Advertisement

We need your help now

Support from readers like you keeps The Journal open.

You are visiting us because we have something you value. Independent, unbiased news that tells the truth. Advertising revenue goes some way to support our mission, but this year it has not been enough.

If you've seen value in our reporting, please contribute what you can, so we can continue to produce accurate and meaningful journalism. For everyone who needs it.

Leon Farrell/Photocall Ireland

Noonan: 'I hope others can learn from our actions' on banking crisis

The Minister for Finance has told the Institute of International Finance in Washington that Ireland is ahead of schedule in tackling its banking crisis.

MINISTER FOR FINANCE Michael Noonan has said he hopes other countries can learn from Ireland’s actions in tackling the banking crisis.

Speaking in Washington DC today at the annual meeting of the Institute of International Finance, Noonan said he was “pleased to report” that the state has made “significant progress” and is ahead of its targets in restructuring and recapitalising the banks.

The minister also said that Ireland’s EU/IMF bailout programme “is progressing well” and that adjustments to public spending have not been easy, but have “on the whole been accepted by the people” because the state must live within its means. “We are fully aware that there are no silver bullets or magic solutions,” he said.

“Ireland is in the process of learning how difficult it is to reestablish financial and fiscal creditability,” Noonan said, adding: “I hope others can learn from our actions.”

Noonan also defended the single currency in his speech, saying that while some commentators have been keen to write off the euro he believes many of its strengths and weaknesses have been overlooked during the crisis.

The Institute of International Finance has been leading negotiations on easing Greece’s debt terms. Today it rejected calls to subject private investors to greater losses on Greek bonds and also rejected the push for a renegotiation of the second Greek bailout agreement made in July.

Germany and other eurozone countries are calling for a renegotiation of the deal amid concerns over Greece’s deteriorating economy and increasing risk of default.

- Additional reporting by the AP

Read: AIB seeks to pay new CEO salary above €500,000 threshold >

Read: IMF wanrs about funding capacity for future bailouts >

Readers like you are keeping these stories free for everyone...
A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation.

Close
23 Comments
    Install the app to use these features.
    Mute Mata Mata
    Favourite Mata Mata
    Report
    Sep 25th 2011, 7:40 PM

    Minister keep the cap on senior bankers pay no turning back !

    112
    Install the app to use these features.
    Mute Sean O'Keeffe
    Favourite Sean O'Keeffe
    Report
    Sep 25th 2011, 9:17 PM

    Only a politican could see mortgaging a nations future for a dysfunctional banking system as an achievement.

    67
    Install the app to use these features.
    Mute fergus lynch
    Favourite fergus lynch
    Report
    Sep 25th 2011, 8:19 PM

    another delusional gobshite. ff/fg spot the difference.

    51
    Install the app to use these features.
    Mute Don Booker
    Favourite Don Booker
    Report
    Sep 25th 2011, 8:51 PM

    No difference Fergus. Fought tooth and nail against the crooked FF policies – get into office and continues doing it. Nooner’s a failed politician from a decade ago – and an investor in German bonds. Fact!

    48
    Install the app to use these features.
    Mute A. Musgrave
    Favourite A. Musgrave
    Report
    Sep 25th 2011, 11:29 PM

    If he Is a "failed politician" please explain how he is one of the nation’s highest pole-toppers? And the most powerful Minister in our Government?

    He has led one of the greatest political comebacks we have ever seen.

    19
    See 1 more reply ▾
    Install the app to use these features.
    Mute brian mac sweeney
    Favourite brian mac sweeney
    Report
    Sep 26th 2011, 7:01 PM

    A Musgrave,
    You wouldn’t be a Fine Gaeler by any chance?

    2
    Install the app to use these features.
    Mute Donal Lynch
    Favourite Donal Lynch
    Report
    Sep 25th 2011, 9:42 PM

    Out and out gobshite

    35
    Install the app to use these features.
    Mute A. Musgrave
    Favourite A. Musgrave
    Report
    Sep 25th 2011, 11:30 PM

    Says your man.

    12
    Install the app to use these features.
    Mute Ailís McKernan
    Favourite Ailís McKernan
    Report
    Sep 25th 2011, 9:17 PM

    how many times can Noonan use the phrases “magic bullet” & “silver bullet” and/ or “magic solution”
    Seriously- get some new vocab!

    31
    Install the app to use these features.
    Mute Frank2521
    Favourite Frank2521
    Report
    Sep 25th 2011, 9:00 PM

    How did he get to Washington? 1st class I guess.
    I would love to know.

    31
    Install the app to use these features.
    Mute DubDon
    Favourite DubDon
    Report
    Sep 25th 2011, 10:07 PM

    FG’s excuse of taking over the remains of the fail FF government of the last 14 years is now wearing thin. They promised swift sharp change during the election and have failed to deliver. FG completely devoid of new ideas. What have they really done since they took over? The few quid we got off the loans was always coming it wasn’t from the hard work and effort from FG. Why can’t Noonan just come out and say if this dude from the AIB proved that he can turn that disaster around pay back what it owes and turn a profit again then yeah give him above the 500k till then Kenny Noonan and co get off your fat arses and live up to your election promises or just F##k off and let someone else try.

    28
    Install the app to use these features.
    Mute Donncha Foley
    Favourite Donncha Foley
    Report
    Sep 25th 2011, 10:39 PM

    Dub Don in believing election promises shocker?

    5
    Install the app to use these features.
    Mute Mark Dennehy
    Favourite Mark Dennehy
    Report
    Sep 27th 2011, 1:34 PM

    What “someone else”?
    FF sank us in the first place.
    Labour’s already in government and seems to have forgotten the “Labour” part of their name.
    SF? Please. Raising €21 million up North isn’t a resume for running a country’s economy.
    SWP? Independents?
    Who else is there?
    Or do you feel like giving up the career you’ve worked for to become the lowest member of the pecking order so that you can “change the system from within” in about 20 years?

    1
    Install the app to use these features.
    Mute Adam Magari
    Favourite Adam Magari
    Report
    Sep 25th 2011, 7:54 PM

    Forgot irony tag

    27
    Install the app to use these features.
    Mute Adam Magari
    Favourite Adam Magari
    Report
    Sep 25th 2011, 7:53 PM

    Learn to repeat them, I presume.

    27
    Install the app to use these features.
    Mute Robbie Morrissey
    Favourite Robbie Morrissey
    Report
    Sep 26th 2011, 3:50 AM

    "learn from our banking mistakes" ?
    Our own banks haven’t, AIB are looking to raise Chief Executive’s salary!
    Oh the IRONY!

    18
    Install the app to use these features.
    Mute Reada Quinn
    Favourite Reada Quinn
    Report
    Sep 25th 2011, 11:59 PM

    Jaysus. There’s a misleading headline. I thought he was going to be hanging his head in shame. Instead he’s holding us up as a shining star. JC. What a gobshite.

    18
    Install the app to use these features.
    Mute Frank2521
    Favourite Frank2521
    Report
    Sep 26th 2011, 12:14 AM

    I would love to go through his and his families bank statements for the last 20 years. Including foreign banks as like all politicians they seem to live way beyond their means. He might be less inclined to blow his own trumpet so often.

    14
    Install the app to use these features.
    Mute Bernadette Dunne
    Favourite Bernadette Dunne
    Report
    Sep 26th 2011, 2:24 AM

    They (government) HAVE to praise themselves cos the ordinary people of Ireland have NOTHING TO PRAISE THEM ABOUT

    10
    Install the app to use these features.
    Mute alisonmcweeney
    Favourite alisonmcweeney
    Report
    Sep 26th 2011, 9:49 AM

    greece about to default ,these comments from noonan mean nothing because we will be next for default ,he is talking about austerity but fails to mention our debt has increased substanially.this govt are doing nothing to think or act outside the box,simply obeying their masters in europe which means there is no need for 50% of them ,they need to get off the public gravy train and reduce the costs No more freeloaders please!

    6
    Install the app to use these features.
    Mute Silent P
    Favourite Silent P
    Report
    Sep 26th 2011, 12:51 AM

    Blah blah blah

    5
    Install the app to use these features.
    Mute Pete Gibson
    Favourite Pete Gibson
    Report
    Oct 2nd 2011, 1:45 PM

    It is standard practice to "talk up" the country when abroad.
    What else would he do?
    Talk us down perhaps?
    Potential investors are listening.

    1
    Install the app to use these features.
    Mute Rory Mc Closkey
    Favourite Rory Mc Closkey
    Report
    Sep 26th 2011, 7:57 PM

    Doctor Death recommends another lethal cocktail.

    1
Submit a report
Please help us understand how this comment violates our community guidelines.
Thank you for the feedback
Your feedback has been sent to our team for review.
JournalTv
News in 60 seconds