# Peter Mathews: "I am better than Noonan"



## Brendan Burgess (7 Aug 2011)

The Sunday Times has a great article on Peter Mathews today. 



> he is dominating parliamentary party meetings espousing policies that are contradictory to that of the government ...
> 
> He keeps suggesting a completely different banking policy position to what the government is doing ...
> 
> ...


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## dewdrop (8 Aug 2011)

This looks like a possible George Lee repeat.  I think most people are tired of these antics.


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## Brendan Burgess (8 Aug 2011)

One very good think which Peter Mathews is doing is that he is organising briefing sessions with backbench TDs from economists such as Karl Whelan, Gurdgiev and Colm McCarthy. 

I understand that TDs get no training or briefing at all. I think that there should be some formal training for them and they should be obliged to participate in it.


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## Sunny (8 Aug 2011)

Brendan Burgess said:


> One very good think which Peter Mathews is doing is that he is organising briefing sessions with backbench TDs from economists such as Karl Whelan, Gurdgiev and Colm McCarthy.


 
I agree with that. Of course, none of those guys would be known to be hugely supportive of the last or this Government's stance!


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## Brendan Burgess (8 Aug 2011)

Sunny said:


> I agree with that. Of course, none of those guys would be known to be hugely supportive of the last or this Government's stance!



It's the principle of training or briefing that I like. Colm McCarthy and Karl Whelan are good and they would learn from them. 

It would be important to provide a range of views including those from the Department of Finance as well.


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## amgd28 (8 Aug 2011)

Met Peter Matthews when he called to the door prior to the election. I asked him for a brief background and he spoke uninterrupted (even thought I tried to interrupt him) for nigh on 10 minutes straight. I had a number of issues that I wanted to discuss, but time ran out.

In short I can see how he would absolutely annoy the hell out of anyone in FG.


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## Brendan Burgess (8 Aug 2011)

amgd28 said:


> Met Peter Matthews when he called to the door prior to the election. I asked him for a brief background and he spoke uninterrupted (even thought I tried to interrupt him) for nigh on 10 minutes straight. I had a number of issues that I wanted to discuss, but time ran out.
> 
> In short I can see how he would absolutely annoy the hell out of anyone in FG.



I don't suppose you were taking notes. His background is very vaguely described. I wouldn't mind seeing a CV with names of employers and months and years.


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## mrblues (8 Aug 2011)

Brendan Burgess said:


> I wouldn't mind seeing a CV with names of employers and months and years.



This is the best I can get on him....

http://bankermathews.com/about/


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## Sunny (8 Aug 2011)

His CV is alright but I am always wary when someone describes themselves as an expert. He has experience in working out troubled loans and property which is fair enough. He has zero experience of solving banking crises, general banking and macro-economics, and yet he talks like he is some sort of underused Sage.


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## Delboy (8 Aug 2011)

he;s the same whenever he's on VB tonight...talks over everyone, blathers on for ages and comes across as very condescending
he'll eventualy fall out with FG


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## Gekko (8 Aug 2011)

He'll fall out with FG (a la George Lee) when he realises that in politics gombeenism and cronyism is more important than ability.

When Ministries are awarded on the basis that candidates "brought home the second seat in their constituency", it's grounds for concern.

Peter Mathews should be the Minister for Finance.  He's a chartered accountant and banking expert.  But sure this is Ireland...let's give the job to a teacher!


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## Brendan Burgess (8 Aug 2011)

> In 1999 he set up an  independent Banking – Property and Finance – Consultancy practice in  Dublin, consulting and brokering property related deals (mainly  disposals in period post 2004), and advising in Zoning and Planning  matters, for clients including a Public Body, property investors, family  landowners, developers and construction groups.  Post 2004, in an  over-heated property market, he concentrated on advising and assisting  clients to dispose of land and property.




This is too vague for me. Sounds more like a property developer than a banker.


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## Sunny (8 Aug 2011)

Gekko said:


> Peter Mathews should be the Minister for Finance. He's a chartered accountant and banking expert. But sure this is Ireland...let's give the job to a teacher!


 
Who apart from Peter Matthews says he is a banking expert? He worked in one narrow area of banking.


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## Gekko (8 Aug 2011)

Brendan Burgess said:


> This is too vague for me. Sounds more like a property developer than a banker.


 
Hi Brendan

I don't think that people are being fair to Peter.  Based on the information reflected in the above link, the guy should be Minister for Finance.  He appears to be the most qualified and commercially experienced individual in the Dail.

I have no real connection with Mr Mathews.


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## Gekko (8 Aug 2011)

Sunny said:


> Who apart from Peter Matthews says he is a banking expert? He worked in one narrow area of banking.


 
From http://bankermathews.com/about/ :

"...managed the Enterprise Development, Hi Tech and FDI Lending Sections of the Bank...appointed to develop and manage the Property Development, Construction and Investment Lending Section, a new specialist area of lending for the Bank...provided carefully appraised Term Loan facilities and finance as well as Performance Bond underwriting facilities to hundreds of Builders, Developers and Property Investors in Ireland and the UK during the 1980’s and 1990’s...commended by the Bank for outstanding work on a special assignment in the area of non-performing loans, loans work-outs, restructurings and recoveries achieving substantial write-backs to profit for ICC Bank plc during the1980’s...director of an Irish Incorporated and Irish resident Financial Assets Holding Company, sponsored by KBC Bank, with assets of US $5.0 billion and alternate director of other companies..."

In my view, all of the above entitles Peter Mathews to call himself a "banking expert". His knowledge of the sector appears to be light years ahead of anything else in the Dail right now. The fact that he's a chartered accountant and tax consultant gives him additional credibility.

He must be an extremely frustrated individual...with his experience the teachers and social workers in the Dail should be listening to his speeches and contributions.


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## onq (8 Aug 2011)

Let's read between the lines and parse this a little.


_"In 1999 he set up an  independent Banking – Property and Finance –  Consultancy practice in  Dublin, consulting and brokering property  related deals ,... and advising in  Zoning and Planning  matters, for clients including a Public Body,  property investors, family  landowners, developers and construction  groups."  

_Translated - He helped inflate the property bubble

_
"Post 2004, in an  over-heated property market, he concentrated  on advising and assisting  clients to dispose of land and property...                      __(mainly  disposals in period post 2004)_"

Translated - He saw the end coming and helped his clients get their money out.


This makes Mathews an Expert?

We've had enough of THAT kind of expert.

We need one that can pick up the pieces - not break Humpty Dumpty!


- You don't need to be an expert to give Dukes a metaphorical kick in the pants to get the codes from those Anglo Fraudsters.

- You don't need an expert to pick up the phone to the heads of AIB and BOI and tell them to "Start Lending Money Into the Economy!"

- You just need to not be beholden to the Banks and to possess the will to do the obvious, and not just the right, thing.


So unless the above is the substance of Mathews advices, and I have summed it up in three sentences, he doesn't sound like much of an expert to me.

ONQ.


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## Gekko (8 Aug 2011)

onq said:


> He helped inflate the property bubble
> 
> He saw the end coming and helped his clients get their money out.


 
So you're acknowledging that he appears to have played the market well and criticising him for it?

Very odd.


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## Sunny (8 Aug 2011)

Gekko said:


> From http://bankermathews.com/about/ :
> 
> "...managed the Enterprise Development, Hi Tech and FDI Lending Sections of the Bank...appointed to develop and manage the Property Development, Construction and Investment Lending Section, a new specialist area of lending for the Bank...provided carefully appraised Term Loan facilities and finance as well as Performance Bond underwriting facilities to hundreds of Builders, Developers and Property Investors in Ireland and the UK during the 1980’s and 1990’s...commended by the Bank for outstanding work on a special assignment in the area of non-performing loans, loans work-outs, restructurings and recoveries achieving substantial write-backs to profit for ICC Bank plc during the1980’s...director of an Irish Incorporated and Irish resident Financial Assets Holding Company, sponsored by KBC Bank, with assets of US $5.0 billion and alternate director of other companies..."
> 
> ...


 
That's his own blog. He brags about being an alternate director but that just means he is substitute for the real elected director. I have been sent to Board meetings as an alternative. It doesn't make me an expert. 

I help manage a portfolio of bonds and loans of over €8 billion and I still haven't a clue how to solve this crisis. 

Not sure why being a Chartered Accountant and Tax Consultant gives him additional credibility when it comes to being an expert.

I am not knocking his desire to the right thing but his view is no more important than any other commentator despite his high self regard.


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## Gekko (8 Aug 2011)

Sunny said:


> That's his own blog. He brags about being an alternate director but that just means he is substitute for the real elected director. I have been sent to Board meetings as an alternative. It doesn't make me an expert.
> 
> I help manage a portfolio of bonds and loans of over €8 billion and I still haven't a clue how to solve this crisis.
> 
> ...


 
He has managed sections of a bank.

He was chosen to develop and manage a new section of a bank.

He received a commendation for outstanding work on an assignment related to non performing loans, work outs and restructuring.

He's a director of a financial assets holding company related to one of the banks.

The term "banking expert" isn't defined anywhere. Based on the above, Peter Mathews is in my view entitled to call himself a banking expert. His professional qualifications give him extra credibility - Part of being a chartered accountant is the ability to interpret financial data.  Part of being a tax consultant is understanding the interaction between Revenue, the Department of Finance and government.

I can't believe that people are criticsing this guy to be honest. Here's a guy with decades of high level commercial experience, a guy with multiple professional qualifications and he's apparently being marginalised by the usual gombeen shower of former public servants that populate the Dail.


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## Sunny (8 Aug 2011)

Richard Bruton is a research economist by profession. He was educated in Oxford university. He worked in the private sector before going into politics. His thesis was done on the subject of Irish National Debt

I don't remember him proclaiming himself to the saviour of the Country and better than the sitting Minister of Finance.


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## Gekko (8 Aug 2011)

Sunny said:


> Richard Bruton is a research economist by profession. He was educated in Oxford university. He worked in the private sector before going into politics. His thesis was done on the subject of Irish National Debt
> 
> I don't remember him proclaiming himself to the saviour of the Country and better than the sitting Minister of Finance.


 
Maybe he should be.

There's a banking expert stuck on the backbenches and an Oxford educated research economist somewhat marginalised because of his failed leadership heave.  Meanwhile a teacher rules the roost in the Department of Finance.

The gombeenism and cronyism that has brought this country to its knees.


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## Sunny (8 Aug 2011)

Gekko said:


> Maybe he should be.
> 
> There's a banking expert stuck on the backbenches and an Oxford educated research economist somewhat marginalised because of his failed leadership heave. Meanwhile a teacher rules the roost in the Department of Finance.
> 
> The gombeenism and cronyism that has brought this country to its knees.


 
I agree with you to a certain extent. I am willing to bet though that Peter Matthews in the bankbenches is completely different to Peter Matthews the Minister when he has to put into practice what he thinks. FG and Labour were shouting about NAMA and bank lending etc while in opposition and yet have changed nothing since they got into power. Matthews is playing opposition politics from the Governments backbench.


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## DrMoriarty (8 Aug 2011)

Gekko said:


> So you're acknowledging that he appears to have played the market well and criticising him for it?


Serving as the nation's Minister for Finance is about a bit more than just brokering sharp deals and looking after your cronies.

Oh no, hang on a moment...


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## onq (8 Aug 2011)

Gekko said:


> So you're acknowledging that he appears to have played the market well and criticising him for it?
> 
> Very odd.



I'm saying I don't trust the motives of this past poacher and would be gamekeeper.

I also didn't make any assumptions about how well he did what he did.

Not odd at all.

ONQ.


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## onq (8 Aug 2011)

Gekko said:


> Maybe he should be.
> 
> There's a banking expert stuck on the backbenches and an Oxford educated research economist somewhat marginalised because of his failed leadership heave.  Meanwhile a teacher rules the roost in the Department of Finance.
> 
> The gombeenism and cronyism that has brought this country to its knees.



Corruption, greed and incompetence brought this country to its knees.

Competence at riding the Tiger in property when times were good has no bearing on managing our troubled economy now.

Qualifications and experience in providing advice to developers in easy trading conditions doesn't translate into job generation and supporting entrepreneurs in difficult trading conditions with dysfunctional banks who have sucked capital into themselves and refuse to lend.

ONQ.


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## Gekko (8 Aug 2011)

onq said:


> Corruption, greed and incompetence brought this country to its knees.
> 
> Competence at riding the Tiger in property when times were good has no bearing on managing our troubled economy now.
> 
> ...


 
I disagree.

You pointed out that the guy made money for clients during the good times and got clients out before the crash came.  That's a green tick on his copybook.  Add to that his banking experience and professional qualifications and we're looking at one of the most capable and commercially experienced individuals in the Dail.  The fact that he's stuck making speeches to teachers and social workers about economic policy is a sad indictment of our political system where gombeenery is the name of the game.

FG/Labour is just more of the same spoof.  Why haven't experts been parachuted into cabinet via the Seanad? Because gombeens have to rewarded for mickey mouse electoral success in their local parishes.

A joke.


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## Complainer (9 Aug 2011)

Gekko said:


> Peter Mathews should be the Minister for Finance.  He's a chartered accountant and banking expert.  But sure this is Ireland...let's give the job to a teacher!


Running the Dept Finance has little enough to do with accountancy or banking. It is about running an economy. We've had our fill of accountants who don't know the difference between an economy and a business. We don't need more of them.

It might have been handy to have a banker or two around in Sept 2008, but that ship has sailed.


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## onq (9 Aug 2011)

Gekko said:


> I disagree.
> 
> You pointed out that the guy made money for clients during the good times and got clients out before the crash came.  That's a green tick on his copybook.



No it isn't - see comment below

(Mathews promotional material snipped)



> FG/Labour is just more of the same spoof.  Why haven't experts been parachuted into cabinet via the Seanad? Because gombeens have to rewarded for mickey mouse electoral success in their local parishes.
> 
> A joke.



I agree with you.
Incompetence in the face of Economic Armageddon is a joke.
And we've seen enough money wasted on "experts" by the last three governments.

However, I fail to see how someone like Mathews - skilled at borrowing money to make investments on a rising economy - can in any way claim to be skilled or competent to advise on how best the manage a situation where banks aren't lending and the domestic economy is stagnant.

Perhaps Mathews day will come again, but on the face of it, it looks like today isn't his day.

In the interim, I see no reason why Mathews has chosen to puff and bluster in an attempt  to parlay what little he may have to offer in the way of relevant  advice into a ministerial position.
If Mathews genuinely wants to contribute to the recovery of the Irish economy and has meaningful comments to offer, let him do so now for the good of the electorate by submitting a paper to the cabinet on how best to move matters forward.

Savvy politicians do all that behind the scenes in the ministerial appointments race.
Mathews didn't get a place on the podium and now he's trying to embarrass the government into offering his a ministry on the grounds of competent, qualifications and experience?
That's not how its done - that's how you get cast into the wilderness for the life of a government.

But let's look at it from another perspective taking the above into account.
If Mathews is genuinely competent OTOH and knows where his current unwise course will end up it does give one pause for thought.
Does Mathews see this current government failing so spectacularly in the medium term that he wants to ride in from the back bench wilderness like a white knight to the rescue?

Is all his financial acumen telling him Ireland is a failed cause - what a downer!
But if he thinks that just because he uttered a few comments about his abilities and didn't get a ministry on 2011 he'll escape the wrack in 2013 - should it occur - I fear he's gravely mistaken.

ONQ.


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## Gekko (9 Aug 2011)

You seem to be missing the point.  He made money for clients as the bubble inflated.  That's what any sensible and rational person should do.  The salient point is that he saw the bust coming and got his clients out before the crash.  That gives him credibility.  He's not just another Morgan Kelly or David McWilliams saying "I told you so".  Real money appears to have been made.

I also believe you are too easily dismissing his experience of working out bad loans (for example).

This is a very odd discussion in that people are disputing whether the man is entitled to be called a banking expert (despite his obvious experience in the area).  The alternatives in government and the Dail are largely teachers, low level civil servants and gombeens.  Even if we concede that he's not a "banking expert", he still has 100 times more commercial and real world experience than the majority of our elected representatives.


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## tvman (9 Aug 2011)

Gekko said:


> You seem to be missing the point.  He made money for clients as the bubble inflated.  That's what any sensible and rational person should do.  The salient point is that he saw the bust coming and got his clients out before the crash.  That gives him credibility.  He's not just another Morgan Kelly or David McWilliams saying "I told you so".  Real money appears to have been made.
> 
> I also believe you are too easily dismissing his experience of working out bad loans (for example).
> 
> This is a very odd discussion in that people are disputing whether the man is entitled to be called a banking expert (despite his obvious experience in the area).  The alternatives in government and the Dail are largely teachers, low level civil servants and gombeens.  Even if we concede that he's not a "banking expert", he still has 100 times more commercial and real world experience than the majority of our elected representatives.




Is all this based on his blog entries - or do you have some independent evidence. It's very easy to make vague statements about the direction of your private advice years after the fact. It's also easy to puff up your role in a company decades after the fact. As someone who worked in the  sector of the FS industry Matthews claims to be expert in he strikes me as a blustering blowhard.


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