The Yates anthology: Lots of talk, but not much action
Published 27/06/2015 | 02:30
We hear of 'crony capitalism' and Golden Circles of business elites seeming to have the inside track - an inner sanctum of the most influential who aren't answerable to anybody.
The Oireachtas Banking Inquiry has laid bare the secretive nexus of informality between the Department of Finance, and the Central Bank, NTMA and Nama. Tic-tacking over the bank guarantee with bankers and with the IMF about the bailout reveals that Kevin Cardiff and John Hurley operated private channels of communication more powerful than the Cabinet. When they'd establish their own internal consensus, politicians merely followed suit.
This custom and practice isn't consigned to yesteryear, as the Central Bank confirms again that the majority of seven lenders haven't conformed to a statutory Code of Conduct on Mortgage Arrears (CCMA) and further breaches under the Mortgage Arrears Resolution Process (MARP). Inspections revealed the legal requirements in terms of borrower communications and fair processes aren't met for distressed debtors. It's not new; yet previous breaches resulted in no sanctions.