Results 6,201-6,220 of 27,019 for speaker:Michael Noonan
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Michael Noonan: No, what I am saying is that neither I or Mr. Trichet used the word. I mean, obviously, you can-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Michael Noonan: -----you can ... you're quite free to use it.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Michael Noonan: Oh yes-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Michael Noonan: -----"bomb". The word "economic" wasn't used.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Michael Noonan: And it was "bomb" singular not plural.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Michael Noonan: But, I mean, my policy position has been quite clear. I still think the correct ... the better decision would have been if I was allowed to burn the senior bondholders, and I continued in Europe pursuing that line, and during the Irish Presidency, we got to a point where there's new resolution legislation now, which is pan-European, and the mandate now is not to bail out insolvent banks,...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Michael Noonan: The troika would've been made aware that we were going to recapitalise the banks and they'd have had a very good idea of the nature of the recapitalisation we had in mind. They wouldn't have been specifically told that as part of that, we intended burden-sharing for senior bondholders, but we did go on of course subsequently and we brought burden-sharing in for subordinate bondholders -...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Michael Noonan: I came in I think on 9 March.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Michael Noonan: It was important to ... it was important to recapitalise the banks quickly, and I had consulted with the Irish Central Bank, with my own officials and with the NTMA and we decided to go ahead on 31 March and as part of that to discount or burden-share with senior bondholders.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Michael Noonan: Yes, I mean, I thought the risk was too high and I advised the Government not to take the risk. The risk was too high for the gain, but I mean, you have to make decisions like that. The nature of being a Minister is making decisions every day-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Michael Noonan: -----and you have to give advice and sometimes you have to decide fairly quickly. He is ... I mean, you have met him at the hearing where he reported to you. He is a very polite gentleman and he continues to be a very polite gentleman and our relationship was businesslike. And I got some concessions after him subsequently, but I would think that for programme countries and for the times we...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Michael Noonan: I have been a Minister under ... in three Administrations under different taoisigh and I have a practice never to go back into the affairs of my predecessors. I don't believe in that, but if my officials decided that I needed to know, they would tell me, and I saw one letter from Mr. Trichet to Brian Lenihan and it was around the possibility that ELA would be discontinued if Ireland didn't...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Michael Noonan: Usually, somebody goes into a Government Department after spending a long time as the relevant spokesperson or as spokesperson in another area, but for personal reasons I hadn't been in the front line of politics for a number of years. So I came back in as spokesman on finance in the summer of 2010. So I wouldn't have ... if, you know ... the point I'm trying to get across is: if I had been...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Michael Noonan: No, you see-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Michael Noonan: The kind of ... I do not know whether you remember back the autumn of 2010 and the January of 2011, but it was a bit chaotic. And I'm not in the business now of criticising the previous Government, I'm not going down that road, but it was a bit chaotic. Once the troika came in and a programme was agreed, there was a new blueprint. So like going back was irrelevant because the programme was...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Michael Noonan: Now, there was ... we had ... in opposition we had been briefed by the troika because they didn't ... obviously, they didn't brief us fully because they were negotiating with the Government, but they briefed the Opposition. So I had got a lot of briefing in December, before the programme was announced, on what would be in the programme. And we committed to renegotiating it. There were...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Michael Noonan: -----but they weren't crucial to the whole thing. So, like, when I went into the Department - to get back to your initial question - the issue was: how much of this programme can we renegotiate? And the previous Government had brought in a budget which was the first major step in the correction process. And, like, I'm not saying 'tis easy to announce a budget, but announcing a budget is...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Michael Noonan: And, you know, get the show on the road, recapitalise the banks, renegotiate with the troika - if we could - and then implement the budget that our predecessors had ... had announced and started to implement in the month of January.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Michael Noonan: I think it's functioning. It's functioning ... I think it's functioning quite well now. I mean, again, it appeared ... it appeared, after the crisis really struck, that the previous arrangement didn't function very well. But there are other models where you have a separate regulator, like in London, where the model does function. So, I'm not too sure what-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Michael Noonan: No, the Central Bank is independent and it reports to the Central Bank commission, which is another name for the board of the Central Bank.