Results 7,801-7,820 of 27,019 for speaker:Michael Noonan
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Union Bill 2012: Committee Stage (21 Nov 2012)
Michael Noonan: I move amendment No. 7: In page 9, to delete lines 17 and 18.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Union Bill 2012: Committee Stage (21 Nov 2012)
Michael Noonan: I move amendment No. 8: In page 9, between lines 30 and 31, to insert the following: “ 'strategic objectives' has the meaning given by section 76A(1);”.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Union Bill 2012: Committee Stage (21 Nov 2012)
Michael Noonan: I move amendment No. 9: In page 9, to delete line 32.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Union Bill 2012: Committee Stage (21 Nov 2012)
Michael Noonan: I move amendment No. 10: In page 9, line 33, to delete “assistant' in relation to” and substitute “assistant', in relation to”.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Union Bill 2012: Committee Stage (21 Nov 2012)
Michael Noonan: It is worth examining what credit unions may do under the law as it currently stands because they may not be taking up the options available to them under current legislation. The commission report into the credit unions notes that services may be shared in a number of ways, including the establishment of central credit unions, corporate credit unions, credit union service organisations,...
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Union Bill 2012: Committee Stage (21 Nov 2012)
Michael Noonan: We will do that.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Union Bill 2012: Committee Stage (21 Nov 2012)
Michael Noonan: I never said that.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Union Bill 2012: Committee Stage (21 Nov 2012)
Michael Noonan: It is worth recalling the intention of the Government in this regard. The financial services industry in Ireland has come through a major crisis and every institution involved has been damaged, including the credit union movement. The Government wants to ensure that the credit union movement is restored in health and reputation and that it carries out the functions it originally carried...
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Union Bill 2012: Committee Stage (21 Nov 2012)
Michael Noonan: To be precise, if they want to take up the offer of speaking to the advisory committee and then to move on as the situation evolves, I do not have an objection in principle to that, but as I said, the Central Bank is a key player in the process as well.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Union Bill 2012: Committee Stage (21 Nov 2012)
Michael Noonan: I do not have a problem in that regard. There are prudential reasons the Central Bank should be involved. I do not want any credit union to get involved in an investment which is a dud, as some of them did in the past whereby they lost a great deal of money. I do not wish to name credit unions but the Deputy will be aware of the ones I am talking about. We must ensure that there is an...
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Union Bill 2012: Committee Stage (21 Nov 2012)
Michael Noonan: I never said that.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Union Bill 2012: Committee Stage (21 Nov 2012)
Michael Noonan: I never said that.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Union Bill 2012: Committee Stage (21 Nov 2012)
Michael Noonan: The Deputy should listen to what I say.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Union Bill 2012: Committee Stage (21 Nov 2012)
Michael Noonan: I was making the point that credit unions are not-----
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Union Bill 2012: Committee Stage (21 Nov 2012)
Michael Noonan: Deputy Boyd Barrett excoriates the banks. That is a point of view. Then he criticises the legislation because it does not allow the credit unions to load all their money into the banks which he excoriates.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Union Bill 2012: Committee Stage (21 Nov 2012)
Michael Noonan: No, the point the Deputy made is that under direction from the Central Bank the credit union movement must limit the amount of money it invests in any one bank. That is forcing them to put their money in banks abroad, which is not to the benefit of the Irish economy. The reason the Central Bank did that was because it wanted to protect the savings of credit unions. It shared the doubts...
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Union Bill 2012: Committee Stage (21 Nov 2012)
Michael Noonan: Deputy Boyd Barrett should wait until I finish the point because he pushed it strongly.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Union Bill 2012: Committee Stage (21 Nov 2012)
Michael Noonan: The Central Bank did it for prudential reasons. The Deputy casts all sorts of doubts about the banking system and then he says that people’s savings in credit unions should be invested without limit into the banks. The banks are solvent now and they are absolutely solid. In view of the guarantee they have full protection for the savings of individuals but the guarantee under law...
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Union Bill 2012: Committee Stage (21 Nov 2012)
Michael Noonan: The Deputy is not a delegate; he was elected to be a Member of Parliament.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Union Bill 2012: Committee Stage (21 Nov 2012)
Michael Noonan: It is not.