Friday 24 November 2017

Ex-Anglo HQ should act as a constant reminder to central bankers

The new Central Bank building in Dublin’s Docklands Picture: PA
The new Central Bank building in Dublin’s Docklands Picture: PA

The new headquarters of the Central Bank, located in the old Anglo HQ on the north quays in Dublin's Docklands are an important "juxtaposition" and "reminder" for the bank to be ever vigilant, Governor Philip Lane has said.

The new premises are located at North Wall Quay and will house the regulator following the relocation from Dame Street which has been underway for the past number of months.

The new Central Bank building in Dublin’s Docklands Picture: PA
The new Central Bank building in Dublin’s Docklands Picture: PA

The Dame Street site was sold for a fee of €67m to real estate group Hines and Peterson in January of this year.

The Minister for Finance, Michael Noonan, attended the inauguration of the building along with Central Bank Governor Lane.

The docklands site house was once earmarked as a future premises of Anglo Irish Bank before the lender's collapse back in 2010 and remained empty for years.

Governor Lane said the new premises represented an important 'juxtaposition' between the role of the bank in Ireland today against the type of light-touch regulation which existed in the past.

Finance Minister Michael Noonan and Central Bank Governor Philip Lane at the opening of the new Central Bank building in Dublin’s Docklands yesterday. Picture: Damien Eagers
Finance Minister Michael Noonan and Central Bank Governor Philip Lane at the opening of the new Central Bank building in Dublin’s Docklands yesterday. Picture: Damien Eagers

"The fact that this site was originally intended to host the new headquarters for Anglo Irish Bank has - of course - invited much commentary of different layers of seriousness," Mr Lane said.

"My own view is that the juxtaposition is quite a fitting reminder to us here in the Bank- to myself, my fellow committee members and the staff of the Bank, as much as to the public- as to the importance of our mission and the critical need to remain ever vigilant and as an ongoing reminder of the severe economic and social damage caused by the financial crisis," he added.

Minister Noonan said that the location of the Central Bank here should "support engagement and dialogue between the bank and the firms it regulates".

"It is vital that firms know the high standards that they must meet and the Central Bank fully understands the operations of these firms," the Minister said.

Irish Independent

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