Results 6,221-6,240 of 27,019 for speaker:Michael Noonan

Seanad: Mortgage Arrears, Banking and the Economy: Statements, Questions and Answers (3 Jul 2012)

Michael Noonan: -----when he goes home. On the policy position, Senator MacSharry outlined that write-downs should be an acceptable part of resolving the banks' problems. We do not agree that write-downs should be part of the policy in the Irish banks and it is not accepted in Europe either. An exception was made in Greece with the PSI and the communiqué that accompanied the secondary bailout made it...

Seanad: Mortgage Arrears, Banking and the Economy: Statements, Questions and Answers (3 Jul 2012)

Michael Noonan: On Senator Byrne's points, he is arguing his case as if the only taxpayer involved is the individual with an impaired mortgage but because we collectively own the banks and the building societies that got us into trouble we have an interest in that side of the argument as well as taxpayers. In protecting the taxpayers, we have to protect the generality of the taxpayers who now own some of...

Seanad: Mortgage Arrears, Banking and the Economy: Statements, Questions and Answers (3 Jul 2012)

Michael Noonan: It did not.

Seanad: Mortgage Arrears, Banking and the Economy: Statements, Questions and Answers (3 Jul 2012)

Michael Noonan: It does not work out.

Seanad: Mortgage Arrears, Banking and the Economy: Statements, Questions and Answers (3 Jul 2012)

Michael Noonan: People go to a mortgage provider, whether it be a bank or a building society, they have some type of a relationship with the person behind the counter, they do a deal to get a mortgage, time goes by, they lose their job, they cannot pay their mortgage and what is so detestable about somebody going back to the same person and saying "I need a new arrangement"?

Seanad: Mortgage Arrears, Banking and the Economy: Statements, Questions and Answers (3 Jul 2012)

Michael Noonan: What is humiliating about it? If a person wants to hold on to his or her house-----

Seanad: Mortgage Arrears, Banking and the Economy: Statements, Questions and Answers (3 Jul 2012)

Michael Noonan: Is the Senator suggesting that the person behind the counter in the bank should accept any old yarn from the person on the other side of the counter and say, "That is grand, just give me 5 schillings and sixpence and you can have the house."

Seanad: Mortgage Arrears, Banking and the Economy: Statements, Questions and Answers (3 Jul 2012)

Michael Noonan: It has to be talked through.

Seanad: Mortgage Arrears, Banking and the Economy: Statements, Questions and Answers (3 Jul 2012)

Michael Noonan: The Senator should not get personal. We all have our personal lives and we all do our own thing in our personal lives. The Senator does not know anything about my personal life and he should not throw stuff across the House about what I do not know and what he knows and that I was never in a bank. This is all nonsense. The Senator should take this matter seriously. What we are trying to...

Seanad: Mortgage Arrears, Banking and the Economy: Statements, Questions and Answers (3 Jul 2012)

Michael Noonan: -----and as for the Senator's big promise that the House will stay here until August to vote it through, that is great stuff but the Senator is not doing justice to himself as a serious legislator-----

Seanad: Mortgage Arrears, Banking and the Economy: Statements, Questions and Answers (3 Jul 2012)

Michael Noonan: -----to make that kind of commitment. This is serious piece of legislation which sets out a range of options and it is revolutionary in the sense that it is a generational change or a three generational change in the law on insolvency. The Bill will not just apply to mortgagees; it will apply to insolvency in general. There are different arrangements. For instance, in the case of a person...

Seanad: Mortgage Arrears, Banking and the Economy: Statements, Questions and Answers (3 Jul 2012)

Michael Noonan: That was in Senator Byrne's speech.

Seanad: Mortgage Arrears, Banking and the Economy: Statements, Questions and Answers (3 Jul 2012)

Michael Noonan: The Senator should encourage people to avail of this legislation so that they can get out of the trouble they are in.

Written Answers — National Pensions Reserve Fund: National Pensions Reserve Fund (4 Jul 2012)

Michael Noonan: I am informed by the National Treasury Management Agency, as Manager of the National Pensions Reserve Fund (NPRF), that the total value of the Fund at 31 March 2012 was €15.1 billion and that the value of the Discretionary Portfolio was €5.8 billion.

Written Answers — National Asset Management Agency: National Asset Management Agency (4 Jul 2012)

Michael Noonan: As the deputy may be aware, there is regular contact between officials in my department and NAMA. This contact occurs on a daily basis to ensure the fulfilment of Ministerial responsibilities under the NAMA legislation. I have had several meetings with the Chairman of NAMA, Frank Daly this year and these meetings have taken place at monthly intervals.

Written Answers — European Stability Bonds: European Stability Bonds (4 Jul 2012)

Michael Noonan: I propose to take Questions Nos. 52, 56 and 78 together. The European Commission published a discussion document in November 2011 on options for Eurobonds (which it called Stability Bonds). It put forward three options: (i) the full substitution of Stability Bond issuance for national issuance, with joint and several guarantees; (ii) the partial substitution of Stability Bond issuance for...

Written Answers — Project Bonds Initiative: Project Bonds Initiative (4 Jul 2012)

Michael Noonan: The Europe 2020 Project Bonds Initiative has been proposed by the EU Commission to help promoters of infrastructure projects attract additional private sources of finance from institutional investors. Under the initiative, the European Investment Bank (EIB) will provide credit enhancement to project companies issuing bonds to finance infrastructure projects. This will improve the rating of...

Written Answers — Eurozone Meetings: Eurozone Meetings (4 Jul 2012)

Michael Noonan: I propose to take Questions Nos. 54 and 61 together. The Eurogroup Working Group (EWG) on Monday 21 May considered in a conference call the state of play in financial markets and in Greece, as it usually does. The teleconference was organized following the G8 Summit where the situation in Greece was discussed. There was also the fact that Greece would be going to the polls for the second...

Written Answers — European Central Bank: European Central Bank (4 Jul 2012)

Michael Noonan: I propose to take Questions Nos. 55 and 77 together. Following his appointment as President of the European Central Bank Executive Board on 1st November, 2011, I arranged to meet Mr. Draghi in Frankfurt on 24 January last. This was an initial meeting to congratulate him on his recent appointment and also to brief him on Irish economic, fiscal and banking developments. Since then I have...

Written Answers — European Stability Programmes: European Stability Programmes (4 Jul 2012)

Michael Noonan: I propose to take Questions Nos. 57 and 58 together. The European Union, through various Directives and Regulations, currently provides for common rules to be applied by national supervisors. There is no single European supervisor although supervision is co-ordinated at a European level by the European Banking Authority. Supervision, deposit insurance and resolution are all national...