WATCH: Retired financial regulator appears before Banking Inquiry

WATCH: Retired financial regulator appears before Banking Inquiry

The man responsible for regulating Ireland's financial sector in the run-up to the bank guarantee is appearing before the Banking Inquiry today.

Lifelong civil servant Patrick Neary – who receives an annual pension of €114,000 - is expected to face some robust questioning about his time as the financial regulator as he takes questions for an entire day.

He was the prudential director at the Financial Regulator until 2005, when he was appointed CEO.

It was under his tenure that the massive lending at the major banks reached its peak - eventually culminating in the blanket guarantee of September 2008.

Such was the damage to the Financial Regulator's reputation that Neary retired within days of Anglo being nationalised in 2009.

Last week, the former head of the Central Bank John Hurley told the Banking Inquiry that he had virtually no power to regulate the banks - and that the health of the sector was realistically the responsibility of Mr Neary.

More on this topic

Banking Inquiry members to review responses to draft reportBanking Inquiry members to review responses to draft report

Banking Inquiry Committee agrees on draft report despite objectionsBanking Inquiry Committee agrees on draft report despite objections

ECB went beyond mandate issuing ultimatum to Ireland, says former IMF mission chief ChopraECB went beyond mandate issuing ultimatum to Ireland, says former IMF mission chief Chopra

Lenihan wanted to burn bondholders and rebrand Anglo as 'An Banc Nua', inquiry toldLenihan wanted to burn bondholders and rebrand Anglo as 'An Banc Nua', inquiry told


More in this Section

Gardaí talk to three people as investigation into Cork father set on fire continuesGardaí talk to three people as investigation into Cork father set on fire continues

Garda tells inquest he shot Mark Hennessy as he believed he was about to slit Jastine Valdez's throatGarda tells inquest he shot Mark Hennessy as he believed he was about to slit Jastine Valdez's throat

Michael McGrath: Fianna Fáil not kicking pension decisions down the roadMichael McGrath: Fianna Fáil not kicking pension decisions down the road

Cork-based cybersecurity firm warn of 300% increase in cyber attacks from Iran Cork-based cybersecurity firm warn of 300% increase in cyber attacks from Iran


Lifestyle

Dr Sarah Miller is the CEO of Dublin’s Rediscovery Centre, the national centre for the Circular Economy in Ireland. She has a degree in Biotechnology and a PHD in Environmental Science in Waste Conversion Technologies.‘We have to give people positive messages’

When I was pregnant with Joan, I knew she was a girl. We didn’t find out the gender of the baby, but I just knew. Or else, I so badly wanted a girl, I convinced myself that is exactly what we were having.Mum's the Word: I have a confession: I never wanted sons. I wanted daughters

What is it about the teenage years that are so problematic for families? Why does the teenage soul rage against the machine of the adult world?Learning Points: It’s not about the phone, it’s about you and your teen

Judy Collins is 80, and still touring. As she gets ready to return to Ireland, she tells Ellie O’Byrne about the songs that have mattered most in her incredible 60-year career.The songs that matter most to Judy Collins from her 60-year career

More From The Irish Examiner