012 giving...

Banks Recapitalisation (18 Apr 2012)

Michael Noonan: Yes, but for a longer term and cheaper.

Banks Recapitalisation (18 Apr 2012)

Michael Noonan: That is the objective.

Banks Recapitalisation (18 Apr 2012)

Michael Noonan: I stated it might make a little more because I hope the bank will commit for 364 days, not for nine months. It will be nearly a full year.

Banks Recapitalisation (18 Apr 2012)

Michael Noonan: Of course, there are handling costs and there are administrative costs as well. They are entitled to their profit. I hope that they will not have any difficulty with their shareholders but I must stand back from that because shareholders have an independent function and cannot be influenced by the Minister.

Legislative Programme (18 Apr 2012)

Michael Noonan: The recent IMF World Economic Outlook report, and its chapter on household debt, is a useful contribution to the range of measures being considered to address the global economic situation. However, it should be noted that the examples examined in the report in the chapter dealing with household debt related to particular countries and times, and that some of the debt restructuring examples...

Legislative Programme (18 Apr 2012)

Michael Noonan: The Bill is being drafted. It is never the practice in this House to discuss detailed measures in a Bill which has not yet been published. We will get to that at Committee Stage.

Legislative Programme (18 Apr 2012)

Michael Noonan: We want provision in law, as was explained by the Minister, Deputy Shatter, and myself when we launched the heads of the Bill, that is not a full bankruptcy hearing to drive mortgage holders into a bankruptcy position where bankruptcy legislation was never intended to deal with the problems of somebody with an impaired mortgage. We have also decided that it is insufficient from a policy...

EU-IMF Agreement (18 Apr 2012)

Michael Noonan: As the Deputy will be aware, the latest review mission by the external partners is currently taking place. It began yesterday, Tuesday, 17 April and will continue until Thursday, 26 April. The review mission comprises of a significant number of meetings designed to evaluate all the elements of the programme covering fiscal developments, the macroeconomic outlook, progress on commitments...

Banking Sector Regulation: Announcement by Minister for Finance (29 Mar 2012)

Michael Noonan: I wish to make an announcement to the House. The Government has been committed to reviewing the arrangements that were put in place to capitalise the Irish Bank Resolution Corporation, formerly Anglo Irish Bank and Irish Nationwide. The purpose of this review is to determine if there is a way to reduce the overall cost to the State. Part of the capitalisation of the Irish Bank Resolution...

Written Answers — Strategic Investment Fund: Strategic Investment Fund (29 Mar 2012)

Michael Noonan: The establishment of the Strategic Investment Fund (SIF) was announced by the Government in September 2011. The SIF will channel commercial investment from the National Pensions Reserve Fund (NPRF) towards productive investment in the Irish economy. As well as money from the NPRF, the SIF will seek matching commercial investment from private investors and target investment in areas of...