New report from Financial Regulator

JonathanAnon

Just listening to the new head of IFSRA on with Ger Gilroy. He says that they:

a) were unable to prevent the property bubble
b) were unprepared for the economic crisis ("Everybody was predicting a 'soft landing'").
c) Attempted to put measures in place to prevent loans of 100% mortgages a few years ago.

He said that the model that was in place was not sufficent to be able to tackle the property bubble. But that NOW they have people in the banks, on the boards, looking after the interest of the punter. Does the chap realise that we had to BUY the fkn banks to get this person on the board? And their job is not to go in AFTER the horse has bolted but to prevent this from happening.

It's part of the regulator's job to ensure that the banks dont sell products to people who arent able to pay them back. That company in the news at the moment got 1Billion euro to buy Irish property. If they cant see a pyramid scheme in the making then they are utterly useless.

It's not good enough to say that "nobody could predict the collapse". If you extrapolate that point then you would conclude that there is therefore no point in having a regulator, as "nobody can predict what is gonna happen anyway". The fact that they paid off Neary with €600,000 golden handshake just makes it all the more insulting.

Darragh29

People must have known that what was going on was madness. I remember seeing a 2 bedroom apartment in Tallaght being bought for 225K and sold 2-3 years later for 380K. THAT WAS MADNESS.

These guys were simply not doing their job. They sat in ivory towers and became faciliators for the absolute bullsh*t that was being pedalled day in and day out... It fell to them to reel in the banks and manage their lending practices, they did f*ck all and now have the neck to tell us that they believed in all the hype as well. They were supposed to have a visability that they rest of us don't enjoy, and on that basis, manage the banking system...

All paid hundreds of thousands of Euro a year to do a job that they failed to do and we wonder why as a country, now we haven't got a pot to p*ss into???

We should look back to our history when we used to hang people in Stephens Green, and make an example out of these chancers that have ruined this country...

Fratton Fred

11% stamp duty??

No one wanted to see the property bubble, they were too busy counting the money.

Jaysoose

JonathanAnon wrote: »

Just listening to the new head of IFSRA on with Ger Gilroy. He says that they:

a) were unable to prevent the property bubble
b) were unprepared for the economic crisis ("Everybody was predicting a 'soft landing'").
c) Attempted to put measures in place to prevent loans of 100% mortgages a few years ago.

He said that the model that was in place was not sufficent to be able to tackle the property bubble. But that NOW they have people in the banks, on the boards, looking after the interest of the punter. Does the chap realise that we had to BUY the fkn banks to get this person on the board? And their job is not to go in AFTER the horse has bolted but to prevent this from happening.

It's part of the regulator's job to ensure that the banks dont sell products to people who arent able to pay them back. That company in the news at the moment got 1Billion euro to buy Irish property. If they cant see a pyramid scheme in the making then they are utterly useless.

It's not good enough to say that "nobody could predict the collapse". If you extrapolate that point then you would conclude that there is therefore no point in having a regulator, as "nobody can predict what is gonna happen anyway". The fact that they paid off Neary with €600,000 golden handshake just makes it all the more insulting.

Plus a very generous pension, rewarded for being completely incompetent/Corrupt at his position.... its the FF way.

SEPT 23 1989

the banks did predict the collapse thats why they sold off their properties and leased them back all the while continuing to sell 100% mortgages to people

Darragh29

A junior cert student I think has to understand liquidity ratio's and various banking and financial ratio's that are used to show a banks exposure to risk...

At the end of the day, the numbers don't f*cking lie.

jmayo

Darragh29 wrote: »

People must have known that what was going on was madness. I remember seeing a 2 bedroom apartment in Tallaght being bought for 225K and sold 2-3 years later for 380K. THAT WAS MADNESS.

These guys were simply not doing their job. They sat in ivory towers and became faciliators for the absolute bullsh*t that was being pedalled day in and day out... It fell to them to reel in the banks and manage their lending practices, they did f*ck all and now have the neck to tell us that they believed in all the hype as well. They were supposed to have a visability that they rest of us don't enjoy, and on that basis, manage the banking system...

All paid hundreds of thousands of Euro a year to do a job that they failed to do and we wonder why as a country, now we haven't got a pot to p*ss into???

We should look back to our history when we used to hang people in Stephens Green, and make an example out of these chancers that have ruined this country...

The finanical regulator's office was a mix of incompetence and not rocking your ex colleagues boats.
They allowed banks to do whatever they liked, yet they made sure they stayed on top of insurance industry by all accounts.
So was it incompetence or was it looking fater their buddies in the system ?
For some of the dodgy Anglo deals it appears they accepted the legal advice of Anglo on the matter.
FFS is that not like the prosecution asking the defense how they should proceed ?

The central bank isssued warnings but did anyone listen, either in financial regulators office or in the dept of finance, whose minister is now our glorious leader (who now claims he knew nothing and never saw any of this coming). :rolleyes:

Self policiing is no policing as can be seen by law society and how many lawyers have left people high and dry :rolleyes:

All of this happened on Neary's watch yet he was rewarded with lumpsum payoff and nice pension.
The smug bast*** should be chased out of this country or set adrift on a raft in the North Atlantic.

The IFSRA knew about most of Anglo' dodgy deals, yet they continued to keep stum and thus look after their buiddies running the system. If anything their course of action damaged the system beyond repair rather than protect it.

This also raises questions as to why the government proceeded with rescuing Angloa when most insiders knew it was a timebomb.

thebman

Either they were/are all incompetent or corrupt as far as I can see.

I know which one I choose to believe they were.

JonathanAnon

jmayo wrote: »

The finanical regulator's office was a mix of incompetence and not rocking your ex colleagues boats.

yeah, lot of truth to this I would have thought. It really is so fkn ridiculous though. My brother forgot to sign one VAT return (having correctly filled out the rest of the fields) and the Revenue threatened him with the Sheriff, for something that was obviously just human error. That crowd in Cork got loans of 1Billion euro and there are no questions asked. Solicitors (like Lynn) got mortgages from different banks for the same property and there were no questions asked. The government departments have no perspective on when to regulate and when no to.

And just recently you may have noticed that the regulator have been advertising saying "we check out all financial products", a sort of "we have your back" kind of proclamation. Fkn ridiculous.

What really annoed me was when the guy from IFSRA said "we all bought into the property bubble" (i.e. we are all to blame). Listen gob****es, a house is A NECESSITY. Just like chidren's shoes, bread and milk. The government give this necessity to single mother's, wasters etc for free and allowed every punter who actually worked and needed a place to stay to be ripped off by estate agents/autioneers/deveoplers, and now struggle with a mortgage that they cant now afford, and a house that would not now realise the cost of paying back the initial loan from the bank.

Imagine, if you hadnt worked and bought the house yourself , you could have got the dole for the last few years, free accomodation with a few kids, medical card, and you would be oblivious to the current financial crisis.

Sand

Either they were/are all incompetent or corrupt as far as I can see.

From dealing with the FR, Id argue that they would be culturally inclined not to rock the boat. I was actually surprised with how easy going they were.

FR technically can burst into an office unannounced and immediately grab files and folders for a surprise review. But in practise, thats unheard of. Would startle the horses.

I dont think it will matter with regard to powers, staff or regulations until that attitude is dealt with. Its great that there is not an adversarial relationship between the FR and the banks, but a cozy one where the FR helps Anglo Irish to deceive their own shareholders? The people the FR is supposed to protect? Apparently it was not technically illegal, but it was completely against the spirit of the FRs role.