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Written Answers - Official Engagements

Tuesday, 27 March 2012

Dáil Éireann Debate
Vol. 760 No. 3

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 122.  Deputy Maureen O’Sullivan Information on Maureen O'Sullivan Zoom on Maureen O'Sullivan  asked the Minister for Finance Information on Michael Noonan Zoom on Michael Noonan  if he will publish a schedule of all communications, written and verbal, and all encounters he, or officials of his Department, or officials of agencies for which his Department is accountable, has had with a former chairman and a multinational bulge bracket investment banking and securities firm (details supplied); and if he will make a statement on the matter. [16059/12]

Minister for Finance (Deputy Michael Noonan): Information on Michael Noonan Zoom on Michael Noonan As Minister for Finance I meet with a wide range of individuals and firms from various sectors. These interactions provide a useful forum for exchanges of views. It allows me to set out for investors the steps we have taken to stabilize and promote growth in the economy and the measures we have taken to restructure the Irish banking system. It also provides me with important feedback on these measures and an insight into market perceptions on the Irish economy.

In relation to the firm referred to in the Deputy’s question, I have not met directly with them since my appointment as Minister for Finance. However, I along with Ministers from other countries attended a reception hosted by the firm in Washington in September, on the margins of the IMF Annual Meetings. Having worked closely with the individual referred to in the question in a previous Government, I have spoken with this individual on a number of occasions since my appointment.

As previously advised, Goldman Sachs was engaged by the NTMA following a competitive tender in April 2011 as external advisor for the liability management exercises and capital raising transactions to be undertaken in respect of Anglo, AIB, BOI, ILP, EBS, INBS and also for advice on the sale of Irish Life. The delegation of banking system functions to the NTMA ended in August 2011 with the secondment of the NTMA Banking Unit to the Department of Finance Banking Division. Following the transfer, the Department of Finance Banking Division liaised directly with Goldman Sachs on this engagement. Officials in my department are in regular communication with a team from Goldman Sachs as part of the engagement, which has not yet completed.

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