Banking Reports

Ireland created its own problems

Two reports on the collapse of Irish banking have been released today.

The Honohan report is here and the Regling – Watson report is here.

I haven’t had a chance to read the reports  thoroughly yet, but they agree on one thing.  The bullshit that went on in Irish banks wasn’t caused by the collapse of Lehman Brothers.   It was caused by the stupidity of our politicians and regulators, combined with the greed and dishonesty of our bankers.  Anglo and Irish Nationwide, led by the two biggest muppets in the history of Irish banking, were on the road to going bust no matter what happened, while AIB and Bank of Ireland might just about have limped by if it hadn’t been for the global crisis, but all the banks were guilty of insane lending policies.  And of utter, crass stupidity.

It was a home-grown problem.

I thought you might like to glance over them and maybe kick your dog or your cat, or, with any luck, a passing Fianna Fáil member or banker.



Now that I’ve had a chance to look over the reports I can tell you that they pretty much confirm what people have been saying.

Quote :

Ireland’s banking crisis bears the clear imprint of global influences, yet it was in crucial ways “home-made”. Regling-Watson Report.
… the weaknesses of Irish banks were not caused by the interruption in the flow of cheap money from abroad.

It is clear that a major failure in terms of bank regulation and the maintenance of financial stability failure occurred. Honohan Report

The crisis was triggered by the collapse of Lehman Brothers but was created by a property bubble in Ireland and didn’t come from outside factors.

Cowen, Ahern and McCreevy made a shit of the economy, buying votes by cutting taxes and spending our money like sailors in a whorehouse.

The government relied far too much on tax from a property bubble that was always going to end.

The bank guarantee should not have covered subordinated debt.

The financial regulator was an arse-licking disgrace who was too cosy with the bankers to regulate them properly.  If his staff were making things too uncomfortable for Seanie, Fingers or the rest of the boys, a quiet word on the golf course made the problem go away.  Honohan calls this “regulatory capture”.  In other words, the rustlers own the sheriff.

The two phony banks were doomed long before the international crisis due to their reckless lending practices and failure to follow proper procedures, while the other banks were barely hanging on by their fingernails  They all abandoned proper vetting standards before handing out loans.

Honohan differs from other commentators by saying that Anglo needed to be included in the guarantee because it owed so much to the other banks that its collapse would have brought them all down.  Seanie was into everyone for money, and Honohan argues that if Anglo went belly up it might have caused a run on all the banks.  However, he’s talking about a catastrophic failure, not an orderly wind-up.

All in all, not much in either report that we didn’t know already, but Cowen comes out of it looking like a complete fool, while others emerge looking like the crooks they are.


Honohan report

GDE Error: Error retrieving file - if necessary turn off error checking (404:Not Found)


Regling Watson report

Download (PDF, Unknown)



30 thoughts on “Banking Reports

  1. When these people stand trial what are they to be charged with?, economic terrorism?.

  2. The really ludicrous thing is that the government has said that there won’t be an investigation of their part because everyone knows their fiscal policy was a fuck up. “Ah sure, everyone knows we made a bollix of the ecconomy so why would we need to investigate that?” Cretins are getting away with it again.

  3. Charles I am afraid the answer to your question is never. Not alone that, most of them are either still in position heading banks or enjoying massive pensions and their villas in Spain or some other sunny spot.
    Or of course in Government.

  4. “So, no accountability as every one can see we played roulette with the ecomomy of this little republic.” How is that for tranparency?. That is a real Irish solution. Gary I,m back from the mountains.

  5. Compare it with Iceland, where the banking report is finished. Politicians have resigned and people have been prosecuted.

  6. There is a strong feeling in Iceland that the country and its people come before the economic greed of the few. Sadly the Icelanders forgot to remember this untill afterwards. There is some accountability and one banker has been arrested at the airport in Rejkavik.. One of the policmen defending the Allting from angry Icelanders was in tears at this unusual behaviour by people who are known to him as friends, neighbours, relatives. Icelanders are not so many. When he finished his shift and went home he found that the bank had repossed his house and Suv and summer house. My Icelandic friends are not happy and they demand responsibilty to be shouldred. The captain of the fishing vessel who had to leave the ship as he could not meet the banks demands, well if he ever comes close to one of them finance boys well you know. His family have been fising for generations and now nothing.

  7. Charles good to hear form you again. The way the system of F.F. Government works is as follows.
    Plan A. They have another two years in power. In that time the World, and Irish, economy will have turned around. We shall be back on the pigs back. All shall be forgiven and forgotten. F.F. shall be returned to power with a landslide victory.

    Plan B. In two years time Ireland is still broke. F.G. and whoever may run with them are elected . They introduce swinging cuts and massive tax increases . As a result turn what is left of the economy around but make themselves as popular as a fart in a spacesuit. F.F. return to power at the next election. Having dropped Biffo. They all live happily ever after. On a point of clarification Biffo stands for Big .Ignorant. Fucker. From. Offaly . Our glorious Leader.

  8. Gary, Nice to be back after a bad winter. My brain cells froze and the darkness of my gloominess forced me to hibernate and brood within the meagre reserves of my soulfullnes. If you know what I mean. Looks like Ireland will be celebrating 1916 in 2016 and only that. Still I have space here in Hardangarvidda for you all if the experiment fails and do not bring “The Glorious Leader”.

  9. Rotten to the core – state, church, business. Steal one of the bastards yachts, sail south until the butter melts and try and forget you ever heard of the place.

  10. Paul,

    There are plenty of yachts in Dun Laoghaire harbour – one of these is bound to belong to a banker, politician or possibly the illegitimate child of a bishop. Bon voyage,


  11. Ah now. One of the few worthwhile things we did in this benighted little country was to abolish the horrible idea of illegitimacy.

    What’s an illegitimate child?

  12. I am not religious but,
    Hail Mary, full of grace, the lord is with thee, blessed art thou amogst women and blessed is the fruit of thy womb Jesus,,,,,,,,,,,,,,,,,,,,,

  13. Both reports are sufficient to appease the last vestige of outrage on the part of the population.

    RTE will do their “State Broadcasting” job.

    The State Broadcaster will provide some culture shit to take your mind off the fact that your children have been made debtslave. Or something worse. Like the “revelation” that women were yet again abused in Ireland. Or that children are still being abused.

    Honohan says Anglo had to be included in the guarantee.

    Honohan works for the ECB/IMF.

    Fianna Fail (now) work for the ECB/IMF.

    Fine Gale / Labour will work for the ECB/IMF.

    I haven’t read the reports.

    Saw Honohan’s interview with Vincent Browne.

    Honohan doesn’t work for us.

    Cowen doesn’t work for us.

    Lenihan doesn’t work for us.

    Kenny doesn’t work for us.

    Gilmore doesn’t work for us.

    Elderfield doesn’t work for us.

    McAleese dosen’t work for us.

    They all work for the EU/ECB/IMF.

    They want your money.

    And they’re going to take it.

  14. Bock,

    Apologies about the comment in respect of “illegitimate child of a bishop” – I should have realised that we have moved on since Bishop Casey and Father Cleary and are a much more child-centric country as recent developments in the HSE have demonstrated. I’ll rephrase it as “lovechild of a bishop” !.


  15. I heard Frank Fahey,Noel Dempsey and Brian Lenihan on the radio yesterday talking about the two reports referred to. They were all obviously issued with the same hymn sheet as their stock answer was to blame Fine Gael/Labour because they would have done the very same only to more excess! Its the oppositions fault. Anyone see Cowen on Prime Time? Miriam O Callaghan wiped the floor with him,made him look like the rank amateur he is. But true to his nature he continued on regardless with his bombastic bluff and bluster talking about the difficult decisions (i.e. screwing us all) the government has taken. Be in no doubt,this shower of unmitigated liars will get away with it.
    And get this. Two of the board members of the Central Bank are Deirdre Purcell(novelist) and David Begg(Gen. Secretary ICTU). I kid you not.

  16. Saw that show TonyC. Don’t know which was worse, Cowen’s slobbering or Miriam O’ Callaghan’s pretend acccent.

  17. Saw Prime Trime too last night.. Miriam did a good job with Biffo. He’s an oaf though.
    By the way what the hell has her accent to do with anything.. She’s a good interviewer/host, full stop. I don’t care if she sounds like oh I don’t know Mahatma Gandhi. By the way she looks great and has 8 kids.

  18. By the way what the hell has her accent to do with anything

    Her accent annoys the fuck out of me, its on par with the AA roadwatch drones. I get a pain in the temple area of my brain when listening to them, suspiciously close to the temporal lobe.

    By the way she looks great and has 8 kids

    What does her appearance or the capacity of her uterus have to do with what I said, FME? You are right though, she is gorgeous and a very talented presenter.

  19. “What does her appearance or the capacity of her uterus have to do with what I said”. That has nothing to do with her accent all right.. but similarly I’d add what does her accent have to do with her abiliites. :)
    I just can’t understand why a person’s accent annoys anyone.. I don’t get it I really don’t. Is it that people think the person is being pretentious. That you can’t tell. Miriam lived in London for a few years. She probably has travelled a bit. Her accent is probably not put on. We all have accents anyways.
    I find the words more important and the person’s demeanour. If you’re a nice person, you’re a nice person. :)

  20. what does her accent have to do with her abiliites

    Absolutely nothing, she is a very talented presenter, as I said. I think she handled Cowen nicely. She probably is a lovely person, I didn’t say anything to the contrary. Her accent just irritates me, it doesn’t sound natural to me. I guess it’s subjective. I’m sure people hate my cork accent, and think i’m a langer too. I have no problem with that.

  21. Miriam’s accent goes right through me too. It’s a very weird accent and it distracts me from what’s being said.

  22. Yous are easily distracted boys.. that’s all I’ll say.
    By the way I love the Cark accent.. my grandfather was from Cork.. Up ya boyo.

  23. I love the cork accent too,,,,best accent in ireland, I’d say.
    Ye are missing the point about Miriam though,,,,,the fact she has 8 kids, simply means she is mad for sex and so it doesn’t matter what ape she is interviewing, it keeps the boys entertained to be watching her and dreaming, while pretending to be interested in current affairs

  24. Norma Niamh Horan has hit the nail on the head with this report. However what is new? The Golden Circle live on a different planet to the rest of us poor mortals. I wonder what the full guest list may have been? A few of our ”Glorious Leaders” perhaps?

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.