David Begg Should Withdraw From the Pensions Authority following the conclusions of the report of The Banking Inquiry – Healy

The banking inquiry has come down hard against  the Regulator and the Central Bank—RTE NEWS.

http://www.rte.ie/news/2016/0122/762192-banking-inquiry-report/

The Banking Inquiry has found that both the Financial Regulator and Central Bank had sufficient powers to intervene in the banking sector to protect the financial stability of the State, but neither intervened decisively according to a Report on RTE News.

In my contribution to the recent “no confidence” debate in the Dáil, I said on the record of the Dáil: “I believe that Mr. Begg, who signed off on the financial stability reports of the Central Bank during those years (2003-2007) is particularly unsuited to and not qualified for this particular appointment.”

Mr. Begg was a member of the board of the Central Bank from 2003 to 2007. This board, including Mr Begg, allowed the financial system as a whole to borrow 50% of GDP, a level of borrowing that was hitherto unprecedented according to Former Governor of the Central Bank, Patrick Honohan.

The board of the Central Bank failed in its primary duty to protect the value of shares owned by tens of thousands of citizens.

On the basis of the Financial Stability Reports to which David Begg assented, financial consultants advised pensioners, redundant workers and those providing for retirement generally to buy shares in financial institutions including banks in Ireland. These citizens have lost their life savings.

The Pensions Authority is also tasked with protecting the pension contributions of citizens.   David Begg was a member of the Board of the Central Bank for fourteen years.

I believe that anybody who was a member of that board should be disqualified from any state authority exercising oversight over financial entities including pension funds.