Note: In the interests of being sporting and fair play and because this blog believes in freedom of expression, we also direct you to this thread by Brendan on his web site (which he has since locked) where he includes other quotes as he claims the following quotes are "selective and out of context". Note that all this quotes on this page gives links to the original context.
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Sunday Times Money section, 31 July 2005:
"The lenders who have come up with the 100% [mortgage] have balanced the risk. Of 100 people that take out these mortgages, maybe 95 will be okay and five will get in serious trouble and the banks can take care of that trouble."
AskAboutMoney.com post, 8 Nov 2006:
"You can find extensive, informed, articulate, balanced and entertaining commentary on the impending collapse of the Irish property market [at thepropertypin.com]."
AskAboutMoney.com post, 9 Nov 2006:
Further speculation about the future direction of house prices is banned on Askaboutmoney.
Irish Independent, 18 August 2007:
I would invest in AIB or Bank of Ireland rather than putting money on deposit with them.
Oireachtas Joint Committee on Economic Regulatory Affairs, 10 June 2008:
"The Financial Regulator supervises the solvency and liquidity of Irish financial institutions very well. Irish banks are conservative in their lending and none has been exposed directly to the subprime lending problems although all are suffering from the subsequent credit crunch. The Financial Regulator seems to have been well ahead of the game on liquidity reporting. [...] The Financial Regulator has won international recognition for its appropriate regulatory regime for the funds industry. It does not overregulate or underregulate; it gets it about right."
RTE News, 16 September 2008:
"Irish banks are very well regulated, Irish banks are very sound..... [...] we're going to look back in a few years at the state of Irish banks [and ask] how did we not fill our shoes with those shares?"
AskAboutMoney thread, January 2009:
Pat Neary distinguished himself as the Prudential Director of the Financial Regulator before he was appointed. Had I been on the interview panel, I would certainly have chosen him ahead of a 27 year old recent PhD graduate.
The academic qualifications of someone at a very senior level are of little relevance.
[...]
Sorry, I pay no attention whatsoever to Morgan Kelly who suggested burning the €1.5 billion instead of putting it into Anglo.
"You can find extensive, informed, articulate, balanced and entertaining commentary on the impending collapse of the Irish property market [at thepropertypin.com]."
AskAboutMoney.com post, 9 Nov 2006:
Further speculation about the future direction of house prices is banned on Askaboutmoney.
Irish Independent, 18 August 2007:
I would invest in AIB or Bank of Ireland rather than putting money on deposit with them.
Oireachtas Joint Committee on Economic Regulatory Affairs, 10 June 2008:
"The Financial Regulator supervises the solvency and liquidity of Irish financial institutions very well. Irish banks are conservative in their lending and none has been exposed directly to the subprime lending problems although all are suffering from the subsequent credit crunch. The Financial Regulator seems to have been well ahead of the game on liquidity reporting. [...] The Financial Regulator has won international recognition for its appropriate regulatory regime for the funds industry. It does not overregulate or underregulate; it gets it about right."
RTE News, 16 September 2008:
"Irish banks are very well regulated, Irish banks are very sound..... [...] we're going to look back in a few years at the state of Irish banks [and ask] how did we not fill our shoes with those shares?"
AskAboutMoney thread, January 2009:
Pat Neary distinguished himself as the Prudential Director of the Financial Regulator before he was appointed. Had I been on the interview panel, I would certainly have chosen him ahead of a 27 year old recent PhD graduate.
The academic qualifications of someone at a very senior level are of little relevance.
[...]
Sorry, I pay no attention whatsoever to Morgan Kelly who suggested burning the €1.5 billion instead of putting it into Anglo.
AskAboutMoney post, 14 January 2009:
More sensational stuff from Morgan Kelly in yesterday's Irish Times:
[...]
Apparently we are going to be demolishing houses now instead of building them.
But I suppose it gets headlines."
CMcK: *cough*: BusinessWeek - Ireland’s Bad Bank May Demolish Homes, McDonagh Says
"Ireland’s National Asset Management Agency may knock down some vacant homes built during the country’s real-estate boom, the head of the agency said."
"Ireland’s National Asset Management Agency may knock down some vacant homes built during the country’s real-estate boom, the head of the agency said."
Sunday Times Money, 8 Mar 2009:
If you’ve a real need to buy now – for example, if you are starting a family – don’t allow the fact that your job is a bit uncertain to put you off. If the worst happens, the government has ordered AIB and Bank of Ireland to lay off homeowners in arrears for at least a year, while other lenders must give them a six-month breather.
AskAboutMoney.com post, 3 June 2009:
I still believe, that as a general rule, it is a good idea to buy your own home. With the benefit of hindsight, this would not have been a good idea over the past 5 years.
[..] I have made it very clear that, with hindsight, it would have made much more sense over the past few years to rent rather than buy.
AskAboutMoney.com post, 11 Oct 2009:
"People ask now why did we not listen to the economists who warned of the housing bubble and the economic crash? [...]. Their warnings were dressed up in such stupid, sensationalist language, that it would have been like taking the economic forecasts of the Sunday World seriously."
AskAboutMoney.com post, 21 Dec 2009:
(In response to a Financial Regulator Consumer Panel report which accused the FR of failing to "adequately intervene to deflate a highly visible property bubble"):
"I just don't agree that we had a "highly visible property bubble".
AskAboutMoney.com post, 22 Dec 2009:
The paperwork for money laundering is hugely inappropriate. Under the law, Charlie McCreevy would have had to provide a passport and two utility bills. Everyone in the Irish Nationwide knew him. I would have no problem with them not complying with this law.
If you’ve a real need to buy now – for example, if you are starting a family – don’t allow the fact that your job is a bit uncertain to put you off. If the worst happens, the government has ordered AIB and Bank of Ireland to lay off homeowners in arrears for at least a year, while other lenders must give them a six-month breather.
AskAboutMoney.com post, 3 June 2009:
I still believe, that as a general rule, it is a good idea to buy your own home. With the benefit of hindsight, this would not have been a good idea over the past 5 years.
[..] I have made it very clear that, with hindsight, it would have made much more sense over the past few years to rent rather than buy.
AskAboutMoney.com post, 11 Oct 2009:
"People ask now why did we not listen to the economists who warned of the housing bubble and the economic crash? [...]. Their warnings were dressed up in such stupid, sensationalist language, that it would have been like taking the economic forecasts of the Sunday World seriously."
AskAboutMoney.com post, 21 Dec 2009:
(In response to a Financial Regulator Consumer Panel report which accused the FR of failing to "adequately intervene to deflate a highly visible property bubble"):
"I just don't agree that we had a "highly visible property bubble".
AskAboutMoney.com post, 22 Dec 2009:
The paperwork for money laundering is hugely inappropriate. Under the law, Charlie McCreevy would have had to provide a passport and two utility bills. Everyone in the Irish Nationwide knew him. I would have no problem with them not complying with this law.
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