Opinion Shane Ross

Thursday 27 July 2017

Regulation a fiasco – and we all know who loses

Custom House Capital: From left, director John Mullholland, chief executive Harry Cassidy and investment director John Whyte
Custom House Capital: From left, director John Mullholland, chief executive Harry Cassidy and investment director John Whyte

Shane Ross

SO the bondholders were burned after all? No? Oh yes they were. Burned big time. Not those bondholders, the other bondholders. Big bondholders guaranteed. Little bondholders burned to a cinder.

Venture capitalists, global dealers, even hedge funds walked away from the banking crisis unscathed although they held high-risk bonds in Anglo Irish Bank. More careful savers became bondholders in Custom House Capital. They have been pauperised.

Who is responsible for the different outcomes? In both cases, the Irish Government and the Irish Central Bank. Regulation Irish-style still works for the big battalions and leaves the small investor abandoned.

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