Pat Neary... Sep 2008 Anglo & INBS were fully solvent

cyberianpan

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RTÉ News: Govt advised not to introduce bank guarantee
Former Financial Regulator Patrick Neary is reported to have informed Mr Cowen that Anglo Irish bank was in good health three days before the Government moved to rescue it.

Mr Neary is quoted in a report in today's Irish Independent as having told Mr Cowen in September 2008 that Anglo Irish Bank was not insolvent.

He is also reported to have said that the bank had enough assets to cover its debts
...
Mr Neary made a similar statement about Irish Nationwide at the meeting.
Neary was the guy with all the powers... permission to request pretty much anything from the banks, do audits, investigations - set standards

He had hundreds of staff

The Financial Regulator was paid to watch our backs

What do people here think of him now ?

cYp
 


cozzy121

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He was a great man to help with bertie's property bubble.
 
B

birthday

cYp, who appointed him? He is not the only person to blame, he was another puppet tied to the strings.
Politicians or other public servants?
David Doyle (B.A.) from Finance might have something to say.
Of course he has also ridden into the sunset on a nice little pension.
 

jpc

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Big problem that is developing.
A lot of individuals involved with this disaster (that were grossly overpaid) have gone.
And will not face any consequences.
Neary got a 600k hand shake
Why?
 

eire_sai

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Big problem that is developing.
A lot of individuals involved with this disaster (that were grossly overpaid) have gone.
And will not face any consequences.
Neary got a 600k hand shake
Why?
Quite simple really, he got paid for keeping his mouth shut!!!
 

Oldira1

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Anglo and INBS had external auditors who took no issue with the 2008 accounts and balance sheets produced by both companies. They are just as much to blame as Neary.
 

Anorakphobia

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Right on cue the Indo gets this info.

With Seanie now bankrupt, it was time for Lenihan dand Cowen to wheel out the next patsy to take the full rap for the catastrophe while the biggest culprits of all, the apes we allow govern us continue to destroy the country.
 

jpc

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To be more specific.
Who authorised the gimps payoff?
On what grounds?
He can stay sthum as long as he wants at this point and nothing can be done about it as the law stands.
 

Nipper

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I think he did what was expected and was well paid for it.

What do you think of him Cyp?
 

jpc

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I think he did what was expected and was well paid for it.

What do you think of him Cyp?
That statement is in all liklihood fully correct.
 

cyberianpan

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I think he did what was expected and was well paid for it.

What do you think of him Cyp?
I don't think anyone in public service circles (politicians, dep Finance, Fin Reg) had even basic understanding of what it meant to regulate a bank

Sure Pat Neary got signals "don't be stopping the entrepreneurs" ... but the man had very little understanding of what the danger signs were. The (occasional) audits by the FR were of very poor standard. Now perhaps Neary felt it wasn't his place to shut Anglo down... but it most certainly was his place to examine Anglo and report on its health... given all the privileged info he had access to, saying that Anglo was solvent in Sep 2008: shows staggering incompetence and/or dereliction of duty

Neary is right up there with Ahern himself for the blame game.

cYp
 

Libero

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We're being spun.

Pretty much everyone outside the officially-designated lunatic fringe (Morgan Kelly, David McWilliams, etc.) bought into the idea that in autumn 2008, Irish banks faced a liquidity crisis rather than a solvency one.

Anything else was dangerous talk.

For sure, Pat Neary was in possession of far more information than others, and he was (at a minimum) woefully negligent in his job. But there was plenty of data in the public domain to question the solvency of Irish banks.

I think a whole lot of people who believed in and promoted the "liquidity crisis" analysis would quite like to rewrite history so they can pin their mistake on fallguys like Neary.
After all, if the faulty analysis can be blamed on Neary and Hurley, so too can the policy decisions that resulted.

"The bank guarantee was the right decision. But in case you think it wasn't, it was Neary made us do it."

It's already clear that the Irish public discourse isn't sophisticated enough to go a level beyond that sort of rhetoric and question why the government would have relied so much on such a conflicted advisor (if that's what the government actually did), or how he was allowed do his job so badly for so long, and how the government's longstanding policy encouraged him to let banks do what they wanted.
 

He3

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We're being spun.

...

It's already clear that the Irish public discourse isn't sophisticated enough to go a level beyond that sort of rhetoric and question why the government would have relied so much on such a conflicted advisor (if that's what the government actually did), or how he was allowed do his job so badly for so long, and how the government's longstanding policy encouraged him to let banks do what they wanted.
I think it may be improving a little on this occasion as more people absorb the unfolding facts.
 

Utopian Hermit Monk

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Watching Neary at the Banking Inquiry.

How this fellow ever managed to become a Financial Regulator is surely one of the wonders of the modern world. :shock:

Mr. Bean would have represented a safer pair of hands! :?
 

Utopian Hermit Monk

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Higgins to Neary: "You seem to have been sleep-walking through the landscape ... Were you so blind-folded that you couldn't see the obvious?"

Neary: silence, accompanied by blank stare
 

retep

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God listening to him we are really reminded of what an incompetent sleeveen cretin he was and remains. The most amusing (if it wasn't so expensively serious) part is how he now expresses remorse but has no qualms about holding onto his golden handshake. Yep that's great demonstration of remorse surely, reminds me of a cartoon I seen a long time ago of a judge finding a bank robber guilty to which the defendant replies "great, does that mean I get to keep the money?"
 


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