Results 10,681-10,700 of 27,019 for speaker:Michael Noonan

Strategic Banking Corporation of Ireland Bill 2014: Committee Stage (Resumed) and Remaining Stages (10 Jul 2014)

Michael Noonan: My position is that it is a matter for the Central Bank, which is independent in the exercise of its functions and which particularly exercises that independence in its dealings with the licensed banks, to which it provides the licences.

Strategic Banking Corporation Bill 2014: Committee and Remaining Stages (10 Jul 2014)

Michael Noonan: The on-lenders will need to demonstrate that it is new lending in the first instance. The purpose of the Bill is to provide additional credit to SMEs. The word "additional" is important. It is not substitute credit to enable the banks to make more profit. It is not a scheme to assist the banks but a scheme to assist the SMEs. Second, if a tranche of money is provided to an on-lender,...

Strategic Banking Corporation Bill 2014: Committee and Remaining Stages (10 Jul 2014)

Michael Noonan: It is a pity that in a debate like this, during which time is constrained and there is not a long interval between Second Stage and Committee Stage, it is very easy to miss detail in certain sections. There is actually a reference to "additional credit". Section 8(1)(a) states that a function of the SBCI shall be “to provide, and promote the provision of, additional credit in a...

Strategic Banking Corporation Bill 2014: Committee and Remaining Stages (10 Jul 2014)

Michael Noonan: I have nothing further to add.

Strategic Banking Corporation Bill 2014: Committee and Remaining Stages (10 Jul 2014)

Michael Noonan: The SBCI will impose a number of requirements on lenders to ensure they use SBCI funding for SME financing, which will fulfil the purposes of this Bill. However, the SBCI must balance these requirements with the on-lender's reporting burden to ensure that it is economical for that on-lender to lend SBCI products. The SBCI operating model will be to provide funding to on-lenders, which is...

Strategic Banking Corporation Bill 2014: Committee and Remaining Stages (10 Jul 2014)

Michael Noonan: These amendments seek to add additional purposes to the Act such that a specific purpose of the Act would be the creation of employment. From a first reading of it, I was very sympathetic towards this but the legal advice we got is that as neither this legislation nor the SBCI is specifically designed to tackle employment issues directly, it was better not to refer to creating employment in...

Strategic Banking Corporation Bill 2014: Committee and Remaining Stages (10 Jul 2014)

Michael Noonan: One can challenge legal advice, but law always comes down to the precise meaning of words. While the purpose of much of what we do is the creation of jobs, that is not the direct purpose of this legislation. The purpose of this legislation is to provide credit to SMEs in a manner not previously provided and by an institution that has not existed heretofore. A consequence of this is that the...

Strategic Banking Corporation Bill 2014: Committee and Remaining Stages (10 Jul 2014)

Michael Noonan: That request makes it sound as if nothing has changed. On the infamous night of the guarantee, there were 75 or 76 directors of Irish financial institutions. Only one of those is left, and that at the request of private investors. Every other director has been moved on.

Strategic Banking Corporation Bill 2014: Committee and Remaining Stages (10 Jul 2014)

Michael Noonan: The Deputy is changing the argument.

Strategic Banking Corporation Bill 2014: Committee and Remaining Stages (10 Jul 2014)

Michael Noonan: The Deputy stated that the scalpel should be taken out and there should be significant changes on the boards of directors.

Strategic Banking Corporation Bill 2014: Committee and Remaining Stages (10 Jul 2014)

Michael Noonan: "Whip them into shape and obedience" implies that they are still in situ and I, as Minister for Finance, have the whipping control. If they are gone into the sunset, I have no control-----

Strategic Banking Corporation Bill 2014: Committee and Remaining Stages (10 Jul 2014)

Michael Noonan: I have no control over them any more. The Deputy should address his remarks to someone else in the institutions.

Strategic Banking Corporation Bill 2014: Committee and Remaining Stages (10 Jul 2014)

Michael Noonan: The Deputy has switched targets.

Strategic Banking Corporation Bill 2014: Committee and Remaining Stages (10 Jul 2014)

Michael Noonan: I am not playing with words at all.

Strategic Banking Corporation Bill 2014: Committee and Remaining Stages (10 Jul 2014)

Michael Noonan: What I am saying is that it is not true to claim that the directors of banks-----

Strategic Banking Corporation Bill 2014: Committee and Remaining Stages (10 Jul 2014)

Michael Noonan: -----who were there on the night of the guarantee are still there.

Strategic Banking Corporation Bill 2014: Committee and Remaining Stages (10 Jul 2014)

Michael Noonan: They are all gone.

Strategic Banking Corporation Bill 2014: Committee and Remaining Stages (10 Jul 2014)

Michael Noonan: I find it difficult at times.

Strategic Banking Corporation Bill 2014: Committee and Remaining Stages (10 Jul 2014)

Michael Noonan: One of the major differences between the on-lending model through a wholesale provider of funds and what we are used to with high street banks is that the network is not in place. We will move to set it up immediately, but the first set-up will be some type of central office, probably in Dublin. It will not have a network of offices in every town in the country. The obvious way to deliver...

Strategic Banking Corporation Bill 2014: Committee and Remaining Stages (10 Jul 2014)

Michael Noonan: I hope it will be successful in that way. In building any organisation from start-up, it is reasonable to phase its development. While we want to empower it to lend directly, the first phase incorporates an on-lending basis. A bank without a network must consider the logistics of direct lending. A bank could lend directly from a head office for big projects. For smaller projects, the...