Friday 24 November 2017

A 'fine' way to run a Central Bank in the 1800s

CENTRAL Bank governor Patrick Honohan is a good man to have in a crisis, but he's also a good man to have at a book launch.

Last week, the governor waxed lyrical in Irish at the launch of a book about folklore. This week, he waxed historical in a book about bank architecture.

Was there more than a trace of wistfulness in the governor's voice when he recalled that the Central Bank's predecessor in its early years in the 1800 used to fine directors one shilling and a penny for being 15 minutes late for a meeting.

The governor was fined two shillings and eight and a half pence for the same tardiness.

Each director was required to deposit five guineas in advance from which the fines would be deducted.

Small wonder that Britain and Ireland could once rule the world and now struggle to rule even themselves.

Indo Business

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