Irish banks are well capitalised

“The Irish banks are so well capitalised compared to any banks anywhere across Europe that I am confident they can absorb any loans or any impairments that emerge in the ordinary course of business.”

Sigh. This is what Neary had to say on October 2, 2008. Just a few short weeks later and the Government was injecting billions into the banks.

Neary has spent his entire adult life, since he was 19, working at the Central Bank, and then at IFSRA. He clearly has no idea what the hell he is doing, and is so close to the establishment that he has no idea what regulation actually means. Oh and then there’s all that business about what he did or didn’t know about Fitzpatrick’s loans of €87m from Anglo, and why he apparently didn’t bother telling anyone.

3 thoughts on “Irish banks are well capitalised”

  1. Nice slap, my quote of the year is from Eugene Sheehy – “We’d rather die than raise equity”, market called your bluff on that one eh, Eugene?

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