Is Noonan really powerless or just disinterested?

Disillusioned democrat

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Bizarre statement by Noonan....seemingly government "powerless" to influence the banks it has bailed out with tax payers money. They have shovelled billions of tax payers money into a pit and yet have no "power" over the banks. The advice seems to be that we should just grin and bear it as the banks screw us over time and again.

Noonan: 'I'm powerless to tackle bankers' pay & perks' - National News - Independent.ie

The government have an overwhelming majority in the Dail and a majority stake in the banks....but have no power?

That doesn't add up. It seems the only power they do have is to pretend things will just get better and in the meantime clock up €3m pension entitlements.
 
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hemlock

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he couldn't be arsed
 

wombat

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The government have an overwhelming majority in the Dail and a majority stake in the banks....but have no power?
Yes Minister, Noonan is a complete creature of the permanent govt.
 

Analyzer

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He is useless.

Is that the word that you were looking for ?
 

tigerben

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If he was on the opposition bench and heard this coming from FF he wouldnt believe it. FG/Labour were going to put manners on those Bankers that brought Ireland to its knees. I just didn't know it was the political arrogant style of government manners they meant.
 

mocame

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I am a public servant and I thought I had a contract with my employer which entitled me to a certain rate of pay. However my employer tore it up and unilaterally cut my pay on the grounds of inability to pay.

Surely employees of all the majority state owned banks (ie all Irish banks headquartered banks except BoI) should be treated the same? None of them would be in jobs without taxpayer support. Why are they treated any differently from any other public servants?
 

sic transit

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Defined pensions can only be nailed via taxation. The bank could claim to have a reasonable argument in that any bankers they might want to employ will not entertain the salaries we'd love them to have. Noonan could possibly consider addressing it but it would be more likely to be a pyrrhic victory of gains being swallowed up in legal fees.
TBH this is another rile the peasants story that the Sindo seems overfond of.
 

Disillusioned democrat

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I am a public servant and I thought I had a contract with my employer which entitled me to a certain rate of pay. However my employer tore it up and unilaterally cut my pay on the grounds of inability to pay.

Surely employees of all the majority state owned banks (ie all Irish banks headquartered banks except BoI) should be treated the same? None of them would be in jobs without taxpayer support. Why are they treated any differently from any other public servants?
Exactly....I imagine most of us, private and public sector, had a pay cut imposed. I certainly did, AND it reduced the value of my DB pension from that employer because it was based on final salary.

We're told time and again this is a crisis, but if you look at the government's response when it comes to the banks, to bankers and to senior public servants you'd struggle to understand that there was any minor problem....not to mention full blown crisis.

I was delighted FF got the kicking they deserved nearly 2 years ago, and genuinely assumed FG would take its mandate for reform (and it has to be said, revenge) seriously, but they have been a huge disappointment.
 

deepness

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Fairly bizarre from Noonan alright. Sounds defeatist to me. He is the man supposedly to set the rules...yet he comes out with this? Taxing the crap out of them not an option no?

And I agree, if FF had come out with this FG would have gone ballistic..now they're just saying nothing we can do?

Same ol same ol..
 

Disillusioned democrat

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Defined pensions can only be nailed via taxation. The bank could claim to have a reasonable argument in that any bankers they might want to employ will not entertain the salaries we'd love them to have. Noonan could possibly consider addressing it but it would be more likely to be a pyrrhic victory of gains being swallowed up in legal fees.
TBH this is another rile the peasants story that the Sindo seems overfond of.
I disagree....we're told there's a crisis and it's an economic war, but the only casualties are the tax payers. The banks were bailed out and would have collapsed without tax payers money...the peasants of which you speak.....if they had failed then there would be no money for pensions and no jobs for the boys, so it's not unreasonable to expect a little humility and pain to be shared. In terms of the law we have an economic emergency on our hands and a government with an overwhelming majority and a population that wants fairness....I don't think it'd be too hard to get creative....how about a "bailout levy" on all payments to any bankers, current or retired, who approved the kind of reckless loans that resulted in the banks needing to be bailed out in the first place....say 90%?
 
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Analyzer

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I am a public servant and I thought I had a contract with my employer which entitled me to a certain rate of pay. However my employer tore it up and unilaterally cut my pay on the grounds of inability to pay.

Surely employees of all the majority state owned banks (ie all Irish banks headquartered banks except BoI) should be treated the same? None of them would be in jobs without taxpayer support. Why are they treated any differently from any other public servants?
Actually, they should be treated the same as private sector employees.

Get rid of the wasters, negotiate with the creditors, restructure, and start over again.

The business will only be viable if the nepotism is cleaned out.
 

venusian

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Bizarre statement by Noonan....seemingly government "powerless" to influence that banks it has bailed out with tax payers money. They have shovelled billions of tax payers money into a pit and yet have no "power" over the banks. The advice seems to be that we should just grin and bear it as the banks screw us over time and again.

Noonan: 'I'm powerless to tackle bankers' pay & perks' - National News - Independent.ie

The government have an overwhelming majority in the Dail and a majority stake in the banks....but have no power?

That doesn't add up. It seems the only power they do have is to pretend things will just get better and in the meantime clock up €3m pension entitlements.
The horrible little squib of a "man" Noonan, who can ever forget his loathsome behaviour! During the Hep C scandal, he threatened to take Bridget's McColes mother Ellen to the Supreme Court when she wondered why her daughter had contracted the disease as she was dying from liver failure. Remeber how Noonan was forced to establish the Hep C Tribunal of Inquiry and to issue several grovelling apologies for his disgraceful handling of what occured at the time?

If enough public pressure is brought on the FFgers the bankers and bondholders friends, he can be forced to take action
Parasite Noonan controls 100% of Anglo and 99.8% of AIB he is not powerless! Its just typical of the FFger's and Noonan, the FFger's and Noonan's inaction to date is a thundering disgrace. Without the massive injections of the rapacious level of taxpayers money these banks would be history.
Noonan go and use the bloody Bailed Out Institution Levy (BOIL) ! Initially for the bank pensioners that crashed the country, all pension funds that these crooked financial institutions contributed to should be taxed at 99% on earning above 50k. The FFger's friends like Sheedy, Goggins, Fingleton an the rest will at least be contribtuing to the mess they created and the taxpayer might take some satisfaction on the state's ability to bring these people to justice.

Not that I expect that would ever happen because all that the FFger's and their butt wipes "labour" are interested in doing is protecting the powerful, the bankers and their fellow politicians whilst they dream up taxes that will be forever rejected like new property and water stealth charges
 

venusian

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Fairly bizarre from Noonan alright. Sounds defeatist to me. He is the man supposedly to set the rules...yet he comes out with this? Taxing the crap out of them not an option no?

And I agree, if FF had come out with this FG would have gone ballistic..now they're just saying nothing we can do?

Same ol same ol..
The FFger's does not consider itself powerless when it comes to other groups of professionals, e.g. highly qualified medical doctors which our hospitals need and who cannot leave Ireland fast enough as a direct result of O'Reilly in the department of health. So why bankers? These banks are effectively state bodies. These people are effectively civil servants or retired civil servants. More to the point, their crooked incompetence is the reason Ireland is the way it is. Over to you Noonan
 

wheels

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Richie Boucher said the shareholders had approved his salary. How did this happen?
If every account-holder in Bank of Ireland emailed or wrote to the bank and said they did not approve of RB being in charge and of his ridiculous pay and pension package and wanted RB removed surely something would have to be done.
 

Disillusioned democrat

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Richie Boucher said the shareholders had approved his salary. How did this happen?
If every account-holder in Bank of Ireland emailed or wrote to the bank and said they did not approve of RB being in charge and of his ridiculous pay and pension package and wanted RB removed surely something would have to be done.
That's kind what I don't get...all tax payers are shareholders and I certainly didn't approve, and if we're paying a public interest director to neon the board did he/she approve on my behalf?
 

ger12

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Defined pensions can only be nailed via taxation. The bank could claim to have a reasonable argument in that any bankers they might want to employ will not entertain the salaries we'd love them to have. Noonan could possibly consider addressing it but it would be more likely to be a pyrrhic victory of gains being swallowed up in legal fees.
TBH this is another rile the peasants story that the Sindo seems overfond of.
Pyrrhic victory? Bit ott sic.

Nail it via taxation.
 

cabledude

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Bizarre statement by Noonan....seemingly government "powerless" to influence that banks it has bailed out with tax payers money. They have shovelled billions of tax payers money into a pit and yet have no "power" over the banks. The advice seems to be that we should just grin and bear it as the banks screw us over time and again.

Noonan: 'I'm powerless to tackle bankers' pay & perks' - National News - Independent.ie

The government have an overwhelming majority in the Dail and a majority stake in the banks....but have no power?

That doesn't add up. It seems the only power they do have is to pretend things will just get better and in the meantime clock up €3m pension entitlements.
That statement finishes the argument. Got it in one. They are afraid to take any sort of risk due to the fact that they are so near retirement. That section of our society has been very well looked after. Pensioners - not touched. Public/Civil servants nearing retirement age hay been paid off with lotto type lump sums and ongoing payments.

It's the likes of Noonan's turn next. As Bertie Ahern once said ' Lets not upset the apple TART'
 

jpc

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Noonan will be going out on a fine big pension himself soon enough.
Along with a lot of other government members.
That might explain the arse scratching indifference.
You don't do the right thing when it comes back to bite your own arse.
 

supermac2

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The horrible little squib of a "man" Noonan, who can ever forget his loathsome behaviour! During the Hep C scandal, he threatened to take Bridget's McColes mother Ellen to the Supreme Court when she wondered why her daughter had contracted the disease as she was dying from liver failure. Remeber how Noonan was forced to establish the Hep C Tribunal of Inquiry and to issue several grovelling apologies for his disgraceful handling of what occured at the time?

Useless then useless now. Pension beckons

Just read this



(Quick aside: In 2010 the Government invented a debt to Anglo Irish Bank. One minute we owed them nothing, the next, we owed then €31 billion. We got nothing in exchange. It gets worse – now that we owed them €31 billion, we also needed to start paying them interest. You couldn’t make it up. Karl Whelan estimates that the total interest payments will amount to €18 billion . We’ve been told not to worry about that because really we’re just paying the interest to ourselves as we own the bank. Fine – IF there’s €18 billion sitting there for us to take back once Anglo’s liabilities have been fully discharged. I’ve asked Michael Noonan to confirm that that’s the case, but he couldn’t. Next year we will pay Anglo €2.35 billion in such interest payments, on a made-up loan a dead bank. That’s two-thirds of the entire €3.5 billion budget correction coming our way this December. So between and and mid-December, when you hear “Oh but we’ve got to tax and cut because we need to close the deficit”, remember that that’s rubbish – we’re taxing and cutting to pay Anglo Irish Bank billions of euros of interest on a loan that was never made).

Column: Stephen Donnelly: Here’s what a week off for a TD actually looks like
 


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