Central Bank makes no decision on Horan position

Prudential director was seconded to the European Banking Authority in 2011

Con Horan’s secondment to Europe finishes in December. Photograph: Collins Courts

Con Horan’s secondment to Europe finishes in December. Photograph: Collins Courts


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Mr Horan, who oversaw Anglo Irish Bank during the financial crisis, has been seconded at Central Bank director level to the European Banking Authority (EBA) as a “national expert” since April 18th, 2011.

In response to a parliamentary question from Fianna Fáil Finance spokesman Michael McGrath, Minister for Finance Michael Noonan said he is due to return to a job in the Central Bank in December.

“The Central Bank has not made a decision regarding the individual’s role with the Central Bank at the end of this secondment, I have been further informed by the Central Bank that the secondment was supported following a request from the EBA in early 2011 to make arrangements for more effective liaison with the national competent authorities of member states of the EU including the possibility of staff assignments at the EBA headquarters in London,” Mr Noonan added.

‘Data protection’
He said he was unable to comment for “data protection” reasons on what Mr Horan’s salary was. Mr Horan along with Patrick Neary, the former Financial Regulator, featured prominently during the recent Anglo Irish Bank criminal trial which ended with the convictions of two bankers, neither of whom were given a custodial term.

In his judgement Judge Martin Nolan said Mr Horan “did his best.” He also concluded in relation to the Financial Regulator that in relation to the two Anglo bankers: “it seems to me a State agency has led them into error and into illegality.”

Governor of the Central Bank Patrick Honohan has described the Anglo Irish Bank – Seán Quinn affair as a “story story.” He is not known to have held anyone accountable within the Central Bank for the debacle sacking or demoting them.