Tuesday, 26 October 2010

Soden, ex-Bank of Ireland CEO, says leaving the EU should be considered

Yesterday morning I woke up with a good belly laugh, having just listened to the “It Says in the Papers”  feature on RTE… always a nice way to start the day.

The man behind the morning mirth was one Michael Soden, ex-chief executive of Bank of Ireland who, incidentally, had to resign his post in 2004 when it was discovered he had been browsing websites “of an adult nature” while, erm, on the job.  (Irish Independent, May 30th 2004)

It seems that Mike, being quoted by the Sindo from a book of his called “Open Dissent”,  thinks that we should leave the EU “if it prevents us from making our own decisions on the management of our economy”.

Well, I don’t know what kind of websites Mike has been browsing since 2004, when the banks’ reckless lending was heating up the economy very nicely, but hasn’t he heard what happened in the meantime?

Surely he knows that “we”, due to making “our” own decisions on running the economy, made a complete and utter bags of it?   He must do, as Lenihan appointed him to the Government’s very own Central Bank Commission last year.

Elsewhere, Matt Cooper, writing in the Sunday Times, pointed out that “the State-supported banks cannot refinance their debts so the ECB is doing it instead. Without this ECB intervention the State guarantee to depositors would be called in and that would be the end.” 

Soden, eminent banker that he is,  should appreciate that the ECB is the only thing keeping the country's banking system going at all - otherwise, it's hello IMF.  More worryingly, his sentiments are typical of recent attempts by some in Ireland to shift the blame for Ireland's economic ills from our own inept, corrupt, politicians to the EU. 

If thinkers of Soden's calibre are on the Government’s Central Bank Commission – ostensibly set up to “incorporate both the responsibilities of the Central Bank and the supervision and regulatory functions of the Financial Regulator”  -  perhaps the IMF might be the best option for us?

Back to Gombeen Nation main page


Dakota said...

I can see why he was the CEO of BOI.

Anonymous said...


Do not despair about Ireland and it’s present financial situation, the money is safe in the Cayman Islands. Many Irish TD’s (predominantly Fianna Fail) have followed Charlie Haughey’s example and have filched millions of € into their personal bank accounts. The money is being looked after in one of HM Queen Elizabeth II territories . As Charlie Haughey once said: “let the people eat shamrock”. After all, the money has not been lost, because we know where it is!!!

D B McGinnity

Anonymous said...

GUDYE MR GM on behalf of all the adult entertainment industry here in beverly hills iwould like to thank MR SODEN and the many fine elites of ireland who are very strong supporters of our finest productions,senior members of irish church state and business are among our most select discerning clients, unlike our english clients who mostly purchase our less tastefull cheaper products just like their cuisine, nevertheless it all helps to provide a lifestyle on par with any irish BISHOP or TD for me and many others, rollers ,rolexes penthouses etc,recently i tied the knot for the 5th time my new future X is also a former performer like myself, a grand girl we have both gone very executive and have started a small but growing hedge fund as a sideline we are planning a trade mission to ireland next spring to buck up the flacid demand for our adult products and maybe buy irish govt bonds when mr soden pulls ireland out the eu at about sixpence each BH

Ella said...

@ Mr BH The Irish Film Tax Relief Scheme, Section 481 was introduced to promote the Irish film industry by encouraging investment in Irish made films which make a significant contribution to the national economy and the Exchequer.

I think you'd make a killing here with your adult entertainment films, as you rightly point out, the place is full of "fine elites" who do an admirable job of f..king (the rest of us) - and with plenty acting roles available our dole queues would shorten - all in all a fine contribution to our economy and the Exchequer.

ps good luck with number 5!