John Hurley, Governor of the Central Bank (2002-09) this morning
Meanwhile, at the banking inquiry:
” “The reports []rom the Nyberg Commission and Regling and Watson] suggested that there was a basis for taking some action by about the end of 2005.
In hindsight I agree with this view and I consider now that the Central Bank should have escalated and reinforced its warnings on risks. However, at the time the Bank considered that its approach in the 2005 Financial Stability Report was the correct one.”
Mr [John] Hurley said the Minister for Finance was never told about the crisis in the banking system because nobody knew it was coming. But he did say Brian Lenihan was told there was “a lot of heat in the property market, a lot of houses were being built and there was a lot of risk associated with that”.
The Governor said he had a direct responsibility to the Government and to the ECB. He said there is a domestic responsibility here that had to be exercised in a certain way. Mr Hurley said it was his position to make decisions in the interest of Europe as a whole but to always make Ireland’s position clear.
Seems legit.
Banking inquiry: ECB ‘told Ireland’ to stand with failing banks (Irish Times)
(Leah Farrell/Photocall ireland)
And the whole time, everyone ignores what went on in Depfra.
shutthefuppupandpayme
Ah it was coz of da Lehman Brudders and international factors..
Nothing to do with the shysters at Anglo.
What does the regulator actually do, that they keep seem to be saying they know sweet F all?
Ah nevermind… they DO sweet F all, even when they know.. e.g. AIB overcharging
Just checking what he was on about in relation to – “Mr Hurley said the Central Bank did not have responsibility for financial regulation”
http://en.wikipedia.org/wiki/Financial_Regulator
The Financial Regulator knew that Allied Irish Banks were overcharging consumers in FX fees but failed to act for a number of years.[44][45] They gave a parliamentary inquiry the “false impression” that they were unaware of it.[46][47] The whistleblower who gave the FR the information was requested to come to a meeting with them but was only invited to withdraw the allegations of wrongdoing and at the same time found himself removed from his position at Allied Irish Banks without any reason given. After his case was highlighted in the media, the FR officially apologised on how the authorities treated him, eight years after alerting them of overcharging.[48]
The same whistleblower also sent a report entitled ‘Special Investigation Goodbody Stockbrokers – Trading in AIB Shares’ to the FR, in which questions were raised about the legality of a device used to trade in AIB shares through offshore locations in blacklisted tax havens Nevis and Vanuatu. No action was taken.[49]
I don’t understand this though-
“Mr Hurley said the Central Bank did not have responsibility for financial regulation”
The Financial Regulator (Irish: Rialtóir Airgeadais), officially the Irish Financial Services Regulatory Authority, was the single regulator of all financial institutions in Ireland from May 2003 until October 2010 and was a “constituent part” of the Central Bank of Ireland.[1][2] It was re-unified with the Central Bank of Ireland on 1 October 2010 and its board structure was replaced by a new Central Bank of Ireland Commission.
A constituent part is a component, no?
“Those referenda, keep looking and talking about them people! Keep arguing over that stuff! All this stuff over here about the economic ruin, water charges and stuff that affects the country in reality and how you’re getting fecked over, don’t look here.”
Economic Interests were quoted as saying for the last few weeks.