You may argue that he lied but at best he is simply a hypocrite. Ireland’s Minister for Finance, Michael Noonan has appeared to do a complete u-turn since arriving into office. Check out the speech below on 15 December 2010 which he gave while in opposition and compare with his record since becoming Minister for Finance.

Clips from the speech.

the Government failed to negotiate a burden sharing arrangement for non-guaranteed bank debt as part of the bailout arrangement.

You haven’t either Minister since you got into power. In fact you point-blank refused to.

Ireland’s commitments on sovereign debt and debt under guarantee must be honoured in full. What legal or moral compulsion is on Ireland, however, to honour in full debt incurred by Irish banks when there was no State involvement in the arrangements? 

……..

It is obscene that liability for these loans is now being transferred to the Irish taxpayer, in many respects to the poorest of the Irish taxpayers.

Since becoming Minister of Finance he says “we always pay our debts” and has willing accepted these debts.

There is €10 billion of subordinated debt in the Irish banks. There is €15 billion of NON guaranteed senior debt. The Irish Government and the Irish taxpayer has NO liability whatsoever for these debts.

Yet Minister Noonan insists on paying them.

In the budget the Minister for Finance reduced social welfare payments, punished the [326]blind, disabled, widows, carers and the unemployed and he taxed the poorest at work, and for what? It was so that the taxpayer can take on liability for debts the country never incurred and arose from private arrangements between private institutions. What a disaster and an obscenity. How can the Government stand over it? How can our European colleagues stand over it?

And you cut payments under Social Welfare too Minister. What about Child benefit, fuel allowance, job seeker’s benefit, household charge, back to school allowances, school transport, college fees registration, one parent family etc, all reduced by YOU.

When the deal was agreed, there was an attempt to justify it because any re-negotiation of bank debt in Ireland could have a major adverse effect on banks in Germany, France and the UK that lent to Irish banks. This consideration may have been valid some time ago but it is no longer valid.

Again you back tracked on this too.

The latest available bank data shows that Irish guaranteed bank debt has been sold on at a discount to hedge funds in the USA, the UK and Luxembourg, as well as to smaller speculative investors. If the Minister of State is interested in the data, he will find it through Clearstream and Euroclear. He can track the sale of bonds at discounts. They are no longer being held by European banks that lent the money in the first instance.

Yes, and when you became Minister you had the opportunity to buy the discounted bonds and save the country money but you didn’t. In fact because they were subordinated, you could have told the bondholders to fuck off but you didn’t. You paid in full.


Check out the next clip from Stephen Donnelly, criticizing Minister Michael Noonan.

Is Michael Noonan (Irish Minister for Finance) a man you can trust or is he in the pocket of the banks ?

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