Central Bank boss says US is partially to blame for Ireland’s economic crisis

AT LAST SOME PROPER NEWS FROM IRELAND THATS NOT AMERICAN FICTION LIKE EVERYTHING ELSE IN THIS NEWSPAPER .. I TOTALLY AGREE WITH HE SAID .. BUT AMERICA IS IN AN EVEN BIGGER FINANCIAL MESS

The dodd frank bill you are referring to did come after, I believe frank and dodd changes were down with regulation to freddie and frannie mac.

BrianO - I believe that the Dodd-Frank legislation came after and in response to the morgage scam and Wall Street gambling with investor funds. It still has most of its rules unimplemented because congress is still arguing over them. The appointment of the regulators who would oversee it were, until recently, held up by GOP senators. It is hard to understand how something that is still waiting to be enforced, precipitated something that occured before its passage.

To specify E.K.’s reference to “water fees” and “house fees,” they are one and the same. Europe’s and London’s bankers have already begun to discuss with Ireland the need to institute water utility fees. A charge per household will be incorporated, thus generating new Irish revenues. These revenues need to be tagged for not only “European Debt Service Fee,” but also a nominal “Fitzs’ Water Fee,” which will accumulate, and address the moral debt for southwest Ireland’s confiscated FitzGeralds’ lands.

EphraimKibbey your analysis is correct except for the cause isn't just Glass Steagall, the sub prime mortgage scam precipitated by Frank and Dodd was at the heart of the problem. Combine this with the community redevelopment act, you have what is at the bottom of the U.S. financial problem. It opened the door to commercial speculation and the lax lending standards encouraged everyday people to drain the equity out of their overinflated house evaluations. The resulting properties had negative valuations, people discarded their obligations leaving the keys to the banks. The foreclosures mounted, values dropped, and responsible people are left with the bill.

Am I to conclude, E.K., the average writer is wealthy, and, therefore, a tax on (presumably) published novels will solve Ireland’s continuing, yet not comprehensive, problems of sovereign debt service; toxic assets; no educational and technological infrastructure projects that do not, wholesale, compromise its unique cultural wealth; or, lastly, but not “leastly,” the wholesale compromise of the integrity of its free, worship as they choose people in southwest Ireland?

Mr Holohan also acknowledged that the Central Bank of Ireland failed in its responsibility to adequately regulate other banks in the Irish private banking sector and to moderate the excesses of Anglo Irish Bank - the bank that broke Ireland! His reference to Irish independence would more accurately be described as autonomy, not just because it involved just 26 (of 32) counties, but financial control systems remained largely in place up until quite recently - until hand-over to the EU. His reference to a privilege Irish political elite which benefited from colonialism/imperialism is telling, since political independence of any nation or state seems delimited by a highly privileged socio-economic minority in that nation/state. Seems economics trumps democracy every time.

It is an insult to me and America for horohan to blame America for Ireland's problems. I note mr Kenny in response to an angry demonstrator said Ireland can stand on its own two feet. Ireland was more than willing to jump on the bandwagon and experience the benefits of the global expansion I.e. the celtic tiger. Mr horohan and his cohorts and brain trusts did not have to be part of that Be a man accept responsibility for your own missteps

casualMBA - you mention "well fees" and a previous article mentioned "house fees" both of which seem to be aimed at raising revenue from the most vulnerable in Irish society. Are there any plans for taxes on the wealthy? I have heard that book royalities are not taxed at all in Ireland.

If ya haven't noticed-all your $ problems-since ye joined EURU,EURO excludes the US.Where is the story here!

… Ireland’s, and Europe’s, economic woes are not, I further submit, an inevitable consequence of “financial integration.”…Ireland will “go to the well” of international finance again, soon, for its near term financial stability, and it will do so, in part, by generating (beyond austerity) new revenues through its “well (not oil, but water) fees,” - or whatever it is termed. This new revenue may enhance Ireland’s creditworthiness but it must be accompanied by the political will to address more than Ireland’s lateral, or horizontal, “financial integration” with Europe, or the U.S., or China; it must address the vertical, historical, “financial integration” of Ireland’s creditworthiness, of the creditworthiness of its people, by correcting (through a small water utility fee) the wholesale confiscation of Fitzgeralds’ lands (at least 574,645 acres) in southwest Ireland. With lateral and vertical “financial integration,” Ireland will continue to walk among its peer nations with its head erect, having learned its lessons.

Tumbty, take some economics courses mates, that was 3 years ago! Economics is NOT static.

ireland was better off when it had the ability to set its own rate on currency through bureau de change,with the euro it lost out on a lot of cash.since it cant set the exchange rate anymore on its currency.europe is in charge.

Mr. Honohan new positon is a radical departure from his May 2009 paper for the World Bank on "What Went Wrong In Ireland". In his 2009 paper he cited the problems in Ireland as being caused from "a home grown banking crisis", a loss in wage competitivenss, EU membership which lulled policy makers into a false sense of security and a dysfuctional tax system the was premised upon the housing buble in Ireland. Ireland's issues have nothing to do with US Bansk or Dodd-Frank or the Volker rules. When looking at the man in the mirror, the truth is often the first victim. I have lost my respect for Mr. Honohan. Tis a sad day for Ireland and when the leader of the Irish Central Bank begins to play the blame game.

ireland's banking system was most certainly affected by the collapsed US banks which created adverse economic effects on Ireland and led to the financial collapse of our banks.