Results 6,301-6,320 of 27,019 for speaker:Michael Noonan
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Michael Noonan: I don't know. I mean, the, kind of, run of reports I get - I get NAMA reports, NTMA reports, Central Bank reports and then reports from OECD, comments from the Commission, all that kind of stuff. And everything is presented to me and nothing is redacted.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Michael Noonan: And we have a practice now of putting as much as we can up on the website. Rather than waiting for freedom of information, we just ... if we can, we publish and share the information. We send a lot of stuff over to the finance committee as well, as the Chairman will be aware.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Michael Noonan: As far as I'm concerned they can say whatever they want to say, but I reserve the right to talk back like, you know, if I disagree.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Michael Noonan: We have appointed a chief economist, whom you heard here, John McCarthy, and he has a team of people with him, all with economic qualifications. And they're a particular unit in the Department and they handle all the forecasting and ... and all that side. So, it is a unit. Are you saying it should have a statutory base or something?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Michael Noonan: Yes, that's a good point. I will look at that.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Michael Noonan: Yes, we're ... NewERA now does an evaluation of all the major proposals in the public capital programme, and it's the function of the NewERA, in effect, to give that kind of advice. So, it wouldn't apply to smaller projects, smaller cost projects, but all the big stuff would've been evaluated.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Michael Noonan: Well, there were historically two Departments, because you had the Department of Labour and, quite frequently, it was labour and the public service. So you had all the HR role of the Department of labour and the public service carrying out the functions that Minister Howlin carries out now. The additional role that it was given was control of expenditure. It was a decision that came from a...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Michael Noonan: Yes, it's moving away.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Michael Noonan: A lot of investment in agriculture now; a lot of investment in SMEs also. But as well as that, as we identify new sources of funding, like European Investment Bank money now for SMEs being channelled through the high street banks, AIB and Bank of Ireland. The money provided by EIB is not for construction purposes; it's for growing the economy and it's for the SMEs. So, very often, the...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Michael Noonan: Yes. I mean, but if you go back in it, the fault in the past was that the, kind of, conventional wisdom was that bankers were in the higher professions. They'd be like doctors and accountants and they should self-regulate because there were of high ethical principle, so that your regulation would be at a level of principle. So, you know, the regulators set down the principles of the...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Michael Noonan: I think Mr. Wright's figure was across the Department as a whole. That's just in the economic forecasting, the economic section, because it's much bigger than that now.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Michael Noonan: I don't think you're comparing like with like, but I can get you the figures.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Michael Noonan: I probably have them there but-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Michael Noonan: Well, the position is the Central Bank is independent under law, and the regulatory function has been put back in under the ambit of the Central Bank now, with the chain of command being the banking commission, the Governor and then two assistant governors, and running right down to different areas of regulation. If the Governor feels that his statutory powers are inadequate, he will come to...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Michael Noonan: On that ... prudential measures taken by the Central Bank, the first announcement was starker than what finished ... finished up. And the Governor invited submissions in a consultation process even though the Central Bank was independent of the Department of Finance, I felt free to make a submission. So we made a Department of Finance submission and the prudential regime, because there was...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Michael Noonan: Thank you, Deputy.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Michael Noonan: I mean, they have a very large budget because they're a profitable organisation. The Department of the public service does not give them an agreed complement of staff as it does with Government Departments and certain agencies. He's the deputy governor. They're entirely free to go away and recruit the 16 that he needs.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Michael Noonan: Well-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Michael Noonan: -----that's a different issue.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Michael Noonan: Well, you know, what I'm saying is try ... try and fill them. There's a lot of people out there who are very highly qualified and that certainly work for the pay and salary levels that the Central Bank pays their people. But it's a constant issue, more with Minister Howlin than myself because he's responsible for setting pay levels and pay controls. But we had to control pay and I'm ... I...