Tuesday 26 September 2017

How Honohan's call made a bad situation worse

Patrick Honohan
Patrick Honohan
John Downing

John Downing

Thursday, November 18, 2010, was the day things spun completely out of control for that ill-starred Fianna Fail-Green Party government.

I was in Government Buildings rooting through the morning papers with RTE's 'Morning Ireland' playing low in the background. I was aware that Minister Eamon Ryan of the Green Party was due on the programme but I was astonished to hear Central Bank governor, Patrick Honohan, from Frankfurt, announced before him.

A quick inquiry to government press secretary Eoghan O Neachtain confirmed nobody had any prior notice. In fact, without any advance consultation with government, Prof Honohan, announced that the IMF were in Dublin to negotiate a rescue package which would also involve huge sums from the EU. I distinctly remember his rhetorical question about why else would the IMF be in Dublin.

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