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Central Bank governor Patrick Honohan at the Banking Inquiry last June

RTÉ reports:

The banking inquiry has found that both the Financial Regulator and Central Bank had sufficient powers to intervene in the banking sector to protect the financial stability of the State, but neither intervened decisively.”

“In its final report, RTÉ News understands that the committee says the Financial Regulator also failed to identify the systemic risks building up in the banking sector.”

Meanwhile, on RTÉ’s News At One, journalist Sandra Hurley reported that the full report is expected to be published on Wednesday.

She added:

“There will be some criticism that a lot of this we heard before but I suppose the difference now is that these are the findings of an official parliamentary inquiry so it puts the narrative on a sort of official basis and also, next week, we’re also expecting to see 1,400 documents – many of which have never been published before. And that, again, will also add to our understanding of what happened.”

Systemic risks building up in bank sector not identified – Report (RTE)

10 thoughts on “Incoming

  1. Bonkers

    And lets not forget that David Begg was on the board of the Central Bank from 1998 until 2010. 12 years he was there and not a whistle blow in ear shot. Appointed by the government as a non-exec director where he was supposed to keep an eye on what the executive directors were doing. That didn’t work out too well for us, did it?

    And now Joan Burton tells us he is qualified to head up the Pensions Board? Crony Labour appointing their economic illiterates to State boards again.

  2. ahjayzis

    What’s the point?

    You can’t hold a corporate body like the Central Bank or the Regulator actually accountable, that’s ‘systems failure’ stuff- and we won’t pursue their leaders for the gigantic pensions we pay to make them wealthy for the rest of their lives. So what’s the point of it all?

    1. DubLoony

      Isn’t there a concept of corporate negligence or something? If central bank head failed to fulfill his mandate, isn’t that a reason for summary dismissal? I mean, it f***ed up a whole country, not like he just nicked some positit notes.

      1. ahjayzis

        He’s gone though, and on three figures a year fr the rest of his natural life, at least three times the industrial wage. For abject failure.

        If we don’t do anything about that, finding out about who fupped up is irrelevant. If there are no consequences there’s no reason to find out who did anything, if there are no consequences there’s nothing to stop the next idiot not doing his job.

        1. Neilo

          Every effort to reform the civil service over the last 20 years has been doomed from the get-go: the mandarins will never accept the kind of accountability you seek.

  3. Exile

    Genuine question.. I wasn’t well during the time of the whole crisis.

    Can anyone recommend a book or any reading materials which will give a good timeline of events?

    1. Kieran NYC

      Hopefully when the report is published, it will give a decent overview.

      You’d probably be better off not inflicting that kind of misery and frustration on yourself though.

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