WHICH of our noble financial hierarchy recently said: “Our position therefore is that there is no need for further recapitalisation”?
Financial regulator Paddy Neary? Fallen AIB chief Eugene Sheehy? Sean FitzPatrick?
Yes, indeed. They all asserted such nonsense, but back in 2008.
Patrick Neary’s famous quote was a paraphrase of today’s Government line: “I believe,” declared the unloved regulator, “the Irish banks are adequately, more than adequately, capitalised. . .”
Paddy Neary is alive and well in the corridors of power. So who echoed the same nonsense more recently?