Sign in. It’s quick, free and it’s up to you.
An account is an optional way to support the work we do. Find out more.
REPORTS ARE SURFACING this morning that legal cases are going to be pursued against the Financial Regulator here in Ireland.
My advice would be to save what money you have left. There is no doubt that the office was incompetent and negligent. There is absolutely no doubt that it was wilfully asleep on the job but it will point to numerous similar incidents, historical and far more recent, and hide behind them.
I’ve said it before, central banks and financial regulators are typically very poor. Nothing seems to change. We are supposed to learn from history and not continue repeating those same mistakes time and time again. Financial regulation is the hot potato that nobody wants to hold on to. It gets passed around, nobody really wanting the responsibility and then eventually gets dropped. That is what has happened in Ireland time after time.
Those considering such action should rethink and take individual action against the banks where they think there has been wrongdoing. An action against the Regulator, although warranted, would be a waste of time and money.
Knight in shining armour
On the other side of the Irish Sea, the Bank of England presided over a number of financial crises before the Financial Services Authority was heralded as the knight in shining armour. After the last crisis, the Bank of England is back in charge.
Why on earth would anything be any different?
At a meeting last week at the Lord Mayor’s banquet at Mansion House the Governor of the Bank of England defended the Bank of England’s new regulatory powers. The Financial Policy Committee met for the first time last week and will publish their first report this Friday, 24 June. Paper doesn’t refuse ink and I’m sure that the report will be well written, have the right emphasis, contain all the right messages but as is evidenced by history the only thing that really matters will be its implementation.
As in the past, my fear is that the poacher and gamekeeper will be operating on completely different intellectual plains. Banks will continue to bamboozle and deceive and we will be no better off.
Doused in petrol and left to burn
At the meeting some insight was given to what may happen to the part nationalised banks in this country. Many will want them doused in petrol and left to burn but the plans are very different.
Northern Rock, the bank that was the first victim of the financial crisis is going to be re-privatised in England by the end of the year. Treasury sources have indicated that they expect the sale to realise around £1bn for the exchequer. Images of the queues outside of the Northern Rock branches and the chaotic collapse of the bank was a prequel to all that was about to happen to Ireland. The so called bad bank has 70 branches,
retail deposits of £16.7bn and mortgage loans of £12.2bn.
Deutsche Bank, which is advising UK Financial Investments, the body that looks after the taxpayer’s stake in banks, has said that by auctioning off Northern Rock it could earn twice as much as by mutualising it. Northern Rock will likely find suitors that are interested in acquiring the remains of a bank that racked up £44bn of mortgage lending.
I’m not sure that it will be so easy here in Ireland.
Banks must be allowed to fail
One important shift in attitude as the crises are slowly consigned to memory is that banks must be allowed to fail. The British Chancellor made it very clear that all banks should be allowed to fail safely without affecting vital banking services and that this should happen without imposing costs on the taxpayer. He went on to say that it should be consistent with EU and international law and that it should happen in a
manner applicable across the sector.
Some solace that it won’t end up costing us in the future but a slow-burn solution to our current problems nonetheless.
Other recommendations from the meeting were in the right direction but still appear incomplete.
Ringfencing the retail divisions of the universal banks is definitely required, regardless of the costs to those banks, but it fails to realise that mortgage lending is often more dangerous than investment banking. Certainly in the case that we have experienced recently, where liquidity problems have been compounded by large scale default. There is no example more obvious than that which we have seen here in Ireland.
British Chancellor George Osborne also acknowledged that a bail-in system should replace bailouts. Debt should be transformed into equity in a crisis, thus recapitalising the bank by hurting security holders, not taxpayers.
All steps in the right direction. Little bit late for the problems that we currently experience but let’s hope that this is the first time that we learn from financial history and not allow it to repeat itself.
Had these measures been in place, I have no doubt the impact on this country would have been far less severe. I don’t see the Irish regulator leading but we should be looking to follow.
To embed this post, copy the code below on your site
Snowflake generation.
@Seán Dillon: I’m no fan of Hook, he’s a loudmouth know-it-all. I’d have absolutely no problem whatsoever telling him that to his face either, if I were unfortunate enough to have to opportunity. I’d expect to get some back in response though. If you can’t take it, don’t give it.
@John Considine: as he’d say you’re entitled to your opinion. That’s what I personally like about hooks shows, you don’t have to agree with him all the time or even ever.
@neilo: It’s a derogatery term for people who stand up for themselves.
@Sean Conway: It’s a derogatory term for people who can’t stand up for their arguments
@Daniel Rea: Isn’t that why people are afraid to speak out. because your boss wont give you another contract. and who’s going to pay the mortgage. sad but true.
The sooner George Hook is brought back the better, we need someone like him who is not afraid to speak his mind on air and not be afraid of the politically correct (loonies) contingent out there.
@Charles Coughlan:
Absolutely …george to me is brill.straight from the hip like mick o leary of ryanair..
Pity our politicians dont take a leaf from his book
@Larry Whelan: yes he can be good but I think we all needed a break from him for a while. His whinging voice was starting to sound like an air raid siren as he built himself up into apoplexy over the latest perceived outrage.
@Charles Coughlan: amen to THAT!!!!
I don’t like the guy…I thought he was brutal as a rugby pundit…but I salute anyone who says it like it is in today’s society.
@Larry Whelan: They can afford to talk in that manner when they are backed by billionaires.
@Sean: love George, he tells it like it is, there is an on/off button on all devices – which everyone has the freedom to use should they be utterly shocked at programme content. Bring back George hook.
good on you George.
Delighted and the sooner george hook is back on the air the better….. the more listeners for newstalk, yates and hook were the only two worth while (kennys not bad either in fairness!)
I don’t listen to the radio since there’s this internet thing. But while we’re on the subject I seem to recall a certain Cork radio personality who whipped his lad out on an airplane and started pleasuring himself. After a six month hiatus he was back on the radio. Hook isn’t even in the same universe. What’s wrong with people? Get over it. Snowflakes indeed.
@Virtual Architect: Long time ago that was, he assaulted no 1 so why bring it up? He wasn’t doing it on air and besides who hasn’t knocked one out while on a long flight.
@neilo: so switch the dial and keep it moving. Problem – don’t like hook.
Reaction – b!tch about it online.
Solution – don’t listen to him.
Quite simple really.
@Let free speech live: is it not the same thing Louis CK did? Also, wasn’t a long haul flight. London to Cork as far as I remember.
- Newstalk argued that Hook’s personality is central to the tone of the programme and the audience would be familiar with his “larger than life, gregarious and outspoken persona”
Sounds like whoever wrote this also penned Al Porter’s ‘apology’
@Guy Incognito: hook’s regular listeners probably aren’t the easily offended types so this description is okay.
The complainant in this case is a sh@& with nothing better to be doing with him or herself
@Guy Incognito: do you know for fact the same person wrote both or are you just slandering for the craic?
@Luka Savić: Sorry for triggering you Luka
@Luka Savić: Do you know for a fact what “slandering” means or are you just throwing it around to look clever?
@Neal Ireland Hello.: I’m satirising Guy Incognito.
@Guy Incognito: “Sounds like whoever wrote this also penned Al Porter’s ‘apology’”
What utter b0ll*cks .. Hook was hounded pout during a witch hunt, which was covered by all media .. Whereas almost silence on Al Porter .. Haven’t heard mrs pc himself Matt Cooper say much on Porter, compared to shows devoted to anti Hook rhetoric.
The pure hypocrisy of the social commentators, media and PC brigade as Hook made some comments about a sexual assault of a man on a woman, and was punished for it as it suited the social commentators, media and PC brigade narrative .. Al Porter is gay, so f all really in the media about his as it does not fit the social commentators, media and PC brigades..
And before you go even more, I cannot stand Hook and usually disagrees with his views and have sent some choice texts to him in the past. He may and possibly should have lost of job before for other comments, but no it was this one because its suits the narrative.
@Irish Bob: Cooper has his head so far up his own backside he makes Chris Donohoe sound good.
At least Newstalk have seen the light. Now let’s get the rest. They’re like a very nasty virus.
@Harry Roberts: Agreed. Cooper is now the most aggressivly PC presenter on air. It has ruined his show as he used to be a little more questioning. Read somewhere that he is looking for a new job so is proving his liberal/leftie credentials. Must be looking to compete with Fintan or Una in the IT.
@Guy Incognito: It was a joke. Calm down.
What George says on air pales into insignificance compared to what some other celebrities have been getting up to.
@John Quill:
What George say on air is similar to what the majority of the adult population say
Just change the channel if you don’t like what you hear.
Sitting at home waiting for something to lodge a complaint about.
I’d like to punch them in the face.
@John ward: The only problem with that, is that there are limited spaces available on the public airwaves, and, like in other countries, they are slowly being amalgamated into one or two big owners.
@John ward:You too seem like one any parent would be proud of. Why change channel Because a bully says you should
@Guy Incognito: sounds like someone loves the Dil.
Good man George..
@Luka Savić: Dil who?
Nice one, George, the only broadcaster worth listening to.
@Guy Incognito: slander? It’s a joke don’t get your knickers in a twist Dil.
God .. I miss you George .. That One at lunchtime is brutal !
I’d be fairly liberal, but I have to say, I love listening to Yates and enjoyed Hook when he was on air. Much better than listening to the crap 10 song playlists the other stations are churning out these days.
@Darren Bates: Could not agree more. And I’m definitely one of those libtard snowflakes- there are just too many signs for me to ignore it. Still, I did enjoy listening to George. He is very much a grandad figure, sure he’d say the wrong thing sometimes, but it was out of innocent ignorance, never malice. Hope he returns. Yates is good too!
@Number 14: Oh there you are! I have a bone to pick with you… I have only one account here mister! So there.
@Number 14: I feel a friendship blossoming!
@anthony campion: “Thats showbizz baby!” – Eamon Dunphy
‘Newstalk argued that Hook’s personality is central to the tone of the programme and the audience would be familiar with his “larger than life, gregarious and outspoken persona”’
So , then its ok for him to call people ‘shits’? Don’t see the logic there. Plenty of other broadcasters are like this but don’t refer to their listeners as ‘shits’. Glad to see the back of him and everything he represents (in a word, mediocrity)
@andrew: It’s okay to call people shits when they’re acting like shits…
@andrew: in a word yes, IF they act as such.
@Guy Incognito: what about his jokes though? Do you think they’re funny?
@Luka Savić: Got anything to back that up or are you just slandering for the craic?
We need more George hooks and the radio.
I’m sick of pc cheer leaders like mat Cooper. …
If only he was al porter the comments would be closed
There is one or two big sh*ta at Newstalk all right…..
Hookie boy always was a guttersnipe. Expecting anything better is silly.
What amuses me is that Hookie boy is as derogatory if not more derogatory of his admirers as he is off his detractors.
There is a living fossil quality to Hookie boy. It’s like he is a living remnant of thre 1950s. I can see why he has such a nostalgic appeal to the old reactionaries.
Expecting any better of Hookie boy is just silly.
@Fiona deFreyne: you can keep saying Hookie Boy all you like like a stuck record but it doesn’t change the fact that Newstalk had to reinstate him and get rid of the PC zombies. Because people like his straight talking and can’t stand Donohoe or any of his clones.
Clearly changing the dial works.
@Fiona deFreyne:
He called them a shit. Have you ever heard an adult call someone a shit in their life? Have you managed to get through life without calling someone a bad name. Earlier this afternoon you were saying all of our politicians were moral pygmies. Was that meant as a complement?
@Fiona deFreyne: ever think of changing the dial so you personally don’t have to listen to hook? You have a choice, so get give it a rest.
Sorry Hook was not on during the Circus that went on for the last week Our elected playing a game with the people they left in dire streets They all should be ashamed of themselves But that is only .for those with scruples This is not hindsight I posted the outcome 5 days ago and said that they would not retract t heir insults to Wallace and Daly who were right for years
Snowflake pc brigade….go and f….off.
This is disgraceful. It is protectionism of the media by their own. Irrespective of what the tweeter stated, there is a greater onus on the presenter to respond in an acceptable fashion. In this Hooke failed miserably and that should have been reflected by the BAI’s decision. What is the point of having regulators if they do not regulate properly and fairly? This type of regulation has already been seen in the banks etc.. Self regulation (or near enough) is akin to self protectionism. You can’t make exceptions just because you like someone. That is inequity at its best/worst. Hooke has run his show like his own personal soapbox, without giving those that he castigated a fair right of reply. Given that his bias was usually broadcast without any representative of those that he was doing down, present, then a fair right of reply was next to impossible. Even if he gave those an opportunity at another time to reject his bias, it is not equivalent to being able to respond at the initial broadcast. Statements even if biased carry greater weight when they go unchallenged, not to mention that the same audience will not be there on a different day.
I get why some people like listening to him as he is not “vanilla” like a lot of other presenters but I for one can’t stand his shows. He invites guests on who are quite often experts in their fields and then spends the whole interview interrupting them so he can lecture everyone on why he is right or trying to distil a complex statement down to two words that are not even relevant to the topic. Same old stories about his life rehashed a thousand times. I respect him for not being afraid to give an opinion but jesus he can bang on with the best of them. I for one will gladly take Ivan Yeats over him when stuck in the car on the way home!
@number14: Faceless and nameless, you’re a brave mouthpiece.
@Luka Savić: Yeah well, I’m sick of your unfunny bollocks.
@anthony campion: Do
Silly old man enjoy your comfortable retirement in Foxrock. L
I really think Hook is enjoying the notoriety and controversy.I wish he would just retire and go away.he IS a gruff arrogant old man and has done his time.
Get lost george please and leave us all alone.
You are like a cranky old neighbour.
Come on George Hook get back on air and make more of these morons run home to mammy.
have your say