The Enforcer Awakens

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This morning.

Maligned, arguably ineffectual, pension-stuffed former Financial Regulator Pat Neary (sans trademark pencil ‘ronnie’), arrives at Leinster House, Kildare Street, Dublin to face questions at the Banking Inquiry over his role in the financial crash.

On his resignation Mr Neary received a €630,00 pay-off  and has a public service pension of almost €143,000 a year which provides €2,750 per week, for the rest of his life.

To the pitchforks.

(Sam Boal/Photocall Ireland)

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Mr Neary swears oath.

Bible/nation swears back.

Via Elaine Byrne

31 thoughts on “The Enforcer Awakens

    1. Medium Sized C

      I’m all for religious equality.
      But I’m wondering how denying an already non-existent constitutionally protected status for the catholic church would help his case.

      Mudder fupper.

        1. Sheikh Yahbooti

          Again, I’ll leave this here:

          Michael Lewis summed it up brilliantly in his book Boomerang, some of which was reprinted in Vanity Fair. Here’s the bit about Neary:

          In (Colm) McCarthy’s view, the dominant narrative inside the head of the average Irish citizen—and his receptiveness to the story Kelly was telling—changed at roughly 10 o’clock in the evening on October 2, 2008. On that night, Ireland’s financial regulator, a lifelong Central Bank bureaucrat in his 60s named Patrick Neary, came live on national television to be interviewed. The interviewer sounded as if he had just finished reading the collected works of Morgan Kelly. Neary, for his part, looked as if he had been dragged from a hole into which he badly wanted to return. He wore an insecure little mustache, stammered rote answers to questions he had not been asked, and ignored the ones he had been asked.

          A banking system is an act of faith: it survives only for as long as people believe it will. Two weeks earlier the collapse of Lehman Brothers had cast doubt on banks everywhere. Ireland’s banks had not been managed to withstand doubt; they had been managed to exploit blind faith. Now the Irish people finally caught a glimpse of the guy meant to be safeguarding them: the crazy uncle had been sprung from the family cellar. Here he was, on their televisions, insisting that the Irish banks were “resilient” and “more than adequately capitalized” … when everyone in Ireland could see, in the vacant skyscrapers and empty housing developments around them, evidence of bank loans that were not merely bad but insane. “What happened was that everyone in Ireland had the idea that somewhere in Ireland there was a little wise old man who was in charge of the money, and this was the first time they’d ever seen this little man,” says McCarthy. “And then they saw him and said, Who the fuck was that??? Is that the fucking guy who is in charge of the money??? That’s when everyone panicked.”

  1. Frilly Keane, Creative

    They’re gonna tear him a new one

    Normally
    I would say next
    “The poor ûcker”
    But hardly is
    In this case

    ‘Hope they send the enriched by us ûcker home in flitters

  2. phil

    putting whatever he did or didnt do aside, the pension stuff is just amazing , he may feel he is worth it , or at least that its ‘the system’ he didnt set it up… but its public money and when children in this state go to school hungry , you would wonder does he and his likes ever have a sleepless night ?

    1. JimmytheHead

      Often wondered that myself, but when youre raised in a house where they have servants to wipe your hole I doubt you worry too much about the lower classes.

      1. nellyb

        May be Herbert Wells wasn’t too wrong in his Time Machine. And labor surplus might be accelerating it. So, back in your tunnels, you! (and me)

    2. scottser

      senior public service, semi state and ministerial pensions are obscene. you’d wonder when the troika sat down to organise our finances what the government made us swallow instead in order to keep their pensions.

      1. ahjayzis

        Blind pension cut so the creatively-blind regulator can continue being obscenely wealthy.

        Any patriotic burglar worth his salt would be in his house while the committee have him busy absolutely looting the kip.

  3. 15 cents

    itll be the same outcome as any of these inquires; ‘yep, you were negligent. take this bucket of shame. now. have you learned your lesson? good. now go home and dont do it again.’

  4. ex pat

    The condemned man walks into the town square; just watched Mark Little dismantling him on Primetime on 02 October 2008.

  5. Drogg

    This is such utter bollox he will go in, deny he knew what was going on, apologise to the people of Ireland for what happened, then go home collect his fat checks and live the life of fupping Reilly.

  6. Goodnight Ireland

    I think Neary is one of the most culpable people in relation to the bank crisis. How he came across in the tapes and meeting minutes was shocking. A cretin and a yes man made to look a fool by the lads in the banks.

    He should be too embarrassed to show his face in public. And that pension is an embarrassment to the voters of Ireland.

    1. Frilly Keane, Creative

      630K pay off
      143k per annum pension
      And a (minimum BTW) 71.5k widows pension t’the missus if he kicks the bucket before her….

      Believe me
      That ûnt is no fool

      Whether the wanks made him look like one or not
      Nearly was no fool at the end of the day

  7. nellyb

    I also wonder if his job spec going to be presented to inquiry and he’d be questioned along the lines of fulfilling his role as to that spec, like many of us do at performance reviews.
    But I guess it’s a stupid type of wonder.

  8. Kolmo

    I’m working full-time 45+ hours a week, – this RETIRED gent is getting approximately 300% of my annual salary in a pension for not doing his job properly. Who paid for his retirement do – we all know who.
    After taxes/charges/levies and normal monthly expenses in one of the worlds highest cost of living countries – I have nothing left to put into a pension. nothing.
    Well played former regulator.

    1. scottser

      well you could join a political party, lick a considerable amount of @rse and end up with a plum pensionable position on a semi-state after a period of protecting the vested interests of their cronies. granted you’d be universally reviled and you’ll end up in hell, but sure what the heck – life is for the living, eh?

      1. Frilly Keane, Creative

        ‘Should be
        Golden Shower
        (‘A Grubby Greedy Incompetent Ûnts)
        Tho

        But twas already taken

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