Elderfield going

Tim Robbins

Mathew Elderfield is going..

What do you think his main achievements (or lack of achievements) have been?

Daidy2011

I think he is leaving due to sheer frustration with the Irish "Golden Circle".

From my reading and following his progress he has largely been ignored by the banking fraternity and Government support for his initiatives and efforts hasn't been evident.

He also has the morals not to rape the Irish taxpayer, unlike so many others, by waiving his bonus entitlement.

Rightwing

Good riddance, all he wanted to do was screw shareholders.

spank_inferno

Rightwing wrote: »

Good riddance, all he wanted to do was screw shareholders.

Is that not how it should work when companies (ie Banks) fail?

RATM

Its a very bad signal for bank regulation that he is going.

It will be an even worse one if he is replaced by an Irish banker insider or a yes man like Patrick Neary.

I've little doubt it'll happen and we'll then be set on the road to banking crises no.4 since the foundation of the state.

Scofflaw

RATM wrote: »

Its a very bad signal for bank regulation that he is going.

It will be an even worse one if he is replaced by an Irish banker insider or a yes man like Patrick Neary.

I've little doubt it'll happen and we'll then be set on the road to banking crises no.4 since the foundation of the state.

I don't think you're alone in those views by any means.

cordially,
Scofflaw

antoobrien

RATM wrote: »

Its a very bad signal for bank regulation that he is going.

It will be an even worse one if he is replaced by an Irish banker insider or a yes man like Patrick Neary.

Heaven forbid. I think we need a Canadian, their record on regulation seems to be one of the better ones.

noodler

Rightwing wrote: »

Good riddance, all he wanted to do was screw shareholders.

Lol



His best achievement was arguably in the first few months of his reign when he marched into Quinn Insurance and put them into administration.

Despite Sean Quinn's ramblings at the time, the decision has proven to be 100% correct and God only knows how much worse things could have been if he had let the situation continue.

Scortho

Rightwing wrote: »

Good riddance, all he wanted to do was screw shareholders.

Proper shareholders do due diligence and know what they're getting into when they invest in a company. They know that there is a chance of getting nothing back but know most importantly when to get the heck out!
If the banks collapsing has effected your wealth and your looking to blame someone else, I wouldn't be blaming elderfield, I'd be blaming the muppet neary.

Cody Pomeray

It may be that the Single Supervisory Mechanism will largely make those concerns about lack of local prudential regulation redundant anyway.

The Central Bank will be required to regulate in line with specific ECB provisions in a single European rulebook. The SSM deliberately moves responsibility for the "vision" of regulation out of the member state and towards Frankfurt, with national supervisors merely undertaking technical observations to ensure that such a vision is being implemented.

Rightwing

spank_inferno wrote: »

Is that not how it should work when companies (ie Banks) fail?

The only banks that have failed are the ones that are being wound down. M Noonan & Co, will be hoping to make a nice profit out if the others e.g. the sale of Ir Life for €1.3bln.

I suppose the Russians and Argentinians & co. confisicate assets, so why not the Irish too.

brandon_flowers

I think Mr Elderfield has been poached for a bigger money role as he has obviously succeeded in doing as good a job as possible given the circumstances. To say he was trying to keep the tide out with a bucket is an understatement. The fact that he wasn't Irish also helped I think, he didn't stand for any of the old boys club sh1te which permeates through Irish business.

And with all appointments like this after the saving man comes the squandering man.

Interesting note on his wiki profile that he doesn't have any financial qualifications - common sense and a useful brain are far better qualities anyway.

Cody Pomeray

brandon_flowers wrote: »

Interesting note on his wiki profile that he doesn't have any financial qualifications - common sense and a useful brain are far better qualities anyway.

He's a good guy so it's OK.

But when the shoe is on the other foot (i.e. if the "baddies" are considered lacking in financial qualifications at the Department of Finance) there is a big public hullabaloo...

Scortho

He doesn't have a financial qualification?!
There's hope for me yet then!:)

Hootanany

I think he jumped ship before the proverbial hits the fan

http://www.boombustblog.com/blog/item/9051-dear-ireland-havent-we-all-learned-the-problem-is-insolvency-not-liquidity?

doolox

I regard this as an honourable thing. A lot of the financial movers and shakers would have grabbed all they could.

I find it interesting but distressing that the top countries on the human development index are members of the commonwealth of nations, Canada, Australia, New Zealand etc.. although the UK itself ranks less than us, probably due to inequalities due to North/South disparities in employment and opportunities for their respective populations. The US is also relatively lower than Ireland, probably due to similar disparities, maybe on racial lines.

I sometimes wonder would we have been better off to have remained in the Commonwealth of Nations, with some outside supervision of our political system and some recourse to a "higher power" where grieviences with the Dublin power structure could be brought?

Many issues have been brought to the European Court of Justice or some Organisation of Human Rights, such as equal pay for women, some childrens rights and some employment rights etc.

I do not think the glut of unjustified credit, allowed by a an almost complete absence of strict regulation during the "tiger" era would have been allowed if a large number of foreign outsiders had an input to our central banking policy decisions.

Now we are all saddled with a very large debt we cannot sustain.