Tag Archives: Michael Noonan

Taoiseach Enda Kenny and Tánaiste Eamon Gilmore have ruled out any row-back on the budget in the light of growing unease among backbench TDs in both Government parties about some of its harsher measures, including cuts in the respite care grant.

The €325 cut in the €1,700 grant for respite care yesterday assumed greater importance as a possible stumbling block for some Labour and Fine Gael TDs.

The new property tax, the €5 a week increase in PRSI and particularly the cuts in child benefit were also being viewed as potentially difficult issues.

Mr Kenny, while accepting that many of the budget changes made to achieve a €3.5 billion adjustment were “unpalatable”, nevertheless insisted that all measures would be implemented.

You’ll take it. And you’ll like it.

Problem?

Kenny and Gilmore rule out any reverse to budget cuts (Harry McGee, Irish Times)

(Barry Cronin/Photocall Ireland)

When more than €3m is too much.

On the Personal Insolvency Bill, Michael Noonan (left) said the cap on people using the insolvency legislation of debts of €3m would remain. He said the ECB thought the figure was too high, while the Department of Justice said it was too low. But Minister Brendan Howlin commented that the Troika was happy with the figure.

 

Talks held With Troika On Bailout Programme Exit Assistance (RTE)

 (Sasko Lazarov/Photocall Ireland)

 

You may recall the disturbingly cosy text messages between IBRC (formerly Anglo) chief executive Mike Aynsley and property developer Paddy McKillen.

Minister for Finance Michael Noonan has now said he wrote to the bank’s chairman Alan Dukes seeking assurances in relation to the messages.

And In reply to a parliamentary question, Mr Noonan said that “in the opinion of the bank” the text messages were “an appropriate and necessary communication to confirm to the client the outcome of the board’s deliberation with regard to the future of his loans”.

He said he was told by the bank that text messaging is “a normal means of communicating with people quickly and efficiently in certain circumstances, in particular with clients who travel regularly and who do not have immediate access to email”.

And, you know, he’s cool with that.

Noonan hasn’t always had such faith in bankers..

In 2009: 

Fine Gael Limerick East TD Michael Noonan said the banks had misled the public, the Dail and their shareholders over an 18-month period by saying there was “no problem here, no toxic loans”. “If lying was an Olympic sport, we could put out a team of bankers and they would win gold for Ireland,” he told the Dail last night.

Bankers Lied To Public Over Extent Of Toxic Property Loans (Irish Independent, September 23, 2009)

And in 2010:

But on RTE’s ‘This Week’ programme, Mr Kenny increased the pressure on the Government to hold an inquiry into the causes of the banking crisis.He said he was prepared to nominate former party leader Michael Noonan to lead an all-party committee investigation.He said it was necessary to find out what went wrong in the banking sector. “This affects every single person. The Government are afraid to have an inquiry. Every minister says of course we’ll have an inquiry, but not yet,” he said.”A small few inside a golden circle — closely associated with the majority party in Government, Fianna Fail — have walked away with bulging pockets out of this, to the detriment of every other taxpayer in the country. That’s not the sense of values I have, and that’s why we need an inquiry now into why this happened,” he said.

Hopes Of Early Vote Unlikely Concedes Kenny (Irish Independent, January 11, 2010)

(Sasko Lazarov/Photocall Ireland)

Sure, what’s Greece got to do with us?

Irish two-year securities slipped for a 10th day after the European Central Bank said it will temporarily stop lending to some Greek banks, stoking concern the region’s financial crisis may deepen.

…The yield on Ireland’s two-year notes climbed 13 basis points to 6.82 percent.


Oh.

Bond Yields Decline To Record (Bloomberg)

Previously: The Pathetic Insularity Of Michael Noonan

They’re our EU neighbours.

Sinking into poverty and destitution.

But…

Finance Minister Michael Noonan has insisted that Ireland is unlikely to be affected by the Greek crisis because the two countries have no economic connections. Speaking at a Bloomberg event in Dublin, the Minister said Ireland is not on the frontline for contagion from Greece.
“Apart from holidaying in the Greek islands, I think most Irish people don’t have a lot (of connections with Greece),” he said.
“If you go into the shops here, apart from feta cheese, how many Greek items do you put in your basket?”

That’s alright then.

Noonan: Greek Crisis Will Not Directly Affect Ireland (Irish Examiner)

(Sasko Lazarov/Photocall Ireland)

Speaking at a news conference in Warsaw, Michael Noonan added that he was confident France’s Francois Hollande was in favour of the EU’s fiscal rules and said Ireland did not oppose his drive of adding “growth elements” to the pact.

“It would help us…if Mr.Hollande would soon clarify what he would like to add to the treaty,” Noonan said.

“We are concerned about this in Ireland where we are in the middle of the referendum campaign, it doesn’t sit so well with us (talk of changes to the treaty). But I am not sure it’s about rejection of austerity in France.”

Well, Shane Ross did warn them.

Ireland wants French clarity on fiscal pact before referendum (Reuters/Yahoo!Finance News)

MINISTER FOR Finance Michael Noonan has rejected claims that he is trying to scare the electorate into voting Yes to the fiscal treaty, saying the Irish people are entitled to know the truth. He said his comment that next year’s budget would be more difficult if the treaty is rejected was a “considered statement”.

Speaking in Brussels yesterday Mr Noonan said some appeared to believe that you couldn’t have a frank debate because it upset Sinn Féin.

“Now Sinn Féin might be afraid of the truth on a number of issues but the Irish people aren’t afraid of the truth,” he said.

That’s right. We’re not afraid.

A No vote would oblige him to reduce his forecast for economic growth for next year, he added.

Aaaaagh!

Noonan Denies He Is Trying To Scare Voters (Arthur Beesley and Stephen Collins, Irish Times)

Also: Noonan Says Multinationals Will Leave If Ireland Votes No (Sarah Collins, Irish Independent)

(Photocall Ireland)

Read the statement by the Minister for Finance, Michael Noonan, to the Dáil this afternoon on the March 31 Promissory Note here.

In short: He’s replaced the promissory note with a government bond (so it’s one IOU for another). This bond is given to Anglo, who take it to the Bank of Ireland. The BoI gives Anglo cash in return for the bond, thus paying off the promissory note payment. Meanwhile, the BoI swaps the IOU with the ECB in return for cash.Where Nama comes into it confuses us entirely.

THE challenge: Can anyone explain this transaction in less than 50 words?

Meanwhile, a welcome Irish Times typo:

Earlier: Anglo Boss Made €866,000 LAST YEAR

Thanks BlackMamba