Banker accountability, a new energy provider and credit union saving caps explained
Business Today: the best news, analysis and comment from The Irish Times business desk
Prof Patrick Honohan said that the financial market “is always wrong”. “We saw how wrong it was in the years before the crisis of 2007. It was over-optimistic. But then after that, and progressively in 2008, 2009 and 2010 it became too pessimistic.”
The Government is set on Tuesday to consider the outline of planned laws to make senior bankers more accountability individually for failings or wrongdoings. It comes at a time when the Minister for Finance is also considering a report into remuneration in the sector, which is said to advocate for a relaxing of the current pay restrictions and bonus ban.
The minister made the announcement at the launch of a new book by former Central Bank governor Prof Patrick Honohan. At the event last night Prof Honohan said that the financial market “is always wrong”. He said: “We saw how wrong it was in the years before the crisis of 2007. It was over-optimistic. But then after that, and progressively in 2008, 2009 and 2010 it became too pessimistic.”
Spanish utility company Iberdrola will spark renewed energy-price competition when it begins selling electricity to Irish homes this week and reveals plans to spend €100 million on wind farms.
The Central Bank is set to start recording details of personal contract plans (PCPs) for car purchases; hire purchase deals, which can be used to purchase washing machines among other things; as well as similar types of finance, on its credit register from June 30th.
The Government should provide support to hardhit sectors in the event of a no-deal Brexit, but otherwise let the economy operate freely to support itself, the International Monetary Fund (IMF) has said.
Cut the top rate of VAT to 21 per cent, reform commercial rates, reduce public spending and allow workers to earn more at the standard rate of personal tax, are just some of the measures business lobby group Isme wants the Government to consider in Budget 2020.
It seems the markets are getting nervous as the “Trump bump” is staring to become a “Trump slump” on the back of the US president’s unpredictable trade policy. Proinsias O’Mahony deciphers the latest market sentiment. Meanwhile Fiona Reddan explains the background to moves by credit unions to impose saving caps on deposit accounts.
In her weekly media column Laura Slattery considers the results of a recent Reuters study of journalism and whether it’s important to know if you’re audience is to the left, right or centre of politics.