Results 9,181-9,200 of 27,019 for speaker:Michael Noonan

Other Questions: Banks Recapitalisation (28 Feb 2013)

Michael Noonan: The Government's objective is to try to have some of the money invested in the pillar banks when they were recapitalised in March 2011 credited once more to the taxpayer. The debate on the mechanism to be used for that purpose is still open.

Other Questions: Banks Recapitalisation (28 Feb 2013)

Michael Noonan: The Deputy is falling into the same political trap he fell into during the various debates on the promissory note arrangement. His hope that the Government will fail in order that he can continue to build a political movement on a failed economy is clouding his judgment. He is making wild prophecies. He is being dictated to by his hope that the Government will fail. He has fallen before...

Other Questions: Banks Recapitalisation (28 Feb 2013)

Michael Noonan: The discussions that are ongoing have been well recorded in the media. We will continue to negotiate to achieve the best deal possible for Ireland. I am not going to put my negotiating position on the table when everybody could snipe at it internationally. We succeeded in one serious renegotiation and I believe we will succeed in this also, but it will take time. We need to remember the...

Other Questions: Banks Recapitalisation (28 Feb 2013)

Michael Noonan: It upsets the negotiating process.

Other Questions: Banks Recapitalisation (28 Feb 2013)

Michael Noonan: It is a fair question, to which I will give a fair answer. In the first week of January we sold the contingent capital notes - the CoCos - in Bank of Ireland. We achieved fair value because we got back the €1 billion the taxpayer had put in and we got a little bit with it - €40 million or €50 million. That was good. If similar circumstances allowed me to sell either...

Other Questions: Banks Recapitalisation (28 Feb 2013)

Michael Noonan: If I lower the bar in any way by nominating a figure that is smaller than the amount we put in, regardless of my expectations, that will become the benchmark for negotiation. I have to work on the basis that we are in the game to negotiate as much as we can get out of it.

Other Questions: Banks Recapitalisation (28 Feb 2013)

Michael Noonan: While some of the actions taken served to prevent contagion from spreading from Ireland to the European banks which was in the interests of the wider European banking industry, it is obvious that the contagion was in Ireland. There is an Irish issue and there is an Irish responsibility also. I do not think the European authorities are going to exonerate us from all responsibility. The...

Other Questions: Mortgage Restructing (28 Feb 2013)

Michael Noonan: As the Deputy is aware, the Government is conscious of the significant difficulties some homeowners are facing in meeting their mortgage obligations. It is committed to advancing appropriate measures to assist those mortgage holders who are experiencing real and genuine difficulty. A special Government sub-committee is already in place since March of last year to address the mortgage...

Other Questions: Mortgage Restructing (28 Feb 2013)

Michael Noonan: I generally agree with what Deputy McGrath has said. The Central Bank is driving this through the deputy governor and the Financial Regulator, Mr. Matthew Elderfield. A schedule has been drawn up for each of the banks and the banks are co-operating. They have also trained many staff in the banks to deal specifically with this and to engage with customers. I met the three main banks this...

Other Questions: Mortgage Restructing (28 Feb 2013)

Michael Noonan: There are huge differences among individuals with impaired mortgages. Many people simply want an interest-only arrangement while the main wage-earner is ill, while the second earner takes a year out to have a baby or while there is some crisis in the family. Many people are quite happy with an interest-only arrangement. Other people are happy if they get an interest-only arrangement and an...

Other Questions: Mortgage Interest Rates (28 Feb 2013)

Michael Noonan: First, I must confirm to the Deputy that the lending institutions in Ireland, including those in which the State has a significant shareholding, are independent commercial entities. It is not appropriate for me, as Minister for Finance, to comment on or become involved in the detailed mortgage position of mortgage holders. In regard to the query posed by the Deputy, information is not...

Other Questions: Mortgage Interest Rates (28 Feb 2013)

Michael Noonan: The question related to doing what Deputy McGrath suggested for people who are moving quite a distance from their own locality to get a job so it was not just moving from an apartment to a house in the same locality. There are many considerations before people move, such as children in school and proximity to relatives. There is a case to be made but I suppose the Deputy knows why the banks...

Other Questions: Mortgage Interest Rates (28 Feb 2013)

Michael Noonan: I do not have any information on that. I can see the point the Deputies are making. On some suitable occasion, I will feed their suggestions into the banking system but so far, I know the answer I will get unless there is a change of policy. If we could construct it as a labour market initiative, we might get further with it. I will pass on the Deputies' suggestions.

Other Questions: Job Creation Targets (28 Feb 2013)

Michael Noonan: The economic policies of the Government are designed with the core objective of restoring balanced economic growth. This will, in turn, allow for the continued creation of jobs and for the improvement of living standards for the people of Ireland. The policies are paying dividends - yesterday's figures show that employment and unemployment are now moving in the right direction. An...

Other Questions: Job Creation Targets (28 Feb 2013)

Michael Noonan: I do not believe that because it was tried not only in Ireland but elsewhere. A strategy of piling deficit on deficit and debt on debt was tried not only in Ireland but elsewhere and it was supposed to make everyone rich. That is the reason we crashed out. It reached the point where it was unsustainable and had to be paid for and we are still paying for it. That is not a solution. On the...

Other Questions: Job Creation Targets (28 Feb 2013)

Michael Noonan: We intend to legislate to establish a strategic investment fund. We hope to introduce the legislation before the summer recess. As the fund strengthens, it can be transmogrified into a strategic investment bank. That is the policy.

Written Answers — Department of Finance: Promissory Note Negotiations (28 Feb 2013)

Michael Noonan: As the Deputy is aware, earlier this month the liquidation of IBRC was agreed in the Houses of the Oireachtas and the IBRC Promissory Notes were replaced with longer-dated Irish Government Bonds. As a result of these actions, the issue of any Promissory Note payment in March of this year or any other year is removed. This Government has taken considerable steps to stabilise and restructure...

Written Answers — Department of Finance: Mortgage Resolution Processes (28 Feb 2013)

Michael Noonan: I propose to take Questions Nos. 12 and 36 together. I have spoken previously about the range of measures the Government has adopted to assist people who are experiencing mortgage difficulty. These measures include - The Personal Insolvency Act which is now in place. The Minister for Justice and Equality is urgently putting in place the infrastructure to make the provisions of the Act...

Written Answers — Department of Finance: Public Interest Director Responsibilities (28 Feb 2013)

Michael Noonan: As I have stated many times before, the primary duty and responsibility of the public interest directors as well as all the other directors is to ensure that the institution on whose board they serve is run properly and appropriately. They serve on many Bank committees as well as the Boards themselves and their breath of experience brings a deeper and wider knowledge base and understanding...

Written Answers — Department of Finance: IBRC Liquidation (28 Feb 2013)

Michael Noonan: Normal Companies Acts’ priorities must apply throughout this liquidation process. This means that the proceeds from the disposal of IBRC’s assets will be used to repay creditors in accordance with these priorities, and consequently preferred creditors will be paid first and then the secured debt which NAMA will have purchased from the Central Bank will be paid. If there are...