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Thread: Banking Collapse Reports Out - Regling & Watson and Honohan - Link Here at 4.30 p.m.

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    Default Banking Collapse Reports Out - Regling & Watson and Honohan - Link Here at 4.30 p.m.

    http://www.breakingnews.ie/business/...ek-459786.html

    Two reports out this week - one already in the hands of the Department of Finance - on the collapse, from the point of view of the banks and of regulation. The first report is just the scoping of the full report which will be carried out into the Irish Bank disaster.

    The Reports will be linked here at approximately 4.30 p.m. Wed. 9th June 2010

    Preliminary Reports on the Sources of Ireland's Banking Crisis
    A link to the above reports will be published on the Department of Finance website http://www.finance.gov.ie/ after they have been laid before the Houses of the Oireachtas at approximately 4.30pm.

    Of course the remit stops just before the Bank Guarantee.

    Before we see the report there's no way of knowing if we will get a whitewash or a serious attempt.




    The first of these reports, compiled by by international experts Klaus Regling, and Max Watson was delivered to the Department of Finance at the weekend.

    It takes a general overview of the performance of the banks and the banking system in the five years up to September 2008, when the government guarantee on financial institutions was announced.
    The second report is from the Central Bank Governor Patrick Honohan.
    He is focussed on the performance of the Central Bank and Financial Regulator in the same period, and is expected to submit his work to the Department today.
    Minister Brian Lenihan is to read both reports before bringing them to Cabinet. It is thought they could be made public by the end of the week.


    Read more: http://www.breakingnews.ie/business/two-reports-on-banking-collapse-due-this-week-459786.html#ixzz0pUdEjwYr


    Last edited by C. Flower; 09-06-2010 at 03:51 PM.

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    Default Re: Banking Collapse Reports Out This Week - Regling & Watson and Honohan

    I have heard from a very good source that a significant part of these reports will be redacted.

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    Default Re: Banking Collapse Reports Out This Week - Regling & Watson and Honohan

    Any chance of the original reports (without any editing) leaked out??

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    Default Re: Banking Collapse Reports Out This Week - Regling & Watson and Honohan

    These reports are of course only to set the parameters/remit of the official enquiry most of which will be held in camera.

    I don't know that anything new will arise from these reports unless they are to request that the government allows that fateful night of guarantees to be included in the remit.

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    Default Re: Banking Collapse Reports Out This Week - Regling & Watson and Honohan

    The Honohan Report seems to have been heavily leaked to the Sunday Business Post.
    http://www.sbpost.ie/news/honohan-pr...ank-49729.html

    He criticised the terms of the Guarantee. The crisis was driven by vast amounts of cheap credit from foreign banks, poorly regulated by the Central Bank and the Regulator.

    Serious criticism of the role of the Central Bank in overseeing the financial system will be contained in a major report by the bank’s governor Patrick Honohan which is published this week.
    In a significant and surprising move, Honohan will also comment on the government’s decision to grant a blanket guarantee on bank liabilities in September 2008. He will say that a widespread guarantee was needed, but will question whether it should have been extended to all classes of bond investors in the banks.

    This part of the report looks set to reignite the debate about the government and regulator’s role in the run-up to the crisis, and when the guarantee was granted in September 2008.As widely expected, the report will be highly critical of the Financial Regulator, saying that it was much too lax in exercising its functions, failed on occasion to follow through on directives given to the banks and moved too late to try to impose new rules to ensure the banks held more capital.

    However, in addition to this, Honohan will also criticise the Central Bank, which was then a separate entity to the regulator.

    Drawing from its annual financial stability reports, designed to look at the banking sector, Honohan will point to how the bank repeatedly failed to spot the danger signals emerging as banks ramped up lending using cash borrowed overseas. As late as autumn 2007, these reports said the sector was stable and had provisions to meet any likely losses.

    Seeking to put this in an international context, Honohan will also highlight how reports on the global financial system from the International Monetary Fund also failed to spot the warning signs.
    Honohan’s is one of two reports to form the basis for a commission of inquiry into the banking crisis. Sources said it was much more substantial than the other report, by Klaus Regling and Max Watson.

    In a lengthy and hard-hitting report, Honohan attempts to complete the investigation of many of the key issues, leaving limited work in this area for the commission.

    Despite not being asked to look at the granting of the bank guarantee itself, sources have said Honohan’s report does comment on this. He is believed to conclude such was the stress on the banking system that a wide guarantee on bank liabilities was justified. However, sources have said that he will question whether the government should have included some subordinated bond holders in the guarantee. These are bondholders who get higher returns for accepting more risk, and the state has faced criticism for guaranteeing their liabilities.

    Honohan may also conclude Anglo could have been nationalised on the night of the guarantee, instead of a few months later.

    Honohan will heavily criticise the bank boards, whom he will identify as being primarily responsible for the sound operation of the institutions and for they way they incentivised management to chase short-term profits with little regard for risk.

    He will also criticise bank auditors for their failure to spot some malpractices.
    Last edited by C. Flower; 07-06-2010 at 12:45 AM.

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    Default Re: Banking Collapse Reports Out This Week - Regling & Watson and Honohan - Honohan Criticises Guara

    More on this - the Reports go to the Cabinet today - careful timing with the Dail Chamber empty this week.

    http://www.irishtimes.com/newspaper/...6.html?via=rel

    Honohan blames both Cowen for overheating the economy and the Regulator and Central Bank.

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    Default Re: Banking Collapse Reports Out This Week - Regling & Watson and Honohan - Honohan Criticises Guara

    The Cabinet Meeting ended at about 7 p.m.
    Both reports will be published tomorrow (Honohan's Report and the Scoping Report. Both are understood to be critical of the Government.

    http://www.breakingnews.ie/ireland/b...vt-460896.html

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    Default Re: Banking Collapse Reports Out This Week - Regling & Watson and Honohan - Honohan Criticises Guara

    Quote Originally Posted by C. Flower View Post
    The Cabinet Meeting ended at about 7 p.m.
    Both reports will be published tomorrow (Honohan's Report and the Scoping Report. Both are understood to be critical of the Government.

    http://www.breakingnews.ie/ireland/b...vt-460896.html
    In full?

    Game over.
    Mr Lenihan said the guarantee was “the cheapest bailout” compared with bank rescues in other countries, including the UK and the US, where “billions and billions of taxpayers’ money are being poured into financial institutions” - October 24 2008

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    Default Re: Banking Collapse Reports Out This Week - Regling & Watson and Honohan - Honohan Criticises Guara

    Tomorrow's Indo headline is 'Cowen blamed for fuelling banking meltdown' according to the VB show. I suppose this refer to the Regling report rather than the Honohan one.

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    Default Re: Banking Collapse Reports Out This Week - Regling & Watson and Honohan - Honohan Criticises Guara

    Quote Originally Posted by PaddyJoe McGillycuddy View Post
    Tomorrow's Indo headline is 'Cowen blamed for fuelling banking meltdown' according to the VB show. I suppose this refer to the Regling report rather than the Honohan one.
    Honohan's report is expected to be reasonably robust and has covered the Guarantee period.

    Some useful background here from the Post -

    http://www.sbpost.ie/newsfeatures/ba...ers-49435.html
    Last edited by C. Flower; 09-06-2010 at 07:08 AM.

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    Default Re: Banking Collapse Reports Out This Week - Regling & Watson and Honohan - Honohan Criticises Guara

    As Sam Smyth says in this analysis no great surprises in these reports:-

    Knowing the criticism was coming didn't make it any easier when the two reports spelled out what most people strongly suspected:


    That Brian Cowen's tax incentives when he was Minister for Finance were kindling to an overheated property market before the banking crisis.
    That the banking regulator's failure was abysmal, only surpassed in incompetence by his accommodation of the banks in their quest for fast buck schemes for quick profits.
    That the Central Bank ignored ringing alarm bells as the banks borrowed from abroad as if there was no tomorrow and loaned as if there wasn't a pay back time.
    As this analysis states Brian Cowen has already been answering the questions raised in these reports in the last few weeks.

    Brian Cowen knows himself his policies were wrong.

    Teflon Bertie manages to escape criticism yet again.

    http://www.independent.ie/opinion/an...e-2212318.html

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    Default Re: Banking Collapse Reports Out This Week - Regling & Watson and Honohan - Honohan Criticises Guara

    Quote Originally Posted by ang View Post
    As Sam Smyth says in this analysis no great surprises in these reports:-



    As this analysis states Brian Cowen has already been answering the questions raised in these reports in the last few weeks.

    Brian Cowen knows himself his policies were wrong.

    Teflon Bertie manages to escape criticism yet again.

    http://www.independent.ie/opinion/an...e-2212318.html

    I'm assuming that the reports will go up on the DoF website - no sign when I looked a while ago.

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    Default Re: Banking Collapse Reports Out This Week - Regling & Watson and Honohan - Honohan Criticises Guara

    Oh yes they will go up on the DoF site. Watch out for subliminal messaging like how property tax etc. would have helped things cool down.

    Always sounds better implimenting these taxes when you have respected international figures telling you this is where it all went wrong.

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    Default Preliminary Reports on the Sources of Ireland's Banking Crisis

    Preliminary Reports on the Sources of Ireland's Banking Crisis

    A link to the above reports will be published on the Department of Finance website http://www.finance.gov.ie/ after they have been laid before the Houses of the Oireachtas at approximately 4.30pm.
    Last edited by C. Flower; 09-06-2010 at 03:49 PM.

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    Default Re: Banking Collapse Reports Out - Regling & Watson and Honohan - Link Here at 4.30 p.m.

    Summary by RTE journalists who have had sight of the Reports and live streaming of Government interview
    http://www.rte.ie/news/2010/0609/banks.html

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