Results 5,621-5,640 of 27,019 for speaker:Michael Noonan
- Written Answers — Department of Finance: Departmental Funding (4 Nov 2015)
Michael Noonan: In answer to the Deputy's question, I am interpreting the term "organisation" to mean "Bodies under the aegis of my Department". Of the 18 Bodies under the aegis of my Department one, the Disabled Drivers Medical Board of Appeal, is in receipt of funding allocated by my Department that is audited indirectly by the Comptroller and Auditor General. The Disabled Drivers Medical Board of...
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Single Resolution Fund Motion: Discussion (3 Nov 2015)
Michael Noonan: I thank the Select Sub-Committee on Finance for inviting me before it to discuss the Dáil motion on the proposed ratification by Ireland of the intergovernmental agreement on the transfer and mutualisation of contributions to the Single Resolution Fund, which will enable the subsequent ratification of the intergovernmental agreement, IGA, to the Single Resolution Mechanism, SRM. This...
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Single Resolution Fund Motion: Discussion (3 Nov 2015)
Michael Noonan: PTSB.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Single Resolution Fund Motion: Discussion (3 Nov 2015)
Michael Noonan: Provided the legislation is in place, yes.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Single Resolution Fund Motion: Discussion (3 Nov 2015)
Michael Noonan: The position seems to be that the international banks, wherever they are based, will also be paying into the fund. If they have branches here, these will be covered by the fund. The smaller institutions, which are regulated domestically, are also covered within the ambit of the fund.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Single Resolution Fund Motion: Discussion (3 Nov 2015)
Michael Noonan: They are covered also.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Single Resolution Fund Motion: Discussion (3 Nov 2015)
Michael Noonan: Yes.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Single Resolution Fund Motion: Discussion (3 Nov 2015)
Michael Noonan: Yes.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Single Resolution Fund Motion: Discussion (3 Nov 2015)
Michael Noonan: Yes. There was an agreement on that. A certain number of banks in each jurisdiction would fall within the regulatory process of Frankfurt for banking union purposes. They were the three banks we nominated in Ireland then.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Single Resolution Fund Motion: Discussion (3 Nov 2015)
Michael Noonan: I will seek clarification. I do not wish to mislead the Deputy in any way. All banks will be covered. Within the Single Supervisory Mechanism, SSM, the three banks we have nominated are certainly covered but any other bank would be covered as well within the fund.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Single Resolution Fund Motion: Discussion (3 Nov 2015)
Michael Noonan: Branches of international banks would be contributing within the banking union.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Single Resolution Fund Motion: Discussion (3 Nov 2015)
Michael Noonan: My understanding is the bank would be automatically provisioned for under the terms of the fund and the regulations appended to the fund. Whether the bank would be a contributor depends on its asset base. In the Deputy's example, the bank would automatically become a contributor if it changed the manner in which it was regulated in an Irish jurisdiction. If the bank separated completely...
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Single Resolution Fund Motion: Discussion (3 Nov 2015)
Michael Noonan: That would be an adjudication by the European Central Bank.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Single Resolution Fund Motion: Discussion (3 Nov 2015)
Michael Noonan: Yes, it would do so. Normally, what is here is a branch of a bigger bank somewhere on the Continent, and it contributes to the fund in its totality.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Single Resolution Fund Motion: Discussion (3 Nov 2015)
Michael Noonan: There is Rabo Bank and Danske Bank, and so on. They are very small outlets of much bigger entities in parent countries.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Single Resolution Fund Motion: Discussion (3 Nov 2015)
Michael Noonan: With a start-up bank, the people in Frankfurt, both on the regulatory and banking side, would examine the issue. The intention is it would also be obliged to contribute and be covered by the fund.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Single Resolution Fund Motion: Discussion (3 Nov 2015)
Michael Noonan: Yes.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Single Resolution Fund Motion: Discussion (3 Nov 2015)
Michael Noonan: Yes. As we sit in Ireland at present, the contributors are the three main banks because they are the main examples operating and being regulated here.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Single Resolution Fund Motion: Discussion (3 Nov 2015)
Michael Noonan: The distinction I should have made was that the three main banks are the SSM banks but all banks are obliged to contribute to the fund regardless of provenance.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Single Resolution Fund Motion: Discussion (3 Nov 2015)
Michael Noonan: I thank everybody for their contribution. Deputy Michael McGrath referred to an issue that has been mentioned before, that the resolution fund is quite small in comparison with the possible liabilities across Europe. The primary policy position is that there will be no more bailouts by taxpayers but rather bail-ins of bank assets. In terms of a cascade of interventions, by the time we get...