Economic Dialogue and exchange of views with Michael NOONAN, Minister for Finance of Ireland: - MEPs debate EP Committee on Economic and Monetary Affairs EPRef90169 // European Parliament , Brussels,

Type: News   Reference: 90169   Duration: 00:04:58  Lieu: European Parliament , Strasbourg
End production: 22/01/2013   First transmission: 22/01/2013
Following the set up of the "six pack" system, the EP ECON committee exchanges views with Ireland, which was bailed out by the EU and the International Monetary Fund in November 2010. Michael NOONAN, Irish Finance Minister participated in a debate with the EP Committee on Economic and Monetary affairs. Ireland is currently in charge of the council presidency and has identified stability, jobs, growth, banking union and an agreement on the long-term EU budget as its priorities.

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00:00:00 Title 00:00:05
00:00:05 Exterior view of the European Parliament, Brussels 00:00:05
00:00:10 Cutaway, ECON committee meeting room 00:00:04
00:00:14 SOUNDBITE (English) by Arlene McCarthy (S&D, UK), " Given the amount of money Irish tax payers paid to bail out banks, some 30 billion, don't you think it might be a good signal to give to your own voters and the EU citizens that we won't tolerate continuing abuse and manipulation by the financial services sector which is undermining and sapping confidence in the EU economy?." 00:00:20
00:00:34 SOUNDBITE (English) by Michael NOONAN, Irish Minister for Finance , " My priorities are to conclude what was advanced significantly by the Cyprus presidency and to my mind the two-pack and CD4 directives are fairly near conclusion ; if we can facilitate the work of the Parliament and then the absolute priority for the 6 months is banking union...." 00:00:29
00:01:03 SOUNDBITE (English) by Michael NOONAN, Irish Minister for Finance,...It is not that we don't prioritize it, we 're sequencing and we think that we will make significant progress on the Market Abuse Directive (MAD). and on the other directives in the second half of our presidency". 00:00:14
00:01:17 SOUNDBITE (German) by Wolf KLINZ (ALDE, Germany),"Yesterday the Dutch finance Minister was appointed the Euro president , successor to Jean Claude Juncker, but not with unanimity but with a majority position, one major country had concerns. What is your assessment of that? it is not a good sign for the beginning of a new Euro group presidency ." 00:00:23
00:01:40 SOUNDBITE (English) by Michael NOONAN, Irish Minister for Finance, "Mr Dijsselbloem is very young and very talented but he is not well known within the Eurogroup...." 00:00:09
00:01:49 SOUNDBITE (English) by Michael NOONAN, Irish Minister for Finance,..."He is very able , there is no doubt about that. He has a broad view of what he needs to do in Europe..." 00:00:07
00:01:56 SOUNDBITE (English) by Michael NOONAN, Irish Minister for Finance,..."He was the only person who was nominated even though it was open for nomination for some days and it appeared that he had been selected unanimously and then the Spanish minister said it was not unanimous, but did not give reasons" 00:00:19
00:02:15 SOUNDBITE (German) by Wolf KLINZ (ALDE, Germany)," W e are getting alarming reports from Cyprus . It would appear that Cyprus has got up to about 8 weeks before they run out of money? ." 00:00:14
00:02:29 SOUNDBITE (English) by Michael NOONAN, Irish Minister for Finance , "The situation in Cyprus is obviously serious. If you take the Cyprus issues with banks and sovereigns, the whole thing could be resolved for, between 17 and 18 billion, which when you look at the kind of money that was expended in other program countries is a small amount of money , relatively, but proportionately to the Cyprus GDP, it is a quite significant issue ." 00:00:26
00:02:55 SOUNDBITE (English) by Said KAMALL, (ECR, UK), "Does the Minister share the concerns of the Irish Central Bank, certain investor groups, and that Irish banks did not need to publicly account official losses and that this was a major reason for the severity of the damage done to the Irish economy? 00:00:14
00:03:09 SOUNDBITE (English) by Michael NOONAN, Irish Minister for Finance, "What you is substantially correct , there was a dreadful malpractice by people that we would have expected more from , the cult of light supervision was one of the causal factors and systems operated on the basis of trust when we know retrospectively that trust was not justified ." 00:00:30
00:03:39 SOUNDBITE (English) by Philippe LAMBERTS (Greens/EFA, BE),"If that is the stands of the Council, stonewalling on SSM and foot-dragging on CRD, I am a bit afraid that we are heading in the rights direction. and on CRD I just want to tell you something Minister. You are sending in diplomats but at some point in time we are going to deal with highly political issues that carry a heavy price and we intend to have you there in order to close these points, because we do not like the Council basically setting up shop as the defender of the bankers interests without being prepared to say it openly and to pay the political price for it." 00:00:41
00:04:20 SOUNDBITE (English) by Michael NOONAN, Irish Minister for Finance, " I regret Mr Lamberts that that is your impression. On the CRD4 the outcome of any trilog between the Council, Parliament, and Commission must subsequently be approved by the 26 member states..." 00:00:18
00:04:38 SOUNDBITE (English) by Michael NOONAN, Irish Minister for Finance, " We want to reach agreement soon by bringing Council with us and not reopening but consolidating the text . We want to agree soon in the first part of our presidency." 00:00:16
00:04:54 cutaway 00:00:04
00:04:58 END 00:00:00
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