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

  1. #16
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    Default Re: Banking Collapse Reports Out - Regling & Watson and Honohan - Link Here at 4.30 p.m.

    Cowan live - "Government vindicated by the Report"

    http://www.rte.ie/live/

  2. #17
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    Default Re: Banking Collapse Reports Out - Regling & Watson and Honohan - Link Here at 4.30 p.m.

    Quote Originally Posted by C. Flower View Post
    Cowan live - "Government vindicated by the Report"

    http://www.rte.ie/live/
    vindicated?

    What is the fat oaf on about?

    "Abolish property taxes"..he did not abolish them. He "phased them out"
    Politics is the gentle art of getting votes from the poor and campaign funds from the rich, by promising to protect each from the other. ~Oscar Ameringer

  3. #18
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    Default Re: Banking Collapse Reports Out - Regling & Watson and Honohan - Link Here at 4.30 p.m.

    Auditors and accountants come in for it, as well as disastrously weak Managers.

  4. #19
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    Default Re: Banking Collapse Reports Out - Regling & Watson and Honohan - Link Here at 4.30 p.m.

    The Governor [Honohan] says the international financial crisis and the collapse of Lehman Brothers were not to blame for the problems in Irish banks. http://www.rte.ie/news/2010/0609/banks1.html

    Well that blows Ahern, Lenihan and all the other FF muppets out of the water on their favourite lie.

  5. #20
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    Default Re: Banking Collapse Reports Out - Regling & Watson and Honohan - Link Here at 4.30 p.m.

    Why is Eamon Ryan there?

    Did he read a book he wants to tell us about?
    Politics is the gentle art of getting votes from the poor and campaign funds from the rich, by promising to protect each from the other. ~Oscar Ameringer

  6. #21
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    Default Re: Banking Collapse Reports Out - Regling & Watson and Honohan - Link Here at 4.30 p.m.

    Statement by the Minister for Finance
    The Minister for Finance, Mr. Brian Lenihan T.D., said:
    “The Government has now agreed that the Oireachtas consider these reports. In this context, I understand that Joint Oireachtas Committee on Finance and the Public Service intends to invite the authors of both reports to appear before it and elaborate on their findings.”
    The Minister emphasised that these reports are preliminary, scoping reports, which are intended to point the way to more detailed examination by a Commission of Investigation. The Minister has prepared terms of reference for consideration by the Oireachtas and has also published these today.
    Following consideration by the Oireachtas of the draft terms of reference, the Minister will prepare a draft Government Order to establish a statutory Commission of Investigation. The draft Order will be put to both Houses of the Oireachtas for a vote in the period ahead.
    The report of the Commission of Investigation will, when completed, be laid before the Oireachtas for further consideration. It will then be open to an Oireachtas Committee to hold further hearings on the report.
    The Governor of the Central Bank was asked by the Minister for Finance to prepare a report on the performance of the respective functions of the Central Bank and Financial Regulator over the period from the establishment of the Financial Regulator to the end of September 2008.
    The report by Messrs Regling and Watson identifies factors specifically pertaining to the Irish banking system which exacerbated the impact of the international financial crisis for Ireland. The authors were also asked to highlight the areas in relation to the conduct, management and corporate governance of individual institutions that may require further investigation by a Commission of Investigation.
    The requirements pertaining to the establishment of a Commission of Investigation are set out in the Commission of Investigation Act 2004. The key requirements are:
    • The sponsoring Minister to seek Government approval for a draft Order to establish the Commission of Investigation. The draft Order will set out the terms of reference for the work of the Commission. These terms of reference should, to the extent possible, specify precisely the events, activities, circumstances, systems, practices or procedures to be investigated.
      • The sponsoring Minister to provide an accompanying statement containing an th Juneestimate of the costs to be incurred by the Commission and a time frame for the submission of the Commission’s final report to the specified Minister.
      • A draft of the proposed order and a statement of the reasons for establishing the Commission to be laid before the both Houses of the Oireachtas and a vote of both Houses on a resolution to approve the draft Order.
      • Following the approval of both Houses of the Oireachtas, the Order to be signed by the Taoiseach.
      • The sponsoring Minister to publish the final terms of reference and accompanying costs statement in Iris Oifigiúil and in any newspapers or other appropriate publications.
    Both reports are available to download from www.bankinginquiry.gov.ie

  7. #22
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    Default Re: Banking Collapse Reports Out - Regling & Watson and Honohan - Link Here at 4.30 p.m.

    Both Reports are here, for anyone who didn't find them yet

    http://www.bankinginquiry.gov.ie/Reports.aspx

  8. #23
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    Default Re: Banking Collapse Reports Out - Regling & Watson and Honohan - Link Here at 4.30 p.m.

    The sponsoring Minister to seek Government approval for a draft Order to establish the Commission of Investigation. The draft Order will set out the terms of reference for the work of the Commission. These terms of reference should, to the extent possible, specify precisely the events, activities, circumstances, systems, practices or procedures to be investigated.
    Erm- doesn't that mean that the Minister can effectively shape the investigation to exclude matters he doesn't want the investigation to cover?

    Considering his economic policy is the subject of at least part of the remit of the report is it wise or proper to allow the same Minister to guide the investigation?

  9. #24
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    Default Re: Banking Collapse Reports Out - Regling & Watson and Honohan - Link Here at 4.30 p.m.

    O.K. This is getting annoying. I've just learnt yesterday that my bank has been downgraded by Fitch. I've all my eggs in the one basket abroad.
    I considered transferring to BOI, and now I read this.
    What can one do for peace of mind these days?

  10. #25
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    Default Re: Banking Collapse Reports Out - Regling & Watson and Honohan - Link Here at 4.30 p.m.

    Quote Originally Posted by truth.ie View Post
    O.K. This is getting annoying. I've just learnt yesterday that my bank has been downgraded by Fitch. I've all my eggs in the one basket abroad.
    I considered transferring to BOI, and now I read this.
    What can one do for peace of mind these days?
    Renminbi ?

  11. #26
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    Default Re: Banking Collapse Reports Out - Regling & Watson and Honohan - Link Here at 4.30 p.m.

    Just reading Regling and Watson - a nice clear report with some useful insights - it should have been done a year ago by rights.

    In the run-up to Ireland’s crisis, global financial markets featured an extended period of high
    liquidity and low risk premia. Monetary conditions in the euro area were also easy relative to the
    levels of growth and inflation in Ireland. Financial integration in the euro area was deepening, and
    banks in Ireland had unprecedented access to cross-border funding. As in many smaller EU
    economies, moreover, the entry of foreign banks intensified competition in lending. Against this
    backdrop, it is not surprising that Ireland experienced a strong and extended domestic financial
    boom, accompanied by an influx of foreign savings.
    This boom needs to be seen also in the context of Ireland’s strong and extended expansion during
    the previous decade, when the economy caught up with and surpassed average EU living standards.
    This fostered expectations of a continued rise in living standards and in asset values. Another factor,
    with even deeper roots, was the strong and pervasive preference in Irish society for property as an
    asset, and the fact that Ireland had never experienced a property crash.
    This was a setting in which official policies and banking practices faced key challenges. There was
    scope to mitigate the risks of a boom/bust cycle through prudent fiscal and supervisory policies, as
    well as strong bank governance – thus raising the chances of a “soft landing” for the property
    market and for society at large. In the event, official policies and banking practices in some cases
    added fuel to the fire. Fiscal policy, bank governance and financial supervision left the economy
    vulnerable to a deep crisis, with costly and extended social fallout.

  12. #27
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    Default Re: Banking Collapse Reports Out - Regling & Watson and Honohan - Link Here at 4.30 p.m.

    So, it was Cowen and FF's fault, not Lehman brothers. Cowen must resign now.

  13. #28
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    Default Re: Banking Collapse Reports Out - Regling & Watson and Honohan - Link Here at 4.30 p.m.

    Its official, Cowen caused the crash.

  14. #29
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    Default Re: Banking Collapse Reports Out - Regling & Watson and Honohan - Link Here at 4.30 p.m.

    1.7 Nevertheless, apart from the above elements, the key protection in any national system
    against the emergence of a banking crisis should be the central bank and regulatory
    function the main focus of this Report. It is clear that a major failure in terms of
    bank regulation and the maintenance of financial stability failure occurred. Indeed the
    same can be said to a greater or lesser extent with respect to several other advanced
    economies. However, the task in this Report is to characterise the ways in which the
    failures occurred in the Irish context and to identify the underlying reasons. Three
    broad areas have been identified (dealt with more comprehensively in Chapters 3 to 7):
    (i) the design of and approach to micro-prudential aspects, especially the supervision of
    individual institutions; (ii) the approach to macro-prudential or overall financial
    stability policy; and (iii) the failure to undertake decisive and effective remedial
    measures.
    From Honohan's Report. Having had a quick scan through R and W and a look over Honohan's Report, both are well worth full reading and are written in accessible language.


  15. #30
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    Default Re: Banking Collapse Reports Out - Regling & Watson and Honohan - Link Here at 4.30 p.m.

    The people that made this mess are still in power.

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