DOCSLIB.ORG

Parliamentary Inquiries

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Parliamentary Inquiries HOUSES OF THE OIREACHTAS Volume 2 No. 35 Morning No. 36 Afternoon AN COMHCHOISTE FIOSRÚCHÁIN I DTAOBH NA GÉARCHÉIME BAINCÉI- REACHTA JOINT COMMITTEE OF INQUIRY INTO THE BANKING CRISIS Déardaoin, 25 Meitheamh 2015 Thursday, 25 June 2015 The Committee met at 9 a.m. MEMBERS PRESENT: Deputy Pearse Doherty, Senator Sean D. Barrett, Deputy Joe Higgins, Senator Michael D’Arcy, Deputy Michael McGrath, Senator Marc MacSharry, Deputy Eoghan Murphy, Senator Susan O’Keeffe. Deputy Kieran O’Donnell, Deputy John Paul Phelan, DEPUTY CIARÁN LYNCH IN THE CHAIR. 1 NEXUS PHASE Nexus Phase Central Bank-Financial Regulator - Professor Patrick Honohan Chairman: As we have a quorum, the Committee of the Inquiry into the Banking Crisis is now in public session. And can I ask members and those in the public Gallery to ensure that their mobile devices are switched off. Session 1 of today’s hearings is a discussion with Profes- sor Patrick Honohan, Governor of the Central Bank of Ireland. In that regard, I would like to welcome everyone to the public hearing of Joint Committee of Inquiry into the Banking Crisis. Today we will continue our hearings with senior figures from the Central Bank who had key roles during the crisis period. This morning and this afternoon we will hear from Professor Patrick Honohan, Governor of the Central Bank of Ireland. When Professor Honohan appeared before this inquiry earlier this year the purpose was specifically to discuss his report on the banking crisis. In this morning’s session we will focus upon the period of Professor Honohan’s tenure, from his appointment in September 2009 to October 2010, while this afternoon’s session will focus on developments in the period from November 2010 to December 2013. The then Governor of the Central Bank of Ireland, Patrick Honohan, was appointed on 26 September 2009. Before his appointment as Governor, he was Professor of International Financial Economics and Development at Trinity College Dublin from 2007. Prior to this he spent almost a decade at the World Bank, where he was a senior adviser on financial sector policy. He recently announced his intention to retire later this year. Professor Honohan, you’re very welcome before the inquiry this morning. Professor Patrick Honohan: Thanks very much, Chairman. Chairman: Before hearing from the witness, I wish to advise the witness that by virtue of section 17(2)(l) of the Defamation Act 2009, witnesses are protected by absolute privilege in respect of their evidence to this committee. If you’re directed by the Chairman to cease giving evidence in relation to a particular matter and you continue to do so, you are entitled thereafter only to a qualified privilege in respect of your evidence. You’re directed that only evidence connected with the subject matter of these proceedings is to be given. I would remind members and those present that there are currently criminal proceedings ongoing and further criminal proceedings are scheduled during the lifetime of the inquiry which overlap with the subject matter of the inquiry. Therefore, the utmost caution should be taken not to prejudice those proceedings. In addition, there are particular obligations of professional secrecy on officers of the Central Bank and the IFSRA in respect of confidential information they’ve come across in the course of their duties. This stems from European and Irish law, including section 33AK of the Central Bank Act 1942. The banking inquiry also has obligations of professional secrecy in some of the terms of information which has been provided to it by the Central Bank. These obligations have been taken into account by the committee and will affect the questions asked and the answers which can be lawfully given in today’s proceedings. In particular, it will mean that some infor- mation can be dealt with in a summary or aggregate basis only, such that individual institutions may not be identifiable. Members of the public are reminded that photography is prohibited in the committee room. To assist the smooth running of the inquiry, we will display certain documents on the screens 2 JOINT COMMITTEE OF INQUIRY INTO THE BANKING CRISIS here in the committee room. For those sitting in the Gallery, these documents will be displayed on the screens to your left and right and members of the public and journalists are reminded that these documents are confidential and they should not be published ... none of those documents should be published or so displayed. The witness has been directed to attend a meeting of the Joint Committee of Inquiry into the Banking Crisis, you have been furnished with booklets of core documents, these are before the Committee, will be relied upon in questioning and form part of the evidence of the Inquiry. So with that said, if I can now ask the clerk to administer the oath to Governor Honohan please. The following witness was sworn in by the Clerk to the Committee: Professor Patrick Honohan, Governor, Central Bank. Professor Patrick Honohan: So my introductory remarks today, Cathaoirleach, will neces- sarily have to be very selective to respect the time limits. So I’ll cover, in essentially chrono- logical order, matters that were dealt with in my written statement. First, the recapitalisation of the banks in 2010 in the context of NAMA purchases, then the September 2010 bank funding cliff, the move to the EU-IMF programme in November 2010 - which, understandably, is this afternoon’s topic but I’ll cover it all in one ... remarks today - the programme structure and, finally, the improved funding conditions which helped to make the programme a success. I will conclude with a few remarks about institutional change. So on recapitalisation of the banks, given the existence of the watertight guarantee enacted through the CIFS legislation of October 2008, in designing policy with regard to bank capi- talisation I was guided by a fixed principle, informed by the Central Bank’s statutory mandate, that any event of default by a bank - as would trigger a large cash call on the State - was to be avoided in view of the financial instability that this would cause. In practice, this implied that the Central Bank had to ensure that all of the guaranteed banks would continue to maintain regulatory capital compliant with international standards. This would help ensure that they had access to the ECB standard liquidity facilities as well as, where necessary, ELA. As the NAMA purchases would necessarily be staggered over a period of months, the Central Bank decided to take the announcement of the valuations of the first tranche of NAMA loan purchases as the occasion to establish the necessary capital infusions for Allied ... for AIB, Bank of Ireland and EBS, the going concern guaranteed banks selling loans into NAMA. When they became available late March 2010, the initial NAMA valuations, based only on the handful of exposures that had been fully valued in time for that date ... these entailed much higher percentage losses than had been generally expected by industry specialists. So the capi- tal requirements announced by the Central Bank at the end of March 2010 - in what was known as PCAR 2010 - assumed that all of the NAMA purchases would involve haircuts as large as the first tranche. They also took account of forward-looking loss estimates in a base case and stress scenario of the non-NAMA books. For example, a flat 5% loan loss estimate much higher than that assumed by the banks’ managements themselves was applied to the residential mortgage portfolios. Given the prevailing uncertainty surrounding these badly impaired portfolios, there was still a large margin of error which might eventually consume the apparent surplus above the international minima ... the international capital standard minima. Unfortunately, the later tranches of NAMA purchases which became available in August and September did imply much higher losses, with the result that additional capital requirements had to be announced in September for AIB and also for Anglo at that time - in that case because of Anglo manage- ment’s estimate of additional costs implied by the wind-down plan that the Government had just already announced in the same month. 3 NEXUS PHASE Now, the September 2010 bank funding cliff. Faced with a steep cliff of bank liabilities ... liability maturities in September 2010, I gave some consideration to possible alternative courses of action which might be recommended to Government. As explained in my written statement, the only safe way forward seemed to continue to rely on ELA while also pursuing all possible steps to rebuild confidence and recognising that recourse to an IMF programme would be the fall-back position. By that month, September 2010, most informed international observers began to factor in a likely need for Ireland to enter a programme of official financial assistance. The main influences were the perspective rapid increase in ELA - due to the funding cliff, which arose because it was the end of the initial guarantee period - and the growing evidence that the Government’s multi-year fiscal plan at that stage would not stabilise the debts ... the State’s debt dynamics. The drip feed of bad news about bank recapitalisation needs did not help. Now, the move to the EU-IMF programme: by 4 November 2010, when spreads on ten-year bonds exceeded 500 basis points or five percentage points and depositor outflows were accel- erating, also reflecting a loss of confidence, it was clear to me that application for a programme could no longer safely be deferred and by, well, the following week, I guess, 11 November, the Minister for Finance had agreed to exploratory discussions with troika officials in Brussels.
Load more

Recommended publications
  • 10 Economists Respond to the Question, Is Morgan Kelly Right
    Is Morgan Kelly right? Compiled by LAURA SLATTERY and SUZANNE LYNCH Fri, May 13, 2011 A compelling case for default and swift balancing of the national budget or a lethal injection for our economy and citizens? Twelve economists discuss SEÁN BARRETT Senior lecturer in economics Trinity College Dublin IRELAND’S CHANGE from a full employment economy and solvency to 14 per cent unemployment and a bailout invites a contrarian response so well led by Morgan Kelly. Widespread institutional failure caused the twin crises in banking and the public finances. These then spread their contagion over the entire economy. Regulatory capture and institutional malaise have dominated our responses to date. We need the provocative advice of Morgan Kelly to walk away from the bank crisis and tackle the public finances quickly rather than over several years. With so many of the institutions and personnel who caused the twin crises largely exempt from its consequences, and likely to remain exempt, we need Kelly to remind them and us how much they have harmed this country. Under “measures to prevent a recurrence” Kelly merits the tag of “required reading”. ALAN McQUAID Chief economist Bloxham Stockbrokers THE UNDERLYING theme of the Morgan Kelly article, apart from criticising individuals, is not saying anything new. What Joe Durkan and the ESRI are talking about is similar, in a way, to Kelly – they’re both talking about speeding up the budget correction. Enda Kenny has dismissed the idea and I’d be with Kenny on this. The economy is too fragile. The [Kelly/Durkan] argument is that it’s the ECB’s problem: a lot of the money was lent to us by European banks that should have known better.
    [Show full text]
  • Dr. Patrick Honohan
    Dr. Patrick Honohan Patrick Honohan joined the Peterson Institute for International Economics in March 2016 as a nonresident senior fellow. Honohan was governor of the Central Bank of Ireland and a member of the governing council of the European Central Bank from September 2009 to November 2015. He came to that position from Trinity College Dublin where he was professor of international financial economics and development and where he has since become an honorary professor of economics. Previously he spent 12 years on the staff of the World Bank as a senior advisor on financial sector issues. During the 1990s he was a research professor at Ireland's Economic and Social Research Institute. In the 1980s he was economic advisor to the Taoiseach (Irish Prime Minister) Garret FitzGerald. He also spent earlier spells at the Central Bank of Ireland and at the International Monetary Fund. A graduate of University College Dublin, he received his PhD in economics from the London School of Economics in 1978. He has taught economics at the London School of Economics, at the University College Dublin, and as a visitor to the University of California, San Diego and the Australian National University as well as at Trinity College Dublin. He was elected a member of the Royal Irish Academy in 2002. In recent years, Honohan's research has focused on monetary and financial sector policy. His work on financial crises includes an evaluation of how different policy approaches have affected the overall cost of these crises in both developing countries and advanced economies. He has also studied exchange rate regime choice.
    [Show full text]
  • European and International Constraints on Irish Fiscal Policy, By
    2. EUROPEAN AND INTERNATIONAL CONSTRAINTS ON IRISH FISCAL POLICY Patrick Honohan* 2.1 In a world of increasing interdependence, fiscal autonomy of individual Introduction nations has increasingly been constrained. Ireland is no exception. Yet it is possible to exaggerate the degree to which fiscal autonomy has been lost. The purpose of my talk today is to explore some of the dimensions of external constraints on fiscal policy, focusing on the role of the European Union, other international governmental pressures, and international market pressures. It is convenient to distinguish between two rather different types of constraint: those that limit a government's flexibility in setting tax rates, and those that limit a government's ability to run a temporary deficit.1 I will argue that, despite the considerable recent focus on our European Union commitments as a constraint on aggregate fiscal policy, these have so far been of much less importance than the EU's influence on tax rates and tax design. International governmental pressures on tax rates are also growing in importance. Market forces can provide the most decisive of constraints but, so far as policy on the overall budgetary stance is concerned, these may have reached their full extent – indeed may have actually declined – though they will continue to grow so far as tax rates are concerned. The most spectacular European Union initiative in the area of fiscal 2.2 policy has undoubtedly been the Maastricht criteria for Economic and Deficits Monetary Union (EMU) membership. Suddenly, and more or less out of * The views expressed are strictly personal and do not reflect those of the World Bank.
    [Show full text]
  • Crisis and Change in Ireland (ARI)
    Area: Europa ARI 79/2011 Date: 28/4/2011 Crisis and Change in Ireland (ARI) Raj Chari* Theme1: The 2011 Irish election must be placed in the context of both the economic and the political crisis that preceded the vote in order to examine its results and consider Ireland’s future in Europe. Summary: After years of economic growth during the ‘Celtic Tiger’ boom, Ireland fell into economic decline as a result of its financial crisis in 2008. Ireland’s fall can best be understood as home-made, fuelled by speculation and lax regulation of the financial sector. In the context of this economic and financial crisis, Ireland then suffered a political crisis in which the Fianna Fáil (FF) government coalition lost legitimacy, prompting an early election on 25 February 2011. Unsurprisingly perhaps, a new coalition government comprised of Fine Gael (FG) and Labour came into being as a result. A major issue to be addressed by the new government relates to the renegotiation of the interest rates on the EU/IMF bailout agreed in December 2010. However, what remains unclear is how much this new government’s hands are already tied and whether or not the EU seeks to renegotiate the terms of the deal. Analysis: The Economic and Political Context For almost a decade before 2008, the ‘Celtic Tiger’ gained the attention of the world: after being a laggard in the EU economy throughout much of the 70s and 80s, from the late 90s Ireland was one of the fastest-growing EU economies and represented a model for growth.
    [Show full text]
  • THE IRISH BANKING CRISIS Arthur L
    REVIEW OF BUSINESS AND FINANCE STUDIES ♦ VOLUME 5 ♦ NUMBER 2 ♦ 2014 THE IRISH BANKING CRISIS Arthur L. Centonze, Pace University CASE DESCRIPTION The 2007 financial crisis led to a steep decline in the supply of capital to organizations around the world. As liquidity dried up, countries such as Ireland with fragile and overextended credit environments, overpriced asset markets, and accommodative regulatory systems were vulnerable to the resulting shock waves. This case explores Ireland’s economic and financial circumstances before and during the crisis, and its response to the crisis in the face of mounting pressure from the European Commission, the European Central Bank and the IMF for action that would help bring Ireland and other stressed euro zone countries back from the brink. At the close of 2010, Minister for Finance Brian Lenihan Jr. needed to decide whether to accept financial assistance from Europe and the IMF or have Ireland go it alone. The case has a difficulty level appropriate for masters’ level or upper level bachelors’ students in finance or economics. It is most effectively taught to students who have been exposed to macroeconomics and introductory finance. The case is designed to be taught in 1.5-2 class hours and should require 2-4 hours of outside preparation by students. JEL: E44, G01, G21 KEYWORDS: Financial Crisis, Property Bubble, Banking Crisis, Government Policy INTRODUCTION he US financial crisis that began in August 2007 led to a steep decline in the supply of capital to financial institutions and corporations around the world resulting in deteriorating economic T conditions on a global scale.
    [Show full text]
  • Financial Exchange Rates and International Currency Exposures∗
    Financial Exchange Rates and International Currency Exposures∗ Philip R. Lane Jay C. Shambaugh IIIS, Trinity College Dublin Dartmouth College and CEPR and NBER August 2007 Abstract Our goal in this project is to gain a better empirical understanding of the inter- national financial implications of currency movements. To this end, we construct a database of international currency exposures for a large panel of countries over 1990- 2004. We show that trade-weighted exchange rate indices are insufficient to understand the financial impact of currency movements. Further, we demonstrate that many de- veloping countries hold short foreign-currency positions, leaving them open to negative valuation effects when the domestic currency depreciates. However, we also show that many of these countries have substantially reduced their foreign currency exposure over the last decade. Last, we show that our currency measure has high explanatory power for the valuation term in net foreign asset dynamics: exchange rate valuation shocks are sizable, not quickly reversed and may entail substantial wealth shocks. JEL Classification Numbers: F31, F32 Keywords: Financial integration, capital flows, external assets and liabilities ∗We thank Patrick Honohan, Ted Truman, Pinar Yesin and the participants in the CGFS workshop on “The Use of BIS International Financial Statistics,” the Dartmouth College Junior Seminar, NBER IFM Lunch Group and seminars at the Bank of England, European Central Bank, University of California - Davis, University of Siena and the University of Wisconsin. We are grateful to Philippe Mesny and Dennis Petre for the provision of data from the BIS and Ted Truman for generously sharing his data on reserves and helpful comments.
    [Show full text]
  • What Went Wrong in Ireland?
    May 2009 WHAT WENT WRONG IN IRELAND? Patrick Honohan Trinity College Dublin Abstract With its fiscal, competitiveness and banking crisis, Ireland is among the most severely affected countries in the global crisis. Yet its sustained growth achievement for almost two decades has been widely admired. This note explains how and why Ireland has entered the recession so poorly positioned. Until about 2000, the growth had been on a secure export-led basis, underpinned by wage restraint. However, from about 2000 the character of the growth changed: a property price and construction bubble took hold. This boom sustained employment and output growth until 2007 despite a loss of wage competitiveness. The banks fuelled the boom, especially from 2003, exposing themselves both to funding and solvency pressures. Successive Governments had bought industrial peace (and at first wage restraint), with tax reductions, relying increasingly on volatile sources of revenue. thereby making the tax base increasingly vulnerable to a downturn. Among the triggers for the property bubble was the sharp fall in interest rates following euro membership: within the euro zone also the disciplines of the market which had traditionally served as warning signs of excess were muted. Lacking these prompts, Irish policymakers neglected the basics of public finance, wage policy and bank regulation. _______________ Prepared for the World Bank. [email protected] WHAT WENT WRONG IN IRELAND? 1. Introduction and overview During the 1990s, Ireland emerged from a lengthy period of economic stagnation marked by high unemployment, emigration, and crippling public debt despite high tax levels (Ó Gráda and O’Rourke, 1996, Honohan and Walsh, 2002).
    [Show full text]
  • What Else Can Central Banks Do? Geneva Reports on the World Economy 18 Economy World the on Reports Geneva Do? Banks Central Can Else What
    What Else Can Central Banks Do? Geneva Reports on the World Economy 18 Do? Geneva Banks Can Central What Else Central banks can do more to stimulate economies and restore full Geneva Reports on the World Economy employment, even when nominal interest rates are near zero. Quantitative 18 easing has had beneficial effects already and can be expanded; policymakers can push interest rates substantially below zero. Central banks can also increase their scope for countercyclical policy by raising their inflation targets modestly. Eventually, the trend toward cashless economies may eliminate completely the problems arising from the lower bound on interest rates. The 18th Geneva Report on the World Economy seeks to provide policymakers with a developed selection of stimulus methods in order to What Else Can tackle secular stagnation in advanced economies. With most options having already been explored, this report contributes to current stimulus policies 978-0-9954701-1-8 ISBN: and how they can be expanded and implemented to greater effect. Central Banks Do? Laurence Ball, Joseph Gagnon, Patrick Honohan and Signe Krogstrup ICMB INTERNATIONAL INTERNATIONAL CENTER AND BANKING STUDIES FOR MONETARY ISBN 978-0-9954701-1-8 Centre for Economic Policy Research ICMB INTERNATIONAL CENTER 33 Great Sutton Street • LONDON EC1V 0DX • UK FOR MONETARY TEL: +44 (0)20 7183 8801 • FAX: +44 (0)20 7183 8820 • EMAIL: [email protected] AND BANKING STUDIES WWW.CEPR.ORG 9 780995 470118 What Else Can Central Banks Do? Geneva Reports on the World Economy 18 International Center
    [Show full text]
  • Brookings Papers on Economic Activity, 2002
    0675-01 BPEA/Honohan 7/22/02 1:15 PM Page 1 PATRICK HONOHAN World Bank BRENDAN WALSH University College, Dublin Catching Up with the Leaders: The Irish Hare For many decades Ireland’s output per capita ranked about twenty- fourth among the world’s industrial nations. Suddenly, in the mid-1990s Ireland started to move up, from twenty-second in 1993 to eighteenth in 1997 and an amazing ninth in 1999.1 The many facets of Irish success over these years, from a disproportionate representation in popular music to the largest current account surplus in the industrial world, caught the public imagination at home and abroad. This paper examines the startling turnaround in Irish economic performance that began in the mid-1980s. By comparison with Ireland’s previous economic performance there is indeed a miracle to explain, but from a global perspective the question is surely why it took so long for Ireland to catch up with the rest of Europe. Although most attention has focused on aggregate output growth rates—real GDP growth averaged 10 percent a year over the period 1995–2000—we will show that the salient feature of Ireland’s catch-up has been an increase in the proportion of the population at work. This is partly a function of demographic trends and partly of a remarkable reduc- tion in the rate of unemployment, neither of which can be repeated. When the data are correctly interpreted, there has been no productivity miracle, as some have claimed, and Ireland’s ranking in terms of average living We are grateful for comments and suggestions received from the Brookings Panel and our discussants, and from Frank Barry, Joe Durkan, Garret FitzGerald, John FitzGerald, Bill Keating, Philip Lane, John Martin, Dermot McAleese, Desmond McCarthy, Tom O’Connell, Cormac Ó Gráda, Paul Walsh, and T.
    [Show full text]
  • Regulation and Banking After the Crisis
    A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Balling, Morten et al. Proceedings Regulation and Banking after the Crisis SUERF Studies, No. 2011/2 Provided in Cooperation with: SUERF – The European Money and Finance Forum, Vienna Suggested Citation: Balling, Morten et al. (2011) : Regulation and Banking after the Crisis, SUERF Studies, No. 2011/2, ISBN 978-3-902109-57-6, SUERF - The European Money and Finance Forum, Vienna This Version is available at: http://hdl.handle.net/10419/163496 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), you genannten Lizenz gewährten Nutzungsrechte. may exercise further usage rights as specified in the indicated licence. www.econstor.eu SUERF2011_2.book Page 1 Wednesday, April 20, 2011 3:50 PM Regulation and Banking after the Crisis SUERF2011_2.book Page 2 Wednesday, April 20, 2011 3:50 PM SUERF2011_2.book Page 3 Wednesday, April 20, 2011 3:50 PM REGULATION AND BANKING AFTER THE CRISIS Edited by Frank Browne, David T.
    [Show full text]
  • Patrick Honohan
    NBP Biannual EU Presidency Lecture Occasional Paper No. I Patrick Honohan Beyond the Horizon of Ireland’s Presidency: A Central Banker’s Perspective Warsaw, March 2013 The views expressed are those of the author and do not necessarily reflect those of the Narodowy Bank Polski. Enquiries should be addressed to: Narodowy Bank Polski International Department International Conference Division 00-919 Warsaw, 11/21 Świętokrzyska Street E-mail: [email protected] About the NBP Biannual EU Presidency Lecture The initiative of the NBP Biannual EU Presidency Lecture cycle has been established to provide an opportunity to present the views of the central bank governor of the EU Member State currently holding the Presidency of the Council of the European Union on the Presidency priorities and key economic issues. The lectures are addressed to the participants from Polish financial and economic sector, among others representatives of the diplomatic representations, public administration, private sector, academia, independent research institutions. The inaugural lecture entitled Beyond the Horizon of Ireland’s Presidency: A Central Banker’s Perspective, was presented in Warsaw by Mr Patrick Honohan, the Governor of the Central Bank of Ireland, on March 19, 2013, during the Irish Presidency. Cover design: Mariusz Jasiński Layout and print: NBP Printshop Published by: Narodowy Bank Polski Education and Publishing Department 00-919 Warszawa, 11/21 Świętokrzyska Street phone: +48 22 653 23 35, fax +48 22 653 13 21 http://www.nbp.pl Patrick Honohan Beyond the Horizon of Ireland’s Presidency: A Central Banker’s Perspective Patrick Honohan Governor, Central Bank of Ireland Let me begin by thanking Marek Belka, President of the National Bank of Poland, for inviting me to give this inaugural lecture in the National Bank of Poland’s bi-annual series during Ireland’s Presidency of the European Union.
    [Show full text]
  • Speakers' Notes
    SPEAKERS INFORMATION SESSION I: CASE STUDY: WHAT WAS THE MACRO-PRUDENTIAL RESPONSE TO THE 1990S SWEDISH CRISIS? ANIL KASHYAP Edward Eagle Brown Professor of Economics and Finance University of Chicago Anil K Kashyap is the Edward Eagle Brown Professor of Economics and Finance at the University Of Chicago Booth School Of Business. His research focuses on banking, business cycles, financial regulation, and monetary policy. He is a consultant/advisor for Federal Reserve Banks of Chicago and New York, the Congressional Budget Office, the U.S. Office of Financial Research, the International Monetary Fund, the Swedish Riksbank, and is on the Board of Directors of the Bank of Italy’s Einuadi Institute of Economics and Finance. His bachelor's degree in economics and statistics is from the University of California at Davis and his PhD in economics is from the Massachusetts Institute of Technology. PETER ENGLUND Professor of Banking Stockholm School of Economics Peter Englund Peter Englund is a professor of banking at the Stockholm School of Economics. He holdsDirector a PhD from Stockholm School of Economics and has previously been a professor of economics at Uppsala University and a professor of real estate finance at Swedishthe University Institute of Amsterdam.for Financial He Research is a member of ERDT the Prize Committee of the Prize in Economic Sciences in Memory of Alfred Nobel and has participated in various public committees in the fields of taxation and financial marketsHOUBEN and institutions. He has published in academic journals in the fields of banking, public economics and housing and real estate. Director, Financial Stability Division De Nederlandsche Bank PATRICK HONOHAN Governor Central Bank of Ireland Patrick Honohan has been Governor of the Central Bank of Ireland since September 2009, and a member of the Governing Council of the European Central Bank.
    [Show full text]