Thursday 8 December 2016

Brendan Keenan: The first task is to make the banks lend, not make them safe

Published 25/03/2010 | 05:00

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.

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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.

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