Central Bank Governor: No one person to blame for banking crisis

The Governor of the Central Bank has said that former Financial Regulator Patrick Neary was not the only person who made mistakes in the run-up to the current financial crisis.

Patrick Honohan's comments come as the Public Accounts Committee prepared to publish documents later today which will detail the events leading to the bank-guarantee scheme.

It emerged today that Patrick Neary told the Taoiseach that Anglo Irish Bank was in good health, and was not insolvent, just three days before the Government had to move to save it.

Anglo later had to be nationalised by the State in a bid to keep it afloat and has had €14bn pumped into it.

Speaking at the launch of the Central Bank's Annual Report for 2009 today, Governor Patrick Honohan sais one person could not be blamed for systematic failures.

The Central Bank made €933.8m in profit for the year to December 31, 2009. Surplus income of €745.5m will be paid to the Exchequer.