Tuesday 23 January 2018

Moving on – but economic recovery still seems to be in 'mission impossible' mode

Dearbhail McDonald

Dearbhail McDonald

MANY people may be puzzled by John Moran's explanation to colleagues that now is an opportune time to hand over the baton to a successor. Explaining his decision to leave mid-term, the restructuring expert said he always viewed his decision to return to Ireland in 2010 to help restore the banking sector as "a mission with a fixed purpose, not a long-term venture".

The upbeat email to staff – the former lawyer and banker praised yesterday's "tremendous results captured in our annual reports" – suggests that Mr Moran believes his mission to be accomplished. But his decision to step down on the eve of local and European elections, not to mention the mortgage arrears crisis as well as critical stress tests facing banks, may alarm those who consider the restoration of the Irish economy as a mission impossible.

Mr Moran enjoyed a stellar return to Ireland, the first outsider appointed to the position of Secretary General at the Department of Finance. He previously held senior roles with Swiss financial group Zurich Capital Markets and is a former head of wholesale bank supervision at the Central Bank.

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