Results 11,741-11,760 of 27,019 for speaker:Michael Noonan
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Review of ECOFIN Matters under Irish EU Presidency: Discussion (3 Jul 2013)
Michael Noonan: The draft is required in mid-October. I will explain the terminology in a moment. If we stuck to our traditional date, we would have to bring much of the detail of the budget out in draft form in October and then enact it. Therefore, it is much easier from our point of view to bring the budget forward to October. What Europe means by a draft is what we would normally do in December. It...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Review of ECOFIN Matters under Irish EU Presidency: Discussion (3 Jul 2013)
Michael Noonan: You have to celebrate your second All-Ireland win.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Review of ECOFIN Matters under Irish EU Presidency: Discussion (3 Jul 2013)
Michael Noonan: The criteria have yet to be established, but it seems evident that AIB and Bank of Ireland will be the two. There could be a number of bids on the table in regard to the third. In regard to Ulster Bank, for example, the Bank of England is its regulator.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Review of ECOFIN Matters under Irish EU Presidency: Discussion (3 Jul 2013)
Michael Noonan: It is a minimum of three for each member state.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Review of ECOFIN Matters under Irish EU Presidency: Discussion (3 Jul 2013)
Michael Noonan: The relationship will principally be between the Central Bank and Frankfurt.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Review of ECOFIN Matters under Irish EU Presidency: Discussion (3 Jul 2013)
Michael Noonan: The ECB will set down the criteria.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Review of ECOFIN Matters under Irish EU Presidency: Discussion (3 Jul 2013)
Michael Noonan: Our resolution has effectively been completed, and our banks are well capitalised. We do not envisage a bail-in coming on top of a bailout. We had a bailout and that is why we have the shares in the banks. This is for future cases when the policy has moved from bailouts, to which we all objected for a long time, to a bail-in system. Many people talked about burning bondholders during the...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Review of ECOFIN Matters under Irish EU Presidency: Discussion (3 Jul 2013)
Michael Noonan: If one of our banks needed additional capital, the first option would be to raise it on the markets. That would be the obvious option to take. After that, an application to the ESM would be the next option. It is hypothetical.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Review of ECOFIN Matters under Irish EU Presidency: Discussion (3 Jul 2013)
Michael Noonan: The Deputy is mixing up two questions. He is talking about a bail-in for one of the Irish banks and then talking about one of the Irish banks requiring extra capital. I am answering the second part of his question. If an Irish bank requires extra capital, the first recourse would be to the markets and the second recourse would be to the ESM. One would not regard it as an insolvent bank,...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Review of ECOFIN Matters under Irish EU Presidency: Discussion (3 Jul 2013)
Michael Noonan: What I am saying is that one must distinguish between resolution and recapitalisation. While there may be a hypothetical requirement for recapitalisation of Irish banks, especially when we move towards the end of the decade and the Basel III rules come in, I do not envisage any situation in which a resolution issue would arise again with the Irish banks.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Review of ECOFIN Matters under Irish EU Presidency: Discussion (3 Jul 2013)
Michael Noonan: No, that is for resolution. That is the sequence for resolution. As the bank gets resolved, its capital would have to be built up as well. One could have a bank needing capital - quite clearly, many of them will need capital, and this will be apparent next year - without any threat of resolution. They will just need additional capital. It has happened before. A bank would be given 18...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Review of ECOFIN Matters under Irish EU Presidency: Discussion (3 Jul 2013)
Michael Noonan: The Deputy is talking us into a situation. He is making it sound as if the Irish banks will need capital next year. They do not.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Review of ECOFIN Matters under Irish EU Presidency: Discussion (3 Jul 2013)
Michael Noonan: The trouble is that when one keeps repeating a hypothesis, it suddenly becomes a reality. There is no evidence whatsoever that any of the Irish banks will need additional capital next year. What is certain is that there will be stress testing next year, but the Irish banks are very well capitalised. I have no evidence at present that they require any additional capital.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Review of ECOFIN Matters under Irish EU Presidency: Discussion (3 Jul 2013)
Michael Noonan: The Deputy is again mixing up resolution and recapitalisation. I outlined the resolution mechanism, and he has transferred that to recapitalisation, which is a different concept.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Review of ECOFIN Matters under Irish EU Presidency: Discussion (3 Jul 2013)
Michael Noonan: What I intended to say was that at a certain point in the process, when the bank is resolved, the issue would arise as to how much capital it has and how much capital it would require. We then work on that basis.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Review of ECOFIN Matters under Irish EU Presidency: Discussion (3 Jul 2013)
Michael Noonan: When the ESM is fully in place, part of its mandate is to provide capital to banks that require capital.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Review of ECOFIN Matters under Irish EU Presidency: Discussion (3 Jul 2013)
Michael Noonan: The Deputy has gone across the line again.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Review of ECOFIN Matters under Irish EU Presidency: Discussion (3 Jul 2013)
Michael Noonan: The Deputy is mixing up recapitalisation and resolution. He is trying to construct a theory on a false premise. I have done my best to explain it to him.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Review of ECOFIN Matters under Irish EU Presidency: Discussion (3 Jul 2013)
Michael Noonan: No, it is not. There are very few questions that can be answered with "Yes" or "No", and bank resolution questions certainly cannot be answered like that when the question is being put by the Deputy.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Review of ECOFIN Matters under Irish EU Presidency: Discussion (3 Jul 2013)
Michael Noonan: It may apply.