Kevin Myers: 'We can't meet the gargantuan financial demands that face us'
Published 02/04/2010 | 05:00
NOW we learn the Quinn Insurance Group "significantly breached its solvency ratios". When? Just when? And how long elapsed between the breach occurring and when regulators noted it?
We've learnt to ask these sickening questions in Ireland after regulators spectacularly failed to notice what was going on in FAS and the Anglo Irish Bank, to name just two.
And now we learn the Dublin Docklands Development Authority paid for its inspectors to go on junkets to Helsinki and St Petersburg. Yes, yes, yes, these are strictly fact-finding affairs; but it's rather funny that, much like sponsored charity walks, such trips never take place in Lurgan or Pyongyang. Though actually, we really don't expect our inspectors to inspect: their job is to approve. The job definition should be re-written so that such government officials belong not to an inspectorate but an 'approvarate'. Press commentary on the scandal that has blown the Irish economy apart predictably targets three things: the banks, the speculators and Fianna Fail.