Tuesday 6 December 2016

Some home truths from the Governor

Published 10/04/2015 | 02:30

Mr Honohan lays the blame squarely with the directors and managers of the Irish banks, saying that it was their “unrestrained and reckless behaviour” that destabilised the economy and public finances (Damien Eagers)
Mr Honohan lays the blame squarely with the directors and managers of the Irish banks, saying that it was their “unrestrained and reckless behaviour” that destabilised the economy and public finances (Damien Eagers)

The Governor of the Central Bank, Patrick Honohan, has given an overview of the Irish financial crisis to an influential conference in Paris, setting out what he see as the facts, the partial facts and the myths associated with the financial collapse and the subsequent bailout.

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Mr Honohan lays the blame squarely with the directors and managers of the Irish banks, saying that it was their "unrestrained and reckless behaviour" that destabilised the economy and public finances.

As we face into a crucial phase of the Banking Inquiry in the coming weeks, Mr Honohan says that with greater prudence by the boards of these institutions, the property-fuelled bubble could not have happened.

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