Zombie regulators: Patrick Neary (left) with Mary O Dea, Consumer Director and Liam O Reilly Chief Executive, IFSRA.

Contrary to public perception at the time, lending at Anglo and INBS had proceeded with insufficient checks and balances during the period,” the report said.

Mr Nyberg found that the Financial Regulator Patrick Neary hesitated over whether to come down hard on the two lenders after problems were identified.

“Had the Financial Regulator rigorously enforced its recommendations to improve structures and process, it is possible that Anglo would have grown its property lending in a more prudent manner,” the report stated.

“Moreover, determined public action by the Financial Regulator early in the period could possibly have meant that other banks’ prudential standards would not have deteriorated to such an extent over the period.”

Remind us again how much Patrick Neary’s golden handshake was when he was forced to retire?

€630,00.

Anything else?

A public service pension of almost €143,000 a year, €2,750 per week, for the rest of his life.

Nyberg: Anglo Lenders ‘Ignored Own Policy Rules’ (Examiner)

€630,000 For The Bungling Banks Watchdog Pat Neary (Evening Herald, February 11, 2009)

(Photocall Ireland)

Just no.

The Sexy Animals (Roc21)

The Nyberg report [by Finnish banking expert Peter Nyberg, above] – which is due to go to Cabinet this morning – is understood to be highly critical of the banks, financial regulators and the Department of Finance.

No way.

It is expected to conclude the authorities should have done more to dampen bank lending during the property boom and is expected to criticise the introduction of 100 per cent mortgages. It is also expected to state that regulators should have capped the amount of money lent by banks.

Bacon butty dropped.

The inquiry is said to have spared the former Fianna Fáil-led government from its most severe criticism of systematic failures of governance. However, the investigation is understood to have severely criticised the lack of governance in banks, serious systematic failures and shortcomings in the Central Bank and in the former financial regulator’s office, as well as in the Department of Finance.

No, please, stop.

A copy of the report was recently sent to the DPP, the Garda Síochána and the Director of Corporate Enforcement, but as no individual is named in the report it did not prejudice any other inquiries.

Nyberg Report On Banking Crisis Blames ‘Herd Mentality’ (Irish Times)

(Photocall Ireland)

Junior Minister at the Department of Finance Brian Hayes said today that the awarding of a €3m golden handshake to a former AIB managing director cannot be “undone”.

You know, like the bailout.

Hayes: €3 Million Pay For AIB Boss Cannot Be ‘Undone’ (Breaking News)

(Photocall Ireland)

Taken literally this afternoon at the launch of the Dulux Colour Your County initiative at St Mary’s Creche and pre-school at City Quay, Dublin.

Eva McQuary, aged 3, reaches for the cloud but eventually throws down her paint brush in frustration. She’s more into cubism anyway.

(Mark Stedman/Photocall Ireland)