THE Government is on the lookout for a new sheriff following this week’s announcement of the departure, next October, of the country’s financial regulator Matthew Elderfield.
The news sparked regret in official and wider media circles. Many would agree that the Englishman, who arrived here from balmy Bermuda, in Jan 2010, has left a much tidier operation behind him.
He has presided over a beefing up in the bank’s oversight capacity and flexed his muscles in a confrontation with businessman Sean Quinn. By sanctioning the appointment of an administrator to the Quinn Insurance group, amid growing concern over the quality of the claims being underwritten in its UK operation, Elderfield displayed considerable grit and did so within weeks of his appointment.
The regulator has his critics, however. Some argue that he is leaving the job with the debt crisis only now coming to the boil.
Some believe that the regulator could have exerted greater authority
Markets News Thursday: bAIB/b appoints ex-HSBC executive as chairman b.../b
The Bank of Japan also announced it would move its next
policy board meeting to November 4-5 from November 15-16,
which means the meeting will take place immediately
US Federal Reserve rate-setting meeting on November 2-3, in which the
Fed is expected to announce the resumption of its asset
The bank said today that the economy still shows signs of a
moderate recovery but the pace is slowing down as growth in exports and
production has recently been decelerating. In the second half of fiscal 2010,
the pace of recovery is likely to slow due to factors such as the slowdown in
overseas economies and the ending of the boost from policy measures targeted at
durable consumer goods, as well as the recent appreciation of the yen.
Therefore, while the growth rate of Japan's economy in fiscal 2010 is expected
to be at a level above the potential growth rate, it is likely to be lower than
the projection in the July 2010 interim assessment.
“I welcome the appointment of Mr. Hodgkinson as
chairman of AIB. Mr. Hodgkinson brings a wealth of
international banking experience to this role and his
leadership will be critical in enabling AIB to overcome its
current challenges and play its full part in Ireland’s
economic recovery.” “My objective is to work closely with all AIB stakeholders
to tackle the serious challenges which confront the bank. We
can take strength from the very strong franchise AIB enjoys
in Ireland. Our success in this endeavour is important not
only to the bank, but also in restoring Ireland’s economic
strength.” "Politics and
the economy have never been as close as they are now. Yesterday, a breakdown of
talks between opposing political parties threatened the passing of the 2011
Budget. This was not in Ireland this time around, but in Portugal, where the
main opposition party...