independent

Monday 21 April 2014

Dermot Desmond: Government’s debt problems will be solved

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24/05/13;

Denis OBrien, Chairman National College of Ireland (NCI) and Guest speaker Dermot Desmond, are pictured at a business lunch in the college to announce NCIs entry into the personal financial services education market. The lunch, which was attended by senior banking and finance professionals, also celebrated NCIs partnership with the Institute of Canadian Bankers to offer the Personal Financial Planner designation in Ireland. 

Photo: John T Ohle Photography;

For more information: Emma Henderson, PR & Digital Marketing Manager, National College of Ireland. Tel: 01 4498 652 / 086 048 5158
Denis O'Brien, Chairman National College of Ireland (NCI) and guest speaker Dermot Desmond, are pictured at a business lunch in the college Photo: John T Ohle

BILLIONAIRE investor Dermot Desmond said today that the Government’s debt problems will be solved by a default or through controlled inflation/economic growth.

The country’s debt to GDP ratio is expected to peak at 123pc this year although the Government is working with the EU/IMF/ECB troika to stabilise the levels.

Mr Desmond blamed the economic crash on poor economic forecasting, easy credit as well as poor risk assessment.

He also said there was “abysmal regulation” as well as a “housing bubble.”

Mr Desmond was speaking at the National College of Ireland in Dublin’s IFSC, the brainchild of the businessman, as it launched new courses with the Institute of Canadian Bankers.

He added that Ireland required political reform describing the electoral system as “not for purpose”.

He said that Tom Arnold, who is chairing the Constitutional Convention, would “hopefully put forward radical reforms” that would mean politicians putting the country before self-interest.

According to Mr Desmond, the banking systems also needs to be reformed and the future lies in non-bank lending platforms.

This would reduce both risks and the need for bailouts in the sector.

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