Results 1,541-1,560 of 27,019 for speaker:Michael Noonan

Banking Sector (3 May 2011)

Michael Noonan: In general terms I share the Deputy's sentiments but I will not make a commitment to the House unless I know that, as Minister, I can legally fulfil it. I am examining various approaches. If one follows the Deputy's initial remarks to their logical conclusion, concerning those who blatantly do not fulfil their contracts, then there is an argument to be made that they should be subject to...

Departmental Officials' Remuneration (3 May 2011)

Michael Noonan: In my Department over the past three years, the following are the highest paid officials in the Department of Finance, in addition to officials in the newly established Department of Public Expenditure and Reform. Grade Current Salary€ Secretary General, Department of Finance 228,466(salary on retirement – January 2010) Secretary General, Department of Finance 228,466 Secretary...

Departmental Officials' Remuneration (3 May 2011)

Michael Noonan: I understand that there have been Secretaries General on a finance scale, which also applied to Secretaries General of the Department of Taoiseach, and that was higher than the rate paid to other Secretaries General. However, bonuses have not been paid to these civil servants for several years. I am trying to find the reference but no bonuses have been paid.

Departmental Officials' Remuneration (3 May 2011)

Michael Noonan: The salary levels in the Department, according to the Department, reflect the grading structure of the Department, which, in turn, reflects the evolution of the Department over time. The structure of the Department represents the amalgamation of three separate Departments at various stages - finance, public service and economic planning and development. The structure also reflects the...

Departmental Officials' Remuneration (3 May 2011)

Michael Noonan: I do not agree that they have prime responsibility for the economic collapse. All the reports into the economic collapse apportion blame across sectors from the leading politicians to the leading bankers, developers, media commentators and civil servants. There is a fair burden of blame. I do not want to remind the Deputy of what he wrote in 2004 and 2005.

Departmental Officials' Remuneration (3 May 2011)

Michael Noonan: Was Deputy Ross not the man who was promoting the candidacy of Sean FitzPatrick for the board of the Central Bank?

Fiscal Policy (3 May 2011)

Michael Noonan: The Government is strongly committed to implementing a jobs and growth strategy. We intend announcing a jobs initiative as committed to in the programme for Government on 10 May. I anticipate that necessary legislation to give effect to the measures outlined in the jobs initiative will be published shortly thereafter. The programme for Government sets out in broad terms the measures that...

Fiscal Policy (3 May 2011)

Michael Noonan: We will outline the full programme on Tuesday next. When we criticised the budget introduced by the Government, which Deputy McGrath supported, in December, we selected two areas for severe criticism. First, we indicated that the budget did very little to promote job creation. Second, we outlined that the Government was receiving the growth figure without trying to influence it. To return...

Fiscal Policy (3 May 2011)

Michael Noonan: We will approach it in a fiscally neutral way. Based on our more recent conversations, the agreement we have with the troika is that the span of the initiative is to become fiscally neutral by 2014. That satisfies it. We are largely talking about what was in the programme for Government. It is a readjustment of the budgetary position to focus on job creation and to try to get more growth...

Commissions of Investigation (3 May 2011)

Michael Noonan: On 7 July 2010, the previous Government announced its decision to establish a commission of investigation into the banking sector in Ireland, pursuant to the Commissions of Investigation Act 2004. The commission was formally established on 21 September 2010 by Government Order, and Mr. Peter Nyberg was appointed as the sole member of the commission. The commission reported on 22 March 2011...

Commissions of Investigation (3 May 2011)

Michael Noonan: A total of 21 staff were working on the commission, including Mr. Nyberg himself, and there were five administrative staff from the Department. When Mr. Nyberg first took up his position the Department of Finance assisted him in the initial preparatory work upon his arrival in this country. Once formally established the commission recruited staff independently in accordance with the...

Commissions of Investigation (3 May 2011)

Michael Noonan: I do not know whether there is any basis to the Deputy's allegation and have seen absolutely nothing to suggest what he says is correct. It is reasonable when a detailed investigation of banking files is being conducted that one should send in people who understand lending, risk and banking files. If I was sent in, I would not find my way around the files and would have no idea of what was...

Euro Plus Pact (3 May 2011)

Michael Noonan: On 25 March the European Council adopted a package of measures to respond to the crisis, preserve financial stability and lay the ground for sustainable job creating growth. The euro area Heads of State or Government also adopted the euro plus pact to complement these measures to further strengthen the economic pillar of EMU and achieve a new quality of economic policy co-ordination, with...

Euro Plus Pact (3 May 2011)

Michael Noonan: I do not think the Deputy and I will have a fruitful interchange because our philosophic positions are diametrically opposed. The European Union is good. In general I agree with the policies being pursued and believe the future of our citizens lies in being at the heart of the European Union. I am not alone in thinking this. The Deputy will have noticed that when the socialist experiment...

Euro Plus Pact (3 May 2011)

Michael Noonan: The Deputy has introduced a different set of issues. The pact has four objectives. It wants to foster competitiveness; I see nothing wrong with that from a citizen's point of view or from the economy's point of view. As its second objective it wants to foster employment; I do not see any problem with that. Does anyone in the House see a problem with that?

Euro Plus Pact (3 May 2011)

Michael Noonan: The third objective is that the pact will contribute further to the sustainability of the public finances. Every time Deputy Doherty gets up to speak he lectures me on sustainability so I cannot see how he could have any problem with that objective of the pact. The fourth objective of the pact is to reinforce financial stability. I cannot see why everyone in this House cannot sign up to the...

Euro Plus Pact (3 May 2011)

Michael Noonan: Achieving them might be a harder day's work but as objectives they should be fine by all of us.

Bank Guarantee Scheme (3 May 2011)

Michael Noonan: As the Deputy will be aware, under the terms of the Credit Institutions (Financial Support) Scheme 2008, domestic credit institutions benefiting from the State guarantee were required at the direction of the Minister for Finance to appoint up to two non-executive directors to promote the public interest. The legal position is that any director appointed to the board of the covered...

Bank Guarantee Scheme (3 May 2011)

Michael Noonan: The primary duty and responsibility of the public interest directors as well as all the other directors are to ensure that the institution on whose board they serve is run properly and appropriately. Their primary responsibility, regardless of their title, is to the institution on whose board they serve. Is Dick Spring a suitable person to be the director of a board in the public interest...

Bank Guarantee Scheme (3 May 2011)

Michael Noonan: He is well fit to be a member of the board. Have I called in public interest directors and talked to them separately? No, because it would be inappropriate for me to do so. They do not report to the Minister for Finance or to the Department of Finance. Their responsibility under company law is to the institution on whose board they serve. I work with these covered institutions through...