Pat Neary...the one that got away?

Sizzler

Pat Neary eh? The previous financial regulator, how has this man escaped the ire of media commentary thus far

Neary was the man who presided over the biggest financial crisis the country has ever seen (hopefully they wont see the like of it again), but nobody has seriously questioned exactly WTF the man was doing during his tenure at the head of the FA! Staggering stuff.

Whilst I would not try and deflect the blame away from the likes of Fitzpatrick & Fingleton for the massacre they have brought upon the country I would point out that Neary was acutely culpable for this mess we now find ourselves in. This is a man who appeared on Prime Time back in 2008 saying that he had no concerns about the stability of Irish banks and their capital positions :eek: SERIOUSLY WTF !

What exactly did this guy bring to the party? What did he do? If he was throttled by the likes of Bertie & Cowan during his tenure and restricted from executing proper regulation then he shoukld have stood down, but ostensibly it looks like he was happy to sit in the chair without understanding what regulation was or indeed exercising it!

What did he get for such a humbling (or should that be bumbling) performance? Yes folks, a €630K pay off and a €143k pension for the rest of his living years:eek:

I am sorry folks, but this is wrong,wrong WRONG.

This man was a fundamental cog in the wheel of the financial well being of the country during the noughties but has thus far escaped any wrath and seems devoid of any responsibility in the same way the likes of Molloy has been with Fás :mad:

The first step on the road to public appeasement should be accountability and this man should be one of the first names on the list.

AlekSmart

I,for one,would be very surprised if a person of Paddy Neary`s stature did not possess a very full and well maintained record of his tenure as Financial Regulator.

Whilst Paddy Neary is now a FORMER financial regulator we can safely assume that he remains very much a central figure in attempting to unravel this mess.

There is a serious amount of work-to-be-done by any enterprising financial journalist in seeking access to and trawling through Paddy`s daily diaries at the Regulators Office.

Very little of the stuff we now see revealed on a daily basis went on without at least a nod ro a wink from SOMEBODY at the FRA.

The real interest should lie in who were the people seeking the nods and who were the people giving them in return.

D-Generate

Its a real pity that incompetence in a job is not grounds for imprisonment. IFSRA do frequent checks on companies and either Neary is blinder than Mr. Magoo or else he decided to keep his trap shut for reasons only known to himself. However there is the possibility that he was told to keep his trap shut which is a somewhat scarier theory.

murphaph

Email your TDs and ask them to have Neary stripped of his pension. I did it this morning. Takes less time than a post on boards and WILL achieve something if enough people do it.

jmayo

Sizzler wrote: »

Pat Neary eh? The previous financial regulator, how has this man escaped the ire of media commentary thus far

Neary was the man who presided over the biggest financial crisis the country has ever seen (hopefully they wont see the like of it again), but nobody has seriously questioned exactly WTF the man was doing during his tenure at the head of the FA! Staggering stuff.

Whilst I would not try and deflect the blame away from the likes of Fitzpatrick & Fingleton for the massacre they have brought upon the country I would point out that Neary was acutely culpable for this mess we now find ourselves in. This is a man who appeared on Prime Time back in 2008 saying that he had no concerns about the stability of Irish banks and their capital positions :eek: SERIOUSLY WTF !

What exactly did this guy bring to the party? What did he do? If he was throttled by the likes of Bertie & Cowan during his tenure and restricted from executing proper regulation then he shoukld have stood down, but ostensibly it looks like he was happy to sit in the chair without understanding what regulation was or indeed exercising it!

What did he get for such a humbling (or should that be bumbling) performance? Yes folks, a €630K pay off and a €143k pension for the rest of his living years:eek:

I am sorry folks, but this is wrong,wrong WRONG.

This man was a fundamental cog in the wheel of the financial well being of the country during the noughties but has thus far escaped any wrath and seems devoid of any responsibility in the same way the likes of Molloy has been with Fás :mad:

The first step on the road to public appeasement should be accountability and this man should be one of the first names on the list.

Listen the rot didn't even start with neary.

AFAIK liam o'reilly before him asked Eugen McErlean to withdraw his allegations that AIB were overcharging it's customers.
For that alone the guy should be imprisoned.
This was the financial regulator not regulating one our major banks, but actually covering up it's wrongdoing.

The history of the Irish regulatory authorities (IFSRA and Central Bank) is criminal.
The first time they EVER fined a banker was when fingelton's sprog tried to lure UK customers using our bank guarantee.

This is the country where ex Chelsea owner/chariman Ken Bates set up a dodgy bank (Irish Trust) in the 1970s that was badly run and went bust, where Patrick Gallagher benefactor of one cj haughey setup a dodgy bank (Merchant Banking) that left customers loosing money, where PMPA's haughey friendly owner setup PMPS that also went bust leaving depositors out of pocket and the state picking up the pieces for one of our largest insurance companies.
We pay a levy on insurance for over 10 years because of that.
Sound familar today where an administrator was appointed to one of our insurance companies who had gotten involved in banking ?

This is a country where we had three banks goping bust and no single person was ever dragged in front of a court or fined for dodgy practices.
Gallagher the theive only saw prison thanks to our friends across the border.

Remember the NIB overcharging and tax avoidance schemes, remember AIB overcharging and offshore director funds, remember DIRT and non resident accounts.

Was anyone in the financial institutions ever dragged to court and fined over these schemes ?
Ehhh NO.

I believe we need a second republic at this stage as things have gotten so rotten and our state institutions need to be so overhualed.

alias141282

If Neary had done his job he probably would have been fired by McCreevy, Ahern, etc. This was when they were saying we needed even less regulation. That doesn't excuse Neary of course, but the whole system was/ is rotten.

Welease

jmayo wrote: »

I believe we need a second republic at this stage as things have gotten so rotten and our state institutions need to be so overhualed.

Sadly it wouldnt change a thing.... The people of this country would still vote in the same morally corrupt officials in return for a local swimming pool..

We have the government we deserve....

Mr.Micro

Neary did not get away as he done what he was supposed to do ....nothing, he looked the other way. The dogs in the street knew what was going on and Neary with banking experience would have known. Neary was clearly picked or was more than happy to oblige. Cowen knows nothing about anything and no wonder Ahern resigned to hand Cowen the poisoned chalice, the latter who now is left looking after the shop that has been looted with his Tanaiste Wurzel Gummidge. What can he say?

bamboozle

3 major facts resonate when discussing Neary

1-on over 50 occasions the loans that were shifting between IL&P and Anglo at year end were highlighted to the financial regulator. Nothing ever happened until the sh1t hit the fan. had this been acted on 8 years ago this huge mess (anglo) would have been diverted.

2- his remuneration, his pension in retirement is €143k per annum, compare this to the current salary of what i'd regard as the most important financial role in the world the head of the US Fed Reserve which is just over $180k a year. This role is held by Ben Bernanke.

3- Ability/experience/qualification to do the job - from what i can gather, Neary did 1 year in UCD studying Latin after which he joined the public service where he spent 30 years.
Compare this to Ben Bernanke head of US Fed Reserve, has a BA in economics from Harvard and a PHD in economics from MIT, he was also CEO of Goldman Sachs.

murphaph

bamboozle wrote: »

3 major facts resonate when discussing Neary

1-on over 50 occasions the loans that were shifting between IL&P and Anglo at year end were highlighted to the financial regulator. Nothing ever happened until the sh1t hit the fan. had this been acted on 8 years ago this huge mess (anglo) would have been diverted.

2- his remuneration, his pension in retirement is €143k per annum, compare this to the current salary of what i'd regard as the most important financial role in the world the head of the US Fed Reserve which is just over $180k a year. This role is held by Ben Bernanke.

3- Ability/experience/qualification to do the job - from what i can gather, Neary did 1 year in UCD studying Latin after which he joined the public service where he spent 30 years.
Compare this to Ben Bernanke head of US Fed Reserve, has a BA in economics from Harvard and a PHD in economics from MIT, he was also CEO of Goldman Sachs.

Lol, he obviously didn't get as far as learning mea culpa.

Sizzler

bamboozle wrote: »

3 major facts resonate when discussing Neary

1-on over 50 occasions the loans that were shifting between IL&P and Anglo at year end were highlighted to the financial regulator. Nothing ever happened until the sh1t hit the fan. had this been acted on 8 years ago this huge mess (anglo) would have been diverted.

2- his remuneration, his pension in retirement is €143k per annum, compare this to the current salary of what i'd regard as the most important financial role in the world the head of the US Fed Reserve which is just over $180k a year. This role is held by Ben Bernanke.

3- Ability/experience/qualification to do the job - from what i can gather, Neary did 1 year in UCD studying Latin after which he joined the public service where he spent 30 years.
Compare this to Ben Bernanke head of US Fed Reserve, has a BA in economics from Harvard and a PHD in economics from MIT, he was also CEO of Goldman Sachs.

PMSL !

Enough said about Neary.Unbelievable stuff that a career civil servant can get such an important role with no bloody experience! Isnt it great that they actually recruited a qualified regulator after the damage was done :rolleyes:

Neary only as bad as his employers I suppose but its farcical that he has not drawn the attention for his involvement (or lack of) in this sorry mess.

Welease

murphaph wrote: »

Lol, he obviously didn't get as far as learning mea culpa.

Now that did make me laugh.. thanks

Welease

Sizzler wrote: »

PMSL !

Enough said about Neary.Unbelievable stuff that a career civil servant can get such an important role with no bloody experience! Isnt it great that they actually recruited a qualified regulator after the damage was done :rolleyes:

Neary only as bad as his employers I suppose but its farcical that he has not drawn the attention for his involvement (or lack of) in this sorry mess.

In fairness, you only get experience by doing the job.. people need to be given the opportunity to get the qualifiied experience, otherwise no one would be qualified.

He decided to wilfully ignore the responsibility of his position and should be held responsible.

deadhead13

Pat Neary in October 2008 - "I believe the Irish banks are more than adequately capitalised"

Liam Byrne

deadhead13 wrote: »

Pat Neary in October 2008 - "I believe the Irish banks are more than adequately capitalised"

Given his qualifications (I think the top and most relevant one was being Ahern's buddy) he probably thought it meant that they called it "AIB Bank" and not "aib bank".

bamboozle

Sizzler wrote: »

PMSL !

Enough said about Neary.Unbelievable stuff that a career civil servant can get such an important role with no bloody experience! Isnt it great that they actually recruited a qualified regulator after the damage was done :rolleyes:

Neary only as bad as his employers I suppose but its farcical that he has not drawn the attention for his involvement (or lack of) in this sorry mess.

i think if any heat goes on Neary the next logical step would be Mccreevy, Cowan and Bertie....so it just wont happen unfortunately

Sizzler

bamboozle wrote: »

i think if any heat goes on Neary the next logical step would be Mccreevy, Cowan and Bertie....so it just wont happen unfortunately

Well Cowan has sit in the chamber all week with a look of disbelief claiming that he didnt have a f**king clue what was going on in INBS :rolleyes:

If thats truly the case then step down Brian as you were the minister for finance for the bowl Pat's entire tenure, if you couldnt manage the chap or didnt take interest in what he was doing you are even more culpable than the clown himself.

Ive emailed my local TD asking for Neary's pension to be pulled and also asked exactly why this isnt getting a bigger priority in the dail. Someone needs to ask exactly WTF Neary was doing as ostensibly it looks like he did f**k all, if he wasnt allowed do it then he needs to come out and say it.

This needs to get onto the front pages, its as bad as Fingers Fingleton IMHO. As for Ned O'Keefes comments in the dail yesterday about Neary being a great lad and no need for strict regulation......f**K me, I dont know where to even start! Someone cart the man off to the nearest secondary school so he can resit leaving cert economics !

bamboozle

Sizzler wrote: »

Well Cowan has sit in the chamber all week with a look of disbelief claiming that he didnt have a f**king clue what was going on in INBS :rolleyes:

If thats truly the case then step down Brian as you were the minister for finance for the bowl Pat's entire tenure, if you couldnt manage the chap or didnt take interest in what he was doing you are even more culpable than the clown himself.

Ive emailed my local TD asking for Neary's pension to be pulled and also asked exactly why this isnt getting a bigger priority in the dail. Someone needs to ask exactly WTF Neary was doing as ostensibly it looks like he did f**k all, if he wasnt allowed do it then he needs to come out and say it.

This needs to get onto the front pages, its as bad as Fingers Fingleton IMHO. As for Ned O'Keefes comments in the dail yesterday about Neary being a great lad and no need for strict regulation......f**K me, I dont know where to even start! Someone cart the man off to the nearest secondary school so he can resit leaving cert economics !

i emailed my local FFers when Neary was forced to retire and his pension details emerged, one FF'er who shall remain nameless replied asking me if i didnt appreciate all the good work FF did over previous 10 years in creating the boom and the positive role played by regulator, these clowns are living in a different planet.

cdb

bamboozle wrote: »

i emailed my local FFers when Neary was forced to retire and his pension details emerged, one FF'er who shall remain nameless replied asking me if i didnt appreciate all the good work FF did over previous 10 years in creating the boom and the positive role played by regulator, these clowns are living in a different planet.

Why not name and shame the witless clown or is it considered impolite on boards these days?

jmayo

Sizzler wrote: »

This needs to get onto the front pages, its as bad as Fingers Fingleton IMHO. As for Ned O'Keefes comments in the dail yesterday about Neary being a great lad and no need for strict regulation......f**K me, I dont know where to even start! Someone cart the man off to the nearest secondary school so he can resit leaving cert economics !

I know I will stick from certain places for this, but after listening to jack neddy o'keefe I have to say the people that voted for him deserve everything that comes their way.

First he complains about a foreigner, worse still an Englishman, coming into regulate us and then he comes out with such utter tripe.

Seriously if I was living in his constituency I would bury the hoor head first in a slurry pit if he appeared in my yard.

BTW he only likes schools in certain locations, the others can go f*** themselves since they don't vote for him apparently.

cdb wrote: »

Why not name and shame the witless clown or is it considered impolite on boards these days?

These people deserve no anonymity, no privacy, no respect.
They treat us like sh**, so I believe it is time for payback.

They live off our money, they waste our money, give out money away to their friends (stand up frank "where's your sunken boat" fahy) and then lecture us on how we should be thankful to them.

fontanalis

bamboozle wrote: »

i emailed my local FFers when Neary was forced to retire and his pension details emerged, one FF'er who shall remain nameless replied asking me if i didnt appreciate all the good work FF did over previous 10 years in creating the boom and the positive role played by regulator, these clowns are living in a different planet.

Name the tool.

Sizzler

Excerpt from Mr.Neary's speech to the ICAI in October 2006

Pat Neary wrote:

Mr Patrick Neary, Chief Executive, Financial Regulator was the guest speaker at a Chartered Accountants Insurance & Banking Groups Breakfast Briefing in October.

Mr Neary described the Financial Regulator's approach to supervision as 'principles led':

"This means expecting the Board of Directors of each supervised financial service provider to be responsible for setting their own standards--for example, their tolerance for risk and their management framework for assessing the various risks in the products and services they provide.

So basically he wasn't regulating, he was endorsing a laissez faire attitude within the financial industry, so what exactly was he doing

bamboozle

Sizzler wrote: »

Excerpt from Mr.Neary's speech to the ICAI in October 2006



So basically he wasn't regulating, he was endorsing a laizzez faire attitude within the financial industry, so what exactly was he doing

muppet, the same clown went on prime time and say the banks had no liquidity issues.

bamboozle

fontanalis wrote: »

Name the tool.

the tool was Deidre Heney, FF councellor for Clontarf Ward.

Sizzler

At last formal confirmation of Mr.Neary's "capabilities" in todays press.

An absolute disgrace, this guy is worse than Rody Molloy imho but yet seems to have escaped the ire of the media in many respects....well so far anyway!

Apparently he also "resigned", probably pushed I guess when they realised the guy hadn't a clue but yet was given a €600k + pay off !! Reward failure seems to be the name of the game in Ireland. Someone please tell me in what other career you get a pay off for resigning from a position :mad:

bamboozle

Sizzler wrote: »

At last formal confirmation of Mr.Neary's "capabilities" in todays press.

An absolute disgrace, this guy is worse than Rody Molloy imho but yet seems to have escaped the ire of the media in many respects....well so far anyway!

Apparently he also "resigned", probably pushed I guess when they realised the guy hadn't a clue but yet was given a €600k + pay off !! Reward failure seems to be the name of the game in Ireland. Someone please tell me in what other career you get a pay off for resigning from a position :mad:

from the irish times
'It was reported this morning that former financial regulator Patrick Neary told Taoiseach Brian Cowen that Anglo Irish Bank was in good health only days before the Government introduced the bank guarantee.'

this clown should be dragged in front of the dail to explain his actions, his office would have received quarterly reports, semi annual financial statements and annual financial statements from all the banks they regulated and they should have had the cop on to see the dodgy practices Anglo were undertaking by shifting loans onto the books just prior to accounting period ends.

Make no mistake, had this guy been doing his job we would not have had to suffer this banking crisis as his office should have picked up on the misnomers much much sooner.

ciagr297

D-Generate wrote: »

Its a real pity that incompetence in a job is not grounds for imprisonment. IFSRA do frequent checks on companies and either Neary is blinder than Mr. Magoo or else he decided to keep his trap shut for reasons only known to himself. However there is the possibility that he was told to keep his trap shut which is a somewhat scarier theory.

Sadly incompetence seems to be a requirement for a job in govenment these days. Its all about the personal agendas ministers bring into the job....I'd prefer if, once elected, ministers were not in local clinics and were more concerned with the wider job of government and left the local stuff to the rest of the elected representitives (but thats my rant with the system of government anyway)

Back on topic..........

jmayo wrote: »

Listen the rot didn't even start with neary.
AFAIK liam o'reilly before him asked Eugen McErlean to withdraw his allegations that AIB were overcharging it's customers.
For that alone the guy should be imprisoned.
This was the financial regulator not regulating one our major banks, but actually covering up it's wrongdoing.

The history of the Irish regulatory authorities (IFSRA and Central Bank) is criminal.
The first time they EVER fined a banker was when fingelton's sprog tried to lure UK customers using our bank guarantee.

totally agree - the rot has been there for a loooooong time (B Ahern, C Haughey et al)

bamboozle wrote: »

from the irish times
'It was reported this morning that former financial regulator Patrick Neary told Taoiseach Brian Cowen that Anglo Irish Bank was in good health only days before the Government introduced the bank guarantee.'

sorry to draw a parallel here, but as Callely is demanding a legal definition of "normal place of residence" - maybe we need a definition of "good health" i.e., that it does not constitute "balanced precariously"

There is evidence that Neary not only knew about it, but attempted to conceal the issues right? Surely, this can be pursued if so??

Zynks

Great, we have a scapegoat now! That will get FF ratings growing, since it is now obvious that the Brians are not responsible :rolleyes:

F-Stop

I love Neary's photo on the irishtimes site. Had to grab a screenshot before it got updated.

George Orwell 1982

I can't believe he actually told the govt that Anglo was in good health days before the gaurantee. Its now going to cost anywhere between 30 and 50 billion. :mad:

jmayo

AlekSmart wrote: »

I,for one,would be very surprised if a person of Paddy Neary`s stature did not possess a very full and well maintained record of his tenure as Financial Regulator.

Whilst Paddy Neary is now a FORMER financial regulator we can safely assume that he remains very much a central figure in attempting to unravel this mess.

There is a serious amount of work-to-be-done by any enterprising financial journalist in seeking access to and trawling through Paddy`s daily diaries at the Regulators Office.

Very little of the stuff we now see revealed on a daily basis went on without at least a nod ro a wink from SOMEBODY at the FRA.

The real interest should lie in who were the people seeking the nods and who were the people giving them in return.

Perhaps as a condition of his payoff and pension he has lost his diaries and has amnesia ?

Zynks wrote: »

Great, we have a scapegoat now! That will get FF ratings growing, since it is now obvious that the Brians are not responsible :rolleyes:

See above.
I have a feeling that like the bank enquiry is not allowed investigate the night of the guarantee, mr neary will not be investigated further, lest he should come out with some embarrassing revelations regarding what exactly was different between his private behind closed door conversations to dept of finance and his public pronouncements on Prime Time.

How much is it Dept of Finance paid him when he resigned and how much is his annual pension ?

Oh what a whistleblower from Dept of Finance would be worth.

bamboozle

jmayo wrote: »

Perhaps as a condition of his payoff and pension he has lost his diaries and has amnesia ?




See above.
I have a feeling that like the bank enquiry is not allowed investigate the night of the guarantee, mr neary will not be investigated further, lest he should come out with some embarrassing revelations regarding what exactly was different between his private behind closed door conversations to dept of finance and his public pronouncements on Prime Time.

How much is it Dept of Finance paid him when he resigned and how much is his annual pension ?

Oh what a whistleblower from Dept of Finance would be worth.

if i recall, he was also paid his salary in full for a number of months after retiring in case his 'expertiese was required.....'

Liam Byrne

F-Stop wrote: »

I love Neary's photo on the irishtimes site. Had to grab a screenshot before it got updated.

https://www.youtube.com/watch?v=Y9cci8iWv-g

hinault

Neary has a lot to answer for.

Couple of questions.

Was Neary a political appointment? In other words, was his appointment based on his political affiliation? I understand that he was a civil servant.
What criteria was applied to appointing him? His "expertise"? His political point of view?

If the crisis was not such a serious issue, it is comical re-watching the interviews done with Pat Neary and John Hurley (former Govenor Central Bank) just before the crisis.
They both trotted out statements saying that our banks were fundamentally sound.

bamboozle

hinault wrote: »

Neary has a lot to answer for.

Couple of questions.

Was Neary a political appointment? In other words, was his appointment based on his political affiliation? I understand that he was a civil servant.
What criteria was applied to appointing him? His "expertise"? His political point of view?

If the crisis was not such a serious issue, it is comical re-watching the interviews done with Pat Neary and John Hurley (former Govenor Central Bank) just before the crisis.
They both trotted out statements saying that our banks were fundamentally sound.

After leaving cert Neary completed 1 year in UCD studying Greek before leaving to join the civil service.

hinault

bamboozle wrote: »

After leaving cert Neary completed 1 year in UCD studying Greek before leaving to join the civil service.

He should have majored in Double Dutch:D:D

ciagr297

hinault wrote: »

He should have majored in Double Dutch:D:D

looks like he had a natural skill for Double Dutch, no study required:D

Liam Byrne

bamboozle wrote: »

After leaving cert Neary completed 1 year in UCD studying Greek before leaving to join the civil service.

On reading the reports:

"Ah, it's all Greek to me"

http://en.wikipedia.org/wiki/Greek_to_me

Count Dooku

bamboozle wrote: »

After leaving cert Neary completed 1 year in UCD studying Greek before leaving to join the civil service.

"beware of Greeks bearing gifts"

Sizzler

Have a look at Neary on Prime Time back in Oct 2008, a week after the guarantee scheme.

http://www.rte.ie/news/2010/0716/banks.html

Looks very much like he went in with a script and did his best to stick to it, he came out with some corkers about Irish banks being able to withstand any impairments that were thrown at them. Eh, how did that go Pat? :rolleyes:

He also said that borrowers needed choice and thats why he was reluctant to meddle in the reckless mortgage lending. FFS.

He studied Greek in UCD, look where Greece are now....coincidence?

The_Honeybadger

David McWilliams just posted this on Facebook

Watch the FF "insiders" blame Neary for everything. Clearly the man wasn't up to it, but who appointed him? Cowen did! FF smear campaign, no value just more self preservation from the elite and the media buy it all!

Neary was a lapdog for FF and as some suggested if he had any honour he would have stepped down years before he was pushed. However somebody else would have taken his place and the end result would have been the same. Matthew Elderfield was only appointed after a catastrophe of epic proportions in our financial sector, at the time Neary was in place the government were full behind the light touch way of regulation, so I don't think it would have mattered much who was in charge, they were always going to appoint somebody that they could control like a puppet. The fact that he has a pension of 143k and a 650k payoff in his back pocket is nothing short of criminal though.

jmayo

mickeyk wrote: »

David McWilliams just posted this on Facebook



Neary was a lapdog for FF and as some suggested if he had any honour he would have stepped down years before he was pushed. However somebody else would have taken his place and the end result would have been the same. Matthew Elderfield was only appointed after a catastrophe of epic proportions in our financial sector, at the time Neary was in place the government were full behind the light touch way of regulation, so I don't think it would have mattered much who was in charge, they were always going to appoint somebody that they could control like a puppet. The fact that he has a pension of 143k and a 650k payoff in his back pocket is nothing short of criminal though.

I don't think it was conceivable that neary could have gone on telly and said that we have two basketcases of banks even if he did know it.
He couldn't come out with that and anyone that thinks he could is dreaming I believe.

There would be uproar and huge fallout as people started runs on those banks.

But, and it's a damm big but.
He should have told the Dept of Finance, Minister of Finance, the CB and the guys about to decide that the taxpayers of Ireland were about to shore up these dysfunctional entities what they were getting into.
He knew their history, the dogdy deals etc so is it conceivable that he kept all of this secret ?

He looks like a career civil servant/public servant and AFAIK they are adverse to risk taking, they do not stick their necks out and would err on the side of caution lest anything goes wrong and they get the blame.

Thus I reckon this new published information that he told minister everything was hunky dory with these banks goes against the above hypothesis.

Did he decide to do solo run and act like a Nick Leeson or Jérôme Kerviel hoping that their gamble that things would turn around would occurr ?

I very much doubt it as the above guys were risk takers all their lives, that why they were in the private sector unlike neary.

Any thoughts folks ?

murphaph

jmayo wrote: »

I don't think it was conceivable that neary could have gone on telly and said that we have two basketcases of banks even if he did know it.
He couldn't come out with that and anyone that thinks he could is dreaming I believe.

There would be uproar and huge fallout as people started runs on those banks.

But, and it's a damm big but.
He should have told the Dept of Finance, Minister of Finance, the CB and the guys about to decide that the taxpayers of Ireland were about to shore up these dysfunctional entities what they were getting into.
He knew their history, the dogdy deals etc so is it conceivable that he kept all of this secret ?

He looks like a career civil servant/public servant and AFAIK they are adverse to risk taking, they do not stick their necks out and would err on the side of caution lest anything goes wrong and they get the blame.

Thus I reckon this new published information that he told minister everything was hunky dory with these banks goes against the above hypothesis.

Did he decide to do solo run and act like a Nick Leeson or Jérôme Kerviel hoping that their gamble that things would turn around would occurr ?

I very much doubt it as the above guys were risk takers all their lives, that why they were in the private sector unlike neary.

Any thoughts folks ?

Interesting hypothesis, are you suggesting perhaps that Neary agreed to be a fall guy in exchange for a massive pension and lump sum from Cowen & Co? Would FF stoop so low? You better believe they would....it's all very suss!

AlekSmart

I have a feeling that like the bank enquiry is not allowed investigate the night of the guarantee

This "Night of the Long Knives" is essentially where the Irish People were all stitched up by a couple,yes a handful of sharp-suited conmen,all of whom were certain that they had Neary squared away and therefore could focus their crafty minds of two of the most mediocre of Irelands political showband-scene.

The events of That night must must must be revealed in full glorious detail if we,the people,are ever to have closure on this awful story. :mad:

the ostrich

Does any one know of Nearys location these days, he keeps a very low profile, has he left the country permanently in disgrace.

Liam Byrne

the ostrich wrote: »

Does any one know of Nearys location these days, he keeps a very low profile, has he left the country permanently in disgrace.

Check the back of your kitchen cupboard; that's where some of the rats responsible have been sighted.

Nijmegen

All we know is what he earns.

http://www.herald.ie/opinion/andrew-lynch-they-may-be-resented-but-they-still-enjoy-big-fat-pensions-and-comfort-2360993.html

Patrick Neary, the Financial Regulator between 2005 and 2008, by common consent did a lousy job of controlling the banks' reckless lending behaviour. When he took early retirement he received a lump sum of €428,000 and a further payment of €202,000. He also receives a pension of €143,000.

bamboozle

as a comparative, Ben Bernanke Head of the US Fed Reserve earns a salary of $180k pa which is less than Neary's pension. Bernanke has arguably the most important financial role in the world, he also has a masters and phd from Harvard & MIT, Neary dropped out of Arts in UCD to become a lifer civil servant.