Officials from the Department of Finance are members of the AIB committee that approved the €1.1 billion bailout of the bank’s pension scheme that pays extraordinary pensions to some of the bank’s retired top brass, according to Fianna Fáil Finance Spokesperson Michael McGrath.
FIANNA Fáil Finance Spokesperson Michael McGrath has welcomed confirmation from Minister for Finance Michael Noonan that the government intends to implement two financial measures proposed by Fianna Fáil.
FIANNA Fáil Finance Spokesperson Michael McGrath has welcomed the acknowledgement from Minister for Finance Michael Noonan of the existence of a letter from the European Central Bank (ECB) in November 2010 which effectively forced the then government to accept a bailout from the troika and has called on the Minister to immediately publish the letter.
THE comments by the Minister for Finance Michael Noonan today about the implications for next December’s budget of a No vote in the forthcoming referendum are unhelpful and will only serve to alienate potential Yes voters, according to Fianna Fáil Finance Spokesperson Michael McGrath. [Read more...]
FURTHER evidence emerged this week that the country’s top banking executives continue to earn enormous salaries while the Government’s year-old executive pay review shows no sign of coming to an end, according to Fianna Fáil Finance Spokesperson Michael McGrath.
Deputy McGrath stated, “In response to a parliamentary question from my colleague Eamon Ó Cuív TD Minister Noonan this week confirmed that 24 employees of AIB are earning a basic salary in excess of €250,000. This provides further evidence that nothing has really changed when it comes to the country’s top bankers.
FIANNA Fáil Finance Spokesman Michael McGrath has welcomed the statement by the Minister for Finance Michael Noonan TD that he intends to regulate all firms offering debt management and debt advice services. Minister Noonan stated his intention to regulate the sector in a written Dáil reply to Deputy McGrath last week.
Deputy McGrath said, “On 18 August 2011, I wrote to Minister Noonan and the Government Chief Whip on the need to bring firms providing debt management and debt advice services under the regulation of the Central Bank.
FINE Gael Cork South Central TD, Jerry Buttimer, has said that the Personal Insolvency Bill published this week by Ministers Alan Shatter and Michael Noonan is a key step in solving our mortgage debt crisis.
“This draft Bill puts forward a range of options that will provide much needed relief for those struggling with personal debt. The challenge of getting to grips with the mortgage problem is one of the biggest issues facing this Government. We now have a series of solutions, which will form a key part of the Government’s strategy for dealing with mortgage arrears. People who are unable to meet their mortgage repayments or who are struggling to deal with personal debt will be directly helped by these measures.
THE Minister for Finance Michael Noonan must press the President of the ECB Mario Draghi on a timeline for a conclusion to be reached on the negotiations surrounding the debt associated with the recapitalisation of Anglo Irish Bank and Irish Nationwide Building Society (now known as ‘Irish Bank Resolution Corporation’ or IBRC), according to Fianna Fáil Finance Spokesperson Michael McGrath.
“Since 2009, the Irish state has recapitalised Irish banks to the tune of €62.8 billion. Over half of this recapitalisation came directly from exchequer funds and from the National Pension Reserve Fund with the balance coming from a promissory note structure. The promissory note structure provides for the recapitalisation of IBRC by an amount of €30.6 billion.