Sunday 23 October 2016

Editorial: ‘Sorry’ is not good enough, Mr Neary

Patrick Neary, the former Chief Executive of the Irish Financial Services Regulatory Authority
Patrick Neary, the former Chief Executive of the Irish Financial Services Regulatory Authority

IT’S a bit late now. That will be most people’s reaction to the apology issued by former financial regulator Patrick Neary at the Banking Inquiry yesterday.

Mr Neary said he is “deeply sorry” that the regulator’s supervisory measures were insufficient to meet the challenges of an imploding banking system.

We don’t doubt Mr Neary’s regret, but in this instance ‘sorry’ is simply not enough.

This individual headed a regulator that was asleep at the wheel as the banking system here careered out of control.

The result was a crisis that led to a bank bailout that has plunged taxpayers, their children and their children’s children into billions of euro of debt.

Meanwhile, Mr Neary enjoyed a €630,000 payoff and is paid an annual pension of €143,000.

Ireland is now in recovery, and the events of the crash are growing more distant. But we should never forget the result of poor regulation.


Slow down at weekend

TWO people were killed and 11 seriously injured on the country’s roads over the June bank holiday weekend last year.

Every driver has a duty to drive carefully in the coming 72 hours to ensure that this tragic toll is not repeated this year.

Gardai will be out in force over the coming three days as part of a dedicated campaign to target speeding on the roads – the main cause of


Some 70,000 motorists have already been caught speeding this year, with gardai saying that many have been detected travelling greatly in

excess of the speed limit.

The sanctions for speeding are not only points on your licence – in many instances motorists are charged with dangerous driving.

Most drivers heed the rules of the road and are responsible.

But none of us should be tempted to speed this weekend – or ever.

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