Tuesday 23 July 2019

Lane tells government to run a 'significant' budget surplus

Central Bank of Ireland Governor Philip Lane
Central Bank of Ireland Governor Philip Lane

David Chance

The Governor of the Central Bank of Ireland Philip Lane warned that the government needed to move to running a “significant” budget surplus as the economy was close to full capacity.

Lane was speaking before he takes up the role of Chief Economist at the European Central Bank.

Lane said that the process under which banks’ non performing loans were being reduced was “reasonable”.

“A lot has been done, there is still more to do,” he said on Wednesday.

Non performing loans are down 80pc from their crisis era peak.

“A complete fire sale would not be good,” Dr Lane said.

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