Exaggerated reaction by industry to levy: Noonan

FINANCE Minister Michael Noonan called on the pensions industry to reduce their own fees and insisted their reaction to a new levy on fund holders was “quasi-hysterical” and “exaggerated”.

Mr Noonan also last night hinted that a cut on Ireland’s bailout interest rate was unlikely to be agreed at a meeting of EU finance ministers next week.

Hitting back at criticism of the announcement of the jobs initiative, Mr Noonan claimed the Government had been given a mandate for the €470m annual levy by voters in the election.