Results 10,981-11,000 of 27,019 for speaker:Michael Noonan

Other Questions: Financial Instruments (21 May 2013)

Michael Noonan: I have had no representation from people in the industry on expanding or watering down MiFID but there may have been representations to my Department. If Deputy Doherty tables a parliamentary question for written answer, I will make sure it is answered adequately. The best way to reply to all three Deputies is to give a short summary of the current Council text. It states: First, more...

Other Questions: Financial Instruments (21 May 2013)

Michael Noonan: I will do that.

Other Questions: State Banking Sector Regulation (21 May 2013)

Michael Noonan: I can confirm for the Deputy that my Department takes very seriously its responsibilities in regard to safeguarding the State's assets and maximising the return to the taxpayers of the funds invested on their behalf. In this regard, a number of directions have been issued to the National Pensions Reserve Fund Commission, NPRFC, since the directed investments were acquired pursuant to my...

Other Questions: State Banking Sector Regulation (21 May 2013)

Michael Noonan: The salary paid to the CEO of Bank of Ireland was negotiated by the relevant Ministers in the previous Government, which was led by Fianna Fáil and the Green Party. While we would like the salary to be lower, we have been legally unable to dismantle it. This Government has provided for a much lower ceiling for remuneration for CEOs. I will not take any lectures from Deputy McGrath...

Other Questions: State Banking Sector Regulation (21 May 2013)

Michael Noonan: I would like to address the issue of the abstention at the AGM. As we have just 15% of the vote, our decision to abstain, vote against or vote for was not going to influence the outcome. All the other investors voted in favour of what was recommended. I gave my reasons previously. I think they are valid. I think the decision to abstain was a very good one. Arising from the...

Other Questions: State Banking Sector Regulation (21 May 2013)

Michael Noonan: That was the advice given by Deputy Ross in 2004.

Other Questions: State Banking Sector Regulation (21 May 2013)

Michael Noonan: Deputy Ross heard it all right.

Other Questions: State Banking Sector Regulation (21 May 2013)

Michael Noonan: As on all matters, this is a democracy and the Government, which has a majority in the House and is elected to govern the country, governs it. The Minister for Finance's mandate comes from the electorate and he takes advice from the appropriate authorities and makes decisions as best he can. That is the way it works. The NPRFC is the body that holds the shares and the officials from my...

Other Questions: NAMA Loans Sale (21 May 2013)

Michael Noonan: As the Deputy is aware, NAMA is obliged under section 10 of the NAMA Act to obtain the best achievable financial return to the State on the assets acquired by it. I am advised by NAMA that there has been no change in its strategy. For any particular asset or group of assets, NAMA assesses whether the best return to the taxpayer is achieved through the sale of the underlying property by a...

Other Questions: NAMA Loans Sale (21 May 2013)

Michael Noonan: As the Deputy knows, NAMA operates under the NAMA Act and, in general, it operates totally independent of politics. The Deputy knows that while one may inquire for information from NAMA, it is a criminal offence to make representations to NAMA. The same rules apply to the Minister for Finance as to everybody else, apart from the specific bars the Minister has under the Act. The way I...

Other Questions: NAMA Loans Sale (21 May 2013)

Michael Noonan: As I have said, it is an independent organisation put in place by the Houses of the Oireachtas and I have confidence in it as an organisation. I believe it is doing what it says on the tin. It is behaving in accordance with its mandate and it is profitable at present. I have no plans to introduce amending legislation at present and I am not going to interfere with its process either. It...

Written Answers — Department of Finance: State Banking Sector Regulation (21 May 2013)

Michael Noonan: As the Deputy will appreciate, officials from the Irish authorities are in regular dialogue with all of the State supported banks in an effort to enhance stability and to facilitate the sectors’ return to profitability. The long term profitability of the State supported banks depends on many variables, the impact of trackers is only one of those. There has been improvement in many...

Written Answers — Department of Finance: Central Bank of Ireland Issues (21 May 2013)

Michael Noonan: I propose to take Questions Nos. 61 and 63 together. It is to be expected that staff will move between the Central Bank and the financial sector in both directions. This can be healthy to the extent that it allows the Central Bank to gain access to high-level sectoral expertise while allowing those with regulatory experience to move into the industry and support a compliance culture....

Written Answers — Department of Finance: Mortgage Arrears Proposals (21 May 2013)

Michael Noonan: I propose to take Questions Nos. 62 and 122 together. As the Deputies are aware, on 13 March the Central Bank announced new measures to address mortgage arrears, including the publication of performance targets for proposing and concluding sustainable solutions for borrowers in arrears over 90 days for the main mortgage banks and proposed changes to the Code of Conduct on Mortgage Arrears....

Written Answers — Department of Finance: EU Directives (21 May 2013)

Michael Noonan: I propose to take Questions Nos. 64 and 75 together. The Bank Recovery and Resolution (“BRRD”) proposal aims to introduce an effective recovery and resolution framework for credit institutions and investment firms at national level to ensure minimum harmonisation at EU level. The proposed directive provides for three stages of crisis prevention and management: a...

Written Answers — Department of Finance: Promissory Note Negotiations (21 May 2013)

Michael Noonan: As the Deputy is aware, on 6/7 February 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. This followed extensive discussions with our European partners at all levels, particularly in the later stages of 2012 and into 2013. The new arrangements go a long way towards addressing the...

Written Answers — Department of Finance: Euro Coins Production (21 May 2013)

Michael Noonan: In 2011, I requested that the Central Bank examine ways to improve Ireland's payment infrastructure. The Central Bank established a Steering Committee which prepared and submitted the National Payments Plan to me. The membership of the Steering Group was to act as representatives for all sections in society, including marginalised and disadvantaged groups. Government subsequently approved...

Written Answers — Department of Finance: Shadow Banking Sector (21 May 2013)

Michael Noonan: Shadow banking was not discussed at the ECOFIN meeting of EU Finance and Economic Ministers on 14 May. The agenda dealt with Banking Recovery and Resolution; the draft Budget; Savings Taxation agreements with third countries; tax evasion and fraud; macroeconomic imbalances; Economic and Monetary Union, including the introduction of a Convergence and Competitiveness Instrument and ex...

Written Answers — Department of Finance: Fodder Crisis (21 May 2013)

Michael Noonan: I am advised by NAMA that such requests, in so far as there may be any, would be received by its debtors and receivers and not by the Agency itself, given that it is a secured lender and does not own agricultural land. I am advised by NAMA that farmers seeking access to an individual property should in the first instance contact the owner of the property or the receiver, if one is in...

Written Answers — Department of Finance: European Banking Union (21 May 2013)

Michael Noonan: The European Council meeting of 29 June 2012 considered a report from the President of the European Council in cooperation with the Presidents of the Commission, Eurogroup and ECB which set out building blocks for future Economic and Monetary Union. One of these building blocks is an integrated financial framework or banking union which comprises three elements (a) an integrated system for...