Thursday 22 March 2018

Con Horan


CON Horan played a pivotal part in banking regulation during Ireland's boom years. He is now a senior figure at a European banking watchdog.

The career public servant joined the Central Bank in 1979, working in supervision and management roles and heading the retail investment and insurance department.

He was head of banking supervision at the Financial Regulator's office until 2007 when Patrick Neary became Regulator and Horan was promoted to prudential director.

There he had hands-on responsibility for bank regulation. He was in charge of banking supervision, insurance, funds & authorisation, investment services and markets.

Documents leaked to the Irish Times last year said Horan was aware in 2008 of a €169m loan that Anglo Irish Bank gave Sean Quinn to invest even further in the bank's own shares. That loan is part of the €2.8bn debt the Quinn family still owes.

Central Bank Governor Patrick Honohan's report on the banking crisis pointed to "major failure" of bank regulation as one of its key causes.

Horan was appointed special adviser to incoming Financial Regulator Matthew Elderfield in 2009. He would also be deputy chairman of the Central Bank's Supervisory Risk Committee.

Earlier this year he took a senior job as a "national expert" at the European Banking Authority (EBA), the new body in charge of supervising European financial institutions, based in London. The EBA will only say that he works on "oversight and supervision". Mr Horan didn't wish to speak with us.

His talents are only temporarily lost to Ireland, as the role is on a two-year secondment basis. His salary is paid by us, via the Central Bank.

The Dublin native is a qualified chartered accountant.

Sunday Indo Business

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