Business Irish

Wednesday 18 January 2017

Noonan steers clear of Ireland with own money

Published 10/04/2011 | 05:00

Minister Michael Noonan. Photo: Collins
LITTLE FAITH: Finance Minister Michael Noonan. Photo: Collins

Finance Minister Michael Noonan has avoided Ireland when making his own personal investment decisions, according to the latest Register of Dail Members' interests published last week.

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Mr Noonan, who spent last week trying to persuade European leaders to tweak the terms of the EU/IMF deal, has overhauled his investment portfolio over the last year.

The minister, who wisely off-loaded his stake in Anglo Irish Bank a year before the toxic bank was nationalised, has invested his money in foreign markets.

He now holds a rock-solid German government bond, which matures in 2020. It pays interest of just 1.75 per cent.

Ten-year Irish bonds have been shunned by the international markets and now pay interest rates of almost 10 per cent as investors fear a default. A week after the stress tests revealed that Irish banks need another €24bn in funds, it has emerged that Mr Noonan has put his own money into American banks, buying a US Banks exchange-traded fund.

He has also ploughed money into the US stock markets through a stake in a S&P 500 exchange-traded fund.

With gold and precious metals at record prices, the Limerick man has also invested in the SPDR Metals & Mining ETF.

The latest register of interests shows that Mr Noonan has also kept faith in British stockmarkets with a FTSE 100 ETF as well as investments in indian and Chinese funds.

He has also put money into European markets through a Eurostoxx 50 fund.

The Register of Interests also reveals that Enterprise Minister Richard Bruton holds shares in the bombed-out AIB and IL&P, as well as shares in the State-controlled Bank of Ireland and in FBD, CRH and Aryzta.

Fergus O'Dowd is also a CRH shareholder. Justice Minister Alan Shatter has declared a vast property portfolio, ranging from Florida to London and Smithfield.

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