Results 9,961-9,980 of 27,019 for speaker:Michael Noonan
- Written Answers — Department of Finance: Public Sector Staff Data (9 Oct 2014)
Michael Noonan: I wish to advise the Deputy that there are currently 5 staff on temporary contracts in my Department. In relation to bodies under the remit of my Department, I have been advised by the Credit Union Restructuring Board (ReBo) that there are 7 staff members on temporary contracts and in relation to the the Revenue Commissioners, as of 30 September 2014 a total of...
- Written Answers — Department of Finance: Public Sector Staff Data (9 Oct 2014)
Michael Noonan: I wish to advise the Deputy that there have been no contracts of indefinite duration sought or granted in the years 2007 to date in 2014. However I have been advised by the Central Bank that in their recruitment process, a role is either Fixed-Term Contract or Contract of Indefinite Duration at the time of recruitment and as such a person is recruited on this basis. If a person is...
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: European Stability Mechanism (Amendment) Bill 2014: Committee Stage (8 Oct 2014)
Michael Noonan: In answering, this is one of the points of disagreement I have with Deputy Michael McGrath. I find in Europe that if one deals technically, one will lose. If one deals strategically, one gets places. One always needs to have a number of options. The idea of settling and saying we will apply now and on their refusal, it is off the table is not the way Europe works. If one has a demand...
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: European Stability Mechanism (Amendment) Bill 2014: Committee Stage (8 Oct 2014)
Michael Noonan: -----it is all off the table and we will sell the shares. That is not how it works. I know from dealing with them that what is impossible is suddenly not so when they have to help another country or need something else. There are 28 member states and there are now 18 eurozone countries and one has to keep it in play. Therefore, I will keep it in play.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: European Stability Mechanism (Amendment) Bill 2014: Committee Stage (8 Oct 2014)
Michael Noonan: Obviously, there are various options. The first point raised by the Deputy with which I would like to deal is that €31 billion of taxpayers' money was burned or fried in Anglo Irish Bank. That is not true as Anglo Irish Bank was refinanced through the promissory note, which basically is an IOU. Consequently, money was not put in. What had happened was that the IOU incurred ongoing...
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: European Stability Mechanism (Amendment) Bill 2014: Committee Stage (8 Oct 2014)
Michael Noonan: No, the Deputy is missing the point. which I wish to explain because there is a lot of confusion about it. The Government paid the money in the first year because it fell due when we went into government in February 2011. The first demand came in and we paid it, as we did not know what would be the market reaction if we did not. The Government did not know what pressure would be put on -...
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: European Stability Mechanism (Amendment) Bill 2014: Committee Stage (8 Oct 2014)
Michael Noonan: No, I want to-----
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: European Stability Mechanism (Amendment) Bill 2014: Committee Stage (8 Oct 2014)
Michael Noonan: No, we are not. I want to-----
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: European Stability Mechanism (Amendment) Bill 2014: Committee Stage (8 Oct 2014)
Michael Noonan: ----- nail a point the Deputy and many other people have made, which is that €31 billion of Irish taxpayers' money was fried in Anglo Irish Bank, as there was not. That is mythology. The replacement was Government paper, which is held by the Central Bank. It is holding €28 billion and has the piece from Bank of Ireland that can go on the market straight away. It would be...
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: European Stability Mechanism (Amendment) Bill 2014: Committee Stage (8 Oct 2014)
Michael Noonan: This is the point of disagreement with me. Money was not borrowed to put into Anglo Irish Bank. The Anglo debt was underpinned by a promissory note, which basically was an IOU.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: European Stability Mechanism (Amendment) Bill 2014: Committee Stage (8 Oct 2014)
Michael Noonan: What is happening now-----
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: European Stability Mechanism (Amendment) Bill 2014: Committee Stage (8 Oct 2014)
Michael Noonan: It was always debt. The debt was there and even though it was not reckoned within the table of national debt, the markets always added €31 billion onto the Irish debt because they knew this liability was hanging out there. It is only a presentational thing to state it was converted into debt. However, what replaced the promissory note was Irish Government paper and as Deputy...
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: European Stability Mechanism (Amendment) Bill 2014: Committee Stage (8 Oct 2014)
Michael Noonan: More or less, yes.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: European Stability Mechanism (Amendment) Bill 2014: Committee Stage (8 Oct 2014)
Michael Noonan: It is a decision-making forum. They might decide to send an application to a sub-committee and let it come back and advise them. There are different ways of doing things, and we will not know the actual decision-making process until the first case goes before them. I have a note which might be of benefit. On 10 June 2014 the euro area member states reached a preliminary agreement on the...
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: European Stability Mechanism (Amendment) Bill 2014: Committee Stage (8 Oct 2014)
Michael Noonan: I thank the Deputy.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: European Stability Mechanism (Amendment) Bill 2014: Committee Stage (8 Oct 2014)
Michael Noonan: No. I did not say that I did not know whether we should apply. I have committed to applying, but I said I do not want to be tied to a timeframe on applying.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: European Stability Mechanism (Amendment) Bill 2014: Committee Stage (8 Oct 2014)
Michael Noonan: When we were discussing this, various amounts of money were suggested. A series of countries are involved, with the AAA rated countries saying to keep the figure down. The countries that believed they might need to avail of it were trying to drive it up. It was settled on €60 billion, but with all the other initiatives that were taken, the big game-changer, to use that word, is that...
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: European Stability Mechanism (Amendment) Bill 2014: Committee Stage (8 Oct 2014)
Michael Noonan: Hold on a second; I want to finish the point. We would be at the point where sensible people would say that we must liquidate this thing the same way as I liquidated IBRC-Anglo. The only way to get out of this is liquidation. There is no point in bailing in to rescue something because it is dead. When we go down the process, in my view the likelihood of direct recapitalisation being...
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: European Stability Mechanism (Amendment) Bill 2014: Committee Stage (8 Oct 2014)
Michael Noonan: The point about Cyprus was that it was the first time a bail-in was agreed-----
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: European Stability Mechanism (Amendment) Bill 2014: Committee Stage (8 Oct 2014)
Michael Noonan: -----and there was uproar because depositors were being bailed-in. It was the first test of resolution-----