Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

International banks pulling out of IFSC

Options
2»

Comments

  • Options
    #32
    serfboard
    Registered Users Posts: 4,679 ✭✭✭serfboard


    And now that Michael Somers has commenced the charge, John Bruton, the IFSC's mouthpiece, weighs in with another call for relaxing regulation - this time for the insurance industry.
    RTE wrote:
    Former Taoiseach John Bruton has told the European Insurance Industry Forum that it is time to rein in regulation.

    He said industry cannot go on diverting resources and human talent into compliance requirements that are ever more complicated.

    However he said the increase in regulation was in large measure down to a failure on the part of people involved in business, and especially in financial services, to think and act in an ethical fashion.

    [...]

    He said such regulatory burdens would not be needed if "there was more emphasis on ethical judgement in business, if people took ethical decisions and accepted responsibility for them".
    Garbage. Total garbage.


  • Options
    #33
    hyperborean
    Closed Accounts Posts: 655 ✭✭✭hyperborean


    serfboard wrote: »
    And now that Michael Somers has commenced the charge, John Bruton, the IFSC's mouthpiece, weighs in with another call for relaxing regulation - this time for the insurance industry.

    Garbage. Total garbage.

    So the Bankers are sending in the dogs, Bruton is a sham, €150,000 pension paid by you and me and another €350,000 for lobbying the banking industries little tax haven, maybe someone should revisit his term in office to see if he had a hand in the lax regulation that caused the problems....


  • Options
    #34
    eire4
    Registered Users Posts: 6,642 ✭✭✭eire4


    hyperborean wrote: »
    So the Bankers are sending in the dogs, Bruton is a sham, €150,000 pension paid by you and me and another €350,000 for lobbying the banking industries little tax haven, maybe someone should revisit his term in office to see if he had a hand in the lax regulation that caused the problems....

    Sounds about right. Classic banksters tactics using using someone like Bruton to do their dirty work.


  • Options
    #35
    donegal11
    Closed Accounts Posts: 689 ✭✭✭donegal11


    50 jobs gone in citi
    http://www.rte.ie/news/2013/0515/450351-citi-bank-shuts-in-waterford-with-50-jobs-loss/


  • Options
    #36
    antoobrien
    Registered Users Posts: 6,106 ✭✭✭antoobrien


    donegal11 wrote: »
    50 jobs gone in citi
    http://www.rte.ie/news/2013/0515/450351-citi-bank-shuts-in-waterford-with-50-jobs-loss/

    50 gone in Waterford, with 25 of them expected to be redeployed to the IFSC operation.


  • Advertisement
  • Options
    #37
    hyperborean
    Closed Accounts Posts: 655 ✭✭✭hyperborean


    http://www.irishtimes.com/business/sectors/financial-services/ireland-may-have-over-corrected-on-financial-regulation-us-regulator-warns-1.1395038

    Daniel Gallagher, one of two Republican commissioners at the SEC, said regulatory change has been “pretty intense”

    “At some point it’s got to stop and people need to evaluate what is the impact globally and domestically; I think Ireland has hit that point,”

    Birds of a feather, so Bruton, Somers and their Republican counterpart are concerned about regulation of the banking industry in Ireland.....

    Some serious lobbying by friends of the banking industry, frightening even considering the damage the banking industry has done to the Irish economy,


  • Options
    #38
    Larbre34
    Registered Users Posts: 23,886 ✭✭✭✭Larbre34


    So Bruton, Somers and the SEC are at one.

    I am as relieved as I am reassured, phew.


  • Options
    #39
    hyperborean
    Closed Accounts Posts: 655 ✭✭✭hyperborean


    Larbre34 wrote: »
    So Bruton, Somers and the SEC are at one.

    I am as relieved as I am reassured, phew.

    They are the same side of the coin, they are all earning from their association with the banking industry and as such are at the behest of the banks, who in turn want less regulation so they can do what they do best and thats rip of Joe soap.


  • Options
    #40
    Cody Pomeray
    Closed Accounts Posts: 3,648 ✭✭✭Cody Pomeray


    donegal11 wrote:
    50 jobs gone in citi
    http://www.rte.ie/news/2013/0515/450...-50-jobs-loss
    I don't believe we can say that the Waterford job losses are anything to do with regulation.
    http://www.huffingtonpost.com/2012/12/05/citigroup-job-cuts_n_2243975.html

    Also it's 25 job losses: 25 jobs are being relocated to Dublin
    .


  • Options
    #41
    Tea drinker
    Registered Users Posts: 2,818 ✭✭✭Tea drinker


    hyperborean wrote: »
    They are the same side of the coin, they are all earning from their association with the banking industry and as such are at the behest of the banks, who in turn want less regulation so they can do what they do best and thats rip of Joe soap.
    We simply can't have industries working here who could bankrupt the country (again) without regulation to protect us from their collapse, which we didn't have. If they can't work within the law and rules as needed to ensure the taxpayer does not have to bail them out, then their departure is a cause for national celebration.


  • Advertisement
  • Options
    #42
    Cody Pomeray
    Closed Accounts Posts: 3,648 ✭✭✭Cody Pomeray


    Tea drinker wrote: »
    We simply can't have industries working here who could bankrupt the country (again) without regulation to protect us from their collapse
    The existence of the IFSC had nothing to do with the property and lending bubble.

    There is just no question of the IFSC banks being systemically important to the Irish financial system.


Advertisement