Sunday 11 December 2016

Regulator fell on his sword

Neary denied any knowledge of the hidden transfer of FitzPatrick's loans

Published 03/01/2010 | 05:00

Financial Regulator Pat Neary fell on his sword in January following a board inquiry into what the regulator knew about the hidden transfer of Sean FitzPatrick's Anglo loans to the Irish Nationwide at the year end. Neary denied any knowledge of the loan manoeuvre, despite contradictory evidence from his staff.

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He had been a regulator since the Seventies, ensuring that he walked away from the debacle with a €630,000 handshake and a handsome pension of €2,750 a week for his troubles.

Right up to the end of the year, Neary had publicly maintained that the Irish banks were adequately capitalised.

He made a couple of disastrous TV performances and appearances before Oireachtas committees which undermined public confidence in the regulatory authorities.

Sunday Independent

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