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Time for the Financial Regulator to be fired


Should the Financial Regulator quit/be fired?

  • Yes

    Votes: 178 93.7%
  • No

    Votes: 12 6.3%

  • Total voters
    190
  • Poll closed .

cyberianpan

Well-known member
Joined
Jan 18, 2006
Messages
16,630
Website
www.google.com
The current financial regulator needs to be fired promptly in order that we can go about restoring confidence to the markets. For years I've know the chap isn't up to his job, no real balls, sticks to the letter of the law (avoids any common sense approach, always believes what he is told) , relies on external auditors...

The markets and others have now lost confidence in him:

IT
OPINION: IT IS clear from the share price of Anglo Irish Bank that no one - apart from its board, presumably - believes management when they say they the bad debts in its €73 billion loan book will amount to a manageable €879 million while the economy shrinks by up to 4 per cent next year, writes John McManus.


. It also follows that no one believes the Financial Regulator and PricewaterhouseCoopers (PwC), its adviser, who both say the banks are solvent and adequately capitalised to meet projected losses.
IT
Key financial regulator figures should quit - Boyle

GREEN PARTY chairman and finance spokesman Senator Dan Boyle believes key figures in the Irish Financial Services Regulatory Authority should consider resigning over their handling of the banking crisis.
Mr Boyle said that, in his opinion, Patrick Neary, chief executive of the financial regulator, had not done his job correctly.
IT

On the banking crisis Mr OLeary said if he was in charge he would "fire most of them". However, he said civil servants should not be put in charge of the banks, criticising in particular the job played by the financial regulator.
And also there'd long been questions marks over the private business dealings of the two Anglo directors who resigned tonight.

[adding in Saturday news stories here]



1) Irish Independent Pressure on watchdog to quit over €87m loan

2) PA
Social and Family Affairs Minister Mary Hanafin said of the regulator: "I think there are questions about information he had over 11 months that wasn't acted upon or information that wasn't even given to the Minister for Finance until two days ago, particularly in the context of the past few weeks when there has been so much talk of recapitalisation of banks, of state guarantees and trying to protect the consumer. I think there are really serious questions and I don't know why that information wasn't given before now."

3) Irish Times

Joan Burton asked Financial Regulator Pat Neary to explain if he had told his own board about the FitzPatrick loans when they were finally unearthed in Irish Nationwide's accounts last January.

"Did he report his findings to his own board. If not, our system has totally failed," said Ms Burton.

Fine Gael finance spokesman Richard Bruton said the affair raised "big questions" about the regulator's performance. It was "strange" that top bank executives would "self-destruct" in the face of the imminent publication of information that had been known to the regulator since January.

4) Irish Times
INDEPENDENT SENATOR Shane Ross told the Seanad yesterday that financial regulation in the State was a joke, and the regulator was ultimately responsible for that.

5) Irish Times Editorial
The revelations about Mr FitzPatrick’s loans have already resulted in the resignation of David Drumm, the bank’s chief executive and Lar Bradshaw, one of the non-executive directors. But any attempt to draw a line at this point would be both wrong and facile.

There must be accountability both inside and outside the bank. The bank’s internal audit, external audit and corporate governance systems have all failed. Responsibility for this lies collectively with the board. The Financial Regulator must also account for how Mr FitzPatrick’s activities went undetected for seven years and his anaemic response to the matter when it was uncovered.

6) RTE
Meanwhile, John Gormley said the Financial Regulator needs to explain comprehensively what would appear to be his extraordinary complacency in the face of events at Anglo Irish Bank.

The Minister for the Environment said that to most ordinary people what occurred there was unacceptable and fills them with disgust.

7) Irish Independent The pressure on Mr Neary to resign even emanated from the Government parties.
Green Party chairman Senator Dan Boyle said the affair did beg questions about financial regulation in the banking system.
"I believe the regulatory body, as a collective organisation, needs to look at its position," he said.

8) Herald
Yesterday Michael Moynihan TD (FF), the chairman of the Oireachtas committee on economic and regulatory affairs, said if the regulator knew about hidden loans from January and did not tell Minister Lenihan, it was "extremely serious".
cYp
 
Last edited:

Factorem

Well-known member
Joined
Dec 15, 2008
Messages
568
What's that term used to describe the public displaying of prisoners again?

You know, when they drag dreary-looking, high-profile individuals across a public stage in hand-cuffs, etc.?
 

rhonda15

Well-known member
Joined
Apr 22, 2008
Messages
3,544
What's that term used to describe the public displaying of prisoners again?

You know, when they drag dreary-looking, high-profile individuals across a public stage in hand-cuffs, etc.?
"perp walk" ?!
I'd love to see some of that - needs to happen.
 

atlantic

Well-known member
Joined
Jan 25, 2008
Messages
649
They must be doing something ,I got a letter this morning that I,m on a list of people been contacted by Boilerroom scammers.Now how did they get this list and my contact details?
I decided to ring them up on an 1890 no to inform them of said companies no one in the office.
 

Squire Allworthy

Well-known member
Joined
May 31, 2007
Messages
1,404
What's that term used to describe the public displaying of prisoners again?

You know, when they drag dreary-looking, high-profile individuals across a public stage in hand-cuffs, etc.?
I do hope that there is a systematic and ruthless cleaning up of the whole financial and political sectors. What you are seeing is probably only the tip of the iceberg.
 

Digout

Well-known member
Joined
Oct 2, 2008
Messages
1,396
The only way to get rid of this regulator is if we, the people, get ourselves up to the office, take the people outside, burn the office down and stick all the staff on a boat to the other side of the world. Zanu-FF will do nothing about this.
 

yehbut_nobut

Well-known member
Joined
Aug 16, 2007
Messages
523
This goes further than the regulator surely? According the the Pat Kenny show, Neary knew all about this in back in JANUARY. He knew while the he was advising the minister for finance on tha bank bailout. So did Lenihan know, to?

FFS, Neary knew about this WHILE COWEN WAS MINISTER FOR FINANCE. Did Cowen know too? It seems impossible to beleive they did not. And yet they still aggreed to bail out a toxic cess pit.

Sorry for allcaps but I feel like shouting!!! This goes much further...
 
G

Gimpanzee

Correct, Cowen and Lenihan must resign now.
Digout, if you spilt your cereal you'd be calling for someone to resign.

Lenihan was minister for Justice when this was first brought to the attention of the regulator. The buck stops squarely with the regulator on this one - long past time that he was given the boot.
 
G

Gimpanzee

This goes further than the regulator surely? According the the Pat Kenny show, Neary knew all about this in back in JANUARY. He knew while the he was advising the minister for finance on tha bank bailout. So did Lenihan know, to?

FFS, Neary knew about this WHILE COWEN WAS MINISTER FOR FINANCE. Did Cowen know too? It seems impossible to beleive they did not. And yet they still aggreed to bail out a toxic cess pit.

Sorry for allcaps but I feel like shouting!!! This goes much further...
Maybe Cowen wasn't in a position to rock Anglo's boat - or more pointedly - 'Seanie's' boat....


Ahern's long lunch

The ubiquitous Bertie Ahern hasn't been out of the newspapers since he stepped down as taoiseach. It must be a great source of comfort to Brian Cowen, as he battles to get the country's finances in shape and ships media criticism of his performance, to see Bertie popping up all over the place with words of advice.

How must poor Biffo feel after a grim day at the office, when he opens up a paper to see yet another image of a grinning Ahern, bearing up bravely in his wheelchair and pointing his plastered leg at the camera? We feel for the Taoiseach, who hasn't had much of a chance to find his feet on the national stage while his predecessor is still clinging to the footlights with alarming determination.

On Tuesday night, Bertie was in Dublin's Mansion House for the 2008 launch of Long Lunches at the Mansion House. This corporate event, involving a slow boozy festive lunch followed by a talk, interview and Q&A session with a celebrity, is now in its third years and past guests include Frankie Dettori, Tommy Tiernan, Eddie Hobbs, Jack Charlton and Mario Rosenstock.

According to our spies, the former taoiseach went down a storm with his jolly quips and financial advice. In fact, he did something of a Chuckle Brothers double act with the chief executive of the bailed out Anglo Irish Bank, Sean Fitzpatrick. Or "Seanie," as Bertie called his old mucker.

Bertie said he had been through many ups and down in his time, and in his experience, the bad days never lasted much longer than 10 months.

Both he, and Mr Fitzpatrick - who looked less chirpy - referred to the end of the recession as "the other side of the hill." He said was delighted to hear housing was now cheaper in Wicklow than in Dublin, as that wasn't always the case.
..........
Commenting on the State bailout of the banks, Bertie the Comic said "It's great to see, as a socialist, that all these things come around." As for the racecourse venue? "It's great to be here, we could all be back here on Stephen's Day. If you can't make money any other way, you can try it on a horse." It was a pity to see d'oul bank shares going down the swannee, mused the Bert. Then he looked at Sean Fitzpatrick and quipped "although I think Seanie has a bit left!" The audience almost needed oxygen, they laughed so much.

As for the same Mr Fitzpatrick, who urged the Government to tackle the inequities in child benefit and medical cards for pensioners in the Budget after his bank had been bailed out by the taxpayer, he decided not to talk of matters economic. Instead, he spoke of his childhood in Bray and the lovely mountains and sea resorts of Wicklow.
MIRIAM LORD'S WEEK - The Irish Times - Sat, Nov 22, 2008
 

Ed Dantes

Member
Joined
Jul 15, 2007
Messages
95
The regulator should have resigned months ago now they should be fired.
If the Regulator is fired can the board of FAS be far behind? Sacking Neary would start an avalanche of (well deserved) dismissals.

The simplest way to get rid of him is for Biffo to call him "an excellent public servant"; he would be gone within 24 hours. :rolleyes:
 

DaveM

Well-known member
Joined
Sep 16, 2010
Messages
16,033
The Financial Regulator should have resigned months ago as it seems there has been precious little regulation of anything in the banking sector in recent years at a time when basic ethical practices were not being observed. His opportunity to walk has passed in my opinion (and seemingly in the opinion of everyone else I have discussed this with) and he should now be removed.
 

markeys

Active member
Joined
Feb 11, 2008
Messages
273
Correct, Cowen and Lenihan must resign now.
Absolutley. Its digraceful. Its surely a resigning matter if they guarnanteed Anglo knowing this was going on. And its not even necessary to save ANglo in the first place. Anglo is not necessary to the functioning of the economy, and therefore any suggestion that it is systemically important is surely bare faced lying.

And all announced on the day FF runs off for 6 weeks. How convienent.
 

thebig C

Well-known member
Joined
Jun 19, 2008
Messages
856
Absolutley. Its digraceful. Its surely a resigning matter if they guarnanteed Anglo knowing this was going on. And its not even necessary to save ANglo in the first place. Anglo is not necessary to the functioning of the economy, and therefore any suggestion that it is systemically important is surely bare faced lying.

And all announced on the day FF runs off for 6 weeks. How convienent.
EXACTLY.......I never think the timing of these "announcements" is accidental!
 

droghedasouth

Well-known member
Joined
May 10, 2007
Messages
1,092
The regulator knew since last January.
He did NOTHING.
He should be gone before Joe Duffy starts at 1.45.
Who else knew since January?
 

jmcc

Well-known member
Joined
Jun 12, 2004
Messages
42,269
He was a collaborator rather than a regulator. Fire the f*cker now!

Regards...jmcc
 

cyberianpan

Well-known member
Joined
Jan 18, 2006
Messages
16,630
Website
www.google.com
The regulator knew since last January.
He did NOTHING.
He should be gone before Joe Duffy starts at 1.45.
Who else knew since January?
The Regulator tends to take the view that so long as it isn't outright illegal it is fine. The FSA in London are a lot stricter ...

And as for people saying "Well legally nothing was done wrong so what could he do?"

Well imagine if he threatened to Anglo that he'd issue a statement along the lines of "I don't believe Anglo are well run and I've suspicions about their internal controls"

Yes Mr Neary will point to the Irish banks capital ratios being high, however the markets don't believe these figures, the way banks here calculate risk is suspicious... and the chickens are now coming home to roost.

I note 12 votes so far on this here, all wanting the Regulator to go ... Dan Boyle wants him gone, Michael O'Leary wants him gone... why is he still there ?

cYp
 
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