In Ireland we are often publicly coy about saying what we mean, in particular as a person departs or dies the tendency is to wax lyrical when during their time or tenure the opinion a person held wasn’t in line with the following statements.
In our firm we tell it like it is, we say exactly what we mean, no matter what, that is why when you look at the critiques in this article by Colm Kelpie about the departure of Central Bank Governor Patrick Honohan you see that we stick to our guns.
There is nothing fluffy in this…
Karl Deeter, Irish Mortgage Brokers: “Whatever people say about his performance as a governor, on the consumer protection side he oversaw some of the worst regulation in the modern western world, particularly the ban on repossessions, the unworkable code of conduct on mortgage arrears, and the fact that Ireland has a persistent arrears problem unlike any other developed country in the world.
They show an unwillingness to deal with some of the hard issues surrounding the issue of arrears. Basically everything was a delay tactic.”
The only other person to come close to sincerity is Dermot O’Leary of Goodbody Stockbrokers who said that
“One criticism would be the in ability of the Central Bank to foresee the scale of the capital requirements in the banking system, which had to be dealt with on a number of occasions, culminating in the stress test exercise of early 2011.”
We believe Mr. Honohan did his best, of that there is no doubt, but results count and in that light we are hopeful that his replacement Philip Lane, will fare better.