Irish Financial Regulation: Guidelines Rather Than Rules

In his testimony this morning, Patrick Neary explained that the mandated bank lending sectoral concentration limits, which were seriously breached by the Irish banks during the credit bubble, could not actually be enforced since they were guidelines rather than rules. This distinction between guidelines and rules has eerie similarities to a classic scene in The Pirates of the Caribbean, where pirate captain Hector Barbossa (Geoffrey Rush) explains to Elizabeth Swann (Keira Knightley) the flexibility of The Pirates Code.

QUB public policy blog

Queen’s University Belfast have just launched a new blog at http://qpol.qub.ac.uk/ (via Muiris MacCarthaigh).

QPol is the ‘front door’ for public policy engagement at Queen’s University Belfast, supporting academics and policymakers in sharing evidence-based research and ideas on the major social, cultural and economic challenges facing us regionally, nationally and beyond.

Our over-arching vision is to share the University’s independent expertise with policymakers so they can make informed decisions about the most effective and sustainable ways to tackle these challenges, now and in the future.

Our mission is to:

Facilitate the provision of independent evidence-based advice, guidance and information to policymakers, ensuring that policy formulation and law-making are informed by world-class research emerging from the University
Ensure Queen’s as it the heart of the public policy discourse, shaping and driving the debate on emerging challenges, helping policymakers to think ‘longer term’ and more strategically about the challenges facing us today
Cultivate and encourage engagement between the academic and the policymaker through effective methods of communication and mutually understandable language
Accelerate the socio-economic impact of research relating to public policy issues at Queen’s and raise awareness of the influence of the University’s research on government policy and legislation
We want to inspire intelligent debate between democratic institutions, academia and wider society in a vast array of policy areas including the economy, public health, social justice and more.

TCD Policy Institute event on mortgage arrears

The topic of mortgage arrears remains close to the top of the political agenda, with the Government set to announce measures today on the issue. Next week, we are very fortunate to have in Dublin one of the world’s leading experts on housing markets, arrears and foreclosure, Fernando Ferreira of Wharton Business School at the University of Pennsylvania.

The Policy Institute, based at Trinity College Dublin, has organised a mini-conference on mortgage arrears for the morning (9am to 11.30am), next Monday 18th May in Trinity College Dublin (JM Synge Theatre, Room 2039, Arts Building). The mini-conference centres on factors influencing mortgage arrears and repossession and focuses in particular on the US and Irish experiences. Speakers include Fernando Ferreira (Wharton & NBER) and Yvonne McCarthy (Central Bank of Ireland). There will also be a panel discussion and time for questions/comments from participants.

All welcome with no need to register.

At Last, Eurozone Culprits Identified!

It is Dark Forces, after all.

Jean-Claude Juncker, the European Commission president, has finally terminated the endless speculation as to the source of the Eurozone’s travails. In a speech yesterday he has fingered the likely source of any threats to the survival of the common currency subsequent to a Greek exit.

Speaking to an audience at the Catholic University of Leuven in Belgium, Jean-Claude Juncker said a “Grexit” would leave the euro prey to forces who “would do everything to try to decompose” what remained of the monetary union.

“Grexit is not an option,” said Mr Juncker.

“If we were to accept, if Greece were to accept, if others were to accept that Greece could leave the area of solidarity and prosperity that is the Eurozone, we would put ourselves at risk because some, notably in the Anglo Saxon world, would try everything to deconstruct the euro area piece by piece, little by little.”

His spokeswoman clarified that the reference to the Anglo Saxon world was not aimed at Britain but was to be construed as a reference to ‘markets and speculators’.

It should be a great relief to all, especially Greeks, to learn that the Eurozone is an ‘area of solidarity and prosperity’. The news that the dystopia of ‘markets and speculators’ is confined to the Anglo Saxon world is a further comfort.

Most importantly if the Great Experiment ends in tears there will be no need for an inquest. It was the Anglo Saxons!

Anyone remember Harold Wilson and the Gnomes of Zurich?