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Banks' capital cannot be 'frittered away' - Noonan

Finance Minister Michael Noonan said this morning that banks need to distinguish between those who can’t pay and those who will not pay their mortgages.

FINANCE MINISTER MICHAEL Noonan said today that capital at Irish banks cannot be “frittered away” through a blanket programme of debt.

Speaking on Morning Ireland, Noonan said the Government is working on a principle that banks need to distinguish between those who can’t pay and those who will not pay their mortgages.

He said that the issue of rising mortgage arrears is a “priority” for the Government and a report on the matter will be published in three weeks by a key policy group.

A lot of work has been done to examine the domestic mortgage books at Irish banks, he said.

“From the Government’s point of view when we’re approaching [this issue] we’re looking at a number of principles. We want as many people as possible to retain their own homes. We don’t have a policy of repossesion in this country.

Clarifying comments made on Tuesday that banks had enough money to cover mortgage debts, Noonan said, “It is not a question of coming up with a new pool of money from taxpayers to deal with bad debt. The tax payer has already made a very big contribution.”

Problem is not ‘snowballing’

Despite admitting to his concern about the level of mortgage debt, Noonan said the problem is not “snowballing”.

He said that he knew that there was going to be progression in the number of people in arrears on their mortgages since the banking system stress tests last March.

Figures released yesterday showed that one in 14 mortgages in Ireland is now in arrears of 90 days or more.

Although he said the Government was aware of the “very difficult situation” that some families are in, Noonan added that there were only 58 compulsory repossessions ordered through the courts in the “past 12 months or so”.

“This is quite small when compared to the number of people who are in difficulties with their mortgages,” he said.

He also pointed out that there is a difference between people in arrears and those in negative equity.

“There are a lot of people in negative equity who do not have a problem in making their payments,” Noonan said.

Prudent banks

Noonan also spoke to Newstalk‘s breakfast radio programme this morning, stating that banks have the money to write off debts of those who cannot afford their mortgages.

However, he added that banks have to be prudent with their capital and continue to be viable.

Decisions on any policy on mortgage debt relief will not be made until the report is published in three weeks time, Noonan told Newstalk presenter Ivan Yates.

“It will be a “priorty” once we get the report. It will be sent to the Government’s economic council and we don’t hang around. We get things done pretty quickly,” said Noonan.

The report is being drafted by “key policymakers”, including those from from the Department of Finance, the Department of Social Protection and the Central Bank who will be “examining the hard facts and will come forward with the recommendations”.

More: Govt rules out blanket debt forgiveness – but Noonan says banks can write off mortgages>

Read: 10 things you should know about Ireland’s mortgage debt and arrears>

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9 Comments
    Install the app to use these features.
    Mute Cpm
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    May 11th 2014, 9:39 AM

    Strange you don’t even refer to it’s best feature – the price, as I’d imagine that’s the first thing 99% of buyers consider.

    182
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    Mute Mel Fitzpatrick
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    May 11th 2014, 9:24 AM

    I’m addicted to my ipad, nexus, and kindle fire.

    But I’ve started to just use my nexus.

    I’m down to one tablet a day now.

    104
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    Mute Tony Canning
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    May 11th 2014, 7:30 PM

    Just got a nexus 10 and am very surprised at just how use able android is beyond phones.
    Tried Ubuntu touch developer preview on it which is far from impressive so far – very much hoping it’ll improve as I’m very much a Ubuntu/Linux lover….

    1
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    Mute Damocles
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    May 11th 2014, 9:35 AM

    Price?

    56
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    Mute Jonny Lennon
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    May 11th 2014, 9:32 AM

    Simply put no, it’s a great phone and runs stock android without bloatware but you cannot get any better at this moment in time than the HTC One M8 the stunning design is beautiful, amazing sound just like last year’s HTC One M7, fast and smooth, if Samsung binned touchwiz and made metal instead of plastic phones they might be in contention.

    The one plus one out next month will raise the bar even further, a start up company has produced the best smartphone ever when in terms of specifications but what’s even better is the price, an amazing €299 for 64GB model, bargain of the decade no doubt.

    Meanwhile you still have gullible sheep paying over €700 for an iPhone and it is light years behind this superb phone.

    48
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    Mute Colm Casey
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    May 11th 2014, 9:38 AM

    I miss the feel of the M7 and the sound. Sense is s good skin too. There’s a version of sense for the nexus 5 on XDA. Its in alpha but would be well worth a look. It integrates very well with exchange.

    7
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    Mute Cathal O'Loughlin
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    May 11th 2014, 10:07 AM

    You sound like an Apple hater there. quoting prices to try make apple sound expensive, a 16gb HTC m8 simfree retails for €689, an iphone 5s for €699. Having owned both the m8 and the iPhone 5s I personally think IOS is a lot smoother than android and apps are of a much higher standard too. Again each to their own. If someone prefers iOS buy an iPhone, if try prefer android buy one of the many available!

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    Mute Brendan Boyd
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    May 11th 2014, 10:24 AM

    Plastic is better than metal. It’s light, strong and easily replaced.

    14
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    Mute Jonny Lennon
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    May 11th 2014, 12:06 PM

    Where are you getting €689 for the M8, any retailer selling for that much won’t sell many, try €100 cheaper than that.

    Having used both platforms extensively I can confirm that Android Kit Kat especially is hands down the winner in every department, many people just purchase an iPhone because of hype and you have to Don your hat to Apples marketing department for that, however the reality is that Android is light years ahead of IOS, which asides from a few cosmetic changes hasn’t really progressed since its inception.

    10
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    Mute Cathal O'Loughlin
    Favourite Cathal O'Loughlin
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    May 11th 2014, 1:44 PM

    Where you getting €299?
    I’m talking unlocked Simfree prices here
    expansys € 695
    Argos € 689
    yes you can buy it for €599 from vodafone/o2/etc but its locked to that network until they have made the difference in credit back from you.

    10
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    Mute Cathal O'Loughlin
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    May 11th 2014, 1:51 PM

    I’ve done nothing to Apples marketing department, like I said each to their own, I’ve tried both platforms, I prefer one more than the other.
    I was just giving my opinion not slagging off brands or making up prices to make one seem better than the other, you come across as a massive anti apple, android fanboy here, its pathetic really.

    6
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    Mute Brian O'Faolain
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    May 11th 2014, 2:23 PM

    It also deals with impacts a lot better as well. Plastic will absorb shock rather than transfer it like aluminium or glass. Removable batteries also help in that regard. It won’t stop your screen from smashing but it does reduce the risk of it happening and even more importantly it reduces the transfer of impact energy to the board. Crack a screen and it can be replaced at a price. Bend or break the board and the handset is beyond economical repair.

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    Mute Andrew S
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    May 11th 2014, 2:59 PM

    I bought the M8 three weeks ago and what I was pleasantly surprised about is the battery life. If I fully charge my phone in the morning. I will have battery until about midday the next day. But in thinking on that if you pay that amount for a phone you should have a battery lasting more than 24 hours, not every 12 as is the case is with Apple phones.

    1
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    Mute Jonny Lennon
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    May 11th 2014, 7:51 PM

    Yes you can get it for as low as €549 and get it unlocked for free if you search on XDA Developers, anyone who pays €»689 needs their head examined same as anyone who psys€700 for an iPhone.

    5
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    Mute David Burke
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    May 11th 2014, 10:10 AM

    The review is incredibly late and pretty insubstantial.For 90% of people they would be better off getting a Moto G and not having to worry about it. Waterproof, no need for a cover and if you lose it you can buy a new one for a 120 quid. Hit the point of diminishing returns a few months ago. Very little difference between a 1080p and 720p phone.

    41
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    Mute Keith Wizzy
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    May 11th 2014, 12:04 PM

    Moto G is deadly. Amazing battery life and features and affordable :)

    7
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    Mute Brian O'Faolain
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    May 11th 2014, 2:17 PM

    No phone is waterproof. Some phones are water resistant up to certain depths for a certain amount of time. The moto G is not one of these handsets. Still a great smartphone for the money though. As long as you have a decent data allowance you can compensate for the lack of removable memory with google’s cloud storage. Think the g comes with about 40gbs of online storage.

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    Mute David Burke
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    May 11th 2014, 2:39 PM

    Lots of phones are waterproof. The Moto G is waterproof enough for most people since you can use it in the shower.

    2
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    Mute Patitas
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    May 11th 2014, 9:31 AM

    N5 + N10 is my line up. I got an ipad 2 back in the day and although the apps are nicer, Apple’s closed/walled garden drove me crazy.

    If you like monkeying with you device, there is nothing like pure Android.

    36
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    Mute Declan OGrady
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    May 11th 2014, 11:03 AM

    Moto G has got to be the best Google phone for the price on the market. Great battery life, HD camera with a zoom, fantastic performance with Kit Kat and the price….€150 unlocked. I know Google sold Motorola just after producing the phone but it is the best phone I have ever used. The reviews alone tell the story. Check it out

    25
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    Mute Jonny Lennon
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    May 11th 2014, 10:08 AM

    Well Cathal no offence but your certainly in the minority here I haven’t come across anyone really who’s having issues like that , I’m having none of those issues , as for the keyboard just downloaded SwiftKey from Google play and away you go.

    17
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    Mute Cathal O'Loughlin
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    May 11th 2014, 10:14 AM

    I wouldn’t say I’m in the minority, I think most people changing from one os to the other have difficulty getting to grips with android. I’m not saying its a bad os, it’s just not for me. I use s3 minis in work all the time and I actually think they are a great phone.

    7
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    Mute Tom Brennan
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    May 11th 2014, 12:38 PM

    Apparently, Swiftkey was sending home 4000 location hits a day….

    not good, news on that came about around a week ago.

    Better to stick with stock AOSP Google keyboard or Hackers Keyboard.

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    Mute Andrew S
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    May 11th 2014, 3:02 PM

    Have to disagree with you Cathal. I haven’t had one of the above problems with mine. Bring it back to your retailer, you probably have corrupt software.

    1
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    Mute Danny Lucas
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    May 11th 2014, 9:44 AM

    Google? Isn’t it that company that collects our data and shares it with the NSA? Or reads our emails in order to build our profile for advertisers?

    No, thank you.

    13
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    Mute Cpm
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    May 11th 2014, 9:52 AM
    41
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    Mute ihatehens
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    May 11th 2014, 10:36 AM

    I can see Nexus owners being the same as Skoda owners……..refusing to accept that it’s cheap for a reason. Remember, having a VW symbol on the back of the indicator switch doesn’t mean you are driving an Audi lol!

    12
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    Mute Jack Gannon
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    May 11th 2014, 12:59 PM

    I have one and its class in every way, go on and spend more for your iPhone I’ve hand both and the nexus beats it all day

    6
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    Mute Business Cat
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    May 11th 2014, 10:34 AM

    I’ve had it for 6 months now.

    Terrific phone, though a better battery would make it perfect.

    12
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    Mute Jonny Lennon
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    May 11th 2014, 9:47 AM

    iPhone troll alert above.. Jaysus :-\

    12
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    Mute Cathal O'Loughlin
    Favourite Cathal O'Loughlin
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    May 11th 2014, 9:58 AM

    Bought an M8 on Wednesday as my first android phone everything about it/android bugged me, the keyboard was difficult to use/ too big on the screen, apps crashed all the time(adverts, Facebook, eBay), it was difficult to control location services per app, when you got a message and opened it up, it took a second to refresh the conversation, so the new bit hadn’t appeared yet, no home button, virtual buttons just not the same and a waste of the real screen. You cant use it with one hand. The default email app is crap, the gmail one is worse, the Dropbox one is usable but still not great. Seriously couldn’t use it any more, just turned it off this morning, good riddance, it’s now up for sale or swap for a 5s

    11
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    Mute Colm Casey
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    May 11th 2014, 10:29 AM

    What network? How much do you want for it?

    14
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    Mute Business Cat
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    May 11th 2014, 10:32 AM

    Your experience should improve.

    - you can have other keyboard other than the default
    - some apps will be updated over time to accommodate the newer o/s.

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    Mute Cathal O'Loughlin
    Favourite Cathal O'Loughlin
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    May 11th 2014, 10:46 AM

    It was O2 but the NAC will be here Monday. I think I have a swap on adverts.ie, but they are also waiting on an unlock request, if the swap doesn’t go ahead it will be listed there and ebay Monday evening

    3
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    Mute Colm Casey
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    May 11th 2014, 9:34 AM

    I’ve a nexus 5. Good phone but you need to root it and run xprivacy.

    9
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    Mute Cpm
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    May 11th 2014, 9:39 AM

    Why?

    10
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    Mute Colm Casey
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    May 11th 2014, 9:44 AM

    Well you should with all android phones really. I spent a good chunk of last night analysing the data leaving my phone, where it was going, etc.

    It is amazing the amount of data that apps take. Xprivacy feeds these apps dummy or no data.

    There’s no point letting some clown who wrote a flashlight app have your contacts and text messages for example.

    Ditto for Facebook and others.

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    Mute Damien
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    May 12th 2014, 2:51 AM

    You might be interested in an app called viaProtect. It’s an app that analyses the data send from your phone and give you detailed reports on where your data goes, what country, is it encrypted etc…

    It’s in public preview right now so expect bugs and stuff but it works well

    https://play.google.com/store/apps/details?id=com.viaforensics.viaprotect.android.agent

    1
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    Mute Cpm
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    May 11th 2014, 9:56 AM

    It’s not the sort of thing that would concern me enough to void my phone’s warranty, plus, you’re told what information an app accesses when you’re installing it, just don’t install it if you think your privacy is at risk.

    4
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    Mute Alex McDwyer
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    May 11th 2014, 2:56 PM

    LG G2 is a savage phone as well quick and responsive and the screen is excellent on it and it doesn’t break the bank to buy one sim free

    3
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    Mute Marc Quinn
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    May 11th 2014, 9:13 PM

    The best thing about the Nexus lineup is the whole openness of the OS, been able to compile your own OS from source is a great way to learn how android works, been able to build your own ROMs the way you want and know what’s on your phone because you put it there is what the Nexus/AOSP thing is all about. Try do that with your iPhone…

    1
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    Mute yo
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    May 11th 2014, 1:23 PM

    I am thinking of going form iphone 5 to a htc m8 would like to know what people think I have an phone since 2008

    1
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    Mute Pedro Asensio
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    May 12th 2014, 10:48 AM

    I have the Samsung Galaxy Nexus, let’s say… Nexus 3, from more than 2 years ago and still run like the first day, so fast and no lags. I’m waiting for nexus 6!

    1
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    Mute bigmac
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    May 11th 2014, 1:46 PM

    Bq aquaris, 13mp camera, 5mp front camera, 2gb ram, quad core, 4000ma battery that last two days, Dolby speakers and a 5,7 inch full res screen all for 250€ bargain

    1
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    Mute bigmac
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    May 11th 2014, 1:49 PM
    1
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    Mute Tom Brennan
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    May 11th 2014, 2:07 PM

    Another point here, Nexus 5 has 2GB RAM, Moto G has 1GB, obviously, Nexus 5 will have more smoother experience, but wait until upcoming Google I/O for Nexus 6 and Nexus 8… and yes, you can buy the Nexus 5 on Google Device Shop, https://play.google.com/store/devices/details/Nexus_5_16_GB_Black?id=nexus_5_black_16gb

    1
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