Tuesday 16 January 2018

BoI's own board knows our banks are in trouble

Mario Draghi, President of the European Central Bank,
Mario Draghi, President of the European Central Bank,
UCD economist Morgan Kelly

Shane Ross

BULLY for the bogeymen. Bogeyman One, Mario Draghi, has dropped a bombshell into Enda Kenny's lap. Last week the boss of the European Central Bank (ECB) chose an unusual vehicle for his warning.

He wrote a letter to Ireland's opposition spokesman on Finance, Michael McGrath, suggesting that all was not well with the banks here. Music to Michael's ears maybe, but toxic to the Taoiseach.

Not surprisingly, McGrath took advantage of the letter he received from Draghi to rattle his sabre at the Government. His response fell on deaf ears. Nobody wants to hear the words of warning. Draghi is shaping up to spoil our premature recovery celebrations.

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