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Dublin: 6 °C Friday 24 May, 2013

Noonan and Howlin to meet with German finance minister today

Michael Noonan and Brendan Howlin meet with Wolfgang Schauble at Farmleigh House in Dublin today where discussions on Ireland’s legacy bank debt are sure to come up.

Noonan speaking to Schauble last year
Noonan speaking to Schauble last year
Image: Geert Vanden Wijngaert/AP/Press Association Images

FINANCE MINISTER MICHAEL Noonan and Public Expenditure and Reform Minister Brendan Howlin will meet with the German finance minister Wolfgang Schauble in Dublin today.

The three will meet at Farmleigh House where the issue of Ireland’s €64 billion in legacy bank debt is expected to be on the agenda.

The meeting is part of Ireland’s upcoming presidency of the European Union which begins on 1 January but much of the discussion will likely revolve around the ongoing negotiations concerning Ireland’s bank debt.

The meeting today comes ahead of a talks in Berlin this Thursday between Taoiseach Enda Kenny and German chancellor Angela Merkel with the pair having issued a joint statement on Ireland’s debt sustainability just over a week ago.

Ireland is looking for some sort of action that will relieve the burden of the debt taken on when it bailed out the banks but Germany has resisted attempts for this to be done through use of the eurozone bailout fund, the European Stability Mechanism.

Despite this, Noonan has praised Schauble for his help in securing changes to Ireland’s EU-IMF bailout programme, specifically the reduction in the interest rate Ireland pays on its emergency loans.

The Irish Times reports that German officials are keen to explore the reworking of the Anglo Irish Bank promissory note which would improve Ireland’s debt sustainability at the meeting today.

The promissory note involves some €30 billion with Irish officials also said to be keen to concentrate on this in the hope that legacy bank debt could be returned to when there is a promise of political progress, Derek Scally writes.

The note – effectively an IOU to despositors and creditors of the now defunct Anglo Irish Bank and Irish Nationwide – is currently the subject of technical discussions with the European Central Bank.

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Comments (70 Comments)

  • Wolfgang should ask them to discuss each other wages compared to his, for the craic.

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  • German chap over to give noonan the copy of the budget the Germans have written for us !!!!

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  • Noonan should take in Eddie Hobbs, David Mc Williams, Constaine Gurdiev and maybe a few others and I bet we would get some movement. If nothing else, they would scare Germany into saying the IRISH are BACK in fighting mode. Until now we have been the whipping nation of the eurocrats.

    To be honest you cant blame the German Gov for trying to protect their economy so maybe we should try the same…..

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    • plus stephen donnelly and shane ross

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    • Quite the fans of the celebrity economists, aren’t ye. I like to think the best & the brightest can resist heading Lemming like to Montrose.

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    • @RV
      Yes Stephen Donnelly been one of the most impressive TD’s on the economy and he has met with troika et al so knows how to ask hard questions and offer some formative solutions. Shane Ross is in SD shadow, but would make a great pairing and we need best team to fight for some positive action and not merely bow to others.

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    • No Vincent, Im a fan of people who speak COMMON SENSE and believe that the Irish People deserve better governance, but if it means we send in a bunch of celebrity economists then yes as they might make a better job than those who are in power.

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    • I’m sure the cast of one of the Big Brother series are available since you’re trawling for celebrities. Maybe we could do it like Come Dine With Me? McWilliams could invite all round for a few steaks on night one and they could discuss Promissory notes? Top quality TV.

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    • they didnt become celebrity economists by being proved wrong on the numbers

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    • Oh please. It’s a crazy phenomenon, celebrity economists. They’re closer to Russell Grant than real economists. If you talk enough, you’ll eventually be right. When you’re wrong, there’s an excuse…a la McWilliams urging the Bank Bailout. The most wanted professional in the world is a one armed economist.

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    • isnt Constaine Gurdiev an economics lecturer at trintiy college and maybe the highest qualified economist in europe? isnt enda kenny a school teacher? are you for real with these comparisons?

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    • Vinny, What do you know of Noodles Noonan and do you rate him as good at Finances?

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    • #Coco- re: Noonan, the proof will be in the pudding. He’ll be judged by the Bank Deal we secure in Europe. Nothing less. He made a good start achieving an interest rate reduction, though. Domestically, he has less power than any previous MOF, so it’s hard to judge.

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    • @vincent, your feeble attempts to belittle Alan Mc Menamin by likening him to a clown (why?) only serve to highlight your own meanness of spirit and inadequacy when it comes to reasoned debate, you evoke pity and contempt every time you post anything

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    • Vincent:
      The interest rate reduction was as a consequence of the Greek bailout and NOT Noonans intervention, which was minimal at that point.
      Seems if you like having a laugh at others comments and not taking our opinions as serious. Given this, when is your FG membership up for renewal???? or is it LABour????

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    • That’s very hurtful, RP. I’m very upset now. To be clear, though it was more a general comment on the phenomenon of celebrity economists and not at all meant in a derogatory way about Alan Mc.

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    • The interest rate reduction was a result of Greece, no matter who was in Government it would have happened! As for you, you discredit yourself and FG, with your comments. Sir, you are nothing but a silly Troll!

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    • Also- just to clarify the clown remark was for Stephen. Not at all towards Alan Mc. Clown comparisons are always, always for Stephen. I would have thought that was obvious.

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    • It’s amazing how the Government gets no credit when something goes right (eg. Interest rate) and all the blame when it doesn’t??? If the Government had followed the strategy espoused by so many on here, ie burn the bondholders and tell Europe to feck off, we would not have an interest rate cut but rather Economic Armageddon. In that context the Government can take credit for the country reaping the rewards of their positive engagement strategy.

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    • Why should FG and Labour get the credit for continuing, FF policies?

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    • but vincent, the comparison of celebrity economists with talent show hopefuls shows just how small your understanding is, they become celebrities because they are at the top of the game, like a celebrity chef for instance, plus the fact that highly respected, world famous economists have persistently aired the same view, throws your comparison in the bin where it belongs, please try and put a modicum of thought into your posts instead of just following the party line

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    • Credit were credit is due and as yet any mark down on interest or other small pieces of hope from Europe have not been as a direct engagement of Irish minister in Europe.FACT. If we had followed something like what happened in Iceland (by the way Iceland people think we are crazy for continuing to prop up failed banking institutions and making cuts to target the vulnerable) then maybe today we would be in a better place. We cannot continue to take billions out of our economy (society).

      As for telling Europe to feck off. Well the reason most of europes Banks are in operation is because our Banks are so indebted to them that is ours fail they there banks may go bang/bust/insolvent etc. However, for europe to insist that we get a loan of EU/IMF/ECB money to pay banks and pay bondholders alone without providing a credit stream to help our “economy” is pretty harsh and we havent seen any other EU country being asked to do the same.

      If there are rewards being reaped then as a society or nation we have yet (or maybe wont) to realise these. Positive engagement must in these terms have a positive benefit, but again I havent seen what this positive benefit is yet.
      If you can outline some, maybe I will then give credit where credit is due.

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    • He is a Teachers pet, Enda’s little squealer and a lot of them in FG!

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    • #RP…they became celebrities because they have presentation skills and spend their lives 1). criticising the Government which is money in the bank in media circles and 2). scaring people- which is always good for a headline. It’s also very easy to do from outside Government as opposed to contributing to the process. Because at the end of the day your policies are not going to be tested.

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    • @Alan
      I think the only deal, we’ll get is to be given a 40 or 50 years to repay a bank debt. That isn’t ours, in the first place and the Government will try sell it as a good thing!

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    • vincent you are right about 1 thing, the policies will not be tested under this regime because merkel makes all the decisions, herr noonan and co are incapable of independent thought except when it comes to targeting the most vulnerable, and maybe you should actually try and find out some of the history of the people you are talking about, you might be impressed despite yourself

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    • #RP….I’ll go with the 34% who positioned FG as the mist popular party by a country mile in this weekends Red C poll over red thumbs on a left wing dominated forum.

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    • If its all the same with you Alan, the benchmark I set for the Irish Republic is not Iceland. Darling and all as it is of the left. Why is it do you think no EU nation has followed Icelands lead?

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    • lol isnt it obvious vincent? because iceland now has some equality, the social elites stand to lose a great deal if fairness and equality were to start spreading in europe

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    • Vincent, I never suggested that Iceland was the benchmark, however you didnt say what our benchmark should be. Iceland whilst not a country for you to aspire too, they have rebuilt their social structure and systems with much success. Why the EU hasnt adopted the same stance is primarily because if they did the exposed German & French Banks would likely fall and they would find themselves in the same mire we are in. Would you be in favour of the Norwegian model of Governance and see how their societal safety mechanism for their people work???

      Its all fine and well to pick holes in our arguements, yet you havent put forward any credible information that I should be worthy of what this Government has done for me, like I asked. But never mind, im on the left…….
      But vincent, after assuming that anyone who posts on here is ON THE LEFT, is absurd. Even if I was on the left does this preclude me from offering an opinion on what I believe is the current problem.

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    • #Alan, I asked why other European countries themselves have not pursued a different course to Ireland? I mean if our path is so blatantly wrong why are Greece, Portugal and soon Spain doing exactly the same thing?

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    • #Vincent.
      To answer your question is Simple. Thats what the German Gov (mostly) and IMF are forcing us Greece etc into doing.

      Would you care to answer my questions as above!!! Thanks

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    • Alan

      Unfortunately the three guys you’ve mentioned are merely TV personalities with a different story to peddle depending on the audience and whoever might be paying them. Many years ago I had the unfortunate experience of receiving some unwanted and inaccurate financial advice from Mr Hobbs.
      I think he is better off doing low level consumerist TV programmes.

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    • Garry, what i was trying to say was regardless of celebrities etc there are better people to go in than whats currently on offer. Im not interested in TV Personalities but if David Becham had a sensible plan or fiscal solution then I would probably mention him as well. Also, if the peddle something doesnt mean its incorrect, but they have an audience and yes they do use it. As for who pays them, well who pays our current and successive administrations !!!!!! Lastly if you got unwanted advise surely you had the option not to take it! maybe im incorrect in the last assertion but I hope you see my overall point in context.

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  • More talk! If only we could lift our economy with all the hot air been generated.

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  • Don’t tell him the banks are on holiday ;)

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  • Welcome Herr Schauble

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  • OU812 29/10/12 #

    Please sir… Can I have some more…

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  • @jim ahh jim ahh jim as far as i am aware we borrowed that money at a healthy interest rate, so it wasnt his money or anyone elses, we borrowed to pay back the people we borrowed it from in the first place, only the interest rate was increased by 600% plus

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  • If Labor has any sense, they would withdraw from coalition with Fine Gael. Expect further Labor onslaught in the polls otherwise.

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  • Should have had the meeting in a cow shed instead of Farmleigh. When the Germans see that opulence they’ll think we’re doing grand sure.

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  • Come in herr schauble. Can i offer you a glass of tap water or some biscuit crumbs?

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  • What, another bank holiday?

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  • Hopefully he brought the promised Bank Deal with him. It’s rude to visit and not bring a gift.

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  • It’s a Holiday and I have the time. I am glad that you are glad about something. However pathetic.

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  • Revolting Peasant. I have read all your comments in this thread. You are delusional. You seem to thnk there is no world outside this Journal thread. get a grip , man. You have some problems.

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