Michael Fingleton's son gets his knuckles rapped

Brendan said:
I didn't see it, and the FR has made a lot of mistakes in the way that they regulate the banks especially the Irish Nationwide.

But they have a very difficult balancing act to do. The stability of the banking system is their first priority and it takes precedence over everything else. They can't be too critical of the banks in public in case it causes a loss of confidence. And we don't see what they do in private. For example, if they insist that Michael Fingleton is removed, it will be done quietly and behind the scenes. Fingleton will just go and we won't know whether or not the FR insisted on it.

Brendan
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Do you think any more will come of this other than the rap on the knuckles already seen. I honestly don't.
 
unbelievable when you consider that the irish gov are trying to defend thier intravention in the face of anti ciompetitive claims.

An immediate strong response from the Gov would send out a message not only to Europe vis a vie the anti competitive claim but also to the banks benifitting
 
therefore I'd expect to see IFSRA issue a press release to the extent of: "The regulator has noted the actions of INBS with extreme concern and has requested that appropriate disciplinary action be taken against the INBS staff members involved. A fine of xxxxxxx has also been levied"
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You might expect that but the Banking legislation prohibits the FR from disclosing anything confidential about banks for very good reasons.

However, there are Administrative Sanction Procedures and that does allow for them to agree a sanction and publish the details.

Brendan
 
Definitely think we need to see more than this statement that was issued:

Irish Nationwide has described as inappropriate and regrettable an email sent by the son of its CEO seeking business in Britain on the strength of the Government's deposit guarantee.

A Department of Finance spokesman has confirmed that the email, which surfaced yesterday, has been referred to the Financial Regulator.
 
Brendan said:
I didn't see it, and the FR has made a lot of mistakes in the way that they regulate the banks especially the Irish Nationwide.

But they have a very difficult balancing act to do. The stability of the banking system is their first priority and it takes precedence over everything else. They can't be too critical of the banks in public in case it causes a loss of confidence.
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Because the, er, softly-softly approach has worked really well so far?

Sorry but you're talking as if the banking system was stable up until now.

P.
 
I sense a bit of hypocracy in all this bashing of baby fingers.;) The whole blo*dy point of the initiative was to give a competitive advantage to Irish banks and attract as much funds as possible.
 
Brendan said:
You might expect that but the Banking legislation prohibits the FR from disclosing anything confidential about banks for very good reasons.
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I don't think that whatever these reasons were could have been very good, and in the light of the current crisis they certainly are not. The financial regulator should be on the side of the citizens of this country and not helping to cover up for the banks.
A lot of the uncertainty has arisen from the failure of the banks to honestly disclose their difficulties and the central bank/regulator should be taking steps to bring about some clarity to the situation instead of going on the national airwaves to deny the banks culpability for the crisis or that there is any problem.
The banks have been part of the golden circle in this country for far too long and are comfortable in the knowledge that no misdeed will go punished. The current debacle which leaves all the architects of the financial mess in situ is contemptible (how long until we hear of a new round of share options for the directors to take advantage of the recovery in a few years time?).
 
bond-007 said:
Would funds from UK savers be covered under the scheme?
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Yes. All funds in the institutions are covered. Without limit, as far as I can see.

The Irish taxpayer has just underwritten all deposits in Europe that care to make their way into an Irish bank. Given that they have to do something with this money to earn the, for example, 7.1% that INBS are giving out on it and that earning 7.1% requires pretty substantial lending we are either going to see a huge drop in deposit rates or additional risks being taken by the banks to earn a return on the deposits.
 
You would have to believe that there is no way that the Irish government will allow Irish banks to shore in funds and then lend away willy nilly, now that the world is watching. Each back will have a non-executive apponited in the coming months, Id say, and a reduction of balance sheets will be enforced. The guarantee will have to be premium based, so banks wont want to take in funds if they have to pay say 1-3% for them...

You can expect savings rates to be reduced by all Irish banks over time to reduce the inflows as we have seen N Rock do, starting with INBS first to ensure they can afford the premium cost.
 
iPoker said:
Are they not subject to the potential of a demut cash BONANZA (even if it is only a grand as suggested by that Burgess dude!)
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You'll be lucky not to be facing a massive bill if they demutualised. Your potential bonanza was spent on office blocks and shopping centres here and in the UK which are worth 60% what fingers paid for them. To be safe, I'd renounce my membership as quickly as possible if I were you.
 
I think he should lose his job, quietly or otherwise but based on the arrogant interview of the Anglo Irish boss with Marion Finucane on Saturday he will just be given a telling off. He said something to the effect that "he feels sorry for the poor boy (boy !) making a mistake like that.. " Sorry if you are in a position to be sending emails at that level you are no boy. That's not the attitude the bank manager has to you and me if we can't afford to repay our loans. Is reckless trading/lending be a crime? Can the bosses of the banks who have created this mess be prosecuted for not doing their job properly?
 
Why should touting business in another jurisdiction be a sackable offence? Even if it is on the back of the Irish governements guarantee.
 
LennyBriscoe said:
Why should touting business in another jurisdiction be a sackable offence? Even if it is on the back of the Irish governements guarantee.
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Umm, maybe because it could have resulted in the Govt withdrawing the guarantee from Irish Nationwide which would almost certainly have resulted in them going bust. I'd consider that a sackable offence - you know, bankrupting the company and all.
 
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