Results 24,661-24,680 of 27,019 for speaker:Michael Noonan
- Leaders' Questions (5 Jul 2011)
Michael Noonan: Deputy Dooley's party gave the guarantee.
- EU-IMF Programme (5 Jul 2011)
Michael Noonan: Quarterly reviews, such as the one which will start later this week, are a standard feature of financial support programmes. The purpose of these reviews is to assess the progress of the programme to date and, in particular, to determine if the targets for the relevant quarter have been met. It will also consider progress on targets which are due in subsequent quarters to ensure sufficient...
- EU-IMF Programme (5 Jul 2011)
Michael Noonan: The Deputy has outlined the successful renegotiation of the deal we achieved when we met the troika a number of weeks ago. We agreed major changes, including the provision of scope for the jobs initiative which the Deputy recently described in extravagant terms in the House, a commitment to an expenditure review and, more important, to a review from 2012 to 2015. While the programme...
- EU-IMF Programme (5 Jul 2011)
Michael Noonan: An interest rate reduction is the subject matter of subsequent questions and I do want to take the ground from other Deputies by answering supplementary questions on the matter from Deputy McGrath. My response to it will come in due course. The changes made in the review were substantial. On criticising the programme, I have always said the greatest problem in that regard was the manner in...
- Programme for Government (5 Jul 2011)
Michael Noonan: Implementation of the goals set out in the programme for Government to which the Deputy refers will be introduced in a measured way and in accordance with the Government's priorities over the period of the programme. The Deputy will be aware that as part of the restructuring and recapitalising plans announced last March, as part of the PCAR and PLAR exercise, the banks are engaging in cost...
- Programme for Government (5 Jul 2011)
Michael Noonan: The code of conduct on mortgage arrears has been substantially revised to implement the recommendations of the mortgage arrears and personal debt expert group which published its final report in November last. It sets out how mortgage lenders must treat borrowers when facing mortgage arrears, with due regard to the fact that each case of mortgage arrears is unique and needs to be considered...
- Programme for Government (5 Jul 2011)
Michael Noonan: The banks are being reconstructed. There will be two pillar banks. We will have much smaller banks, as the banks will be deleveraging most of what they have in terms of impaired debts abroad and will be concentrating on the home market. Much smaller banks will require fewer employees. Restructuring of the banks will result in significant savings to the banks which will enable them to...
- Programme for Government (5 Jul 2011)
Michael Noonan: The restructuring of the banks has not yet been completed. The process is under way. We hope to have the banks fully recapitalised by the end of July, following which they will be in a position to provide better credit lines for customers. Also, as I stated, there will be redundancy programmes in the banks. When all of this has been done, the cost base of the banks will have been reduced...
- Bank Guarantee Scheme (5 Jul 2011)
Michael Noonan: I reiterate the Government's position on the bondholders of Anglo Irish Bank and the Irish Nationwide Building Society, INBS. As indicated in my statement of 31 March, the position on bondholders in Anglo Irish Bank and the INBS - institutions in different circumstances from the remainder of the banking system - will be considered following the completion of the independent review of the...
- Bank Guarantee Scheme (5 Jul 2011)
Michael Noonan: I am glad the Deputy still has the same charitable view of other people's motives that he has had since he was first elected to this House. My statement in Washington was very carefully thought out and phrased. I know exactly why I made that statement and why I made it on that occasion, and I intend to pursue it in the autumn. I do not know whether I will be able to pursue it successfully,...
- Bank Guarantee Scheme (5 Jul 2011)
Michael Noonan: Ireland's bailout agreement as negotiated by the previous Government is with the IMF, the European Commission and the European Central Bank; it is not with the American Government. I intend discussing it with the European Central Bank, which is the body that does not agree to burden sharing with senior bondholders and I already discussed it in Washington with the IMF. I discussed it with...
- Bank Guarantee Scheme (5 Jul 2011)
Michael Noonan: I was seeking the assistance of the American Government on other issues and particularly the assistance of its Secretary of the Treasury, Mr. Geithner. I certainly did not go to Washington to start making accusations even if those accusations were framed as a question.
- Bank Guarantee Scheme (5 Jul 2011)
Michael Noonan: It is an accusatory question.
- Bank Guarantee Scheme (5 Jul 2011)
Michael Noonan: Of course it is an accusation, framed as a question.
- EU-IMF Programme (5 Jul 2011)
Michael Noonan: As part of the memorandum of understanding on specific economic policy conditionality of the joint EU-IMF programme of financial support for Ireland, budget 2012 is to include an overall budgetary consolidation package amounting to at least â¬3.6 billion. This was the figure contained in the original memorandum of understanding agreed at the time of entering into the joint programme late...
- EU-IMF Programme (5 Jul 2011)
Michael Noonan: That is a very interesting question, but we are a long way from the budget which will be announced early in December. The Deputy will recall from the memorandum of understanding that while the target that has been recited for 2012 has been â¬3.6 billion, there is another target not so frequently mentioned, which is achieving a deficit of 8.6%. We hope the means, a â¬3.6 billion...
- EU-IMF Programme (5 Jul 2011)
Michael Noonan: I am not saying that as precisely as the Deputy is putting it. I am saying there are two targets: one is a monetary target of â¬3.6 billion and the other is a deficit target of 8.6% of GDP. To try to get the two of those aligned is what has to be done. Already, the target we have provided to Europe would get us to 8.6% with an adjustment of â¬3.6 billion, and there are other estimates...
- EU-IMF Programme (5 Jul 2011)
Michael Noonan: No, it is not a must but, obviously, it is a matter for negotiation. The assumption is that an adjustment of â¬3.6 billion will get one to a deficit of 8.6%. As the year goes by, we will know, but much will depend on the year-end figure. Obviously, if we have a year-end figure which exceeds the target, then the adjustment would not be as strong as would be required in the Estimates....
- EU-IMF Programme (5 Jul 2011)
Michael Noonan: It is a minimum adjustment.
- EU-IMF Programme (5 Jul 2011)
Michael Noonan: The EU portion of the EU-IMF programme funding for Ireland is made up of the European financial stabilisation mechanism, EFSM, the European financial stability facility, EFSF, and the bilateral loans from the UK, Sweden and Denmark. Of these, only the EFSM relates directly to the European Union. Based on full drawdown of the â¬22.5 billion from the EFSM, the current margin of 2.925% and an...