Brendan Keenan: The first task is to make the banks lend, not make them safe
ONE is advised, by those who know about such things, that there is no point in locking a stable door after the horse has bolted. In the case of the banks, the sound of locks being hammered grows by the day.
Regulatory staff are in the banks' offices, poring over their defunct loan books. Over 100 more will be joining the Regulator's office -- although I suppose we must get used again to calling it the Central Bank.
Now there's a thing, when it comes to stable locking. It always was the Central Bank, just with a longer name. One of the most tiresome things in the banking debate is the repeated claim that the division of labour between Bank and Regulator contributed to the disaster.